On Thursday, US refiner Valero Energy Corp. said that in the third quarter of 2020, its results exceeded expectations as duel demand recovered after the coronavirus crisis.
Refining throughput in the July-September period averaged at 2.5 million bpd, showing a rise of 200,000 bpd compared to the second quarter. Adjusted net loss was lower than analysts’ average prediction, at USD1.16/share.
Valero’s revenue slumped to USD15.81 billion, down from USD27.25 billion in the corresponding time of 2019. However, the reading was still beyond Wall Street’s prediction of USD15.60 billion.
The company has cut its investment budget for 2020 but increased its part in renewable diesel projects. This year and next, Valero would invest about 40% of its growth capital for expanding its renewable business, an increase from 30% planned in the second quarter.
The company decreased its capital investments for this year and next to a total of USD2 billion, down from 2020’s USD2.1 billion it originally planned in July.
