Profit statements

Valero posts quarterly profit on rising gasoline demand

The Valero refinery next to the Houston Ship Channel is seen in Houston, Texas, U.S., May 5, 2019. REUTERS/Loren Elliott/File Photo

Jan 27 (Reuters) – U.S. refiner Valero Energy Corp (VLO.N) posted a quarterly profit on Thursday, up from a loss a year ago, as demand for fuel and refined products soared due to a vaccine-fueled economic recovery.

U.S. gasoline and distillate consumption demand improved significantly in the last quarter of 2021, compared to the prior year period, as more people commuted to and from the office. holiday to ease coronavirus curbs.

Valero, the first major U.S. refiner to report quarterly results, said its fourth-quarter refining margin rose to $3 billion from $1.1 billion a year earlier.

“We remain bullish on refining margins with low global light product inventories, strong demand, tight global supply due to significant refining capacity rationalization and wider sour crude oil differentials,” said general manager Joe Gorder in a statement.

Valero said net income attributable to shareholders was $1.01 billion, or $2.46 per share, for the three months ended Dec. 31, compared with a loss of $359 million, or 88 cents. per share, a year earlier.

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Reporting by Shariq Khan; Edited by Ramakrishnan M.

Our standards: The Thomson Reuters Trust Principles.