U.S. independent refiner Valero Energy Corp reported less bearish than feared qu...
- U.S. independent refiner Valero Energy Corp reported less bearish than feared quarterly revenue and profit numbers on Thursday, as it sought to offset the impact of higher prices of heavy Canadian crude following Alberta’s mandatory production cuts.
Valero, one of the largest buyers of Venezuelan crude in the United States earlier, has been substituting light crude oil from North America and other sources to make up for the lack of Venezuelan heavy crude, impacting refining margins. “Investments to increase our system’s flexibility and the team’s relentless focus on safety enabled us to capture good margins in an otherwise weak margin environment,” Chief Executive Officer Joe Gorder said in a statement.
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