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RS Investments, an investment management company, released its “RS Large Cap Value Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The strategy underperformed the benchmark, Russell 1000 Value Index, in the quarter, returning 4.47% net vs 5.33% for the Index. Adverse stock selection in the Consumer Discretionary and Consumer Staples sectors impacted the portfolio’s performance in the quarter. In addition, you can check the fund’s top 5 holdings to determine its bes ...

Valero Energy (NYSE:VLO) said Thursday it moving forward with its plan to close its 145,000 bbl/day Benicia refinery in California by next spring following talks with state officials about options to keep it running, Dow Jones reported. "We have been ...

Skip to Main Content Skip to Search This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Valero Earnings Show Why Refiners Are Energy's Big Winners This Year By Avi Salzman Oct 23, 2025, 5:05 pm EDT Share Resize Reprints In this article VLO XLE XOM CRAK In a messy year for en ...

Financial Performance - Revenues for Q3 2025 were $32,168 million, a decrease of 2.1% from $32,876 million in Q3 2024[12] - Net income attributable to Valero Energy Corporation stockholders for Q3 2025 was $1,095 million, compared to $364 million in Q3 2024, representing a significant increase of 200.3%[12] - Earnings per common share for Q3 2025 were $3.54, up from $1.14 in Q3 2024, reflecting a growth of 210.5%[12] - Comprehensive income attributable to Valero Energy Corporation stockholders for Q3 2025 was $940 million, compared to $706 million in Q3 2024, an increase of 33.0%[14] - For the nine months ended September 30, 2025, net income attributable to stockholders was $1.2 billion, a decrease of $1.3 billion compared to $2.5 billion in the same period of 2024, primarily due to a decrease in operating income of $1.8 billion[128] - Total revenues for the nine months ended September 30, 2025, were $99,125 million, a decrease from $99,125 million in the same period of 2024[76] Operating Income - Operating income for Q3 2025 was $1,509 million, significantly higher than $507 million in Q3 2024, marking an increase of 196.1%[12] - Operating income for the refining segment in Q3 2025 was $1.61 billion, an increase of $1.045 billion from $565 million in Q3 2024, driven by higher gasoline and distillate margins[126][127] - Total company operating income for the first nine months of 2025 was $1.606 billion, down from $3.407 billion in 2024[182] - Refining segment operating income decreased by $1.188 billion to $2.346 billion, with adjusted operating income showing a slight decrease of $7 million[164] Assets and Liabilities - Total assets decreased to $58,615 million as of September 30, 2025, down from $60,143 million at the end of 2024[10] - Total current liabilities decreased to $14,729 million as of September 30, 2025, compared to $15,495 million at the end of 2024, a reduction of 4.9%[10] - The company’s total equity decreased to $26,746 million as of September 30, 2025, down from $27,521 million at the end of 2024[10] - Total liabilities were reported at $482 million, including commodity derivative contracts of $341 million[88] Cash Flow and Investments - Cash flows from operating activities for the nine months ended September 30, 2025, totaled $3,769 million, down from $5,613 million in 2024, a decline of about 32.8%[22] - Cash generated from operations during the first nine months of 2025 was $3.8 billion, with $1.5 billion allocated to capital investments and $2.6 billion returned to stockholders[124] - The company made $1.4 billion in investments, primarily consisting of $1.5 billion in capital investments, with $158 million related to DGD[194] Impairment Losses - The company reported an asset impairment loss of $1,131 million for the nine months ended September 30, 2025, with no such loss reported in the same period of 2024[12] - The company recognized a combined asset impairment loss of $1.1 billion related to the Benicia and Wilmington refineries due to non-recoverable carrying values[174] Segment Performance - The Refining segment generated revenues of $30,415 million for the three months ended September 30, 2025, compared to $31,335 million in the same period of 2024, indicating a decrease of 2.9%[71] - The Ethanol segment reported revenues of $1,035 million for the three months ended September 30, 2025, compared to $912 million in the same period of 2024, marking an increase of 13.5%[71] - The Renewable Diesel segment reported revenues of $719 million for the three months ended September 30, 2025, compared to $632 million in the same period of 2024, indicating an increase of 13.8%[71] Shareholder Returns - The company paid dividends on common stock totaling $1,061 million for the nine months ended September 30, 2025, compared to $1,045 million in 2024, reflecting a slight increase of 1.5%[22] - The company purchased 5,667,134 shares for treasury during the three months ended September 30, 2025[49] - The remaining authorization for share repurchase programs as of September 30, 2025, was $2,811 million[50] Future Outlook and Strategic Plans - The company plans to cease refining operations at its Benicia Refinery by the end of April 2026, following strategic evaluations due to operational restrictions in California[33] - Valero's management anticipates future refining segment margins to be influenced by global geopolitical tensions and market dynamics[113] - The company expects to incur approximately $1.9 billion for capital investments attributable to Valero during 2025, with $1.6 billion allocated for sustaining the business[207] Market Conditions - Global demand for gasoline, diesel, and jet fuel continues to rise, with jet fuel demand outpacing other petroleum-based transportation fuels[132] - Crude oil differentials are expected to widen due to increased sour crude oil production from OPEC+ suppliers, with potential volatility from geopolitical factors[132] - Renewable diesel demand is expected to remain consistent with current levels, while ethanol demand is anticipated to follow typical seasonal patterns[132]

Key Takeaways Valero Energy's Q3 adjusted EPS of $3.66 topped estimates and rose from $1.16 a year ago.Higher refining and ethanol margins lifted results despite lower renewable diesel sales.Refining throughput rose to 3,087 MBbls/d, with margins improving to $13.14 per barrel.Valero Energy Corporation (VLO) reported third-quarter 2025 adjusted earnings of $3.66 per share, which beat the Zacks Consensus Estimate of $2.95. The bottom line improved from the year-ago quarter’s level of $1.16 per share.Total qu ...

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Valero Energy (NYSE:VLO) Q3 2025 Earnings Call October 23, 2025 10:00 AM ET Company ParticipantsNitin Kumar - Senior analystHomer Bhullar - VP, Investor Relations and FinanceLane Riggs - Chairman, CEO and PresidentEric Fisher - Senior Vice President Product Supply, Trading and WholesaleTheresa Chen - Managing Director, Midstream and Refining Equity ResearchGary Simmons - EVP and COOGreg Bram - VPRich Walsh - EVP and General CounselPhillip Jungwirth - Managing DirectorJason Gabelman - Managing Director, Ener ...

Valero Energy (NYSE:VLO) Q3 2025 Earnings Call October 23, 2025 10:00 AM ET Company ParticipantsNitin Kumar - Senior analystHomer Bhullar - VP, Investor Relations and FinanceLane Riggs - Chairman, CEO and PresidentEric Fisher - Senior Vice President Product Supply, Trading and WholesaleTheresa Chen - Managing Director, Midstream and Refining Equity ResearchGary Simmons - EVP and COOGreg Bram - VPRich Walsh - EVP and General CounselPhillip Jungwirth - Managing DirectorJason Gabelman - Managing Director, Ener ...

Valero Energy (NYSE:VLO) Q3 2025 Earnings Call October 23, 2025 10:00 AM ET Speaker0Greetings, and welcome to Valero Energy Corp. Third Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. A question and answer session will follow the formal presentation. As a reminder, this conference is being recorded.It is now my pleasure to introduce your host, Homer Bhullar, Vice President, Investor Relations and Finance. Thank you. You may begin.Speaker1Good mo ...