Core Insights - Valero Energy (VLO) is a leading refining company with a network of 15 refineries across the U.S., Canada, and Peru, boasting a combined throughput capacity of 3.2 million barrels per day, which sets it apart from other independent refiners [1][8] - The operational flexibility of VLO's refineries allows for the processing of various feedstocks, enabling the company to adjust production between light products and distillates based on market conditions, thereby enhancing profitability [2][3][8] - VLO's high-complexity and diversified refinery footprint contribute to its ability to maintain profitability in a cyclical and volatile refining industry [3] Competitor Overview - Phillips 66 (PSX) operates 11 refineries in the U.S. and Europe, achieving a 99% crude utilization rate in Q3, the highest since 2018, benefiting from strong refining margins and diversified operations [5] - Par Pacific Holdings (PARR) has a refining capacity of 219,000 barrels per day, with operations in Hawaii and the Pacific Northwest, and also runs 119 retail locations [6] Financial Performance - VLO shares have increased by 46.8% over the past year, outperforming the industry composite stocks, which rose by 12.3% [7] - VLO's current valuation is at a trailing 12-month EV/EBITDA of 8.86X, significantly higher than the industry average of 4.39X [10] - The Zacks Consensus Estimate for VLO's 2025 earnings has experienced downward revisions in the last 30 days [11] Ratings - VLO and PARR hold a Zacks Rank of 3 (Hold), while PSX has a Zacks Rank of 1 (Strong Buy) [12]