Quick Read Valero Energy (VLO) posted Q4 2025 adjusted EPS of $3.82 (beating estimates by 17%), refining segment operating income of $1.69B (up 287% year-over-year), and achieved 98% throughput capacity utilization across 2025 while hiking its dividend 6% to $1.20 per quarter and completing a strategic exit from California expected to save $150M annually in sustaining capital. Valero’s Gulf Coast coker infrastructure gives it a structural advantage processing discounted Venezuelan and Canadian heavy cr ...