Valero reported third-quarter 2026 net income of $6.8 billion, or $23.89 per diluted share, up sharply from a year earlier. Refining operating income rose to $8.8 billion on near-record utilization, with renewable diesel and ethanol also contributing stronger results.
Strong refining margins signal tight diesel and gasoline markets, which supports diesel prices and keeps refiners running hard. Higher co-product margins can also support ethanol and renewable fuel demand for corn and vegetable oils.
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