Valero Energy Corporation reported its financial results for the second quarter and first half of 2025, revealing a significant decline in both revenue and profitability compared to the same period in 2024. For the three months ended June 30, 2025, the company generated revenues of $29.9 billion, down from $34.5 billion in the prior year. Net income attributable to Valero stockholders was $714 million, a decrease from $880 million in the second quarter of 2024. For the first six months of 2025, revenues totaled $60.1 billion, compared to $66.2 billion in the same period last year, with net income dropping to $119 million from $2.1 billion.
The decline in financial performance was primarily attributed to a $1.1 billion asset impairment loss related to the company's operations in California, as well as decreased operating income across its segments. The refining segment saw a decrease in operating income to $736 million for the first half of 2025, down from $2.97 billion in the same period of 2024. The Renewable Diesel segment reported an operating loss of $220 million, while the Ethanol segment's operating income fell to $74 million from $115 million year-over-year.
In terms of operational developments, Valero's refining throughput volumes averaged 2.9 million barrels per day in the second quarter, a decrease from 3.0 million barrels per day in the same quarter of 2024. The company also faced challenges in its Renewable Diesel segment, where sales volumes decreased significantly due to unfavorable economic conditions and planned maintenance activities. Despite these challenges, Valero's refining margins improved slightly due to higher gasoline and distillate margins, although this was offset by increased feedstock costs and lower sales volumes in the Renewable Diesel segment.
Looking ahead, Valero anticipates continued demand for gasoline and diesel, which has exceeded pre-pandemic levels, while jet fuel demand is also recovering. However, the company remains cautious about potential volatility in crude oil markets due to geopolitical factors. Valero plans to continue its capital investment strategy, focusing on low-carbon projects and maintaining its operational capabilities. As of June 30, 2025, the company reported $4.7 billion in cash and cash equivalents, with total liquidity of $9.6 billion, indicating a solid financial position to navigate the challenges ahead.
About VALERO ENERGY CORP/TX
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