Valero Energy has declared net income attributable to its stockholders of $714m, equating to $2.28 per share, for the second quarter of 2025 (Q2 2025).
This figure represents a decrease from net income of $880m, or $2.71 per share, for the same period in the previous year.
The renewable diesel segment, including the Diamond Green Diesel joint venture, experienced an operating loss of $79m, contrasting with operating income of $112m in Q2 2024.
The refining segment, however, showed resilience with operating income of $1.3bn for Q2 2025, a slight increase from $1.2bn in Q2 2024.
Valero chairman, CEO and president Lane Riggs said: “We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution.
“In fact, we set a record for refining throughput rate in our US Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimisation projects.”
The Ethanol segment reported operating income of $54m, a decrease from the $105m recorded in the previous year.
General and administrative expenses rose to $220m, up from $203m in Q2 2024.
Net cash from operating activities stood at $936m in Q2 2025, encompassing an unfavourable effect of $325m from changes in working capital.
Adjusted net cash provided by operating activities, excluding certain items, was $1.3bn.
Capital investments reached $407m, with the majority allocated to sustaining the business.
The company continued to return value to stockholders, with $695m returned in Q2 through dividends and share repurchases.
Quarterly cash dividend on common stock was announced at $1.13 per share, payable on 2 September 2025.
Lane Riggs said: “We remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero’s strategy for over a decade.
“Our commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility.”
The company also repaid a $251m outstanding principal balance of its senior notes and ended the quarter with $8.4bn of total debt and $4.5bn in cash and cash equivalents.
Despite the mixed financial performance, Valero is investing in the future with a $230m FCC Unit optimisation project at the St. Charles Refinery, scheduled for completion in 2026.
Valero intends to operate its refineries at a level approaching 94% of their aggregate capacity in Q3.
Earlier in the year, Valero Energy announced the closure of its Benicia and Wilmington refineries in California, citing a challenging regulatory environment and rising costs.
