Oct. 25–San Antonio refiner Valero Energy Corp.’s profits rose 1.8 percent in the third quarter on lower biofuel blending costs.
The second largest U.S. refiner posted earnings of $2.01 a share, or $856 million, for the three-month period ending Sept. 30, up 1.8 percent from $1.91 per share or $841 million in the same period a year ago.
Valero’s costs for biofuel blending fell 59 percent to $94 million, compared to the $230 million the company had to pay in the third quarter of 2017. The refiner attributed the drop to lower prices of renewable fuel credits, also known as RINs, which it buys because it doesn’t blend ethanol into its gasoline.
The company’s refineries ran at 99 percent capacity in the third quarter, and it exported 421,000 barrels per day of gasoline and distillate.
Rye Druzin is a San Antonio-based staff writer covering Texas energy. Read him on our free site, mySA.com, and on our subscriber site, ExpressNews.com. — firstname.lastname@example.org — Twitter: @druz_journo
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