Valero earns $6.8bn in the third quarter as its refining margin nearly triples to $39.24 a barrel

Money & World

The Editorial Team · October 22, 2026

Distillation columns, storage tanks and a tall stack releasing white vapour at Valero's refinery in Three Rivers, Texas, with a Valero sign at the gate under a deep blue sky.

Photo: Larry D. Moore / Wikimedia Commons (CC BY 4.0)

The refining segment did almost all of the work. Valero earned a margin of $39.24 on each barrel it ran in the third quarter, against $13.14 a year earlier, according to results the San Antonio refiner filed with the SEC on Thursday morning. Throughput was slightly lower, at about 2.97 million barrels a day against 3.09 million.

Net income attributable to stockholders was $6.8bn, or $23.89 a share, against $1.1bn and $3.53. Refining operating income rose to $8.8bn from $1.6bn. Renewable diesel swung to a $353m operating profit from a $28m loss, and ethanol output set a quarterly record of 4.8 million gallons a day.

Operating cash flow was $6.9bn. Valero repaid $526m of maturing debt and ended September with $9.8bn of cash against $8.6bn of debt. Chief executive Lane Riggs said the refineries ran at near-record utilization.

Valero earns $6.8bn in the third quarter as its refining margin nearly triples to $39.24 a barrel

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