Valero says RINs still weighing on its results despite lower prices

In Texas, Valero says that RIN costs will weigh on its Q2 results as it did on its Q1 results despite RIN prices falling relative to last year. Q1 RINs cost $15 million less than last year at $146 million. Though prices are lower, the company is keeping its initial guidance on 2017 RIN costs at around the same level as 2016 at $749 million, but hopes that will lower significantly if it is successful in moving the point of obligation.