Valero beats profit estimates despite higher RIN costs and lower ethanol revenues

In Texas, Valero Energy Corp. still pulled off a quarterly profit despite an increase in RIN spend during Q2 that contributed to $255 million in blending costs from $173 million last year and lower ethanol revenues at just $31 million from $69 million last year. The increased profit was a result of higher throughput at its refineries, beating Reuters analysts’ expectations by 13 cents per share at $1.23 per share. The company has been a vocal proponent of changing the point of obligation under the RFS.