In Texas, Valero Energy said during its third quarter financial reporting that costs and expenses fell 8%, about $2 billion, despite its biofuel blending costs doubling to $198 million. For the full year, the company expects costs to be between $750 million and $850 million, unchanged from its last estimate. High fuel inventories are squeezing […]
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This season, The Digest is hosting the Strategic Intent webinar series, looking at the plans, progress and future milestones of strategic stakeholders in the Advanced Bioeconomy. In this slide deck, we looked at Valero and Volvo and their direct investments, partnerships and alliances with companies both heralded and unknown.
Valero says RFS compliance costs are soaring; renewable industry snaps back “poor capacity planning”
In Texas, Reuters is reporting that “Valero Energy expects to get hit with a half-billion-dollar bill in the second half of the year” and the news agency attributed the costs to “the rising cost of meeting government mandates to blend biofuels.” The newsgroup reports that Valero’s cost to utilize mandated renewable fuels will rise to […]
In Texas, Valero’s RIN spend more than tripled during the second quarter $173 million, pressuring already thin margins during the reporting period. The company expects its RIN purchases to reach as high as $850 million this year compared to $440 million in 2015. But despite tough times, the oil major still managed to rake in […]
In Washington, Valero has petitioned the Environmental Protection Agency to require rack sellers be the compliant party for blending biofuels under the Renewable Energy Directive. Doing so would reduce the economic burden on refiners. The company sought to get the change made via the courts in February in two separate cases but has now gone […]
In Texas, Valero reported that it expects ethanol margins to improve during the second quarter after having fallen to 35 cents per gallon during Q1, down from 43 cents during Q1 2015. The lower margins cut Q1 adjusted operating income for the ethanol segment to $9 million compared to $12 million the year prior. Hopes […]
In Washington, Valero has followed suit by filing suit against the Environmental Protection Agency in the U.S. Court of Appeals saying the RFS unfairly favors some oil refiners while punishing others. In a separate filing, the company also sought the blending mandates for 2007 and 2010 be reopened and revisited. With the EPA using a […]
In Texas, Valero has been hit hard by weakening ethanol margins with its ethanol segment’s operating profit slipping to $37 million during the fourth quarter from $154 million the year previously. With its refining margins holding flat, the weaker ethanol margins had a strong impact on the overall business with overall earnings down 74% at […]
In Texas, Valero is on the hunt for acquisitions, not only in the refining space but also in biofuels. The company’s biofuels assets performed well last year but now that a bumper corn crop is expected, mixed with poor blending economics due to low gasoline prices, some ethanol producers may find themselves in a pinch […]
In Texas, Valero is looking to export ethanol for the first time, leasing storage space at St. Rose, Louisiana in preparation for exports to Asia and Brazil. The company allegedly already began thinking about exports when it bought and revived a 110-million-gallon plant in Mount Vernon, Indiana, last year from Aventine.