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 […]
In Indiana, the Mount Vernon port is expecting to see ethanol shipments become even more important to its volume throughput once Valero’s new corn receiving equipment and a new DDG dryer system multi-million dollar upgrade is complete. The port saw its quarterly throughput volume record smashed during the fourth quarter at nearly 2.5 million tons, […]
In Texas, operating profits of $126 million from its ethanol unit during the fourth quarter, up from a loss of $13 million the previous year, helped Valero to offset losses at its refining unit thanks to higher crushing margins and low corn prices. Refining margins fell by more than $2.50 a barrel between Q4 2015 […]
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 […]
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 […]
