In Texas, My San Antonio reports that Valero has decided to “go all in” on renewable diesel, similar to other major oil refiners across the US, but the company already started conversions several years ago and began to truly reap rewards during the COVID-19 pandemic when others were suffering from lack of demand. With its […]
In Texas, Valero Energy Corporation and BlackRock Global Energy & Power Infrastructure Fund III are partnering with Navigator Energy Services to develop an industrial scale carbon capture pipeline system. The initial phase is expected to span more than 1,200 miles of new carbon dioxide gathering and transportation pipelines across five Midwest states with the capability […]
In Texas, Darling and Valero said their 50/50 joint venture, Diamond Green Diesel (“DGD”), has received approval from both companies’ Boards of Directors to proceed with the construction of the renewable diesel production facility to be located at Valero’s Port Arthur, Texas refinery. DGD Port Arthur’s capacity is estimated to be 470 million gallons per […]
In Texas, Sundive Commodity Group, the company sued by Valero and allegedly others for failure to provide RINs despite contracts to do so which led to Valero spending more than $10 million extra to comply with its 2020 obligations, has filed for Chapter 11 bankruptcy protection in Bankruptcy Court for the Southern District of Texas. […]
In Texas, Reuters reports that RIN prices have soared yet again, this time following a lawsuit filed by Valero against Sundive accusing the latter of failing to provide its required Q4 RINs on time, leading to an additional $10 million in costs. The lawsuit was filed on December 31, 2020 in a Texas district court. […]
In Texas, Barron’s reports that Valero’s bet on renewable diesel has paid off, with the success at Diamond Green Diesel helping to offset the otherwise dismal quarterly reporting. Not only did the company sell 870,000 gallons per day of renewable diesel during Q3 compared to just 232,000 gallons during the same period last year, but […]
In Texas, Seeking Alpha reports that Valero’s most recent Q2 earnings show that renewable diesel has surpassed refining and ethanol as the primary source of operating income. The other two segments suffered severe losses due to the impacts of the COVID-19 pandemic. The company expects renewable diesel margins to remain about $2 per gallon throughout […]
In Texas, the San Antonio Business Journal reports that the Supreme Court has refused to hear Valero’s spat with the Environmental Protection Agency where the oil company argues that blenders should have to bear some of the cost of blending biofuel under the Renewable Fuels Standard. Typically, the Supreme Court gives a reason for rejecting […]
In Texas, ICIS reports that Valero supports the request by four Republican and one Democratic governor from Louisiana, Texas, Oklahoma, Utah and Wyoming for the Environmental Protection Agency to issue blending waivers. The EPA has the power to issue waivers in emergencies, which the states believe the COVID-19 pandemic counts as one, but farm states […]
In Texas, ICIS reports that Valero said in an investor call that the company sees significant ethanol demand destruction due to COVID-19. Its own production is running at less than 50% production capacity with eight plants mothballed and six currently operating. Valero expects fuel demand to eventually return to normal with ethanol playing its role […]
