Q2 2024 Valero Energy Corp Earnings Call Transcript
Key Points
- Valero Energy Corp (VLO) reported strong financial results for the second quarter, with refineries achieving 94% throughput capacity utilization.
- The company saw continued strength in its US wholesale system, with sales exceeding 1 million barrels per day.
- Valero's renewable diesel and ethanol segments made good contributions to overall performance.
- Growth projects, including the Diamond Green Diesel sustainable aviation fuel project, are progressing on schedule.
- Valero remains committed to shareholder returns, with a year-to-date payout of 80% and a quarterly cash dividend of $1.07 per share.
- Net income attributable to Valero stockholders decreased to $880 million or $2.71 per share, compared to $1.9 billion or $5.40 per share for the same period last year.
- The refining segment's operating income dropped to $1.2 billion from $2.4 billion year-over-year.
- Renewable diesel segment operating income fell to $112 million from $440 million due to lower sales volumes and margins.
- Ethanol segment operating income decreased to $105 million from $127 million year-over-year.
- Refining cash operating expenses increased to $4.45 per barrel, and the company expects these expenses to rise to approximately $4.70 per barrel in the third quarter.
Greetings. Welcome to Valero Energy Corp.'s second-quarter 2024 earnings call. (Operator Instructions) Please note, this conference is being recorded.
I will now turn the conference over to Homer Bhullar, Vice President, Investor Relations and Finance. Thank you. You may begin.
Good morning, everyone. And welcome to Valero Energy Corporation's second-quarter 2024 earnings conference call. With me today are Lane Riggs, our CEO and President; Jason Fraser, our Executive Vice President and CFO; Gary Simmons, our Executive Vice President and COO; and several other members of Valero's senior management team.
If you have not received the earnings release and would like a copy, you can find one on our website at investorvalero.com. Also, attached to the earnings release are tables that provide additional financial information on our business segments and reconciliations and disclosures for adjusted financial metrics mentioned on this call. If you have any questions
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