(Reuters) -Refiner Valero Energy Corp reported a bumper third-quarter profit on Tuesday, boosted by higher demand for fuel and refined products.
U.S. refineries have operated this year at record levels due to plant closings, quick recovery of domestic demand and strong export demand over Russia’s invasion of Ukraine.
San Antonio, Texas-based Valero’s total refinery throughput volumes averaged 3 million barrels per day (bpd) in the quarter, which was 141,000 bpd higher than last year.
“Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins,” Chief Executive Officer Joe Gorder said in a statement.
Net income attributable to the company’s stockholders was $2.82 billion, or $7.19 per share, for the three months ended September 30, compared with $463 million, or $1.13 per share, a year earlier.
(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)