Valero Energy Corp.

First Quarter Financial Results: Valero incurred a net loss of $595 million ($1.90 per share) in Q1 2025, compared to a net income of $1.2 billion ($3.75 per share) in Q1 2024. Adjusted net income was $282 million ($0.89 per share), down significantly from $1.3 billion ($3.84 per share) year-over-year primarily due to a $1.1 billion pretax asset impairment loss related to West Coast assets.

Refining Segment Performance: The refining segment reported an operating loss of $530 million in Q1 2025 compared to an operating income of $1.7 billion for the same period in 2024. Refining throughput averaged 2.8 million barrels per day with an average capacity utilization of 89%. This reflects challenges due to heavy maintenance activities impacting throughput.

Challenges with Renewable Diesel: The Renewable Diesel segment faced operational losses of $141 million in Q1 2025 compared to a profit of $190 million in Q1 2024. The shift from a dollar-based tax credit to a performance-based tax credit (PTC) has raised concerns regarding profitability, with anticipated lower production volumes impacting the segment negatively.