Oil Sands Strong is a grassroots group of Canadians banding together to support our oil sands. Our mission is to fight back against attacks by providing the public with the factual information they need to help make informed decisions about the cause.

Oil and gas have been the lifeblood of the Canadian economy for decades. The country is the world's fourth-largest producer of oil and gas, and the industry contributes significantly to the national GDP. ⠀

The oil and gas sector provides direct and indirect employment to thousands of Canadians and generates billions of dollars in revenue every year.⠀

Canada's vast reserves of oil and gas have also enabled the country to become a major player in the global energy market, providing a reliable source of energy to many countries.

Many families have built their livelihoods around the industry, and it has become an integral part of their cultural identity.⠀

The oil and gas industry also supports a wide range of businesses, from suppliers and service providers to restaurants and retail shops, further contributing to the local economy.

🙄🙄🙄 ...

Free speech is a human right!⠀

No to Bill C-11 🚫⠀
No to Bill C-18 🚫

Great to see our friend Ezra Levant! ...

Follow Us

Image Alt

Oil Sands Strong

Valero cruises past profit estimates as fuel demand soars

Jan 27 (Reuters) – U.S. refiner Valero Energy Corp (VLO.N) posted quarterly earnings well above Wall Street expectations on Thursday, as margins nearly tripled on the back of soaring demand for fuel thanks to a vaccine-induced economic recovery.

Gasoline and distillate consumption in the United States improved drastically in the last quarter of 2021, compared with the year-ago period, as more people commuted to offices and took to holiday travel on easing coronavirus curbs.

A jet fuel recovery and low product inventories from years of refinery shutdowns combined to nearly triple Valero’s fourth-quarter refining margins to $3 billion from a year earlier, Valero Chief Executive Office Joe Gorder said on a post-earnings call.

The refining segment’s adjusted operating income was $1.1 billion, compared with a loss of $476 million in the year-ago period, portending bright scenarios for peers Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N) that are yet to report results.

Gasoline demand has returned to 2019 levels, Valero executives said, adding that the company is “very bullish” on the fuel.

Jet fuel demand, however, “will be the unknown”, senior executive Gary Simmons said. The company expects domestic air travel to pick back up “fairly rapidly” but international travel may take longer.

Shares in the company were marginally up at midday.

San Antonio, Texas-based Valero’s total refinery throughput volumes averaged 3 million barrels per day in the quarter, 483,000 bpd higher than a year earlier. It forecast current-quarter throughput slightly below that level.

“We remain optimistic on refining margins with low global light product inventories, strong demand, global supply tightness due to significant refining capacity rationalization, and wider sour crude oil differentials,” CEO Gorder said.

Valero reported an adjusted profit of $2.47 per share for the three months ended Dec. 31, higher than analysts’ average estimate of $1.84, according to Refinitiv IBES data.

Source: Reuters

Post a Comment