Demand rebound: Motorist fuelling up at a Valero petrol station in Mill Valley, California. The company exceeded analysts’ estimates with an adjusted net income of US$944mil (RM4.11bil), or US$2.31 (RM10) per share. — AFP
NEW YORK: Valero Energy Corp has reported the highest refining margins since 2015 as the industry stages a spectacular rebound from pandemic-fuelled lows.
The second-largest oil refiner in the United States saw profits per barrel double from a year earlier, with the Russia-Ukraine war tightening crude supplies and surging demand keeping fuel prices high.
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