Valero Energy said its earnings surged in the second quarter, thanks to sturdy fuel demand.

The San Antonio oil refiner posted a profit of $3.72 billion, or $12.62 a share, compared with $714 million, or $2.28 a share, in the same quarter a year earlier.

Stripping out one-time items, adjusted earnings were $12.54 a share. Analysts surveyed by FactSet had been forecasting $10.13 a share.

Revenue soared 48.8% to $44.48 billion, well ahead of analyst projections for $39.47 billion.

Chief Executive Lane Riggs said the company enjoyed resilient demand for transportation fuels throughout the quarter.

Refining throughput volumes averaged 3 million barrels a day. Renewable diesel volumes hit 3.8 million gallons a day, and ethanol production volumes averaged 4.7 million gallons a day.

Cost of sales rose 36%, while general and administrative costs were up just 6% year-over-year, translating to a big jump in operating income.