Valero Energy Corporation (NYSE: VLO) shares are surging 5.13% in pre-market trading on Thursday following the release of its third-quarter 2025 financial results that significantly exceeded analyst expectations. The strong performance was driven by improved refining margins and record throughput in key regions.

The refining giant reported adjusted earnings per share of $3.66, handily beating the consensus estimate of $3.05. Revenue for the quarter came in at $32.17 billion, also surpassing analyst projections of $29.89 billion. Valero's refining margin per barrel of throughput jumped over 44% to $13.14 in the quarter, compared with $9.09 a year earlier, reflecting a robust recovery in the refining sector.

CEO Lane Riggs highlighted the company's operational excellence, stating, "Our refinery throughput utilization was 97 percent, with the Gulf Coast and North Atlantic regions setting new all-time highs for throughput." This record performance, coupled with strong fundamentals in the refining industry amid tight product markets, has bolstered investor confidence in Valero's outlook. The company's ability to capitalize on improving market conditions and its strategic positioning in key refining regions appear to be resonating well with the market, driving the stock's pre-market surge.