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BUZZ-Valero rises on Q3 profit beat as refining margin rebounds

Reuters
Oct 23
BUZZ-Valero rises on Q3 profit beat as refining margin rebounds

** Shares of refiner Valero Energy VLO.N up 1.56% at $164.40 premarket

** Company surpassed Wall Street expectations for third-quarter profit, helped by a rebound in refining margins

** VLO reports an adjusted profit of $3.66 per share for the three months ended September 30, compared with analysts' expectations of $3.05, according to data compiled by LSEG

** "Our refinery throughput utilization was 97 percent, with the Gulf Coast and North Atlantic regions setting new all-time highs for throughput - following last quarter’s record performance in the Gulf Coast" - CEO Lane Riggs

** Valero's refining margin per barrel of throughput is up at $13.14 in the quarter, compared with $9.09 a year earlier, co adds

** As of last close, VLO up 32% YTD

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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