Valero Energy Corporation (NYSE:VLO) reported first-quarter 2023 revenue of $36.4 billion, beating consensus of $35.4 billion.
Operating income increased significantly to $4.0 billion from $1.4 billion a year ago.
Refining segment operating income increased to $4.1 billion from $1.5 billion a year ago, with average production volumes of 2.9 million barrels per day.
Operating income in the Renewable Diesel segment was $205 million vs. $149 million a year ago, with average sales volumes of 3.0 million gallons per day (+1.3 million YoY increase) for the addition of volume since the commissioning of DGD Port Arthur plant in the fourth quarter of 2022.
Ethanol segment operating income was $39 million (versus $1 million a year ago), with average production volumes of 4.2 million gallons per day in the first quarter.
Adjusted EPS of $8.27 was above the consensus of $7.23.
Cash flow from operating activities was $3.2 billion in the first quarter, a significant increase from $588 million a year earlier.
Capital investment was $524 million in the first quarter compared to $843 million a year ago.
Valero’s cash and cash equivalents stood at $5.5 billion at the end of the first quarter. He reduced his debt by $199 million to $9.0 billion in the quarter.
In the first quarter, Valero repurchased $1.5 billion worth of shares and paid dividends of $379 million. The company has increased its quarterly dividend per share at $1.02 in January 2023.
Valero completed the Port Arthur Coker project in March and began operations this month.
price action: VLO shares are trading 0.31% higher at $117.00 in late check on Thursday.
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