Phillips 66 směřuje k rafinérským ovlivnitelným nákladům 5,50 USD za barel v roce 2027, z 5,57 USD ve 2. čtvrtletí 2026. Firma má přes 200 iniciativ na snížení nákladů.
Key Takeaways Phillips 66 targets refining controllable costs of $5.50 per barrel by 2027, near its current $5.57 level.PSX's more than 200 initiatives focus on energy efficiency, simplification, reliability and capacity use.Phillips 66's Bayway, Ferndale and Wood River projects each target more than $1M in annual operating savings. Phillips 66 (PSX - Free Report) is an integrated downstream energy company with operations spanning midstream, chemicals, refining, marketing and specialties, and renewable fuels. The refiner is targeting annual refining adjusted controllable costs of about $5.50 per barrel in 2027, excluding turnaround expenses and assuming Henry Hub natural gas prices of $3 per million British thermal units. PSX is close to its objective, with second-quarter 2026 refining adjusted controllable costs at $5.57 per barrel.
Management is pursuing more than 200 refining initiatives aimed at lowering operating expenses across the system. These efforts center on energy efficiency, process simplification, reliability and stronger utilization of available processing capacity. Projects at Bayway, Ferndale and Wood River are each expected to reduce annual operating expenses by more than $1 million, supporting Phillips 66’s broader cost-reduction program.
The cost push is supported by strong refinery execution, with PSX reporting 96% crude-capacity utilization and an 86% clean-product yield in the second quarter. The company has streamlined its refining portfolio, improved yields and utilization and continued to pursue low-capital, high-return projects alongside reliability improvements. With current costs already tracking close to target levels and extensive optimization initiatives underway, Phillips 66 is well-positioned to realize its 2027 cost milestone of $5.50 per barrel.
MPC & VLO Highlight Refining Cost DisciplineBeyond Phillips 66, Marathon Petroleum Corporation (MPC - Free Report) and Valero Energy Corporation (VLO - Free Report) highlight how operating efficiency, refinery optimization and disciplined investment can strengthen downstream cost structures and margins.
Marathon Petroleum reported refining operating costs of $5.72 per barrel in the second quarter, higher than the $5.34 per barrel a year earlier, mainly reflecting lower utilization from planned Mid-Continent downtime. The company expects refining operating costs to moderate to $5.60 per barrel in the third quarter, pointing to potential improvement as operations normalize. MPC is pursuing shorter-cycle, high-return projects focused on margin enhancement and cost reduction, alongside refinery investments at Galveston Bay and Garyville scheduled through year-end 2027.
Valero Energy recorded refining operating expenses, excluding depreciation and amortization, at $4.70 per barrel of throughput in the second quarter, down from $4.91 per barrel a year earlier. The refiner processed about 2.95 million barrels per day while generating adjusted refining operating income of $16.56 per barrel, reflecting strong refinery economics alongside cost control. VLO is advancing the $230-million St. Charles Fluid Catalytic Cracking Unit optimization project, which is expected to begin operations in the third quarter of 2026 and enhance the refinery’s ability to produce higher-value products.
PSX’s Price Performance, Valuation & EstimatesPhillips 66 shares have gained 102.7% over the past year compared with the industry’s 82.7% growth.
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From a valuation standpoint, PSX trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 10.96X. This is above the broader industry average of 5.38X.
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The Zacks Consensus Estimate for PSX's 2026 earnings has remained constant over the past seven days.
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PSX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Valero Energy čeká příznivé rafinérské podmínky díky nízkým zásobám lehkých produktů a omezené kapacitě, což může podpořit marže. Další tlak na nabídku přidávají výpadky na Blízkém východě a v Rusku.
Key Takeaways Valero expects favorable refining fundamentals as inventories stay low and capacity remains constrained.VLO's refining flexibility lets it shift product yields to capture margins during volatile markets.Middle East and Russia disruptions could tighten refining supply and support higher crack spreads. Valero Energy’s (VLO - Free Report) near-term outlook is supported by a constructive refining environment. In its latest earnings call, the company said it expects refining fundamentals to remain favorable due to significantly lower light-product inventories and constrained excess refining capacity globally. Management also believes that future mid-cycle refining margins could remain higher than historical averages, which should support higher profitability for refining players.
One of the key strengths of Valero is its complex, coastal refining system, which is capable of efficiently processing heavy sour grades into high-value refined products. Moreover, its Gulf Coast refining network provides flexibility in feedstock sourcing and exposure to global product markets. Valero’s refinery systems allow it to shift product yields between light products and distillates based on market signals, enhancing margin capture during volatile times.
Valero expects the refining market to remain constrained, as some refinery capacity in the Middle East may take longer to return due to the extensive damage caused by the conflict. Moreover, Ukrainian attacks on Russian refining facilities have further constrained refining capacity, tightening global supply. Prolonged supply disruptions amid resilient demand for refined products are expected to support higher crack spreads, thereby aiding VLO’s profitability in the future.
Refining Players That Can Benefit From a Constructive Margin EnvironmentPBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries - Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of one million barrels per day and can process a wide range of feedstocks. The company’s large-scale refining network enables it to capitalize on favorable refining market conditions.
Par Pacific Holdings (PARR - Free Report) operates an integrated downstream network spanning refining, logistics, retail and renewable fuels. The integrated platform works from sourcing crude to converting it into refined fuels and distributing the products through its retail and logistics channels. The downstream energy firm has a combined refining capacity of 219,000 barrels per day across Hawaii, Montana, Washington and Wyoming. This integrated setup provides the company with the operational flexibility to capitalize on favorable refining market conditions.
VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 135.7% over the past year compared with the 106.9% improvement of the composite stocks belonging to the industry.
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From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.25X. This is above the broader industry average of 5.32X.
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The Zacks Consensus Estimate for VLO’s 2026 earnings has been revised upward over the past seven days.
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VLO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
BNP Paribas ve 2. čtvrtletí koupila nový podíl ve Valero Energy: 8 385 akcií za zhruba 2,2 milionu USD. Valero zároveň oznámila čtvrtletní dividendu ve výši 1,20 USD na akcii.
BNP Paribas bought a new stake in Valero Energy Corporation (NYSE:VLO – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,385 shares of the oil and gas company’s stock, valued at approximately $2,200,000.
Other institutional investors and hedge funds have also made changes to their positions in the company. Hsbc Holdings PLC grew its position in Valero Energy by 2.8% during the second quarter. Hsbc Holdings PLC now owns 743,997 shares of the oil and gas company’s stock worth $194,174,000 after buying an additional 20,234 shares during the period. Field & Main Bank purchased a new position in shares of Valero Energy during the 2nd quarter worth approximately $1,782,000. Kingsview Wealth Management LLC acquired a new position in shares of Valero Energy during the 2nd quarter worth approximately $4,855,000. Beacon Pointe Advisors LLC purchased a new stake in Valero Energy in the 2nd quarter valued at approximately $26,390,000. Finally, Pin Oak Investment Advisors Inc. purchased a new stake in Valero Energy in the 2nd quarter valued at approximately $413,000. 78.69% of the stock is currently owned by institutional investors and hedge funds.
More Valero Energy News Here are the key news stories impacting Valero Energy this week:
Positive Sentiment: Tight refining market supports margins: Historically low fuel inventories, limited excess refining capacity and ongoing supply disruptions are creating a favorable environment for higher crack spreads. Valero’s flexible, complex coastal refinery network is well positioned to process various crude grades and supply multiple fuel markets. Valero Energy Looks Well Placed in the Tight Global Refining Market Positive Sentiment: Strong second-quarter performance and estimates: Valero’s second-quarter 2026 results reportedly showed substantial year-over-year improvement in adjusted EPS and revenue. Rising consensus estimates and a Zacks Rank #1 (Strong Buy) indicate that analysts are becoming more constructive on the company’s earnings prospects. Did Strong Q2 2026 Earnings and Refining Tailwinds Just Shift Valero Energy’s Investment Narrative? Positive Sentiment: Relative market strength and favorable valuation: VLO recently gained while the broader market declined. Its low PEG ratio compared with industry peers may be adding to the stock’s appeal, particularly as refining profitability expectations improve. Valero Energy Gains as Market Dips Negative Sentiment: One analyst downgrade: Erste Group Bank AG lowered Valero from “buy” to “hold,” which could limit upside sentiment after the stock’s strong advance and near-record trading levels. Finviz Valero Analyst Update Analysts Set New Price Targets A number of research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Valero Energy from $280.00 to $355.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Citigroup lifted their price objective on Valero Energy from $259.00 to $302.00 and gave the company a “neutral” rating in a research note on Tuesday, July 14th. Piper Sandler reiterated an “overweight” rating and set a $329.00 target price on shares of Valero Energy in a report on Thursday, July 23rd. Morgan Stanley increased their target price on shares of Valero Energy from $232.00 to $255.00 and gave the stock an “equal weight” rating in a research report on Friday, June 12th. Finally, Erste Group Bank lowered Valero Energy from a “buy” rating to a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $288.00. Get Our Latest Stock Analysis on Valero Energy
Insiders Place Their Bets In other Valero Energy news, SVP Eric A. Fisher sold 7,500 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $268.17, for a total value of $2,011,275.00. Following the transaction, the senior vice president directly owned 19,742 shares in the company, valued at $5,294,212.14. The trade was a 27.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.36% of the stock is currently owned by insiders.
Valero Energy Stock Performance Shares of VLO stock opened at $352.66 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.64 and a quick ratio of 1.23. The firm has a market cap of $101.54 billion, a P/E ratio of 14.63, a PEG ratio of 0.23 and a beta of 0.55. The stock’s 50-day moving average is $303.55 and its two-hundred day moving average is $259.07. Valero Energy Corporation has a fifty-two week low of $150.10 and a fifty-two week high of $353.00.
Valero Energy (NYSE:VLO – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The oil and gas company reported $12.54 EPS for the quarter, topping the consensus estimate of $10.11 by $2.43. Valero Energy had a net margin of 5.17% and a return on equity of 26.74%. The company had revenue of $44.48 billion for the quarter, compared to analyst estimates of $39.47 billion. During the same quarter in the prior year, the business posted $2.28 EPS. Valero Energy’s quarterly revenue was up 48.8% on a year-over-year basis. Analysts predict that Valero Energy Corporation will post 40.62 earnings per share for the current fiscal year.
Valero Energy Announces Dividend The company also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Investors of record on Friday, July 31st will be paid a $1.20 dividend. This represents a $4.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, July 31st. Valero Energy’s dividend payout ratio is presently 19.92%.
Valero Energy Profile (Free Report)
Valero Energy Corporation is a San Antonio, Texas–based integrated downstream energy company that manufactures and markets transportation fuels, petrochemical feedstocks and other industrial products. The company’s operations focus on refining crude oil into finished fuels such as gasoline, diesel and jet fuel, as well as producing asphalt and other refined product streams for commercial and industrial customers.
In addition to refining, Valero has significant operations in renewable fuels, including the production of ethanol and other biofuels, and it manages an extensive logistics network of pipelines, terminals, rail and marine assets to move feedstocks and finished products.
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Valero těží z napjaté nabídky paliv a silné exportní poptávky, zejména po benzínu v Latinské Americe a po leteckém palivu do Evropy. Zisk z rafinace ve 2. čtvrtletí 2026 vzrostl na 6,34 miliardy USD z 3,28 miliardy USD před rokem.
Key Takeaways Valero expects tight fuel inventories and limited refining capacity to support favorable market conditions.Strong Latin American gasoline demand and European jet-fuel opportunities are boosting VLO's export prospects.Valero's refining margin increased to $6.34 billion in Q2 2026 from $3.28 billion a year earlier. Valero Energy Corporation (VLO - Free Report) expects refining conditions to remain favorable, supported by low global fuel inventories, tight refining capacity and steady transportation-fuel demand. Management noted that roughly 5 million barrels per day (MMBbl/d) of global refining capacity was offline, while light-product inventories were about 130 million barrels below normal seasonal levels. Even if current conflicts ended immediately, consultant data cited by Valero suggested that global inventories could remain below the five-year average through 2027, supporting continued demand for refined-product exports.
Valero is well-positioned to benefit from this tight supply environment because it operates 14 refineries with roughly 3 MMBbl/d of combined throughput capacity and sells products across several international markets. Management highlighted strong gasoline export demand from Latin America, while reduced gasoline flows from Europe into the United States have further tightened the market. Valero has an open arbitrage opportunity to export jet fuel to Europe, giving the company another avenue to capitalize on regional fuel shortages.
These export opportunities are already supporting Valero’s refining economics, with management stating that strong export markets and export premiums helped improve Gulf Coast capture rates in second quarter of 2026. Valero’s refining margin reached $6.34 billion in second-quarter 2026, compared with $3.28 billion a year earlier, reflecting the strength of the current refining environment. Therefore, if global product inventories remain tight and refining capacity stays constrained, Valero’s large refining system and access to export markets are well-positioned to capture attractive international fuel demand.
How MPC & PSX Are Responding to Tight Fuel SupplyMarathon Petroleum Corporation (MPC - Free Report) and Phillips 66 (PSX - Free Report) are two other major refiners navigating tight global fuel supplies and positioning their operations to capture opportunities arising from constrained product markets.
Marathon Petroleum noted in its latest earnings call that global gasoline and diesel supplies remain constrained, with refinery outages in Russia and the Middle East adding further pressure to already low inventories. To respond to these conditions, MPC is focusing production on products where demand is strongest. The company reported record distillate exports in the second quarter of 2026, supported by attractive export opportunities in Latin America and Europe. Marathon Petroleum is expanding its refining capabilities through a 90,000-barrel-per-day (Bbl/d) distillate hydrotreater at Galveston Bay and a Garyville project designed to add 10,000 Bbl/d of export-premium gasoline output by the end of 2027.
Phillips 66 highlighted increasingly tight global refining fundamentals, driven by low fuel inventories and significant refinery disruptions across Asia, the Middle East and Russia. To capitalize on these conditions, the company maintained 96% refinery utilization in second quarter of 2026 while leveraging its commercial and logistics network to move feedstocks and refined products toward higher-value markets. Its expanded marine fleet and logistics flexibility further strengthen its ability to respond to regional shortages and capture attractive margins.
VLO’s Price Performance, Valuation & EstimatesValero shares have risen 143% over the past year compared with the industry’s 84.5% growth.
Image Source: Zacks Investment Research
From a valuation standpoint, VLO trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 7.1X. This is above the broader industry average of 5.66X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for VLO's 2026 earnings has remained constant over the past seven days.
Image Source: Zacks Investment Research
VLO currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Few large-cap stocks offer a more direct way to capitalize on today’s powerful transportation-fuel margins than Valero Energy (VLO - Free Report) ).
With VLO sporting a Zacks Rank #1 (Strong Buy), it’s noteworthy that Valero’s Zacks Oil and Gas-Refining and Marketing Industry is currently in the top 10% of over 240 Zacks industries.
In addition to its strong buy rating, VLO also checks an overall “A” VGM Zacks Style Scores grade for the combination of Value, Growth, and Momentum.
This comes as U.S. gasoline prices have climbed back above $4 per gallon. At the same time, refining margins have reached historically elevated levels as tight global product supplies stemming from disruptions in the Middle East have collided with resilient transportation demand.
Bullish Refining MarginsThe 3-2-1 crack spread — a widely watched proxy for refinery profitability — recently reached record territory, creating an exceptionally favorable backdrop for efficient U.S. refiners.
As provided by the Chicago Mercantile Exchange (CME) Group and visualized by TradingView, U.S. refining margins have surged to historic levels, with the closely watched 3-2-1 crack spread approaching $70 per barrel.
This means that the market value of the gasoline and diesel produced from crude oil is running roughly $70 per barrel above the cost of the crude itself—a powerful indicator of the unusually favorable economics facing refiners such as Valero.
In other words, refiners can currently sell the gasoline and diesel produced from a barrel of crude for roughly $70 more than the crude feedstock cost, before accounting for the refinery’s other expenses.
Image Source: CME Group
Valero is Translating that Environment Directly into Earnings GrowthValero's Refining segment generated $4.5 billion of Q2 operating income, up sharply from $1.3 billion a year ago, while throughput averaged roughly 3 million barrels per day.
More importantly, refining margin per barrel surged to $23.62 from $12.35 in the year-ago period. That combination of high utilization and dramatically stronger margins gives Valero tremendous operating leverage when gasoline and diesel markets tighten.
The earnings picture reflects it. Last month, Valero delivered record quarterly adjusted EPS of $12.54, comfortably topping the Q2 consensus estimate of $9.87 by 27% and surging 450% from earnings of $2.28 per share in the prior year quarter.
Plus, Valero has now exceeded earnings expectations for seven consecutive quarters with an impressive average EPS surprise of 26.8% in its last four quarterly reports.
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Surging EPS Revisions and a Reasonable ValuationJust as encouraging is the direction of analyst estimates. Following the Q2 EPS beat, the forward earnings-revision trend has moved decisively higher in the last month, with Valero's fiscal 2026 and FY27 EPS estimates now spiking over 30% in the last 60 days, respectively.
In the last two months, EPS revisions for the current quarter and next quarter have both spiked over 90%, with Valero’s annual adjusted earnings now expected to surge more than 282% to what would be a new record of $40.62 per share.
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And despite a more than 100% year-to-date run-up in VLO shares, Valero’s valuation remains very reasonable at 8X forward earnings.
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VLO still trades at a steep discount to the benchmark S&P 500’s 22X forward earnings multiple despite having one of the clearest earnings growth catalysts in the market.
Its valuation is also roughly in line with the broader Oil and Gas-Refining and Marketing industry, which includes notable peers Marathon Petroleum (MPC - Free Report) ) and Phillips 66 (PSX - Free Report) ).
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Bottom LineWith gasoline prices above $4 per gallon, refining margins exceptionally strong, throughput near 3 million barrels per day, and earnings estimates moving sharply higher, Valero remains one of the clearest large-cap beneficiaries of the current transportation-fuel environment.
Valero ve 2. čtvrtletí překonala odhady: upravený zisk činil 12,54 USD na akcii a tržby vzrostly o 48,8 % na 44,48 miliardy USD. Zisk podpořily rafinace, obnovitelná nafta i ethanol.
Key Takeaways VLO's Q2 earnings and sales topped estimates as all three reportable segments posted higher profits.VLO's refining margin rose to $6.34 billion as gasoline and distillate economics strengthened.VLO returned $2.6 billion to stockholders while ending Q2 with $7.87 billion in cash and equivalents. Valero Energy Corporation (VLO - Free Report) delivered a second-quarter 2026 beat that changed the shape of its near-term earnings story. Adjusted earnings reached $12.54 per share, while revenues increased 48.8% to $44.48 billion, with both measures topping the Zacks Consensus Estimate.
The result was not just a refining windfall. Renewable diesel and ethanol also posted sharp profit gains, giving Valero three meaningful earnings engines as it moves through 2026.
Valero’s Q2 Beat Was Broad-BasedAdjusted earnings rose from $2.28 per share a year earlier, and the 27.1% earnings surprise was paired with a 23.7% sales surprise. That combination shows the quarter’s strength extended beyond one margin or operating statistic.
Operating income reached $5.20 billion, up from $997 million. The mix matters because each reportable segment contributed more profit than in the prior-year quarter.
VLO’s Refining Margins Drove the UpsideRefining margin increased to $6.34 billion from $3.28 billion, while segment operating income rose to $4.47 billion from $1.27 billion. Stronger gasoline and distillate economics lifted refining margin per barrel to $23.62 from $12.35.
Throughput averaged about 3 million barrels per day, with the Gulf Coast supplying roughly 62% of the total. Marathon Petroleum Corporation (MPC - Free Report) , which also operates a refining system of about 3 million barrels per day, provides a useful peer reference for how scale and feedstock flexibility can amplify tight product markets.
Valero’s Renewable Diesel Business ReboundedRenewable Diesel swung to operating income of $717 million from a $79 million loss. Margin per gallon rose to $2.52 from 22 cents as renewable credit values increased faster than fat-based feedstock costs.
Management sees support through 2026 and 2027 from established renewable-volume obligations, but the segment remains sensitive to credit values and eligible-feedstock economics. Phillips 66 (PSX - Free Report) , which produces renewable diesel and sustainable aviation fuel at its Rodeo complex, faces similar policy and feedstock variables across its lower-carbon platform.
VLO’s Ethanol Segment Added Another Profit EngineEthanol operating income increased to $318 million from $54 million even though external revenues stayed flat at $1 billion. Ethanol margin increased to $489 million from $217 million, reflecting much better conversion economics.
Production credits added another structural benefit. Valero expects roughly 17 cents per gallon for 2026 and about 19 cents per gallon from 2027 through 2029, compared with a historical mid-cycle ethanol margin of about 25 cents.
Valero’s Cash Windfall Expands Its OptionsAdjusted operating cash flow totaled $4.49 billion, and Valero returned $2.6 billion, or 59%, to stockholders. Cash and cash equivalents ended the quarter at $7.87 billion, above the company’s long-term target of $4 billion to $5 billion.
That liquidity can cushion commodity-driven working-capital swings while supporting the $230 million St. Charles optimization project and Port Arthur repairs. Valero estimates the Port Arthur work at $250 million and expects a substantial portion to be covered by insurance.
Valero’s Earnings Outlook and Estimate TrendsThe Zacks Consensus Estimate calls for earnings of $12.31 per share in the current quarter and $6.90 in the next quarter. For 2026, the consensus mark is $36.95 per share, followed by $26.70 for 2027, implying a 27.7% year-over-year decline after this year’s surge.
The estimate range remains wide, underscoring the sensitivity of results to refining margins and renewable-fuel economics.
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VLO’s Strong Quarter Still Faces Durability TestsValero’s second-quarter performance broadened its 2026 earnings mix, but investors should not treat one exceptional period as a permanent run rate. Refining-margin normalization, renewable-policy changes and repair execution remain the main durability tests.
The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.
Valero has a Value Score of A, Growth Score of A, Momentum Score of B and VGM Score of A. That combination points to favorable estimate-revision trends and solid style characteristics over the near term, while the projected earnings decline in 2027 argues for continued attention to cyclicality.
Valero Energy (VLO - Free Report) came out with quarterly earnings of $12.54 per share, beating the Zacks Consensus Estimate of $9.87 per share. This compares to earnings of $2.28 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +27.05%. A quarter ago, it was expected that this oil refiner would post earnings of $3.07 per share when it actually produced earnings of $4.22, delivering a surprise of +37.46%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Valero Energy, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $44.48 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 23.73%. This compares to year-ago revenues of $29.89 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Valero Energy shares have added about 85.1% since the beginning of the year versus the S&P 500's gain of 6.9%.
What's Next for Valero Energy?While Valero Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Valero Energy was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $12.31 on $35.46 billion in revenues for the coming quarter and $36.64 on $135.27 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 8% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Phillips 66 (PSX - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.
This oil refiner is expected to post quarterly earnings of $7.68 per share in its upcoming report, which represents a year-over-year change of +222.7%. The consensus EPS estimate for the quarter has been revised 25.5% higher over the last 30 days to the current level.
Phillips 66's revenues are expected to be $36.17 billion, up 7.9% from the year-ago quarter.
Valero Energy čeká za 2. čtvrtletí EPS 9,87 USD, což je meziročně +332,9 %, a tržby 35,95 miliardy USD (+20,3 %). Výsledky zveřejní 30. července před otevřením trhu.
Key Takeaways Valero Energy is expected to post sharply higher Q2 earnings and revenues from year-ago levels.Elevated crack spreads and resilient refined-product demand may support VLO's refining profits.Higher crude costs and renewable diesel policy exposure may temper Valero Energy's Q2 results. Valero Energy Corporation (VLO - Free Report) is set to report second-quarter 2026 results on July 30, before the market opens.
The Zacks Consensus Estimate for second-quarter earnings is pegged at $9.87 per share, implying an increase of 332.9% from the year-ago reported number. VLO has witnessed two upward and no downward earnings estimate revisions over the past seven days. The Zacks Consensus Estimate for second-quarter revenues is currently pinned at $35.95 billion, suggesting a 20.3% rise from the year-ago actuals.
VLO beat the consensus estimate for earnings in each of the trailing four quarters, delivering an average surprise of 27.99%. This is depicted in the graph below:
Image Source: Zacks Investment Research
Valero’s Q2 Earnings WhispersOur proven model does not conclusively predict an earnings beat for VLO this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
The company has an Earnings ESP of -0.91% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Factors to Note for VLOValero Energy is expected to have sustained steady performance in the second quarter, driven by the resilient demand for refined products amid constrained global refining capacity, further amplified by the geopolitical situation in the Middle East.
Moreover, the current business environment looks supportive for refining players, including Valero. The 3-2-1 crack spread, widely recognized as an indicator of refining profitability, had risen significantly since the start of the conflict in the Middle East and remained at elevated levels throughout the second quarter. These factors are likely to have supported refining gains and aided VLO’s profitability in the to-be-reported quarter.
However, the company’s performance may have been tempered by elevated crude prices earlier in the quarter. Per the data from the U.S. Energy Information Administration, the West Texas Intermediate spot crude price averaged $100.32 per barrel in April and $102.13 per barrel in May before declining to $84.81 per barrel in June.
Notably, these figures are significantly higher than those recorded in the corresponding period of 2025. Higher crude prices may have raised input costs for its refining operations, thereby affecting its results. Its Renewable Diesel segment adds another source of earnings volatility, as its performance is highly dependent on government and environmental policy support, alongside demand factors.
These factors are likely to have affected demand and pricing dynamics, potentially hampering the company’s quarterly performance.
VLO’s Price Performance & ValuationVLO’s stock has soared 116.1% over the past year compared with the 59.4% rise of the composite stocks belonging to the industry. PBF Energy and Par Pacific Holdings, two other leading refining players, have gained 154.9% and 139.2%, respectively.
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VLO appears relatively overvalued, at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 9.36X, above the broader industry average of 6.25X, implying that the stock is currently trading at a premium.
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Investment Thesis of Valero EnergyValero Energy is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast, providing feedstock sourcing flexibility and access to high-demand growth markets to sell its refined products. Notably, VLO’s refineries have the operational flexibility to process various kinds of feedstock, including heavy sour, medium/light sour and sweet crude, and shift product yields based on market conditions to capture higher margins.
Valero Energy also boasts a strong financial and liquidity position, with a low debt-to-capitalization ratio of 18%, as of March 31, 2026. Furthermore, its cash and cash equivalents, combined with the liquidity available under its bank facilities, totaled approximately $11 billion at the end of the March quarter. VLO’s healthy financial position also allows it to return excess cash to investors through share buybacks.
However, it should be noted that the refining industry is inherently cyclical and volatile. Margins and crack spreads depend largely on crude oil prices and the overall demand for refined petroleum products, which causes VLO’s earnings to be volatile as well.
Are PBF & PARR Poised to Gain From a Favorable Refining Backdrop?PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, which have a combined throughput capacity of 1 million barrels per day and can process a wide range of feedstocks.
Par Pacific Holdings (PARR - Free Report) operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.
PBF currently sports a Zacks Rank #1, while PARR carries a Zacks Rank #2. Both refiners are expected to benefit from strong refining fundamentals and elevated crack spreads, which are likely to support their bottom-line profitability.
Final VerdictVLO is expected to benefit from strong refining fundamentals, which are currently supported by the disruptions of energy flows through the Strait of Hormuz. Given the business environment and its healthy financial position, investors should consider buying the VLO stock, carrying a Zacks Rank #2, at present.
Wall Street expects a year-over-year increase in earnings on higher revenues when Valero Energy (VLO - Free Report) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis oil refiner is expected to post quarterly earnings of $9.81 per share in its upcoming report, which represents a year-over-year change of +330.3%.
Revenues are expected to be $35.95 billion, up 20.3% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 34.24% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Valero Energy?For Valero Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -1.96%.
On the other hand, the stock currently carries a Zacks Rank of #2.
So, this combination makes it difficult to conclusively predict that Valero Energy will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Valero Energy would post earnings of $3.07 per share when it actually produced earnings of $4.22, delivering a surprise of +37.46%.
Over the last four quarters, the company has beaten consensus EPS estimates four times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Valero Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Expected Results of an Industry PlayerCVR Energy (CVI - Free Report) , another stock in the Zacks Oil and Gas - Refining and Marketing industry, is expected to report earnings per share of $0.18 for the quarter ended June 2026. This estimate points to a year-over-year change of +178.3%. Revenues for the quarter are expected to be $2.17 billion, up 23.1% from the year-ago quarter.
Over the last 30 days, the consensus EPS estimate for CVR has been revised 24.8% down to the current level. Nevertheless, the company now has an Earnings ESP of 0.00%, reflecting an equal Most Accurate Estimate.
When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that CVR will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
Valero Energy Corporation vyhlásila pravidelnou čtvrtletní hotovostní dividendu 1,20 USD na akcii. Splatná bude 31. srpna 2026 akcionářům, kteří budou držiteli akcií k 31. červenci 2026.
SAN ANTONIO--(BUSINESS WIRE)--The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend of $1.20 per share on its common stock. The dividend will be payable on August 31, 2026, to stockholders of record as of the close of business on July 31, 2026.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Valero těží z vysokých crack spreadů, silné poptávky po palivech a omezené globální rafinační kapacity. Vysoká exportní poptávka, hlavně po leteckém palivu a destilátech, dál snižuje zásoby produktů v USA.
Key Takeaways Valero benefits from elevated crack spreads, strong fuel demand and constrained global refining capacity.Rising demand for U.S. Gulf Coast barrels is tightening product inventories.Its Gulf Coast system and logistics network support higher exports while domestic demand stays resilient. Valero Energy (VLO - Free Report) is among the largest independent refiners in the United States, with a combined high-complexity throughput capacity of nearly 3 million barrels per day across its refineries. Its refining footprint is heavily concentrated along the U.S. Gulf Coast, providing feedstock sourcing flexibility and access to high-demand growth markets for selling its refined products. Alongside refining, the company runs a growing renewable diesel and sustainable aviation fuel business through Diamond Green Diesel, as well as 12 ethanol plants.
The current business environment remains supportive for refining players, including Valero. The 3-2-1 crack spread, widely recognized as an indicator of refining profitability, has risen significantly since the start of the conflict in the Middle East and remains at elevated levels. Moreover, during its first-quarter earnings call, VLO noted that constrained global refining capacity, along with tightening refined product flows due to the conflict, has increased demand for refined products, particularly for U.S. Gulf Coast barrels.
Valero is particularly well-positioned to benefit from these trends. Management highlighted a sharp increase in export demand, especially for jet fuel and distillates, which has contributed to declining U.S. product inventories. Its strategically located Gulf Coast refining system and extensive logistics network position Valero to capture increased export volumes while continuing to capitalize on resilient domestic demand. Moreover, low product inventories in key markets are expected to support refining fundamentals and keep margins steady, helping VLO sustain its profitability.
PARR and PBF to Benefit From the Refining EnvironmentPar Pacific Holdings (PARR - Free Report) operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho; refining operations in Hawaii, Wyoming, Washington and Montana; and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products. PARR currently sports a Zacks Rank #1 (Strong Buy).
PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries, Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery, with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. PBF carries a Zacks Rank #3 (Hold) at present.
VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 86.2% over the past year compared with the 38.2% improvement of the composite stocks belonging to the industry.
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From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 8.59X. This is above the broader industry average of 5.73X.
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The Zacks Consensus Estimate for VLO’s 2026 earnings has remained unchanged over the past seven days.
Image Source: Zacks Investment Research
VLO currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Valero Energy těží z rozsáhlé rafinérské sítě a levnějších vstupů při poklesu cen energií. Zároveň rozšiřuje výrobu obnovitelných paliv prostřednictvím Diamond Green Diesel a projektu SAF v Port Arthuru, který může upravit až 50 % současné kapacity výroby obnovitelné nafty na SAF. Diamond Green Diesel má přibližně 1,2 miliardy galonů roční kapacity výroby obnovitelných paliv.
Key Takeaways Valero Energy's complex refinery network boosts flexibility to maximize refining margins across markets.VLO may benefit from lower feedstock costs as energy prices ease amid U.S.-Iran peace talks progress.Valero Energy is expanding renewable fuels exposure through Diamond Green Diesel and a new SAF project. Valero Energy’s (VLO - Free Report) investment appeal is supported by its highly complex coastal refinery network, which can process a wide range of feedstocks into higher-value refined fuels. The flexibility of Valero’s refinery systems allows it to shift product yields between light products and distillates based on market signals, enabling more margin capture during periods of high volatility. Moreover, the Gulf Coast concentration enables VLO to optimize feedstock sourcing and export its products to high-demand markets, helping it capture better margins.
At present, energy prices have dropped significantly, reflecting progress in the United States-Iran peace talks. This could prove to be beneficial for Valero, as it implies cheaper feedstock costs for its refining operations, supporting refining gains. The company's operational flexibility, low-cost structure and advanced refining and logistics assets are expected to enhance its competitive position by maximizing margin capture across varying market conditions.
Further, Valero has gained meaningful exposure to renewable fuels, providing an additional revenue stream. Its ownership in the Diamond Green Diesel joint venture provides VLO with approximately 1.2 billion gallons of renewable fuels production capacity per year. Also, the recently completed Port Arthur sustainable aviation fuel (SAF) project can upgrade up to 50% of its current renewable diesel production capacity to SAF. Meanwhile, its low-cost ethanol operations are expected to benefit from global renewable fuel mandates driving exports. These initiatives position Valero to capitalize on the long-term growth of cleaner transportation fuels.
PARR & PBF Are Two Other Leading Downstream PlayersPar Pacific Holdings (PARR - Free Report) is a Houston-based refining player with a combined refining capacity of 219,000 barrels per day and operations across Hawaii and the Pacific Northwest. The company also operates 76 branded retail locations, along with a logistics business segment. It owns extensive energy infrastructure, which includes storage and transportation assets. PARR currently carries a Zacks Rank #2 (Buy).
PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries - Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery— with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks. PBF carries a Zacks Rank #3 (Hold) at present.
VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 85.2% over the past year compared with the 35.8% improvement of the composite stocks belonging to the industry.
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From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 8.16X. This is above the broader industry average of 5.49X.
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The Zacks Consensus Estimate for VLO’s 2026 earnings has been revised upward over the past seven days.
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VLO currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Valero těží z komplexní rafinérie na pobřeží Mexického zálivu a flexibilních provozů, které mají podporovat ziskovost i při volatilitě trhu. Nízké zásoby a omezená rafinační kapacita by měly v nejbližší době držet marže.
Key Takeaways Valero's refining network spans the United States, Canada and the United Kingdom.Valero's complex Gulf Coast refining system and flexible operations support profitability amid volatility.Constrained refining capacity and low inventories are expected to support refining margins in the near term. Valero Energy (VLO - Free Report) is a well-known name in the refining space, with an extensive refining network across the United States, Canada and the UK. The company is also involved in the production of renewable fuels and ethanol. Valero’s strongest investment case lies in its highly complex refining system concentrated along the U.S. Gulf Coast and the operational flexibility of its refineries, as these factors enable it to sustain profitability across volatile market conditions.
Geopolitical conditions worldwide have caused significant volatility in global oil markets since the beginning of this year. Following recent talks between the United States and Iran in Switzerland, efforts are underway to facilitate the safe passage of vessels through the Strait of Hormuz. While this marks a positive step toward stabilizing energy markets, the conflict has already caused severe damage to several energy facilities across the Middle East, including refineries and LNG infrastructure. The global refining market was already operating under tight conditions before the conflict, with demand growth outpacing new refining capacity additions. The disruptions caused by the Middle East conflict have further amplified this trend.
Against this macroeconomic backdrop, VLO remains well positioned to generate sustained profits, backed by a favorable refining environment. The company’s coastal refinery network enables it to benefit from export access and exposure to global product markets. Moreover, constrained global refining capacity and low product inventories in key markets are expected to support refining fundamentals and keep margins steady in the near-term. Its Gulf Coast refining network benefits from growing product exports to high-demand growth markets, enabling the company to capture attractive margins and support long-term earnings growth.
Refining Players Expects to Benefit From Favorable Refining FundamentalsPar Pacific Holdings (PARR - Free Report) is a Houston-based refining player with a combined refining capacity of 219,000 barrels per day and operations spread across Hawaii and the Pacific Northwest. The company also operates 76 branded fuel retail sites, along with a logistics business segment. PARR owns extensive energy infrastructure, including storage and transportation assets.
PBF Energy (PBF - Free Report) has a geographically diverse refining network with large-scale processing capacity and a highly complex refining system. It operates six refineries — Delaware City Refinery, Paulsboro Refinery, Toledo Refinery, Chalmette Refinery, Torrance Refinery and Martinez Refinery — with a combined throughput capacity of 1 million barrels per day and the ability to process a wide range of feedstocks.
VLO’s Price Performance, Valuation & EstimatesValero Energy’s shares have jumped 78.1% over the past year compared with the 40.1% improvement of the composite stocks belonging to the industry.
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From a valuation standpoint, VLO trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 7.38X. This is above the broader industry average of 5.42X.
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The Zacks Consensus Estimate for VLO’s 2026 earnings hasn’t seen any revisions over the past seven days.
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VLO, PARR and PBF each currently carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
