Valero Energy Corporation beat analyst estimates for fourth-quarter earnings, reporting $1.2 billion in adjusted net income. Strong refining margins and higher throughput volumes boosted performance. Refining margin per barrel of throughput rose to $13.61 for Q4 2025 from $8.44 in Q4 2024. Total throughput volumes increased to 3.113 million bpd.

For the full year 2025, Valero’s refining margin per barrel of throughput rose to $12.29. Adjusted operating income in the refining segment soared to $1.7 billion for Q4 2025. Crude throughput volumes rose to 2.988 million bpd for the full year.

Valero, Marathon, and Phillips 66 own and operate complex refineries on the Gulf Coast. Valero reportedly bought Venezuelan crude from Vitol Group and Trafigura, authorized by the Trump Administration. Valero could run an additional 200,000 bpd of Venezuelan crude in the near term.

U.S. refiners, including Valero, will be closely watched for signs of benefit from U.S.-controlled sales of Venezuela’s crude oil. BofA analysts quoted by Reuters suggest Valero could produce high-value products with the additional Venezuelan crude. Valero stands to benefit from its Gulf Coast refineries designed for Venezuelan heavy crude.

Read more at Yahoo Finance: Higher Refining Margins Push Valero’s Q4 Profit above Estimates