Oil Refining Giant Valero Tops Estimates Despite Q3 Profit Plunge

One of the biggest U.S. refiners, Valero Energy (NYSE: VLO), beat Wall Street estimates even as it reported a widely expected plunge in its third-quarter earnings due to slumping refining margins. Valero reported on Thursday earnings per share (EPS) of $1.14 for the third quarter, down by a massive 86% compared to the EPS of $7.49 for the same period last year. Yet, the earnings per share for July-September 2024 beat the analyst consensus estimate of $0.98. All U.S. refiners are expected to report much lower profits for the third quarter compared...