Valero Energy Corporation reports news on its business as a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products. The company operates through Refining, Renewable Diesel, and Ethanol segments, with petroleum refineries in the United States, Canada, and the United Kingdom; ethanol plants in the U.S. Mid-Continent; and a joint venture interest in Diamond Green Diesel, which produces renewable diesel and sustainable aviation fuel.
Recurring Valero updates include operating and financial results, refinery throughput and segment performance, capital investments for turnarounds and regulatory compliance, common-stock dividends, shareholder matters, and executive or governance changes. Company releases also describe product markets across the United States, Canada, the United Kingdom, Ireland, and Latin America.
Valero Energy Corporation (NYSE: VLO) reported a net loss of $464 million, or $1.14 per share, for Q3 2020, a significant decline from $609 million net income in Q3 2019. Adjusted net loss stood at $472 million. The refining segment suffered a $629 million operating loss, while renewable diesel saw an increase in operating income to $184 million. Capital investments totaled $517 million, with a focus on sustaining business and growth projects in renewable diesel. Valero's long-term payout ratio is targeted between 40-50%, with Q3 dividends reaching $399 million.
Valero Energy Corporation (NYSE: VLO) reported a net loss of $464 million, or $1.14 per share, for Q3 2020, compared to a net income of $609 million, or $1.48 per share, in Q3 2019. Adjusted net loss was $472 million. The refining segment experienced a $629 million operating loss, with throughput volumes down 428 thousand barrels per day year-over-year. Conversely, the renewable diesel segment showed growth with $184 million in operating income, up from $65 million in Q3 2019. Valero ended Q3 2020 with $15.2 billion in debt and $4.0 billion in cash.
Valero Energy Corporation (NYSE: VLO) has appointed Jason Fraser as the new Chief Financial Officer (CFO), effective July 15, 2020, succeeding Donna Titzman, who will retire on the same date. Fraser, previously Executive Vice President and General Counsel, brings extensive leadership experience to the role. Richard Walsh will be promoted to General Counsel in conjunction with this transition. The company's leadership expressed confidence in Fraser's ability to uphold Valero's strategic objectives and financial strength amidst current uncertainties.
Valero Energy Corporation (NYSE:VLO) announced a conference call set for July 30, 2020, at 10:00 a.m. ET to discuss its second quarter earnings results. The earnings results will be released earlier that same day. Valero, a leading manufacturer and marketer of transportation fuels and petrochemical products, operates 15 refineries with a throughput capacity of 3.2 million barrels per day and 14 ethanol plants with a production capacity of 1.73 billion gallons per year. The call will be accessible via Valero's Investor Relations website.
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