San Antonio refiner Valero Energy Corp.’s profits rose 1.8 percent in the third quarter on lower biofuel blending costs.
The second largest U.S. refiner posted earnings of $2.01 a share, or $856 million, for the three-month period ending Sept. 30, up 1.8 percent from $1.91 per share or $841 million in the same period a year ago.
Valero’s costs for biofuel blending fell 59 percent to compared to $94 million compared to the $230 million the company had to pay in the third quarter of 2017. The refiner attributed the drop to lower prices of renewable fuel credits, also known as RINs, which it buys because it doesn’t blend ethanol into its gasoline.
Source: FuelFix
