(Reuters) -Refiner Valero Energy beat analysts’ estimates for third-quarter profit on Thursday, powered by sustained fuel and refined products demand against the backdrop of tight supplies.
Voluntarily production cut from top OPEC+ oil producers Saudi Arabia and Russia, low levels of U.S. crude stockpiles and increased exports have kept supplies tight.
“Our refineries operated well and achieved 95 percent throughput capacity utilization . . . Product demand remained strong in our U.S. wholesale system,” CEO Lane Riggs said in a statement.
The second-largest U.S. refiner by capacity said throughput volumes averaged 3 million barrels per day (bpd) in the quarter, flat compared with a year earlier.
The San Antonio, Texas-based refiner reported an adjusted net income of $7.49 per share for the three months ended Sept. 30, compared with analysts’ average estimate of $7.47, according to LSEG data.
(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)
