Page 5 - Valero News Today

Archdiocese of Oklahoma City

Legendary investor Carl Icahn is betting big on several oil and gas stocks.

Legendary investor Carl Icahn is betting big on several oil and gas stocks.

SURVEY

Phillips 66 reported lower-than-forecast profits for the first quarter of the year, with refinery maintenance affecting product sales.

Refiner margins have scaled back from the peaks achieved after Russia's invasion of Ukraine in 2022, amid a rise in global refining capacity that has led to a drop in fuel prices. The company said its realized margins slumped about 47% to $10.91 per barrel in the first quarter from a year earlier, led by nearly a 50% decline in Gulf Coast margins. Shares of the refiner were down nearly 3% on Friday.

Valero Energy saw its adjusted net income more than half in the first quarter compared to a year earlier but still managed to beat analyst consensus estimates.

Reported net income attributable to Valero stockholders of $1.2 billion, or $3.75 per share Reported adjusted net income attributable to Valero stockholders of $1.3 billion, or $3.82 per...

The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.

Connecticut residents are feeling the pain at the pump, AGAIN. The situation overseas with war in both the Middle East and Ukraine has the oil market on edge. But this is also the time of year we may see a bit of a lull in gasoline demand between the end of spring breaks and ahead of Memorial Day.