San Antonio’s Valero Energy Corp. reported a second quarter profit as the company said its reported net income to stockholders was $1.3 billion or $3.07 a share.
The amount compared to net income of $612 million or $1.47 a share in the second quarter of 2019.
However, the reported adjusted net loss attributable to stockholders was $504 million or $1.25 a share compared to second quarter 2019 adjusted net in come of $665 million or $1.60 a share. Valero said it returned $400 million in cash to stockholders through dividends and a quarterly dividend of 98 cents a share in mid-July.
Valero’s refining segment reported $1.8 billion of operating income for the second quarter of 2020, up from the $1 billion for the second quarter of 2019.
Reflecting the impact of the COVID-19 pandemic, the company’s refinery volumes averaged 2.3 million barrels a day for the quarter which was 647,000 barrels a day lower than a year ago.
“While the impact of the pandemic and the ensuing global economic downturn so far this year has been significant, we saw a rapid recovery in demand for refined products as we moved through the quarter,” said Joe Gorder, Valero Chairman and Chief Executive Officer.
Valero’s renewable diesel segment had $129 million of operating income for the quarter compared to $77 million a year earlier. Its ethanol segment had $91 million in operating income for the second quarter of 2020, a significant increase from the $7 million reported in the second quarter of 2019.
Corporate and administrative expenses were down to $169 million from the $199 million spent a year ago.
Click here to view Valero’s report.