The Quarter in Brief
Valero Energy, the U.S. oil refiner, reported its third quarter of 2026, the three months ended September 30, before the market opened on October 22. Revenues were $46.10 billion, up 43.3% from $32.17 billion a year earlier. Reported earnings per share were $23.89, against $3.53. Adjusted earnings per share, the company's measure that leaves out items it does not consider part of its ongoing performance, were $23.90, against $3.66; this quarter the two are almost identical, because the only adjustment was $4 million of repair costs from a March fire at its Port Arthur refinery.
Both figures were ahead of expectations: analysts had expected about $21.17 of adjusted earnings a share and $42.71 billion of revenue, according to MarketBeat. What made the quarter different was the gap between what Valero pays for crude oil and what it is paid for fuel. Its refining margin, the company's measure of refining revenue less the cost of crude, other materials and non-income taxes, averaged $39.24 a barrel, three times the $13.14 of a year earlier, while it processed slightly less crude than a year ago.