Valero Earnings Beat Wall Street, Impressive Quarter for DGD
Valero Energy earnings beat Wall Street analyst estimates for the Q2 2023 by posting a $5.40 per share profit, beating the average analysts’ estimate of $5.08. Revenue plummeted to $34.5 billion, falling below analysts’ expectations of $34.82 billion. Revenue was well below the $51.6 billion posted for Q2 2022.
One of the larger surprises to come from the Q2 report was how well the renewable diesel segment performed. Valero’s joint venture with Darling Ingredients, Diamond Green Diesel (DGD), played a significant role in third quarter and year to date performance.
Renewable Diesel
The renewable diesel business reported $440 million of operating income for the second quarter 2023 compared to $152 million for the second quarter of 2022. Renewable diesel sales volumes…
09.06.2024
Signs of US economic downturn send ULSD prices to 3-year low
Shifting economic conditions are raising the possibility of a US recession. The US Bureau of Labor Statistics (BLS) released the jobs report on Friday September 6, which showed that...
09.06.2024
US fat market slides on pressure from soybean oil, energy complex
Used cooking oil (UCO), distillers’ corn oil (DCO) and yellow grease all traded lower on Friday September 6 due to pressure from the sinking heating oil and soybean oil...
09.06.2024
Sluggish trade volume keeps weekly animal protein prices flat
US animal protein prices were steady on Friday September 6, with market participants indicating light traded volumes for products.
Weekly wrap-up
Prices for US animal proteins were little...