Valero’s quarterly earnings climb 30% on diesel demand boost

Valero Energy posted a 30% year-on-year profit jump in the third quarter, earning $3.05 per share on revenue of $29.96 billion. Higher diesel margins in U.S. Gulf Coast markets drove the performance, offsetting weaker gasoline spreads. Management noted refinery utilization near 95% and reiterated plans to expand renewable diesel output in 2026. Analysts said the results underscore resilient U.S. refining fundamentals despite volatility in crude input costs and environmental credit markets, positioning Valero among the strongest downstream performers this quarter.