Valero’s Q2 Earnings Drop On Weaker Refining Margins   ...Middle East

Valero Energy (NYSE: VLO) reported significantly lower net income for the second quarter compared to the same period of 2022, as refining margins halved from a year ago. Valero Energy said its net income slumped to $1.9 billion, or $5.40 per share, for the second quarter of 2023, compared to $4.7 billion, or $11.57 per share, for the second quarter of 2022. Still, the Q2 2023 earnings per share beat the analyst consensus of $5.04 per-share profit compiled by The Wall Street Journal. Total revenues plunged to $34.5 billion from $51.6 billion for…

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