(Reuters) – Refiner Valero Energy Corp topped profit estimates on Thursday, as margins received a boost from sustained fuel demand and tight crude supplies.
Refiners have been riding a wave of favorable pricing and demand as pandemic-era closings boosted margins.
Alternating periods of higher demand for products have also helped, with jet fuel recently sprinting higher as diesel fell off.
San Antonio, Texas-based Valero said its refining margins for the January-March quarter climbed to $5.9 billion from $3.2 billion in year-ago quarter.
The company reported adjusted net income of $8.27 per share for the three months ended March 31, compared with analysts’ average estimate of $7.23 per share.
(Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)
