Revenue at refiner Valero continued to increase in 2018, gaining 26% year-on-year to $111.4 billion, as weaker crude prices widened the company’s refining margins. But it wasn’t all smooth sailing as profits sank due to weaker gasoline prices and the acquisition of three ethanol plants that coincided with a price slump. Nevertheless, Valero, owner of 15 refineries and 14 ethanol plants, continues to expand: in 2018, it invested in pipelines and storage facilities, and has pledged to invest $2.5 billion in both 2019 and 2020.
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News about Valero Energy
It was not clear if the water supply was ever contaminated by the spill.
"Gasoline is on the verge of trading under diesel... in JULY!!! That's insane," one trader said.
Valero Energy and Phillips 66 both say they are in 'max gasoline mode.'
But it will certainly make oil companies richer.