Valero has arguably enjoyed the domestic glut of crude oil in recent years more that anyone, having topped the stock performance tables along with its refining brethren since 2012. Times are getting tougher now that domestic crude production is falling and that the ban on exports of U.S. crude has been lifted. After a weak first quarter earnings report for 2016, its stock hit a low that was 25% off last year’s peak. But the world’s largest independent refiner — with 15 plants processing 3 million barrels of oil a day — is still managing to churn out cash and invest in new capacity: a new crude processing unit at its Corpus Christi, Tx., plant and a catalytic cracking unit at St. Charles, La., have both come on stream in recent months and will increase its refining capacity by over 105,000 barrels per day in net terms this year.
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.