Sunday, 10 November 2024
Home Topics Business Valero plans to run refineries at 92% of combined capacity in Q3 2024
BusinessFuelLiquefied Petroleum GasNewsOil

Valero plans to run refineries at 92% of combined capacity in Q3 2024

73
FILE PHOTO: A Valero logo is seen at a Valero gas station in Hoboken, New Jersey, U.S., May 2, 2016. REUTERS/Mike Segar/File Photo
A Valero logo is seen at a Valero gas station in Hoboken, New Jersey, U.S., May 2, 2016. —REUTERS/Mike Segar/File Photo

HOUSTON U.S. refiner Valero Energy Corp plans to operate its 14 refineries up to 92% of their combined 3.2 million barrel-per-day (bpd) total throughput capacity in the third quarter of 2024, according to plans announced by Homer Bhullar, vice president of investor relations.

The San Antonio-based company, which is the second largest U.S. refiner, plans for its seven U.S. Gulf Coast refineries to operate between 95% ad 98% of their combined total throughput of 1.8 million bpd, Bhullar said during a conference call on Thursday.

During the second quarter, Valero’s refineries ran at 94% of their combined total throughput capacity, Bhullar said.

Greg Bram, vice president of refining services, said the company’s third-quarter production projections “considers planned maintenance activity we have planned in the quarter, particularly if you take a look at the North Atlantic region.”

Valero’s two North Atlantic refineries are based in Quebec and Wales.

Chief Operating Officer Gary Simmons said gasoline demand was similar to 2023.

“I guess the way we’re looking at it as we say, year over year, gasoline demand in the U.S. is flat, Simmons said.

The company has also seen weaker demand for jet fuel, Simmons said.

“If you look at year to date, diesel sales in the daily data would suggest a decline in diesel demand of about 100,000 barrels,” he said. “However, you know, a lot of that has been offset to date with the increase in jet demand. So maybe distillate demand is down slightly.”

Chief Executive Lane Riggs said the company’s joint venture Diamond Green Diesel renewable distillate plant at the 360,000-bpd Port Arthur, Texas refinery remains on schedule to begin production in the fourth quarter of this year.

In addition to diesel fuel, the plant will produce sustatinable aviation fuel, Riggs said.

(Reporting by Erwin Seba)

Related Articles

Pedestrians walk past the Bank of Japan building in Tokyo, Japan March 18, 2024. REUTERS/Kim Kyung-Hoon/File Photo
BusinessClimateEmissions

BOJ hopes to keep 2% inflation target while monitoring climate shock risks

The Bank of Japan aims to maintain its 2% inflation target despite...

FILE PHOTO: A view shows the venue of the United Nations climate change conference, known as COP29, during a media tour ahead of the summit beginning in Baku, Azerbaijan November 8, 2024. REUTERS/Aziz Karimov/File Photo
ClimateClimate FinanceEmissionsEnvironmentPolitics

Explainer: What is the point of a UN climate COP?

Next week, COP29 gathers thousands in Baku for the U.N. climate summit...

FILE PHOTO: A countdown display for the COP29 United Nations Climate Change Conference is set in Baku, Azerbaijan October 31, 2024. REUTERS/Aziz Karimov//File Photo
ClimateClimate FinanceElectricityLegislationNatural GasOilSolarWind

Explainer: Who are the key voices at the COP29 climate summit in Baku?

Nearly 200 countries meet at COP29 in Baku, Azerbaijan, to negotiate climate...

Login into your Account

Please login to like, dislike or bookmark this article.