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Refiner Valero Energy Q3 profit rises

November 10/2020

MOSCOW (MRC) -- Valero Energy Corp reported a 37.2% jump in quarterly profit, supported by strong margins and a rise in refining activity after a crippling hurricane season that hurt refiners on the US Gulf coast, according to Reuters.

Net income attributable to Valero rose to USD841 million, or USD1.91 per share, in the third quarter ended Sept. 30, from USD613 million, or USD1.33 cents per share, a year earlier.

Operating revenue for the worlds largest independent petroleum refiner rose to USD23.56 billion from USD19.65 billion a year earlier.

As MRC reported before, Valero Energy Corp restarted the large crude distillation unit (CDU) at its 335,000-bpd Port Arthur, Texas, refinery the first week of September, 2020. The 268,000-bpd CDU was shut with all other units at the refinery on Aug. 25 because of the threat from Hurricane Laura.

We remind that in June 2020, Valero Energy Corps Memphis, Tennessee, crude oil refinery was operating at two-thirds of its 180,000 barrel-per-day (bpd) capacity because of low demand in the COVID-19 pandemic. The Memphis refinery cut production by as much as 50% in early April and has been raising production gradually since then.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

ccording to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, HDPE, ethylene, petrochemistry, Valero, Russia, USA.
Category:General News
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