This Oil Stock Posted Stunning Profits in 2022. Is There More Fuel Left in the Tank?
Valero (NYSE: VLO) ended 2022 with a bang. The fuel company reported $3.1 billion, or $8.15 per share, of net income in the fourth quarter, more than triple the prior-year period's $1 billion, or $2.46 per share. That drove its 2022 total to $11.5 billion, or $29.04 per share, a stunning 1,179% more than the $930 million, or $2.27 per share, it earned in 2021.
While robust market conditions helped power that surge, Valero also benefited from recently completed capital projects. With more expansions on track to enter service in the next year, it could have more fuel to grow earnings.
Valero's refining segment posted $4.3 billion in profits in the fourth quarter, up 230% from the prior year. The company refined an average of 3 million barrels of crude oil per day as its facilities operated at 97% capacity during the quarter, which was its best rate since 2018.
Source Fool.com
