Valero refineries to run up to 92% capacity in Q4 2021

Independent U.S. crude oil refiner Valero Energy Corp plans to run its 14 refineries at between 88% and 92% of their combined capacity of 3.2 million barrels per day (bpd) in the fourth quarter, a company executive said.

Valero's seven U.S. Gulf Coast refineries are scheduled to operate between 90% and 93% of their combined capacity of 1.9 million bpd, said Homer Bhullar, vice president of investor relations and finance, during a Thursday conference call to discuss third-quarter results.

Jet fuel demand, which has been lagging behind gasoline and diesel demand as lockdowns and work-from-home policies ebbed in 2021, has moved above 80% of 2019 levels, he said.

Valero Chief Executive Joe Gorder said it was unlikely the company would buy another refinery.

Valero has spent several years improving refineries bought in the early part of this century "to a standard that we were comfortable operating in," Gorder said.

"Any acquisition that we would make, we would end up going through the same process," he said. "And so it would have to be an incredibly compelling case for us to give that any consideration. We continue to look at what's in the market, just to be sure we don't miss opportunities. I wouldn't anticipate that you should expect us to be doing anything on that front."

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