The COVID-19 vaccine is enabling businesses to safely reopen and families to return to more normal activities. This significant increase in activity and the associated increase in mobility in recent months, especially across the U.S. and here in San Antonio, is driving higher demand for transportation fuels.
Valero recently reported its second quarter 2021 results* on July 29, with adjusted net income of $197 million, or $0.48 per share. Valero focused on optimizing its system, even amid a challenging but improving margin environment. This enabled Valero to deliver positive earnings in the second quarter. Through the cash provided from operating activities, the company honored its commitment to its stockholders and returned $401 million through dividends.
Also, Valero recently published both its Summary Annual Report and its Stewardship & Responsibility Report (SRR), which highlights achievements and commitments in the areas of safety, environmental stewardship, community support and investments, employee programs, and governance.
In addition to being on track to achieve its previously announced target to reduce and offset 63% of the company’s global refining greenhouse gas (GHG) emissions by 2025, Valero announced a new target to reduce and offset 100% of its global refining GHG emissions by 2035.
This plan is consistent with Valero’s strategy as the company continues to innovate, leveraging its global liquid fuels platform and operational expertise to strengthen its long-term competitive advantage with low-carbon fuels. Valero expects to quadruple its renewable diesel production capacity to 1.2 billion gallons per year in 2023. In addition, Valero continues to explore and develop opportunities in carbon sequestration, Sustainable Aviation Fuel, renewable naphtha, and renewable hydrogen.
Valero remains optimistic about its business, its employees, and its community partners as fuel demand continues to improve.
*Second quarter earnings release and quarterly report on Form 10-Q, available at http://www.valero.com.