Valero increases oil production in second quarter

SAN ANTONIO, Texas — San Antonio’s Valero Energy Corp. isn’t sweating low oil prices, but rather celebrating them as it and other American refiners are setting records for national production.

Running at 96 percent utilization, Valero processed an average of 2.8 million barrels per day during the second quarter, an increase of 87,000 barrels per day compared to the same time period last year.

As of August 6, West Texas Intermediate crude was trading below $45 per barrel, but refinery throughputs reached record levels in July at more than 17 million barrels per day. Valero is responsible for about 20 percent of that production.

Source: San Antonio Business Journal

 

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Noah Milligan

Noah Milligan works as a banker by day, specializing in financing commercial real estate and loan workouts on a national platform. By night, he has delusions of becoming the next Cormac McCarthy. His short fiction has appeared or is forthcoming in Empty Sink Publishing, Ridi...