WS Investor
16 Apr 2025, 19:22
Valero to Idle or Restructure Benicia Refinery by April 2026
Valero Energy Corporation has notified the California Energy Commission of its intent to idle, restructure, or cease operations at its Benicia Refinery by the end of April 2026. The company is also evaluating strategic options for its broader California operations.
In connection with this plan, Valero recorded a $1.1 billion pre-tax impairment charge for its Benicia and Wilmington refineries, including $337 million in expected asset retirement obligations. These charges will be excluded from Q1 2025 adjusted earnings.
Valero owns 15 petroleum refineries and operates in the U.S., Canada, U.K., and Latin America, and is active in renewable fuels and ethanol production.
Valero Energy Corporation has notified the California Energy Commission of its intent to idle, restructure, or cease operations at its Benicia Refinery by the end of April 2026. The company is also evaluating strategic options for its broader California operations.
In connection with this plan, Valero recorded a $1.1 billion pre-tax impairment charge for its Benicia and Wilmington refineries, including $337 million in expected asset retirement obligations. These charges will be excluded from Q1 2025 adjusted earnings.
Valero owns 15 petroleum refineries and operates in the U.S., Canada, U.K., and Latin America, and is active in renewable fuels and ethanol production.