Valero Energy Corp (VLO) Q1 2023 Earnings Call Transcript

Valero Energy Corp (NYSE:VLO) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET

Company Participants

Homer Bhullar - VP, IR & Finance

Joseph Gorder - Chairman & CEO

Richard Walsh - SVP, General Counsel & Secretary

Gary Simmons - EVP & Chief Commercial Officer

Lane Riggs - President & COO

Jason Fraser - EVP & CFO

Conference Call Participants

Manav Gupta - UBS

Theresa Chen - Barclays Bank

Kalei Akamine - Bank of America Merrill Lynch

Matthew Blair - Tudor, Pickering, Holt & Co.

Jason Gabelman - TD Cowen

Paul Sankey - Sankey Research

Ryan Todd - Piper Sandler & Co.

John Royall - JPMorgan Chase & Co.

Roger Read - Wells Fargo Securities

Operator

Greetings, and welcome to the Valero First Quarter 2023 Earnings Conference Call. [Operator Instructions].

It is now my pleasure to introduce your host, Homer Bhullar, Vice President of Investor Relations. Thank you. You may begin.

Homer Bhullar

Good morning, everyone, and welcome to Valero Energy Corporation's First Quarter 2023 Earnings Conference Call. With me today are Joe Gorder, our Chairman and CEO; Lane Riggs, our President and COO; Jason Fraser, our Executive Vice President and CFO; Gary Simmons, our Executive Vice President and Chief Commercial Officer; and several other members of Valero's senior management team. If you have not received the earnings release and would like a copy, you can find one on our website at investorvalero.com.

Also attached to the earnings release are tables that provide additional financial information on our business segments and reconciliations and disclosures for adjusted metrics mentioned on this call. If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call.

I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release. In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by safe harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we've described in our earnings release and filings with the SEC.

Now I'll turn the call over to Joe for opening remarks.

Joseph Gorder

Thanks, Homer, and good morning, everyone. We had another strong quarter with all of our segments performing well. Our refineries operated at 93% capacity utilization rate despite planned maintenance at several facilities. Our ability to optimize and maximize system throughput while undertaking maintenance activities illustrates the benefits from our long-standing commitment to operational excellence. Refining margins were supported by lower industry refining capacity in a backdrop of strong product demand.