One of the largest U.S. refiners, Valero Energy (NYSE: VLO), saw its adjusted net income more than halve in the first quarter compared to a year earlier, but earnings nevertheless beat the analyst consensus estimate amid tight crude supplies at the start of this year. Valero opened the earnings reporting season on Thursday, announcing an adjusted net income of $1.3 billion, or $3.82 per share, for Q1. This compares to $3.1 billion, or $8.27 per share, for the first quarter of 2023 when global refining margins soared as the West had…
