Valero's Rally: Why This Refiner Is Built to Last

A long-term structural shift in the global refining market is supporting higher, more durable profitability for efficient operators, benefiting Valero. The change should improve margins and returns for efficient refineries over the medium-to-long term, making Valero relatively well positioned versus less efficient peers.

Analysis

A long-term structural shift in the global refining market is supporting higher, more durable profitability for efficient operators, benefiting Valero. The change should improve margins and returns for efficient refineries over the medium-to-long term, making Valero relatively well positioned versus less efficient peers.