Valero Announces Intent to Idle Benicia Refinery and Records Impairment Charge

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The company also recorded a $1.1 billion pre-tax impairment charge for the Benicia and Wilmington refineries, which is expected to be excluded from the first quarter 2025 adjusted earnings. This charge includes expected asset retirement obligations of $337 million.

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About Valero Energy Corporation

Valero Energy Corporation is a leading international manufacturer and marketer of transportation fuels and petrochemical products. Operating as an independent petroleum refiner, Valero plays a crucial role in the energy sector, producing essential fuels like gasoline, diesel, and jet fuel. The company operates multiple refineries and ethanol plants across various strategic locations, primarily in the United States and Canada, optimizing access to feedstock supplies and distribution networks. One of Valero's distinguishing features is its commitment to sustainable and environmentally responsible practices, investing in renewable diesel production and reducing carbon emissions. As a key player in the energy market, Valero supplies a broad portfolio of customers, including retail outlets, wholesalers, and enterprise clients, leveraging its extensive logistic capabilities. Founded in 1980 and headquartered in San Antonio, Texas, Valero Energy Corporation significantly contributes to global energy supply chains while continuously adapting to changing regulatory and market dynamics.