Headline: Valero Energy Shares Surge on Better-Than-Expected Results

SAN ANTONIO - Valero Energy Corporation (NYSE:VLO) reported third-quarter results on Thursday that exceeded expectations. The refining company surpassed forecasts for both earnings and revenue, leading to a 0.98% rise in its stock shares. The company announced an adjusted earnings per share of $1.14, surpassing the consensus estimate of $0.98. Revenue came in at $38.88 billion, significantly above the expected $31.17 billion.

Valero's refining segment reported an operating income of $565 million for the quarter, marking a substantial decline from $3.4 billion in the same period last year. During a period of intensive maintenance activities, the company reported a refinery throughput capacity of an average of 2.9 million barrels per day.

Valero's CEO and President Lane Riggs stated, "Our focus on operational excellence, capital discipline, and shareholder returns has served us well through multiple commodity cycles and will continue to be the foundation of our strategy going forward."

The renewable diesel segment, consisting of the Diamond Green Diesel joint venture, saw its operating income fall to $35 million from $123 million last year. The ethanol segment's operating income also declined, from $197 million to $153 million.

Throughout the quarter, Valero returned $907 million to shareholders via dividends and share repurchases. The company maintained its quarterly dividend of $1.07 per share.