US refiner Valero Energy posts record second-quarter profit, shares jump 2%

The biggest tailwind in the second quarter was around feedstock, said Chief Commercial Officer Gary Simmons during a call with investors on Thursday. "The market structure thus far is resulting in an improvement in delivered crude costs relative to the benchmarks."

U.S. refiners have been big financial beneficiaries of the Iran war as international buyers have clamored for their supplies amid disrupted shipping through the Strait of Hormuz, pushing the country's fuel exports to record highs. In the second quarter, gasoline and diesel prices soared while feedstock prices lagged behind, pushing product margins to multi-year highs.

Refining segment performance was primarily driven by higher throughput, while strong capture and lower operating expense also contributed, Jefferies analysts noted.

Second-quarter adjusted operating earnings in Valero's refining segment more than tripled to $4.4 billion from a year earlier, while refining margin per barrel of throughput nearly doubled to $23.62.