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SAN ANTONIO -- Valero Energy Corp. will keep its plants running below capacity in July because of poor profit margins, a company spokesman said.
Valero will run its U.S. oil refineries at 83 percent of 1.5 million barrels per day capacity, the spokesman said. But this is over June's rates of 77 percent of capacity.
Plants throughout the United States except for California will run crude below capacity. "These cuts will result in a 63,300 bpd reduction in gasoline production and a 111,700 bpd reduction in distillate production," the spokesman said.
The refiner, which acquired Ultramar Diamond Shamrock Corp. earlier this year, operates more than 2,800 convenience stores in 10 states.