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No. of Recommendations: 3
From Zack's

Valero's VLO negative quarterly earnings pre-announcement reflected the challenging refining environment of depressed margins due to high feedstock costs and seasonally weak product demand. Despite these headwinds that are expected to continue weighing on margins through the next two quarters, we still consider Valero as our core player on the U.S. refining market given the size, geographical diversity, and complexity of its operations. We continue to believe that the broad contours of the U.S. refinery scene will continue to remain favorable, characterized by robust margins and wider crude-quality spreads. Against this backdrop, we believe that the company will continue to generate strong earnings and free cash flows, and return substantial capital to shareholders.
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