Stronger refining margins and higher throughput volumes helped U.S. refining giant Valero Energy Corporation (NYSE: VLO) beat analyst estimates of fourth-quarter earnings. Strong refining margins boosted the net income, as the refining margin per barrel of throughput surged to $13.61 for the fourth quarter of 2025 from $8.44 for the same period of 2024. For the full-year 2025, Valero’s refining margin per barrel of throughput rose to $12.29, up from $10.62 margin per barrel for 2024. As a result, Valero’s adjusted operating income in the refining segment soared to $1.7 billion for the fourth quarter of 2025, from $441 million for the fourth quarter of 2024. Crude throughput volumes rose for the full-year 2025, too, to 2.988 million bpd, up from 2.912 million bpd.