Valero Energy: Making Lemonade Out of Lemons

Shares of Valero Energy (VLO) are climbing today after the refiner released earnings that showed it knows how to take lemons and make lemonade. Cowen’s Sam Margolin and Jason Gabelman explain: Reuters Valero reported adjusted EPS of $1.83/sh, better than our $1.13/sh and outpacing the highest Street estimate by 15%. Refining operating income came in 20% higher than forecast [...]