[1/2] The Valero refinery next to the Houston Ship Channel is seen in Houston, Texas, U.S., May 5, 2019.
REUTERS/Loren Elliott/File PhotoCompanies Valero Energy Corp FollowJan 26 (Reuters) - Valero Energy Corp (VLO.N) zoomed passed Wall Street estimates for quarterly profit on Thursday, wrapping up the refiner's best year on record, boosted by higher demand for fuel and healthy refining margins as crude supplies remained tight.
U.S. refineries operated at record levels last year, aided by a quick recovery in domestic sales and strong exports demand following Russia's invasion of Ukraine.
Valero refineries operated at 97% capacity utilization rate in the fourth quarter, the highest since 2018.
Valero Energy, the second-largest U.S. refiner by capacity, said quarterly refining throughput volumes averaged 3.04 million barrels per day (bpd), slightly above the year-ago quarter.