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Valero Books $1.1 bln Impairment Hit, May Idle Benicia Refinery

Business & Policy
April 16, 2025

(Reuters) – Valero said it has recorded a $1.1 billion pre-tax impairment related to its California refineries and notified state regulators of its intent to idle, restructure, or cease operations at its Benicia refinery by the end of April 2026.

The move comes as refiners face growing regulatory and cost pressures in California, where the state’s ambitious emissions targets and proposed refinery transparency rules have weighed on long-term investment decisions.

“We understand the impact that this may have on our employees, business partners, and community, and will continue to work with them through this period,” Valero CEO Lane Riggs said on Wednesday.

The Benicia refinery in the northeast of San Francisco has a throughput capacity of 170,000 barrels per day.

Reporting by Mrinalika Roy and Arunima Kumar in Bengaluru; Editing by Shounak Dasgupta