during the second quarter, we saw gasoline and diesel demand recover to 85% to 90% of normal, and jet fuel recovered to 50% of normal. We saw demand in April bottom out at 50% of normal demand for gasoline, 70% for diesel and 30% for jet fuel relative to the same period last year.Īs the stay-at-home orders and travel restrictions eased through most regions of the U.S. When the stay-at-home orders were first issued, we reduced our refinery and ethanol plant throughput rates to match product supply with demand. In response to the COVID-19 pandemic-imposed shutdown, we had to make important operational and financial decisions. And we'll continue to take the steps necessary to keep them safe whether they work in the field or at our headquarters. Their health, safety and well-being remain among our top priorities. Our employees are our greatest asset and the heart of our company. I'm proud that we have not laid off, furloughed or reduced the compensation of any of our 10,000 dedicated employees who continue to give generously, volunteering their time and working courageously and tirelessly through this difficult period. As such, our team continues to operate our plants, providing the fuel that our country needs to keep critical supplies and first responders moving. In this regard, our team is doing its part.Īs you probably know, Valero's part of the country's critical infrastructure. As troubling as our circumstances may be from time to time, it's gratifying to see individuals stepping up, selflessly helping those in need whether it be by providing health care to those that are sick or food to those that are hungry. The COVID-19 pandemic and the ensuing global economic downturn has affected the health and livelihoods of so many people and has had a severe impact on all businesses, including ours. This year has been challenging in many aspects. Thanks, Homer, and good morning, everyone. Now I'll turn the call over to Joe for opening remarks. There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the SEC. In summary, it says that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions under federal securities laws. I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release. #Ever forward gary simmons free#If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call. Also attached to the earnings release are tables that provide additional financial information on our business segments. If you have not received the earnings release and would like a copy, you can find one on our website at. With me today are Joe Gorder, our Chairman and CEO Lane Riggs, our President and COO Jason Fraser, our Executive Vice President and CFO Gary Simmons, our Executive Vice President and Chief Commercial Officer and several other members of Valero's senior management team. Good morning, everyone, and welcome to Valero Energy Corporation's Second Quarter 2020 Earnings Conference Call. I would now like to turn the conference over to your host, Homer Bhullar, Vice President, Investor Relations. As a reminder, this conference is being recorded. Greetings, and welcome to Valero Second Quarter Earnings Conference Call. Gary Simmons - EVP & Chief Commercial Officerĭouglas Leggate - Bank of America Merrill Lynch Martin Parrish - SVP, Alternative Energy & Project Development Valero Energy Corp ( NYSE: VLO) Q2 2020 Earnings Conference Call J10:00 AM ET
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