Valero Energy Corporation announced its subsidiary, Valero Refining Company-California, has submitted notice to the California Energy Commission (CEC) about its intent to idle, restructure, or cease refining operations at the Benicia Refinery by the end of April 2026.
The company continues to evaluate strategic alternatives for its remaining operations in California. In connection with the evaluation of strategic alternatives for Valero’s operations in the state, a combined pre-tax impairment charge of $1.1 billion was recorded for the Benicia and Wilmington refineries. It’s expected to be treated as a special item and excluded from first quarter 2025 adjusted earnings.
Also included in this amount is the recognition of expected asset retirement obligations of $337 million as of March 31, 2025.
Courtesy Valero Energy Corporation