Valero Energy Corporation (VLO) exceeded revenue expectations in the third quarter of FY24, reporting $32.876 billion. While the company saw strong performance in its Ethanol and Renewable Diesel segments, its refining segment saw a decline in operating income. Despite this, VLO shares are trading higher, driven by the company’s strong earnings and continued commitment to sustainable fuel initiatives.
Rio Tinto is exploring the use of Pongamia seed oil as a feedstock for renewable diesel, a move to reduce its reliance on fossil fuels and achieve its decarbonization goals. This initiative involves a partnership with Midway Limited to establish Pongamia seed farms in Australia and complements Rio Tinto’s wider efforts to electrify its fleet and adopt other sustainable solutions.
