Valero Energy (VLO) said Wednesday its Valero Refining subsidiary has submitted notice to the California Energy Commission of its current plan to idle, restructure, or cease refining operations at Valero's Benicia Refinery by the end of April 2026.
Valero said it is evaluating strategic alternatives for its other operations in California.
In connection with the evaluation, the company said it has recorded a combined pre-tax impairment charge of $1.1 billion for its Benicia and Wilmington refineries, to be treated as a special item and excluded from first quarter 2025 adjusted earnings.
Included in the amount is the recognition of expected asset retirement obligations of $337 million as of March 31, 2025, the company said.
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