[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dciod9169888":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dciod9169888","年内股价狂飙170%的炼油巨头交出炸裂业绩!-柴油价差攀升，瓦莱罗能源(VLO)季度净利暴增524%","\u002Fdoc\u002Fdciod9169888","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，年内股价疯涨170%的美国炼油巨头瓦莱罗能源(VLO)在周四美股盘前公布业绩报告，该能源巨头三季度创纪录盈利，可谓凸显出在地缘政治冲突局势之下的全球成品油供应受限正转化为美国炼厂的利润与现金流优势。瓦莱罗能源营收和调整后每股收益均显著超过市场一致预期，接下来的交易焦点在于——柴油等成品石油的炼油层面高价差能维持多久，以及公司能否把周期红利以更加强劲回购或者分红形式持续交付给股东。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>该能源巨头业绩数据显示，2026年第三季度实现营收460.98亿美元，同比增长43.3%，上年同期为321.68亿美元，较MarketBeat汇总的427.10亿美元市场预期高出约7.9%。集团营业利润从上年同期的15.09亿美元增至90.73亿美元，同比增长501.3%;归母净利润从10.95亿美元增至68.28亿美元，同比增长523.6%。调整后稀释每股收益(EPS)达到23.90美元，较上年同期的3.66美元增长553.0%，并较LSEG汇总的21.07美元预期高出约13.4%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>炼油业务是本轮盈利跃升的核心驱动力。该业务第三季度营业利润达到87.82亿美元，较上年同期的16.10亿美元增长445.5%。其他业务同步改善可再生柴油业务由上年同期亏损2800万美元转为盈利3.53亿美元;乙醇业务营业利润达到2.72亿美元，较上年同期的1.83亿美元增长48.6%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>利润增长也转化为现金流入——第三季度该公司的经营现金流达到69.32亿美元，同比增长268.5%，上年同期为18.81亿美元，表明本轮炼油景气显著增强了公司的现金创造能力，为资本投资、股东回报及偿还债务提供了资金支持。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>柴油价差扩大炼油资产兑现供应短缺溢价\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>中东和俄罗斯的供应扰动收紧全球燃料市场，炼油企业的受益机制集中在成品油售价相对原油成本的价差扩大。汽油、柴油与航煤供应受限，使拥有稳定原料来源、加工能力及出口渠道的美国炼厂获得更强盈利弹性。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>财报数据与经营层面进度可谓提供了直接证据第三季度，美国墨西哥湾沿岸超低硫柴油相对布伦特的参考价差，经可再生燃料义务成本调整后，达到每桶72.27美元，上年同期仅21.05美元;瓦莱罗每桶炼油毛利——尚未扣除运营费用及折旧——由13.14美元升至39.24美元，接近上年同期的三倍。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>同期，炼油日处理量为297.2万桶，较上年的308.7万桶下降3.7%，受到Benicia炼厂停运等因素影响;每桶调整后运营费用则仅由4.71美元升至5.03美元。价差增量远大于成本增量，构成利润爆发的经营杠杆。原料端同样有利休斯敦交付的加拿大重油相对布伦特的折价由6.93美元扩大至16.49美元。从经营机制看，复杂炼厂对折价重质原油的加工能力，与高价值成品油的销售能力共同放大了收益。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>股价年内大幅上涨逾170%下一程交易价差持续性与现金回报\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>截至10月21日收盘，瓦莱罗年内上涨约170%，10月更是累计上涨12.7%，本周暂跌1.8%，较10月14日盘中高点回撤约5.4%。富国银行此前于10月14日将目标价从389美元上调至485美元，维持“增持”，较21日收盘约有11%空间;该行同时指出，投资者开始关注原油和成品油市场景气的持续时间。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>现金配置决定这轮景气最终能留下多少股东价值。公司第三季度资本投资为4.32亿美元，同比仅增5.6%;调整后经营现金流从16.42亿美元增至72.53亿美元，增长341.7%，股东现金回报占其52%，同时偿还5.26亿美元到期债务。St. 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]