Valero Energy shares rise 47% on record refining, dividend hike, and strategic California exit.

Valero Energy's shares have surged about 47% year-to-date following record refining throughput of 3.1 million barrels per day in Q4 2025, a 6% dividend increase, and a strategic exit from California. The company posted adjusted EPS of $3.82, beating estimates, with refining income jumping significantly. Reddit's r/wallstreetbets community highlights Valero's advantage in processing Venezuelan heavy crude and cost savings from the California exit as key bullish factors. However, concerns remain about refining margins amid rising crude prices and a high forward P/E ratio, with future performance hinging on demand and crude import volumes.