Valero to idle/restructure Benicia refinery, records $1.1B impairment on California assets

VALERO ENERGY CORP/TX

Valero subsidiary notified California Energy Commission of intent to idle/restructure/cease Benicia Refinery by end of April 2026.
Recorded combined pre-tax impairment of $1.1B for Benicia and Wilmington refineries as of March 31, 2025.
Impairment includes $337M asset retirement obligations; charge to be excluded from Q1 2025 adjusted earnings.
Company continues evaluating strategic alternatives for remaining California operations.
Charge reflects non-recoverability of carrying values; significant judgment used in estimates.

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