Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Valero Energy Corporation reported strong financial results for the third quarter of 2025, reflecting its continuous operational and commercial excellence.</li><li>The company achieved a refinery throughput utilization of 97% with the Gulf Coast and North Atlantic regions hitting all-time highs.</li><li>These high throughput rates supported refining margins in a market characterized by robust global demand and low inventory levels.</li></ul>

Valero Energy Corporation reported strong financial results for the third quarter of 2025, reflecting its continuous operational and commercial excellence.The company achieved a refinery throughput utilization of 97% with the Gulf Coast and North Atlantic regions hitting all-time highs.These high throughput rates supported refining margins in a market characterized by robust global demand and low inventory levels.

Valero Energy: Could Its Diversified Crude Slate Shield It From Global Oil Shocks?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>Valero Energy Corporation (NYSE: VLO) is one of the world’s largest and most efficient producers of downstream oil products and low-carbon transport fuels. </li><li>Its diversified low-carbon fuels business offers multiple future pathways for growth and its low-cost oil refining operations lead the US refining industry on margins.</li><li>Valero’s 3Q25 results exceeded analyst expectations. Valero reported net income attributable to stockholders of $1.1 billion, or $3.53 per share.</li></ul></div>

Valero Energy Corporation (NYSE: VLO) is one of the world’s largest and most efficient producers of downstream oil products and low-carbon transport fuels. Its diversified low-carbon fuels business offers multiple future pathways for growth and its low-cost oil refining operations lead the US refining industry on margins.Valero’s 3Q25 results exceeded analyst expectations. Valero reported net income attributable to stockholders of $1.1 billion, or $3.53 per share.

VLO: 3Q25 Results; All Business Segments Beat; Management Affirms Positive Outlook

<ul><li>Valero Energy Corporation (NYSE: VLO) is one of the world’s largest and most efficient producers of downstream oil products and low-carbon transport fuels and among the best-positioned refiners for the changing energy landscape.</li><li>Its diversified low-carbon fuels business offers multiple future pathways for growth and its low-cost oil refining operations lead the North American refining industry on margins.</li><li>Operations include complex oil refining capacity of 3.2 million barrels per day in the US, Canada, and the UK, 1.2 billion gallons per year of renewable diesel (RD) and synthetic aviation fuel (SAF) capacity (joint venture [JV] with Darling Ingredients, Inc. [NYSE: DAR]), and corn ethanol capacity of 1.7 billion gallons per year in the Midwest. </li></ul>

Valero Energy Corporation (NYSE: VLO) is one of the world’s largest and most efficient producers of downstream oil products and low-carbon transport fuels and among the best-positioned refiners for the changing energy landscape.Its diversified low-carbon fuels business offers multiple future pathways for growth and its low-cost oil refining operations lead the North American refining industry on margins.Operations include complex oil refining capacity of 3.2 million barrels per day in the US, Canada, and the UK, 1.2 billion gallons per year of renewable diesel (RD) and synthetic aviation fuel (SAF) capacity (joint venture [JV] with Darling Ingredients, Inc. [NYSE: DAR]), and corn ethanol capacity of 1.7 billion gallons per year in the Midwest. 

Valero Energy Corporation VLO: Margins Improving on All Fronts

<ul><li>Valero Energy Corporation's second quarter of 2025 financial performance indicates a blend of strong operational execution with challenges in certain segments.</li><li>On the positive side, Valero set a record for refining throughput rate in the U.S. Gulf Coast, showcasing the efficacy of their investments in optimization projects.</li><li>This operational efficiency was supported by robust refining margins, largely driven by strong product demand and low inventory levels globally, particularly in diesel, which saw sales volumes increase by about 10% year-over-year.</li></ul>

Valero Energy Corporation's second quarter of 2025 financial performance indicates a blend of strong operational execution with challenges in certain segments.On the positive side, Valero set a record for refining throughput rate in the U.S. Gulf Coast, showcasing the efficacy of their investments in optimization projects.This operational efficiency was supported by robust refining margins, largely driven by strong product demand and low inventory levels globally, particularly in diesel, which saw sales volumes increase by about 10% year-over-year.

Valero Energy Corporation: Renewable Diesel & Sustainable Aviation Fuel (SAF) Expansion

<ul><li>Valero Energy Corporation's first quarter 2025 results show a challenging operational environment, influenced by a combination of internal and external factors.</li><li>The company reported a net loss attributable to shareholders of $595 million, or $1.90 per share, a stark contrast to the net income of $1.2 billion, or $3.75 per share, in the same period of the previous year.</li><li>The primary contributor to the loss was a significant $1.1 billion pretax asset impairment related to West Coast assets.</li></ul>

Valero Energy Corporation's first quarter 2025 results show a challenging operational environment, influenced by a combination of internal and external factors.The company reported a net loss attributable to shareholders of $595 million, or $1.90 per share, a stark contrast to the net income of $1.2 billion, or $3.75 per share, in the same period of the previous year.The primary contributor to the loss was a significant $1.1 billion pretax asset impairment related to West Coast assets.

Valero Energy: Handling The Impact Of Changing Global Supply Chain Dynamics & Tariffs!

United States

Valero Energy Corporation is an independent petroleum refining and marketing company that owns and operates refineries in the United States, Canada, and Aruba.  The Company produces conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products as well as diesel fuel, low-sulfur and ultra-low-sulfur diesel fuel, and oxygenates.

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Valero Energy (VLO US)

Valero Energy: Could Its Diversified Crude Slate Shield It From Global Oil Shocks?

Valero Energy Corporation reported strong financial results for the third quarter of 2025, reflecting its continuous operational and commercial...

Baptista Research

VLO: 3Q25 Results; All Business Segments Beat; Management Affirms Positive Outlook

Valero Energy Corporation (NYSE: VLO) is one of the world’s largest and most efficient producers of downstream oil products and low-carbon...

Water Tower Research

Valero Energy Corporation VLO: Margins Improving on All Fronts

We are initiating coverage of Valero, with an enhanced focus on the strategy and outlook for the low-carbon fuels business

Water Tower Research

Valero Energy Corporation: Renewable Diesel & Sustainable Aviation Fuel (SAF) Expansion

Valero Energy Corporation's second quarter of 2025 financial performance indicates a blend of strong operational execution with challenges in...

Baptista Research

Valero Energy: Handling The Impact Of Changing Global Supply Chain Dynamics & Tariffs!

Valero Energy Corporation's first quarter 2025 results show a challenging operational environment, influenced by a combination of internal and...

Baptista Research

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