Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

Equity Research Firm

Equity Bottom-Up

<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