Valero Energy Corp. on April 30 released first quarter financial results, reporting a profitable three-month period for both its ethanol segment and Diamond Green Diesel joint venture, which produces renewable diesel and sustainable aviation fuel (SAF). 

The ethanol segment reported $90 million of operating income for the first quarter of 2026, compared to $20 million for the first quarter of 2025. Ethanol production volumes averaged 4.6 million gallons per day in the first quarter of 2026. According to Valero Chief Financial Officer Homer Bhullar, ethanol production is expected to expand to 4.7 million gallons per day during the second quarter. 

During a first quarter earnings call, Valero Senior Vice President of Product Supply, Trading and Wholesale Eric Fisher confirmed that the company’s ethanol segment booked a 10-cent-per-gallon 45Z clean fuel production credit for each of its 10 ethanol plants during the first quarter. The value of that credit is expected to expand to up to 20 cents per gallon across the company’s ethanol plants once final 45Z guidance is published. 

good deal.