Valero (VLO) Energy notified the California Energy Commission that it intends to idle, restructure or cease refining operations at its Benicia refinery by the end of April 2026, Dow Jones reports. The company continues to evaluate strategic alternatives for its remaining California operations. Valero booked a $1.1B pretax impairment charge for the Benicia and Wilmington refineries, including $337M in expected asset retirement obligations as of March 31.
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