California officials’ attempts to work with one of the state’s primary gasoline producers to prevent the closure of a Bay Area refinery have failed to move the needle, an oil executive said Thursday.
What happened: Valero Energy still plans to cease refining operations at its Benicia oil refinery by the end of April 2026, the company reaffirmed in its third quarter earnings report, released Thursday.
A financial analyst noted the state’s desire to keep the refinery open and asked the Valero executive team during its Thursday earnings call when the company would reach a “point of no return” on closing the Benicia facility.
“We have been in discussion with California, but nothing has materialized out of that, so as a result, nothing’s changed,” said Valero general counsel Rich Walsh. “Our plans are still moving forward as we’ve shared and as we’ve informed the state. So I don’t see anything changing on that.”
