Jason Fraser

Executive Vice President & Chief Financial Officer, Valero Energy

Search every verified Jason Fraser interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Jason Fraser, Executive Vice President and Chief Financial Officer at Valero, spoke during the company's first quarter 2025 earnings conference call on April 24, 2025. He discussed the impact of the removal of the blender's tax credit (BTC) on renewable diesel and biodiesel markets, noting that the credit had previously kept marginal producers operating. Fraser stated that without the BTC, there is little incentive to run vegetable oil-based renewable diesel or biodiesel, and he observed that several operations have announced slowdowns or pauses. He also noted that the D4 market remains long this year but is beginning to tighten, as reflected in the D4-D6 RIN spread, and suggested that further price movement of 40 to 50 cents per gallon would be needed to trigger a significant market reaction. Fraser also commented on the West Coast refining environment, stating that California has pursued policies to move away from fossil fuels for about 20 years, resulting in what he described as the most stringent regulatory and enforcement environment in North America. He noted that several refineries have closed on the West Coast, including one this year. Additionally, he addressed seasonal factors affecting capture rates, such as the removal of butane from the gasoline pool in summer, and indicated that maintenance outages could lower throughput while margins move in concert with those changes.