Among Refiners, Rivals' Loss Is Valero's Gain

Some well-positioned refinery companies are making a bundle on the cast-off assets of others.

Take Valero (VLO Quote), for instance. Yes, the company has benefited mightily from the record run in energy prices over recent months. Though crude's latest surge knocked the wind out of the stock market Thursday -- setting off a 7% plunge in Valero's own shares -- oil's rise has driven a 45% jump in Valero stock this year.

But some observers say that it's more than energy-price inflation that is boosting the fortunes of the San Antonio refiner and marketer. ...