Valero Energy Corp $VLO, a major player in the U.S. oil refining sector, has announced a significant shift in its strategy for the California market. The company reported a pre-tax loss of $1.1 billion related to its California refining operations. Additionally, it notified state regulators of its plans to either fully close or restructure its oil refinery in Benicia, near San Francisco, by the end of April 2026. The Benicia facility plays a vital role in supplying fuel to California, the largest gasoline market in the United States.