[Valero Energy Q3 conference call: Management is optimistic about the sustainability of the crack spread, and the raw material cost advantage of the U.S. Gulf refinery is highlighted] On October 23, U.S. refining giant Valero Energy announced its performance report before the U.S. stock market opened on Thursday. The energy giant's net profit in the third quarter reached a record high of US$6.8 billion. Soaring freight rates have amplified the U.S. Gulf refining advantage. Demand is tenacious, price differentials are improving, and shareholder returns are promising. Executive Vice President and Chief Operating Officer Gary Simmons expressed high confidence in the sustainability of the current crack spread environment. For some low-complexity refining capacity in the Far East, the profit margin is about US$2 to US$3 per barrel after adding up the freight charges for shipping crude oil in and shipping out refined oil. In addition, natural gas prices in these regions have begun to rise, further raising the lower limit of the cracking spread to force these refineries to maintain high operating rates, and the current world needs these production capacities to keep running.