More crude oil processed at its refineries helped Valero Energy Corp. report a 26 percent increase in net income for the second quarter. "Valero delivered solid financial results for the quarter despite generally weaker product margins relative to Brent crude oil," CEO Joe Gorder said in a statement. "Valero's ability to refine cost-advantaged crudes is a big advantage, as is the ability to shift production to a higher-valued slate of products, particularly diesel fuel for export," said Phil Adams, senior high-yield analyst at Gimme Credit, an independent research service on corporate bonds. [...] Valero's financial performance has rebounded with the global recovery, and with the ascension of low-cost, domestic crude supplies," Adams said in a note to clients.