SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $364 million, or $1.14 per share, for the third quarter of 2024, compared to $2.6 billion, or $7.49 per share, for the third quarter of 2023.
Refining
The Refining segment reported operating income of $565 million for the third quarter of 2024, compared to $3.4 billion for the third quarter of 2023. Refining throughput volumes averaged 2.9 million barrels per day during a period of heavy maintenance activities in the third quarter of 2024.
Renewable Diesel
The Renewable Diesel segment, which consists of the DGD joint venture, reported $35 million of operating income for the third quarter of 2024, compared to $123 million for the third quarter of 2023. Segment sales volumes averaged 3.5 million gallons per day in the third quarter of 2024, which was 552 thousand gallons per day higher than the third quarter of 2023.
Ethanol
The Ethanol segment reported $153 million of operating income for the third quarter of 2024, compared to $197 million for the third quarter of 2023. Ethanol production volumes averaged 4.6 million gallons per day in the third quarter of 2024, which was 255 thousand gallons per day higher than the third quarter of 2023.
Corporate and Other
General and administrative expenses were $234 million in the third quarter of 2024, compared to $250 million in the third quarter of 2023. The effective tax rate for the third quarter of 2024 was 20 percent.
Investing and Financing Activities
Net cash provided by operating activities was $1.3 billion in the third quarter of 2024. Included in this amount was a $166 million favorable change in working capital and $47 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.1 billion in the third quarter of 2024.
Capital investments totaled $429 million in the third quarter of 2024, of which $338 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $394 million.
Valero returned $907 million to stockholders in the third quarter of 2024, of which $342 million was paid as dividends and $565 million was for the purchase of approximately 3.8 million shares of common stock, resulting in a payout ratio of 84 percent of adjusted net cash provided by operating activities.
Valero remains committed to a through-cycle minimum annual payout ratio of 40 to 50 percent. Valero defines payout ratio as the sum of dividends paid and the total cost of stock buybacks divided by adjusted net cash provided by operating activities.
“Our focus on operational excellence, capital discipline and honoring our commitment to shareholder returns has served us well through multiple commodity cycles and will continue to anchor our strategy going forward,” said Lane Riggs, Valero’s Chief Executive Officer and President.
Liquidity and Financial Position
Valero ended the third quarter of 2024 with $8.4 billion of total debt, $2.5 billion of finance lease obligations, and $5.2 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 17 percent as of September 30, 2024.
Strategic Update
The SAF project at the DGD Port Arthur plant was successfully completed in October. The project is expected to be fully operational this year, providing the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to SAF.
“The DGD SAF project was completed on schedule and under budget and is a testament to the strength of our project and operations teams,” said Riggs.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and it sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a combined production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast, “guidance” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income (loss), adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (c) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
VALERO ENERGY CORPORATION |
|||||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||||
FINANCIAL HIGHLIGHTS |
|||||||||||||||
(millions of dollars, except per share amounts) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Statement of income data |
|
|
|
|
|
|
|
||||||||
Revenues |
$ |
32,876 |
|
|
$ |
38,404 |
|
|
$ |
99,125 |
|
|
$ |
109,352 |
|
Cost of sales: |
|
|
|
|
|
|
|
||||||||
Cost of materials and other |
|
29,965 |
|
|
|
32,385 |
|
|
|
88,590 |
|
|
|
91,820 |
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,482 |
|
|
|
1,578 |
|
|
|
4,317 |
|
|
|
4,495 |
|
Depreciation and amortization expense |
|
675 |
|
|
|
671 |
|
|
|
2,042 |
|
|
|
1,979 |
|
Total cost of sales |
|
32,122 |
|
|
|
34,634 |
|
|
|
94,949 |
|
|
|
98,294 |
|
Other operating expenses (a) |
|
3 |
|
|
|
6 |
|
|
|
40 |
|
|
|
18 |
|
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
234 |
|
|
|
250 |
|
|
|
695 |
|
|
|
703 |
|
Depreciation and amortization expense |
|
10 |
|
|
|
11 |
|
|
|
34 |
|
|
|
32 |
|
Operating income |
|
507 |
|
|
|
3,503 |
|
|
|
3,407 |
|
|
|
10,305 |
|
Other income, net (b) |
|
123 |
|
|
|
122 |
|
|
|
389 |
|
|
|
357 |
|
Interest and debt expense, net of capitalized interest |
|
(141 |
) |
|
|
(149 |
) |
|
|
(421 |
) |
|
|
(443 |
) |
Income before income tax expense |
|
489 |
|
|
|
3,476 |
|
|
|
3,375 |
|
|
|
10,219 |
|
Income tax expense |
|
96 |
|
|
|
813 |
|
|
|
726 |
|
|
|
2,288 |
|
Net income |
|
393 |
|
|
|
2,663 |
|
|
|
2,649 |
|
|
|
7,931 |
|
Less: Net income attributable to noncontrolling interests |
|
29 |
|
|
|
41 |
|
|
|
160 |
|
|
|
298 |
|
Net income attributable to Valero Energy Corporation stockholders |
$ |
364 |
|
|
$ |
2,622 |
|
|
$ |
2,489 |
|
|
$ |
7,633 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share |
$ |
1.14 |
|
|
$ |
7.49 |
|
|
$ |
7.66 |
|
|
$ |
21.22 |
|
Weighted-average common shares outstanding (in millions) |
|
318 |
|
|
|
349 |
|
|
|
324 |
|
|
|
359 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per common share – assuming dilution |
$ |
1.14 |
|
|
$ |
7.49 |
|
|
$ |
7.66 |
|
|
$ |
21.21 |
|
Weighted-average common shares outstanding – assuming dilution (in millions) |
|
318 |
|
|
|
349 |
|
|
|
324 |
|
|
|
359 |
|
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||||
FINANCIAL HIGHLIGHTS BY SEGMENT |
|||||||||||||||
(millions of dollars) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Refining |
|
Renewable Diesel |
|
Ethanol |
|
Corporate and Eliminations |
|
Total |
||||||
Three months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||
Revenues from external customers |
$ |
31,332 |
|
$ |
632 |
|
$ |
912 |
|
$ |
— |
|
|
$ |
32,876 |
Intersegment revenues |
|
3 |
|
|
593 |
|
|
235 |
|
|
(831 |
) |
|
|
— |
Total revenues |
|
31,335 |
|
|
1,225 |
|
|
1,147 |
|
|
(831 |
) |
|
|
32,876 |
Cost of sales: |
|
|
|
|
|
|
|
|
|
||||||
Cost of materials and other |
|
28,922 |
|
|
1,029 |
|
|
842 |
|
|
(828 |
) |
|
|
29,965 |
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,256 |
|
|
92 |
|
|
133 |
|
|
1 |
|
|
|
1,482 |
Depreciation and amortization expense |
|
589 |
|
|
69 |
|
|
19 |
|
|
(2 |
) |
|
|
675 |
Total cost of sales |
|
30,767 |
|
|
1,190 |
|
|
994 |
|
|
(829 |
) |
|
|
32,122 |
Other operating expenses |
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
3 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
— |
|
|
— |
|
|
234 |
|
|
|
234 |
Depreciation and amortization expense |
|
— |
|
|
— |
|
|
— |
|
|
10 |
|
|
|
10 |
Operating income by segment |
$ |
565 |
|
$ |
35 |
|
$ |
153 |
|
$ |
(246 |
) |
|
$ |
507 |
|
|
|
|
|
|
|
|
|
|
||||||
Three months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||
Revenues from external customers |
$ |
36,521 |
|
$ |
759 |
|
$ |
1,124 |
|
$ |
— |
|
|
$ |
38,404 |
Intersegment revenues |
|
8 |
|
|
672 |
|
|
310 |
|
|
(990 |
) |
|
|
— |
Total revenues |
|
36,529 |
|
|
1,431 |
|
|
1,434 |
|
|
(990 |
) |
|
|
38,404 |
Cost of sales: |
|
|
|
|
|
|
|
|
|
||||||
Cost of materials and other |
|
31,115 |
|
|
1,169 |
|
|
1,092 |
|
|
(991 |
) |
|
|
32,385 |
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,366 |
|
|
84 |
|
|
125 |
|
|
3 |
|
|
|
1,578 |
Depreciation and amortization expense |
|
597 |
|
|
55 |
|
|
20 |
|
|
(1 |
) |
|
|
671 |
Total cost of sales |
|
33,078 |
|
|
1,308 |
|
|
1,237 |
|
|
(989 |
) |
|
|
34,634 |
Other operating expenses |
|
6 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
6 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
— |
|
|
— |
|
|
250 |
|
|
|
250 |
Depreciation and amortization expense |
|
— |
|
|
— |
|
|
— |
|
|
11 |
|
|
|
11 |
Operating income by segment |
$ |
3,445 |
|
$ |
123 |
|
$ |
197 |
|
$ |
(262 |
) |
|
$ |
3,503 |
See Operating Highlights by Segment. |
VALERO ENERGY CORPORATION |
|||||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||||
FINANCIAL HIGHLIGHTS BY SEGMENT |
|||||||||||||||
(millions of dollars) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Refining |
|
Renewable Diesel |
|
Ethanol |
|
Corporate and Eliminations |
|
Total |
||||||
Nine months ended September 30, 2024 |
|
|
|
|
|
|
|
|
|
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||
Revenues from external customers |
$ |
94,519 |
|
$ |
1,888 |
|
$ |
2,718 |
|
$ |
— |
|
|
$ |
99,125 |
Intersegment revenues |
|
8 |
|
|
1,932 |
|
|
654 |
|
|
(2,594 |
) |
|
|
— |
Total revenues |
|
94,527 |
|
|
3,820 |
|
|
3,372 |
|
|
(2,594 |
) |
|
|
99,125 |
Cost of sales: |
|
|
|
|
|
|
|
|
|
||||||
Cost of materials and other |
|
85,528 |
|
|
3,025 |
|
|
2,625 |
|
|
(2,588 |
) |
|
|
88,590 |
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
3,659 |
|
|
262 |
|
|
395 |
|
|
1 |
|
|
|
4,317 |
Depreciation and amortization expense |
|
1,793 |
|
|
196 |
|
|
57 |
|
|
(4 |
) |
|
|
2,042 |
Total cost of sales |
|
90,980 |
|
|
3,483 |
|
|
3,077 |
|
|
(2,591 |
) |
|
|
94,949 |
Other operating expenses (a) |
|
13 |
|
|
— |
|
|
27 |
|
|
— |
|
|
|
40 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
— |
|
|
— |
|
|
695 |
|
|
|
695 |
Depreciation and amortization expense |
|
— |
|
|
— |
|
|
— |
|
|
34 |
|
|
|
34 |
Operating income by segment |
$ |
3,534 |
|
$ |
337 |
|
$ |
268 |
|
$ |
(732 |
) |
|
$ |
3,407 |
|
|
|
|
|
|
|
|
|
|
||||||
Nine months ended September 30, 2023 |
|
|
|
|
|
|
|
|
|
||||||
Revenues: |
|
|
|
|
|
|
|
|
|
||||||
Revenues from external customers |
$ |
102,924 |
|
$ |
2,990 |
|
$ |
3,438 |
|
$ |
— |
|
|
$ |
109,352 |
Intersegment revenues |
|
8 |
|
|
2,367 |
|
|
790 |
|
|
(3,165 |
) |
|
|
— |
Total revenues |
|
102,932 |
|
|
5,357 |
|
|
4,228 |
|
|
(3,165 |
) |
|
|
109,352 |
Cost of sales: |
|
|
|
|
|
|
|
|
|
||||||
Cost of materials and other |
|
87,398 |
|
|
4,143 |
|
|
3,422 |
|
|
(3,143 |
) |
|
|
91,820 |
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
3,832 |
|
|
274 |
|
|
383 |
|
|
6 |
|
|
|
4,495 |
Depreciation and amortization expense |
|
1,751 |
|
|
172 |
|
|
59 |
|
|
(3 |
) |
|
|
1,979 |
Total cost of sales |
|
92,981 |
|
|
4,589 |
|
|
3,864 |
|
|
(3,140 |
) |
|
|
98,294 |
Other operating expenses |
|
17 |
|
|
— |
|
|
1 |
|
|
— |
|
|
|
18 |
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
— |
|
|
— |
|
|
703 |
|
|
|
703 |
Depreciation and amortization expense |
|
— |
|
|
— |
|
|
— |
|
|
32 |
|
|
|
32 |
Operating income by segment |
$ |
9,934 |
|
$ |
768 |
|
$ |
363 |
|
$ |
(760 |
) |
|
$ |
10,305 |
See Operating Highlights by Segment. |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS |
|||||||||||||
REPORTED UNDER U.S. GAAP (h) |
|||||||||||||
(millions of dollars) |
|||||||||||||
(unaudited) |
|||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders |
|
|
|
|
|
|
|
||||||
Net income attributable to Valero Energy Corporation stockholders |
$ |
364 |
|
$ |
2,622 |
|
$ |
2,489 |
|
|
$ |
7,633 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||
Project liability adjustment (a) |
|
— |
|
|
— |
|
|
29 |
|
|
|
— |
|
Income tax benefit related to project liability adjustment |
|
— |
|
|
— |
|
|
(7 |
) |
|
|
— |
|
Project liability adjustment, net of taxes |
|
— |
|
|
— |
|
|
22 |
|
|
|
— |
|
Gain on early retirement of debt (b) |
|
— |
|
|
— |
|
|
— |
|
|
|
(11 |
) |
Income tax expense related to gain on early retirement of debt |
|
— |
|
|
— |
|
|
— |
|
|
|
2 |
|
Gain on early retirement of debt, net of taxes |
|
— |
|
|
— |
|
|
— |
|
|
|
(9 |
) |
Total adjustments |
|
— |
|
|
— |
|
|
22 |
|
|
|
(9 |
) |
Adjusted net income attributable to Valero Energy Corporation stockholders |
$ |
364 |
|
$ |
2,622 |
|
$ |
2,511 |
|
|
$ |
7,624 |
|
Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution |
|
|
|
|
|
|
|
|||||
Earnings per common share – assuming dilution |
$ |
1.14 |
|
$ |
7.49 |
|
$ |
7.66 |
|
$ |
21.21 |
|
Adjustments: |
|
|
|
|
|
|
|
|||||
Project liability adjustment (a) |
|
— |
|
|
— |
|
|
0.07 |
|
|
— |
|
Gain on early retirement of debt (b) |
|
— |
|
|
— |
|
|
— |
|
|
(0.02 |
) |
Total adjustments |
|
— |
|
|
— |
|
|
0.07 |
|
|
(0.02 |
) |
Adjusted earnings per common share – assuming dilution |
$ |
1.14 |
|
$ |
7.49 |
|
$ |
7.73 |
|
$ |
21.19 |
|
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS |
|||||||||||
REPORTED UNDER U.S. GAAP (c) |
|||||||||||
(millions of dollars) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment |
|
|
|
|
|
|
|
||||
Refining segment |
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
565 |
|
$ |
3,445 |
|
$ |
3,534 |
|
$ |
9,934 |
Adjustments: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,256 |
|
|
1,366 |
|
|
3,659 |
|
|
3,832 |
Depreciation and amortization expense |
|
589 |
|
|
597 |
|
|
1,793 |
|
|
1,751 |
Other operating expenses |
|
3 |
|
|
6 |
|
|
13 |
|
|
17 |
Refining margin |
$ |
2,413 |
|
$ |
5,414 |
|
$ |
8,999 |
|
$ |
15,534 |
|
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
565 |
|
$ |
3,445 |
|
$ |
3,534 |
|
$ |
9,934 |
Adjustment: Other operating expenses |
|
3 |
|
|
6 |
|
|
13 |
|
|
17 |
Adjusted Refining operating income |
$ |
568 |
|
$ |
3,451 |
|
$ |
3,547 |
|
$ |
9,951 |
|
|
|
|
|
|
|
|
||||
Renewable Diesel segment |
|
|
|
|
|
|
|
||||
Renewable Diesel operating income |
$ |
35 |
|
$ |
123 |
|
$ |
337 |
|
$ |
768 |
Adjustments: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
92 |
|
|
84 |
|
|
262 |
|
|
274 |
Depreciation and amortization expense |
|
69 |
|
|
55 |
|
|
196 |
|
|
172 |
Renewable Diesel margin |
$ |
196 |
|
$ |
262 |
|
$ |
795 |
|
$ |
1,214 |
|
|
|
|
|
|
|
|
||||
Ethanol segment |
|
|
|
|
|
|
|
||||
Ethanol operating income |
$ |
153 |
|
$ |
197 |
|
$ |
268 |
|
$ |
363 |
Adjustments: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
133 |
|
|
125 |
|
|
395 |
|
|
383 |
Depreciation and amortization expense |
|
19 |
|
|
20 |
|
|
57 |
|
|
59 |
Other operating expenses (a) |
|
— |
|
|
— |
|
|
27 |
|
|
1 |
Ethanol margin |
$ |
305 |
|
$ |
342 |
|
$ |
747 |
|
$ |
806 |
|
|
|
|
|
|
|
|
||||
Ethanol operating income |
$ |
153 |
|
$ |
197 |
|
$ |
268 |
|
$ |
363 |
Adjustment: Other operating expenses (a) |
|
— |
|
|
— |
|
|
27 |
|
|
1 |
Adjusted Ethanol operating income |
$ |
153 |
|
$ |
197 |
|
$ |
295 |
|
$ |
364 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS |
|||||||||||
REPORTED UNDER U.S. GAAP (c) |
|||||||||||
(millions of dollars) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (d) |
|
|
|
|
|
|
|
||||
U.S. Gulf Coast region |
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
419 |
|
$ |
1,799 |
|
$ |
2,112 |
|
$ |
5,995 |
Adjustments: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
705 |
|
|
761 |
|
|
2,025 |
|
|
2,121 |
Depreciation and amortization expense |
|
370 |
|
|
375 |
|
|
1,120 |
|
|
1,082 |
Other operating expenses |
|
2 |
|
|
— |
|
|
8 |
|
|
11 |
Refining margin |
$ |
1,496 |
|
$ |
2,935 |
|
$ |
5,265 |
|
$ |
9,209 |
|
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
419 |
|
$ |
1,799 |
|
$ |
2,112 |
|
$ |
5,995 |
Adjustment: Other operating expenses |
|
2 |
|
|
— |
|
|
8 |
|
|
11 |
Adjusted Refining operating income |
$ |
421 |
|
$ |
1,799 |
|
$ |
2,120 |
|
$ |
6,006 |
|
|
|
|
|
|
|
|
||||
U.S. Mid-Continent region |
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
39 |
|
$ |
582 |
|
$ |
419 |
|
$ |
1,507 |
Adjustments: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
186 |
|
|
194 |
|
|
559 |
|
|
569 |
Depreciation and amortization expense |
|
79 |
|
|
85 |
|
|
254 |
|
|
250 |
Other operating expenses |
|
1 |
|
|
— |
|
|
3 |
|
|
— |
Refining margin |
$ |
305 |
|
$ |
861 |
|
$ |
1,235 |
|
$ |
2,326 |
|
|
|
|
|
|
|
|
||||
Refining operating income |
$ |
39 |
|
$ |
582 |
|
$ |
419 |
|
$ |
1,507 |
Adjustment: Other operating expenses |
|
1 |
|
|
— |
|
|
3 |
|
|
— |
Adjusted Refining operating income |
$ |
40 |
|
$ |
582 |
|
$ |
422 |
|
$ |
1,507 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS |
||||||||||||
REPORTED UNDER U.S. GAAP (c) |
||||||||||||
(millions of dollars) |
||||||||||||
(unaudited) |
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (d) (continued) |
|
|
|
|
|
|
|
|||||
North Atlantic region |
|
|
|
|
|
|
|
|||||
Refining operating income |
$ |
206 |
|
|
$ |
612 |
|
$ |
929 |
|
$ |
1,552 |
Adjustments: |
|
|
|
|
|
|
|
|||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
174 |
|
|
|
189 |
|
|
529 |
|
|
547 |
Depreciation and amortization expense |
|
68 |
|
|
|
63 |
|
|
198 |
|
|
192 |
Other operating expenses |
|
— |
|
|
|
1 |
|
|
1 |
|
|
1 |
Refining margin |
$ |
448 |
|
|
$ |
865 |
|
$ |
1,657 |
|
$ |
2,292 |
|
|
|
|
|
|
|
|
|||||
Refining operating income |
$ |
206 |
|
|
$ |
612 |
|
$ |
929 |
|
$ |
1,552 |
Adjustment: Other operating expenses |
|
— |
|
|
|
1 |
|
|
1 |
|
|
1 |
Adjusted Refining operating income |
$ |
206 |
|
|
$ |
613 |
|
$ |
930 |
|
$ |
1,553 |
|
|
|
|
|
|
|
|
|||||
U.S. West Coast region |
|
|
|
|
|
|
|
|||||
Refining operating income (loss) |
$ |
(99 |
) |
|
$ |
452 |
|
$ |
74 |
|
$ |
880 |
Adjustments: |
|
|
|
|
|
|
|
|||||
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
191 |
|
|
|
222 |
|
|
546 |
|
|
595 |
Depreciation and amortization expense |
|
72 |
|
|
|
74 |
|
|
221 |
|
|
227 |
Other operating expenses |
|
— |
|
|
|
5 |
|
|
1 |
|
|
5 |
Refining margin |
$ |
164 |
|
|
$ |
753 |
|
$ |
842 |
|
$ |
1,707 |
|
|
|
|
|
|
|
|
|||||
Refining operating income (loss) |
$ |
(99 |
) |
|
$ |
452 |
|
$ |
74 |
|
$ |
880 |
Adjustment: Other operating expenses |
|
— |
|
|
|
5 |
|
|
1 |
|
|
5 |
Adjusted Refining operating income (loss) |
$ |
(99 |
) |
|
$ |
457 |
|
$ |
75 |
|
$ |
885 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
REFINING SEGMENT OPERATING HIGHLIGHTS |
|||||||||||
(millions of dollars, except per barrel amounts) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Throughput volumes (thousand barrels per day) |
|
|
|
|
|
|
|
||||
Feedstocks: |
|
|
|
|
|
|
|
||||
Heavy sour crude oil |
|
538 |
|
|
496 |
|
|
469 |
|
|
437 |
Medium/light sour crude oil |
|
221 |
|
|
312 |
|
|
242 |
|
|
319 |
Sweet crude oil |
|
1,461 |
|
|
1,514 |
|
|
1,499 |
|
|
1,488 |
Residuals |
|
182 |
|
|
192 |
|
|
178 |
|
|
209 |
Other feedstocks |
|
116 |
|
|
119 |
|
|
116 |
|
|
118 |
Total feedstocks |
|
2,518 |
|
|
2,633 |
|
|
2,504 |
|
|
2,571 |
Blendstocks and other |
|
366 |
|
|
389 |
|
|
381 |
|
|
403 |
Total throughput volumes |
|
2,884 |
|
|
3,022 |
|
|
2,885 |
|
|
2,974 |
|
|
|
|
|
|
|
|
||||
Yields (thousand barrels per day) |
|
|
|
|
|
|
|
||||
Gasolines and blendstocks |
|
1,400 |
|
|
1,473 |
|
|
1,413 |
|
|
1,452 |
Distillates |
|
1,134 |
|
|
1,158 |
|
|
1,090 |
|
|
1,125 |
Other products (e) |
|
384 |
|
|
428 |
|
|
410 |
|
|
425 |
Total yields |
|
2,918 |
|
|
3,059 |
|
|
2,913 |
|
|
3,002 |
|
|
|
|
|
|
|
|
||||
Operating statistics (c) (f) |
|
|
|
|
|
|
|
||||
Refining margin |
$ |
2,413 |
|
$ |
5,414 |
|
$ |
8,999 |
|
$ |
15,534 |
Adjusted Refining operating income |
$ |
568 |
|
$ |
3,451 |
|
$ |
3,547 |
|
$ |
9,951 |
Throughput volumes (thousand barrels per day) |
|
2,884 |
|
|
3,022 |
|
|
2,885 |
|
|
2,974 |
|
|
|
|
|
|
|
|
||||
Refining margin per barrel of throughput |
$ |
9.09 |
|
$ |
19.47 |
|
$ |
11.39 |
|
$ |
19.13 |
Less: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.73 |
|
|
4.91 |
|
|
4.63 |
|
|
4.72 |
Depreciation and amortization expense per barrel of throughput |
|
2.22 |
|
|
2.15 |
|
|
2.27 |
|
|
2.15 |
Adjusted Refining operating income per barrel of throughput |
$ |
2.14 |
|
$ |
12.41 |
|
$ |
4.49 |
|
$ |
12.26 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS |
|||||||||||
(millions of dollars, except per gallon amounts) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Operating statistics (c) (f) |
|
|
|
|
|
|
|
||||
Renewable Diesel margin |
$ |
196 |
|
$ |
262 |
|
$ |
795 |
|
$ |
1,214 |
Renewable Diesel operating income |
$ |
35 |
|
$ |
123 |
|
$ |
337 |
|
$ |
768 |
Sales volumes (thousand gallons per day) |
|
3,544 |
|
|
2,992 |
|
|
3,588 |
|
|
3,460 |
|
|
|
|
|
|
|
|
||||
Renewable Diesel margin per gallon of sales |
$ |
0.60 |
|
$ |
0.95 |
|
$ |
0.81 |
|
$ |
1.29 |
Less: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales |
|
0.28 |
|
|
0.30 |
|
|
0.27 |
|
|
0.29 |
Depreciation and amortization expense per gallon of sales |
|
0.21 |
|
|
0.20 |
|
|
0.20 |
|
|
0.19 |
Renewable Diesel operating income per gallon of sales |
$ |
0.11 |
|
$ |
0.45 |
|
$ |
0.34 |
|
$ |
0.81 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
ETHANOL SEGMENT OPERATING HIGHLIGHTS |
|||||||||||
(millions of dollars, except per gallon amounts) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Operating statistics (c) (f) |
|
|
|
|
|
|
|
||||
Ethanol margin |
$ |
305 |
|
$ |
342 |
|
$ |
747 |
|
$ |
806 |
Adjusted Ethanol operating income |
$ |
153 |
|
$ |
197 |
|
$ |
295 |
|
$ |
364 |
Production volumes (thousand gallons per day) |
|
4,584 |
|
|
4,329 |
|
|
4,508 |
|
|
4,319 |
|
|
|
|
|
|
|
|
||||
Ethanol margin per gallon of production |
$ |
0.72 |
|
$ |
0.86 |
|
$ |
0.61 |
|
$ |
0.68 |
Less: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production |
|
0.31 |
|
|
0.32 |
|
|
0.32 |
|
|
0.32 |
Depreciation and amortization expense per gallon of production |
|
0.05 |
|
|
0.05 |
|
|
0.05 |
|
|
0.05 |
Adjusted Ethanol operating income per gallon of production |
$ |
0.36 |
|
$ |
0.49 |
|
$ |
0.24 |
|
$ |
0.31 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION |
|||||||||||
(millions of dollars, except per barrel amounts) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Operating statistics by region (d) |
|
|
|
|
|
|
|
||||
U.S. Gulf Coast region (c) (f) |
|
|
|
|
|
|
|
||||
Refining margin |
$ |
1,496 |
|
$ |
2,935 |
|
$ |
5,265 |
|
$ |
9,209 |
Adjusted Refining operating income |
$ |
421 |
|
$ |
1,799 |
|
$ |
2,120 |
|
$ |
6,006 |
Throughput volumes (thousand barrels per day) |
|
1,799 |
|
|
1,834 |
|
|
1,741 |
|
|
1,783 |
|
|
|
|
|
|
|
|
||||
Refining margin per barrel of throughput |
$ |
9.03 |
|
$ |
17.39 |
|
$ |
11.04 |
|
$ |
18.92 |
Less: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.25 |
|
|
4.51 |
|
|
4.25 |
|
|
4.36 |
Depreciation and amortization expense per barrel of throughput |
|
2.24 |
|
|
2.22 |
|
|
2.34 |
|
|
2.22 |
Adjusted Refining operating income per barrel of throughput |
$ |
2.54 |
|
$ |
10.66 |
|
$ |
4.45 |
|
$ |
12.34 |
|
|
|
|
|
|
|
|
||||
U.S. Mid-Continent region (c) (f) |
|
|
|
|
|
|
|
||||
Refining margin |
$ |
305 |
|
$ |
861 |
|
$ |
1,235 |
|
$ |
2,326 |
Adjusted Refining operating income |
$ |
40 |
|
$ |
582 |
|
$ |
422 |
|
$ |
1,507 |
Throughput volumes (thousand barrels per day) |
|
419 |
|
|
456 |
|
|
436 |
|
|
461 |
|
|
|
|
|
|
|
|
||||
Refining margin per barrel of throughput |
$ |
7.92 |
|
$ |
20.53 |
|
$ |
10.34 |
|
$ |
18.49 |
Less: |
|
|
|
|
|
|
|
||||
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.84 |
|
|
4.62 |
|
|
4.68 |
|
|
4.52 |
Depreciation and amortization expense per barrel of throughput |
|
2.07 |
|
|
2.02 |
|
|
2.13 |
|
|
1.98 |
Adjusted Refining operating income per barrel of throughput |
$ |
1.01 |
|
$ |
13.89 |
|
$ |
3.53 |
|
$ |
11.99 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
||||||||||||
EARNINGS RELEASE TABLES |
||||||||||||
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION |
||||||||||||
(millions of dollars, except per barrel amounts) |
||||||||||||
(unaudited) |
||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Operating statistics by region (d) (continued) |
|
|
|
|
|
|
|
|||||
North Atlantic region (c) (f) |
|
|
|
|
|
|
|
|||||
Refining margin |
$ |
448 |
|
|
$ |
865 |
|
$ |
1,657 |
|
$ |
2,292 |
Adjusted Refining operating income |
$ |
206 |
|
|
$ |
613 |
|
$ |
930 |
|
$ |
1,553 |
Throughput volumes (thousand barrels per day) |
|
422 |
|
|
|
461 |
|
|
446 |
|
|
463 |
|
|
|
|
|
|
|
|
|||||
Refining margin per barrel of throughput |
$ |
11.55 |
|
|
$ |
20.39 |
|
$ |
13.54 |
|
$ |
18.14 |
Less: |
|
|
|
|
|
|
|
|||||
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.49 |
|
|
|
4.47 |
|
|
4.32 |
|
|
4.33 |
Depreciation and amortization expense per barrel of throughput |
|
1.74 |
|
|
|
1.48 |
|
|
1.61 |
|
|
1.52 |
Adjusted Refining operating income per barrel of throughput |
$ |
5.32 |
|
|
$ |
14.44 |
|
$ |
7.61 |
|
$ |
12.29 |
|
|
|
|
|
|
|
|
|||||
U.S. West Coast region (c) (f) |
|
|
|
|
|
|
|
|||||
Refining margin |
$ |
164 |
|
|
$ |
753 |
|
$ |
842 |
|
$ |
1,707 |
Adjusted Refining operating income (loss) |
$ |
(99 |
) |
|
$ |
457 |
|
$ |
75 |
|
$ |
885 |
Throughput volumes (thousand barrels per day) |
|
244 |
|
|
|
271 |
|
|
262 |
|
|
267 |
|
|
|
|
|
|
|
|
|||||
Refining margin per barrel of throughput |
$ |
7.31 |
|
|
$ |
30.19 |
|
$ |
11.75 |
|
$ |
23.38 |
Less: |
|
|
|
|
|
|
|
|||||
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
8.49 |
|
|
|
8.89 |
|
|
7.61 |
|
|
8.15 |
Depreciation and amortization expense per barrel of throughput |
|
3.20 |
|
|
|
2.97 |
|
|
3.08 |
|
|
3.11 |
Adjusted Refining operating income (loss) per barrel of throughput |
$ |
(4.38 |
) |
|
$ |
18.33 |
|
$ |
1.06 |
|
$ |
12.12 |
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||||
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Refining |
|
|
|
|
|
|
|
||||||||
Feedstocks (dollars per barrel) |
|
|
|
|
|
|
|
||||||||
Brent crude oil |
$ |
78.37 |
|
|
$ |
86.18 |
|
|
$ |
81.72 |
|
|
$ |
82.12 |
|
Brent less West Texas Intermediate (WTI) crude oil |
|
3.18 |
|
|
|
3.72 |
|
|
|
4.05 |
|
|
|
4.68 |
|
Brent less WTI Houston crude oil |
|
1.94 |
|
|
|
2.21 |
|
|
|
2.53 |
|
|
|
3.19 |
|
Brent less Dated Brent crude oil |
|
(1.63 |
) |
|
|
(0.78 |
) |
|
|
(0.97 |
) |
|
|
(0.10 |
) |
Brent less Argus Sour Crude Index crude oil |
|
4.30 |
|
|
|
3.43 |
|
|
|
4.39 |
|
|
|
5.53 |
|
Brent less Maya crude oil |
|
11.19 |
|
|
|
8.77 |
|
|
|
11.66 |
|
|
|
14.16 |
|
Brent less Western Canadian Select Houston crude oil |
|
10.36 |
|
|
|
9.98 |
|
|
|
11.03 |
|
|
|
12.19 |
|
WTI crude oil |
|
75.19 |
|
|
|
82.46 |
|
|
|
77.67 |
|
|
|
77.44 |
|
|
|
|
|
|
|
|
|
||||||||
Natural gas (dollars per million British thermal units) |
|
1.83 |
|
|
|
2.38 |
|
|
|
1.79 |
|
|
|
2.21 |
|
|
|
|
|
|
|
|
|
||||||||
Renewable volume obligation (RVO) (dollars per barrel) (g) |
|
3.89 |
|
|
|
7.42 |
|
|
|
3.65 |
|
|
|
7.77 |
|
|
|
|
|
|
|
|
|
||||||||
Product margins (RVO adjusted unless otherwise noted) (dollars per barrel) |
|
|
|
|
|
|
|
||||||||
U.S. Gulf Coast: |
|
|
|
|
|
|
|
||||||||
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent |
|
6.28 |
|
|
|
14.70 |
|
|
|
7.45 |
|
|
|
12.57 |
|
Ultra-low-sulfur (ULS) diesel less Brent |
|
11.89 |
|
|
|
30.87 |
|
|
|
16.87 |
|
|
|
25.26 |
|
Propylene less Brent (not RVO adjusted) |
|
(27.50 |
) |
|
|
(57.98 |
) |
|
|
(40.16 |
) |
|
|
(46.32 |
) |
U.S. Mid-Continent: |
|
|
|
|
|
|
|
||||||||
CBOB gasoline less WTI |
|
14.08 |
|
|
|
25.46 |
|
|
|
12.16 |
|
|
|
22.25 |
|
ULS diesel less WTI |
|
16.74 |
|
|
|
37.10 |
|
|
|
18.94 |
|
|
|
32.12 |
|
North Atlantic: |
|
|
|
|
|
|
|
||||||||
CBOB gasoline less Brent |
|
12.16 |
|
|
|
22.93 |
|
|
|
12.41 |
|
|
|
18.96 |
|
ULS diesel less Brent |
|
13.68 |
|
|
|
33.91 |
|
|
|
19.39 |
|
|
|
28.19 |
|
U.S. West Coast: |
|
|
|
|
|
|
|
||||||||
California Reformulated Gasoline Blendstock of Oxygenate Blending 87 gasoline less Brent |
|
23.56 |
|
|
|
43.33 |
|
|
|
25.13 |
|
|
|
32.89 |
|
California Air Resources Board diesel less Brent |
|
14.22 |
|
|
|
47.66 |
|
|
|
19.65 |
|
|
|
31.43 |
|
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||
EARNINGS RELEASE TABLES |
|||||||||||
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Renewable Diesel |
|
|
|
|
|
|
|
||||
New York Mercantile Exchange ULS diesel (dollars per gallon) |
$ |
2.31 |
|
$ |
3.03 |
|
$ |
2.51 |
|
$ |
2.80 |
Biodiesel Renewable Identification Number (RIN) (dollars per RIN) |
|
0.60 |
|
|
1.40 |
|
|
0.56 |
|
|
1.51 |
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton) |
|
53.65 |
|
|
74.46 |
|
|
56.16 |
|
|
73.65 |
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound) |
|
0.46 |
|
|
0.64 |
|
|
0.43 |
|
|
0.61 |
USGC distillers corn oil (dollars per pound) |
|
0.48 |
|
|
0.72 |
|
|
0.47 |
|
|
0.65 |
USGC fancy bleachable tallow (dollars per pound) |
|
0.47 |
|
|
0.68 |
|
|
0.44 |
|
|
0.62 |
|
|
|
|
|
|
|
|
||||
Ethanol |
|
|
|
|
|
|
|
||||
Chicago Board of Trade corn (dollars per bushel) |
|
3.92 |
|
|
4.99 |
|
|
4.23 |
|
|
5.95 |
New York Harbor ethanol (dollars per gallon) |
|
1.92 |
|
|
2.39 |
|
|
1.82 |
|
|
2.42 |
VALERO ENERGY CORPORATION |
|||||
EARNINGS RELEASE TABLES |
|||||
OTHER FINANCIAL DATA |
|||||
(millions of dollars) |
|||||
(unaudited) |
|||||
|
September 30, |
|
December 31, |
||
|
2024 |
|
2023 |
||
Balance sheet data |
|
|
|
||
Current assets |
$ |
23,976 |
|
$ |
26,221 |
Cash and cash equivalents included in current assets |
|
5,184 |
|
|
5,424 |
Inventories included in current assets |
|
7,048 |
|
|
7,583 |
Current liabilities |
|
15,298 |
|
|
16,802 |
Valero Energy Corporation stockholders’ equity |
|
25,253 |
|
|
26,346 |
Total equity |
|
28,000 |
|
|
28,524 |
Debt and finance lease obligations: |
|
|
|
||
Debt – |
|
|
|
||
Current portion of debt (excluding variable interest entities (VIEs)) |
$ |
441 |
|
$ |
167 |
Debt, less current portion of debt (excluding VIEs) |
|
7,585 |
|
|
8,021 |
Total debt (excluding VIEs) |
|
8,026 |
|
|
8,188 |
Current portion of debt attributable to VIEs |
|
329 |
|
|
1,030 |
Debt, less current portion of debt attributable to VIEs |
|
— |
|
|
— |
Total debt attributable to VIEs |
|
329 |
|
|
1,030 |
Total debt |
|
8,355 |
|
|
9,218 |
Finance lease obligations – |
|
|
|
||
Current portion of finance lease obligations (excluding VIEs) |
|
220 |
|
|
183 |
Finance lease obligations, less current portion (excluding VIEs) |
|
1,556 |
|
|
1,428 |
Total finance lease obligations (excluding VIEs) |
|
1,776 |
|
|
1,611 |
Current portion of finance lease obligations attributable to VIEs |
|
26 |
|
|
26 |
Finance lease obligations, less current portion attributable to VIEs |
|
649 |
|
|
669 |
Total finance lease obligations attributable to VIEs |
|
675 |
|
|
695 |
Total finance lease obligations |
|
2,451 |
|
|
2,306 |
Total debt and finance lease obligations |
$ |
10,806 |
|
$ |
11,524 |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (c) |
|
|
|
|
|
|
|
|||||
Net cash provided by operating activities |
$ |
1,295 |
|
$ |
3,308 |
|
$ |
5,613 |
|
$ |
7,990 |
|
Exclude: |
|
|
|
|
|
|
|
|||||
Changes in current assets and current liabilities |
|
166 |
|
|
33 |
|
|
795 |
|
|
(1,695 |
) |
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD |
|
47 |
|
|
82 |
|
|
252 |
|
|
447 |
|
Adjusted net cash provided by operating activities |
$ |
1,082 |
|
$ |
3,193 |
|
$ |
4,566 |
|
$ |
9,238 |
|
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
|||||||||||||||
EARNINGS RELEASE TABLES |
|||||||||||||||
OTHER FINANCIAL DATA |
|||||||||||||||
(millions of dollars, except per share amounts) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Reconciliation of capital investments to capital investments attributable to Valero (c) |
|
|
|
|
|
|
|
||||||||
Capital expenditures (excluding VIEs) |
$ |
152 |
|
|
$ |
157 |
|
|
$ |
399 |
|
|
$ |
468 |
|
Capital expenditures of VIEs: |
|
|
|
|
|
|
|
||||||||
DGD |
|
56 |
|
|
|
61 |
|
|
|
198 |
|
|
|
183 |
|
Other VIEs |
|
2 |
|
|
|
2 |
|
|
|
7 |
|
|
|
4 |
|
Deferred turnaround and catalyst cost expenditures (excluding VIEs) |
|
208 |
|
|
|
157 |
|
|
|
844 |
|
|
|
665 |
|
Deferred turnaround and catalyst cost expenditures of DGD |
|
11 |
|
|
|
17 |
|
|
|
62 |
|
|
|
56 |
|
Capital investments |
|
429 |
|
|
|
394 |
|
|
|
1,510 |
|
|
|
1,376 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
DGD’s capital investments attributable to the other joint venture member |
|
(33 |
) |
|
|
(40 |
) |
|
|
(130 |
) |
|
|
(120 |
) |
Capital expenditures of other VIEs |
|
(2 |
) |
|
|
(2 |
) |
|
|
(7 |
) |
|
|
(4 |
) |
Capital investments attributable to Valero |
$ |
394 |
|
|
$ |
352 |
|
|
$ |
1,373 |
|
|
$ |
1,252 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends per common share |
$ |
1.07 |
|
|
$ |
1.02 |
|
|
$ |
3.21 |
|
|
$ |
3.06 |
|
See Notes to Earnings Release Tables. |
VALERO ENERGY CORPORATION |
||
NOTES TO EARNINGS RELEASE TABLES |
||
| (a) | In March 2021, we announced our participation in a then-proposed large-scale carbon capture and sequestration pipeline system with Navigator Energy Services (Navigator). In October 2023, Navigator announced that it decided to cancel this project. Under the terms of the agreements associated with the project, we had some rights from and obligations to Navigator, including a portion of the aggregate project costs. As a result, we recognized a charge of $29 million in the nine months ended September 30, 2024 related to our obligation to Navigator. |
|
| (b) | “Other income, net” includes a net gain of $11 million in the nine months ended September 30, 2023 related to the early retirement of $199 million aggregate principal amount of various series of our senior notes. |
|
| (c) | We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures. |
|
|
||
We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility. |
||
|
||
Non-GAAP measures are as follows: |
||
|
||
|
||
|
||
– Project liability adjustment – The project liability adjustment related to the cancellation of Navigator’s project (see note (a)) is not indicative of our ongoing operations. |
||
|
||
– Gain on early retirement of debt – Discounts, premiums, and other expenses recognized in connection with the early retirement of various series of our senior notes (see note (b)) are not associated with the ongoing costs of our borrowing and financing activities. |
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
– Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities. |
||
|
||
– DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by or used in operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities. |
||
|
||
DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only 50 percent of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions): |
||
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
DGD operating cash flow data |
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities |
$ |
92 |
|
|
$ |
(28 |
) |
|
$ |
537 |
|
|
$ |
487 |
|
Exclude: Changes in current assets and current liabilities |
|
(3 |
) |
|
|
(192 |
) |
|
|
32 |
|
|
|
(408 |
) |
Adjusted net cash provided by operating activities |
|
95 |
|
|
|
164 |
|
|
|
505 |
|
|
|
895 |
|
Other joint venture member’s ownership interest |
|
50 |
% |
|
|
50 |
% |
|
|
50 |
% |
|
|
50 |
% |
DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD |
$ |
47 |
|
|
$ |
82 |
|
|
$ |
252 |
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$ |
447 |
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DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments. |
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| (d) | The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. |
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| (e) | Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. |
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| (f) | Valero uses certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways. |
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All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable. |
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Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities. |
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| (g) | The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation. |
