10/24/2024 | Press release | Distributed by Public on 10/24/2024 06:20
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 |
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 |
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 |
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 |
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 |
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 |
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 |
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 (from Table Page 5) | $ | 2,413 | $ | 5,414 | $ | 8,999 | $ | 15,534 |
Adjusted Refining operating income (from Table Page 5) | $ | 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 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating statistics (c) (f)
|
||||||||
Renewable Diesel margin (from Table Page 5) | $ | 196 | $ | 262 | $ | 795 | $ | 1,214 |
Renewable Diesel operating income (from Table Page 5) | $ | 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 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2024 | 2023 | 2024 | 2023 | |||||
Operating statistics (c) (f)
|
||||||||
Ethanol margin (from Table Page 5) | $ | 305 | $ | 342 | $ | 747 | $ | 806 |
Adjusted Ethanol operating income (from Table Page 5) | $ | 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 |
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 (from Table Page 6) | $ | 1,496 | $ | 2,935 | $ | 5,265 | $ | 9,209 |
Adjusted Refining operating income (from Table Page 6) | $ | 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 (from Table Page 6) | $ | 305 | $ | 861 | $ | 1,235 | $ | 2,326 |
Adjusted Refining operating income (from Table Page 6) | $ | 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 |
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 (from Table Page 7) | $ | 448 | $ | 865 | $ | 1,657 | $ | 2,292 |
Adjusted Refining operating income (from Table Page 7) | $ | 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 (from Table Page 7) | $ | 164 | $ | 753 | $ | 842 | $ | 1,707 |
Adjusted Refining operating income (loss) (from Table Page 7) | $ | (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 |
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 |
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 |
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 |
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 |
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 | $ | 447 |