Valero Energy Reports First Quarter 2025 Results
- Reported a net loss attributable to Valero stockholders of $595 million, or $1.90 per share
- Reported adjusted net income attributable to Valero stockholders of $282 million, or $0.89 per share
- Issued $650 million aggregate principal amount of 5.15% Senior Notes due 2030 in February for debt repayment and general corporate purposes
- Repaid the outstanding principal balances of $189 million of 3.65% Senior Notes that matured in March and $251 million of 2.85% Senior Notes that matured in April
- Declared a regular quarterly cash dividend on common stock of $1.13 per share on January 16
- Returned $633 million to stockholders through dividends and stock buybacks
SAN ANTONIO–(BUSINESS WIRE)–Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $595 million, or $1.90 per share, for the first quarter of 2025, compared to net income of $1.2 billion, or $3.75 per share, for the first quarter of 2024. Excluding the pre-tax $1.1 billion, or $877 million after-tax, asset impairment loss related to the West Coast assets, adjusted net income attributable to Valero stockholders was $282 million, or $0.89 per share, for the first quarter of 2025, compared to $1.3 billion, or $3.84 per share, for the first quarter of 2024.
“We delivered positive results for the first quarter despite heavy maintenance activity across our refining system and a challenging margin environment in the Renewable Diesel segment,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “This is a credit to the strength and discipline of our operations, optimization, and commercial teams.”
Refining
The Refining segment reported an operating loss of $530 million for the first quarter of 2025, compared to operating income of $1.7 billion for the first quarter of 2024. Adjusted operating income was $605 million for the first quarter of 2025, compared to $1.8 billion for the first quarter of 2024. Refining throughput volumes averaged 2.8 million barrels per day in the first quarter of 2025.
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $141 million for the first quarter of 2025, compared to operating income of $190 million for the first quarter of 2024. Segment sales volumes averaged 2.4 million gallons per day in the first quarter of 2025.
Ethanol
The Ethanol segment reported $20 million of operating income for the first quarter of 2025, compared to $10 million for the first quarter of 2024. Adjusted operating income was $39 million for the first quarter of 2024. Ethanol production volumes averaged 4.5 million gallons per day in the first quarter of 2025.
Corporate and Other
General and administrative expenses were $261 million in the first quarter of 2025, compared to $258 million in the first quarter of 2024. Income tax benefit was $265 million in the first quarter of 2025, compared to income tax expense of $353 million in the first quarter of 2024.
Investing and Financing Activities
Net cash provided by operating activities was $952 million in the first quarter of 2025. Included in this amount was a $157 million favorable change in working capital and $67 million of adjusted net cash used in operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $862 million in the first quarter of 2025.
Capital investments totaled $660 million in the first quarter of 2025, of which $582 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 $611 million in the first quarter of 2025.
Valero returned $633 million to stockholders in the first quarter of 2025, of which $356 million was paid as dividends and $277 million was for the purchase of approximately 2.1 million shares of common stock, resulting in a payout ratio of 73 percent of adjusted net cash provided by operating activities.
On January 16, Valero announced a 6 percent increase in its quarterly cash dividend on common stock from $1.07 per share to $1.13 per share.
“We remain focused on the things that we can control: pursuing excellence in operations, deploying capital with an uncompromising focus on returns, and honoring our commitment to stockholder returns,” said Riggs. “Our commitment remains underpinned by a strong balance sheet that provides us plenty of operational and financial flexibility.”
Liquidity and Financial Position
Valero issued $650 million aggregate principal amount of 5.15% Senior Notes due 2030 in February and repaid the outstanding principal balances of $189 million of its 3.65% Senior Notes that matured in March and $251 million of its 2.85% Senior Notes that matured in April. Valero ended the first quarter of 2025 with $8.5 billion of total debt, $2.3 billion of total finance lease obligations, and $4.6 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 19 percent as of March 31, 2025.
Strategic Update
Valero is progressing with an FCC Unit optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026.
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 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 produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See our annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 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, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, 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 taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, 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 (f) 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 March 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Statement of income data |
|
|
|
||||
|
Revenues |
$ |
30,258 |
|
|
$ |
31,759 |
|
|
Cost of sales: |
|
|
|
||||
|
Cost of materials and other |
|
27,548 |
|
|
|
27,682 |
|
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,523 |
|
|
|
1,411 |
|
|
Depreciation and amortization expense |
|
680 |
|
|
|
683 |
|
|
Total cost of sales |
|
29,751 |
|
|
|
29,776 |
|
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
|
Other operating expenses (b) |
|
4 |
|
|
|
34 |
|
|
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
261 |
|
|
|
258 |
|
|
Depreciation and amortization expense |
|
11 |
|
|
|
12 |
|
|
Operating income (loss) |
|
(900 |
) |
|
|
1,679 |
|
|
Other income, net |
|
120 |
|
|
|
144 |
|
|
Interest and debt expense, net of capitalized interest |
|
(137 |
) |
|
|
(140 |
) |
|
Income (loss) before income tax expense (benefit) |
|
(917 |
) |
|
|
1,683 |
|
|
Income tax expense (benefit) |
|
(265 |
) |
|
|
353 |
|
|
Net income (loss) |
|
(652 |
) |
|
|
1,330 |
|
|
Less: Net income (loss) attributable to noncontrolling interests |
|
(57 |
) |
|
|
85 |
|
|
Net income (loss) attributable to Valero Energy Corporation stockholders |
$ |
(595 |
) |
|
$ |
1,245 |
|
|
|
|
|
|
||||
|
Earnings (loss) per common share |
$ |
(1.90 |
) |
|
$ |
3.75 |
|
|
Weighted-average common shares outstanding (in millions) |
|
314 |
|
|
|
331 |
|
|
|
|
|
|
||||
|
Earnings (loss) per common share – assuming dilution |
$ |
(1.90 |
) |
|
$ |
3.75 |
|
|
Weighted-average common shares outstanding – assuming dilution (in millions) (c) |
|
314 |
|
|
|
331 |
|
|
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 March 31, 2025 |
|
|
|
|
|
|
|
|
|
|||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|||||||||
|
Revenues from external customers |
$ |
28,757 |
|
|
$ |
493 |
|
|
$ |
1,008 |
|
$ |
— |
|
|
$ |
30,258 |
|
|
Intersegment revenues |
|
2 |
|
|
|
407 |
|
|
|
217 |
|
|
(626 |
) |
|
|
— |
|
|
Total revenues |
|
28,759 |
|
|
|
900 |
|
|
|
1,225 |
|
|
(626 |
) |
|
|
30,258 |
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|||||||||
|
Cost of materials and other |
|
26,269 |
|
|
|
895 |
|
|
|
1,032 |
|
|
(648 |
) |
|
|
27,548 |
|
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,291 |
|
|
|
78 |
|
|
|
154 |
|
|
— |
|
|
|
1,523 |
|
|
Depreciation and amortization expense |
|
594 |
|
|
|
68 |
|
|
|
19 |
|
|
(1 |
) |
|
|
680 |
|
|
Total cost of sales |
|
28,154 |
|
|
|
1,041 |
|
|
|
1,205 |
|
|
(649 |
) |
|
|
29,751 |
|
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,131 |
|
|
Other operating expenses |
|
4 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
4 |
|
|
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
261 |
|
|
|
261 |
|
|
Depreciation and amortization expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
11 |
|
|
|
11 |
|
|
Operating income (loss) by segment |
$ |
(530 |
) |
|
$ |
(141 |
) |
|
$ |
20 |
|
$ |
(249 |
) |
|
$ |
(900 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Three months ended March 31, 2024 |
|
|
|
|
|
|
|
|
|
|||||||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|||||||||
|
Revenues from external customers |
$ |
30,143 |
|
|
$ |
702 |
|
|
$ |
914 |
|
$ |
— |
|
|
$ |
31,759 |
|
|
Intersegment revenues |
|
2 |
|
|
|
709 |
|
|
|
190 |
|
|
(901 |
) |
|
|
— |
|
|
Total revenues |
|
30,145 |
|
|
|
1,411 |
|
|
|
1,104 |
|
|
(901 |
) |
|
|
31,759 |
|
|
Cost of sales: |
|
|
|
|
|
|
|
|
|
|||||||||
|
Cost of materials and other |
|
26,611 |
|
|
|
1,066 |
|
|
|
909 |
|
|
(904 |
) |
|
|
27,682 |
|
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,184 |
|
|
|
90 |
|
|
|
137 |
|
|
— |
|
|
|
1,411 |
|
|
Depreciation and amortization expense |
|
600 |
|
|
|
65 |
|
|
|
19 |
|
|
(1 |
) |
|
|
683 |
|
|
Total cost of sales |
|
28,395 |
|
|
|
1,221 |
|
|
|
1,065 |
|
|
(905 |
) |
|
|
29,776 |
|
|
Other operating expenses (b) |
|
5 |
|
|
|
— |
|
|
|
29 |
|
|
— |
|
|
|
34 |
|
|
General and administrative expenses (excluding depreciation and amortization expense reflected below) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
258 |
|
|
|
258 |
|
|
Depreciation and amortization expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
12 |
|
|
|
12 |
|
|
Operating income by segment |
$ |
1,745 |
|
|
$ |
190 |
|
|
$ |
10 |
|
$ |
(266 |
) |
|
$ |
1,679 |
|
|
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 March 31, |
||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders |
|
|
|
||||
|
Net income (loss) attributable to Valero Energy Corporation stockholders |
$ |
(595 |
) |
|
$ |
1,245 |
|
|
Adjustments: |
|
|
|
||||
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
|
Income tax benefit related to asset impairment loss |
|
(254 |
) |
|
|
— |
|
|
Asset impairment loss, net of taxes |
|
877 |
|
|
|
— |
|
|
Project liability adjustment (b) |
|
— |
|
|
|
29 |
|
|
Income tax benefit related to project liability adjustment |
|
— |
|
|
|
(7 |
) |
|
Project liability adjustment, net of taxes |
|
— |
|
|
|
22 |
|
|
Second-generation biofuel tax credit (e) |
|
— |
|
|
|
7 |
|
|
Total adjustments |
|
877 |
|
|
|
29 |
|
|
Adjusted net income attributable to Valero Energy Corporation stockholders |
$ |
282 |
|
|
$ |
1,274 |
|
|
Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings per common share – assuming dilution |
|
|
|
|||
|
Earnings (loss) per common share – assuming dilution (c) |
$ |
(1.90 |
) |
|
$ |
3.75 |
|
Adjustments: |
|
|
|
|||
|
Asset impairment loss (a) |
|
2.79 |
|
|
|
— |
|
Project liability adjustment (b) |
|
— |
|
|
|
0.07 |
|
Second-generation biofuel tax credit (e) |
|
— |
|
|
|
0.02 |
|
Total adjustments |
|
2.79 |
|
|
|
0.09 |
|
Adjusted earnings per common share – assuming dilution (d) |
$ |
0.89 |
|
|
$ |
3.84 |
|
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 (f) (millions of dollars) (unaudited) |
||||||
|
|
Three Months Ended March 31, |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment |
|
|
|
|||
|
Refining segment |
|
|
|
|||
|
Refining operating income (loss) |
$ |
(530 |
) |
|
$ |
1,745 |
|
Adjustments: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
1,291 |
|
|
|
1,184 |
|
Depreciation and amortization expense |
|
594 |
|
|
|
600 |
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
Other operating expenses |
|
4 |
|
|
|
5 |
|
Refining margin |
$ |
2,490 |
|
|
$ |
3,534 |
|
|
|
|
|
|||
|
Refining operating income (loss) |
$ |
(530 |
) |
|
$ |
1,745 |
|
Adjustments: |
|
|
|
|||
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
Other operating expenses |
|
4 |
|
|
|
5 |
|
Adjusted Refining operating income |
$ |
605 |
|
|
$ |
1,750 |
|
|
|
|
|
|||
|
Renewable Diesel segment |
|
|
|
|||
|
Renewable Diesel operating income (loss) |
$ |
(141 |
) |
|
$ |
190 |
|
Adjustments: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
78 |
|
|
|
90 |
|
Depreciation and amortization expense |
|
68 |
|
|
|
65 |
|
Renewable Diesel margin |
$ |
5 |
|
|
$ |
345 |
|
|
|
|
|
|||
|
Ethanol segment |
|
|
|
|||
|
Ethanol operating income |
$ |
20 |
|
|
$ |
10 |
|
Adjustments: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
154 |
|
|
|
137 |
|
Depreciation and amortization expense |
|
19 |
|
|
|
19 |
|
Other operating expenses (b) |
|
— |
|
|
|
29 |
|
Ethanol margin |
$ |
193 |
|
|
$ |
195 |
|
|
|
|
|
|||
|
Ethanol operating income |
$ |
20 |
|
|
$ |
10 |
|
Adjustment: Other operating expenses (b) |
|
— |
|
|
|
29 |
|
Adjusted Ethanol operating income |
$ |
20 |
|
|
$ |
39 |
|
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 (f) (millions of dollars) (unaudited) |
|||||
|
|
Three Months Ended March 31, |
||||
|
|
2025 |
|
2024 |
||
|
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) (g) |
|
|
|
||
|
U.S. Gulf Coast region |
|
|
|
||
|
Refining operating income |
$ |
337 |
|
$ |
1,007 |
|
Adjustments: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
720 |
|
|
664 |
|
Depreciation and amortization expense |
|
376 |
|
|
373 |
|
Other operating expenses |
|
4 |
|
|
3 |
|
Refining margin |
$ |
1,437 |
|
$ |
2,047 |
|
|
|
|
|
||
|
Refining operating income |
$ |
337 |
|
$ |
1,007 |
|
Adjustment: Other operating expenses |
|
4 |
|
|
3 |
|
Adjusted Refining operating income |
$ |
341 |
|
$ |
1,010 |
|
|
|
|
|
||
|
U.S. Mid-Continent region |
|
|
|
||
|
Refining operating income |
$ |
50 |
|
$ |
269 |
|
Adjustments: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
195 |
|
|
185 |
|
Depreciation and amortization expense |
|
76 |
|
|
87 |
|
Other operating expenses |
|
— |
|
|
2 |
|
Refining margin |
$ |
321 |
|
$ |
543 |
|
|
|
|
|
||
|
Refining operating income |
$ |
50 |
|
$ |
269 |
|
Adjustment: Other operating expenses |
|
— |
|
|
2 |
|
Adjusted Refining operating income |
$ |
50 |
|
$ |
271 |
|
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 (f) (millions of dollars) (unaudited) |
||||||
|
|
Three Months Ended March 31, |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
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) (g) (continued) |
|
|
|
|||
|
North Atlantic region |
|
|
|
|||
|
Refining operating income |
$ |
216 |
|
|
$ |
398 |
|
Adjustments: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
172 |
|
|
|
179 |
|
Depreciation and amortization expense |
|
69 |
|
|
|
63 |
|
Refining margin |
$ |
457 |
|
|
$ |
640 |
|
|
|
|
|
|||
|
U.S. West Coast region |
|
|
|
|||
|
Refining operating income (loss) |
$ |
(1,133 |
) |
|
$ |
71 |
|
Adjustments: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) |
|
204 |
|
|
|
156 |
|
Depreciation and amortization expense |
|
73 |
|
|
|
77 |
|
Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
Refining margin |
$ |
275 |
|
|
$ |
304 |
|
|
|
|
|
|||
|
Refining operating income (loss) |
$ |
(1,133 |
) |
|
$ |
71 |
|
Adjustment: Asset impairment loss (a) |
|
1,131 |
|
|
|
— |
|
Adjusted Refining operating income (loss) |
$ |
(2 |
) |
|
$ |
71 |
|
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 March 31, |
||||
|
|
2025 |
|
2024 |
||
|
Throughput volumes (thousand barrels per day) |
|
|
|
||
|
Feedstocks: |
|
|
|
||
|
Heavy sour crude oil |
|
555 |
|
|
347 |
|
Medium/light sour crude oil |
|
234 |
|
|
240 |
|
Sweet crude oil |
|
1,560 |
|
|
1,507 |
|
Residuals |
|
95 |
|
|
151 |
|
Other feedstocks |
|
52 |
|
|
124 |
|
Total feedstocks |
|
2,496 |
|
|
2,369 |
|
Blendstocks and other |
|
332 |
|
|
391 |
|
Total throughput volumes |
|
2,828 |
|
|
2,760 |
|
|
|
|
|
||
|
Yields (thousand barrels per day) |
|
|
|
||
|
Gasolines and blendstocks |
|
1,375 |
|
|
1,348 |
|
Distillates |
|
1,078 |
|
|
991 |
|
Other products (h) |
|
396 |
|
|
440 |
|
Total yields |
|
2,849 |
|
|
2,779 |
|
|
|
|
|
||
|
Operating statistics (f) (i) |
|
|
|
||
|
Refining margin |
$ |
2,490 |
|
$ |
3,534 |
|
Adjusted Refining operating income |
$ |
605 |
|
$ |
1,750 |
|
Throughput volumes (thousand barrels per day) |
|
2,828 |
|
|
2,760 |
|
|
|
|
|
||
|
Refining margin per barrel of throughput |
$ |
9.78 |
|
$ |
14.07 |
|
Less: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
5.07 |
|
|
4.71 |
|
Depreciation and amortization expense per barrel of throughput |
|
2.33 |
|
|
2.39 |
|
Adjusted Refining operating income per barrel of throughput |
$ |
2.38 |
|
$ |
6.97 |
|
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 March 31, |
|||||
|
|
|
2025 |
|
|
2024 |
|
|
Operating statistics (f) (i) |
|
|
|
|||
|
Renewable Diesel margin |
$ |
5 |
|
|
$ |
345 |
|
Renewable Diesel operating income (loss) |
$ |
(141 |
) |
|
$ |
190 |
|
Sales volumes (thousand gallons per day) |
|
2,435 |
|
|
|
3,729 |
|
|
|
|
|
|||
|
Renewable Diesel margin per gallon of sales |
$ |
0.02 |
|
|
$ |
1.02 |
|
Less: |
|
|
|
|||
|
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales |
|
0.36 |
|
|
|
0.27 |
|
Depreciation and amortization expense per gallon of sales |
|
0.30 |
|
|
|
0.19 |
|
Renewable Diesel operating income (loss) per gallon of sales |
$ |
(0.64 |
) |
|
$ |
0.56 |
|
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 March 31, |
||||
|
|
2025 |
|
2024 |
||
|
Operating statistics (f) (i) |
|
|
|
||
|
Ethanol margin |
$ |
193 |
|
$ |
195 |
|
Adjusted Ethanol operating income |
$ |
20 |
|
$ |
39 |
|
Production volumes (thousand gallons per day) |
|
4,466 |
|
|
4,466 |
|
|
|
|
|
||
|
Ethanol margin per gallon of production |
$ |
0.48 |
|
$ |
0.48 |
|
Less: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production |
|
0.38 |
|
|
0.34 |
|
Depreciation and amortization expense per gallon of production |
|
0.05 |
|
|
0.05 |
|
Adjusted Ethanol operating income per gallon of production |
$ |
0.05 |
|
$ |
0.09 |
|
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 March 31, |
||||
|
|
2025 |
|
2024 |
||
|
Operating statistics by region (g) |
|
|
|
||
|
U.S. Gulf Coast region (f) (i) |
|
|
|
||
|
Refining margin |
$ |
1,437 |
|
$ |
2,047 |
|
Adjusted Refining operating income |
$ |
341 |
|
$ |
1,010 |
|
Throughput volumes (thousand barrels per day) |
|
1,671 |
|
|
1,594 |
|
|
|
|
|
||
|
Refining margin per barrel of throughput |
$ |
9.56 |
|
$ |
14.11 |
|
Less: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.79 |
|
|
4.58 |
|
Depreciation and amortization expense per barrel of throughput |
|
2.50 |
|
|
2.57 |
|
Adjusted Refining operating income per barrel of throughput |
$ |
2.27 |
|
$ |
6.96 |
|
|
|
|
|
||
|
U.S. Mid-Continent region (f) (i) |
|
|
|
||
|
Refining margin |
$ |
321 |
|
$ |
543 |
|
Adjusted Refining operating income |
$ |
50 |
|
$ |
271 |
|
Throughput volumes (thousand barrels per day) |
|
453 |
|
|
452 |
|
|
|
|
|
||
|
Refining margin per barrel of throughput |
$ |
7.87 |
|
$ |
13.20 |
|
Less: |
|
|
|
||
|
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput |
|
4.77 |
|
|
4.50 |
|
Depreciation and amortization expense per barrel of throughput |
|
1.87 |
|
|
2.10 |
|
Adjusted Refining operating income per barrel of throughput |
$ |
1.23 |
|
$ |
6.60 |
|
See Notes to Earnings Release Tables. |
|||||
Contacts
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
