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|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
For the transition period from _______________ to _______________ |
|
|
||||
(State or other jurisdiction of | (I.R.S. Employer | ||||
incorporation or organization) | Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
|
|
|
|
☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||||||||||||||||||||||||||||||||||||||||||||
Smaller reporting company |
|
Emerging growth company |
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Page | |||||
September 30,
2023 |
December 31,
2022 |
||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ |
|
$ |
|
|||||||
Receivables, net |
|
|
|||||||||
Inventories |
|
|
|||||||||
Prepaid expenses and other |
|
|
|||||||||
Total current assets |
|
|
|||||||||
Property, plant, and equipment, at cost |
|
|
|||||||||
Accumulated depreciation |
(
|
(
|
|||||||||
Property, plant, and equipment, net |
|
|
|||||||||
Deferred charges and other assets, net |
|
|
|||||||||
Total assets | $ |
|
$ |
|
|||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Current portion of debt and finance lease obligations | $ |
|
$ |
|
|||||||
Accounts payable |
|
|
|||||||||
Accrued expenses |
|
|
|||||||||
Taxes other than income taxes payable |
|
|
|||||||||
Income taxes payable |
|
|
|||||||||
Total current liabilities |
|
|
|||||||||
Debt and finance lease obligations, less current portion |
|
|
|||||||||
Deferred income tax liabilities |
|
|
|||||||||
Other long-term liabilities |
|
|
|||||||||
Commitments and contingencies |
|
|
|||||||||
Equity: | |||||||||||
Valero Energy Corporation stockholders’ equity: | |||||||||||
Common stock, $
|
|
|
|||||||||
Additional paid-in capital |
|
|
|||||||||
Treasury stock, at cost;
|
(
|
(
|
|||||||||
Retained earnings |
|
|
|||||||||
Accumulated other comprehensive loss |
(
|
(
|
|||||||||
Total Valero Energy Corporation stockholders’ equity |
|
|
|||||||||
Noncontrolling interests |
|
|
|||||||||
Total equity |
|
|
|||||||||
Total liabilities and equity | $ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues (a) | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Cost of sales: | |||||||||||||||||||||||
Cost of materials and other |
|
|
|
|
|||||||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
|
|
|
|
|||||||||||||||||||
Depreciation and amortization expense |
|
|
|
|
|||||||||||||||||||
Total cost of sales |
|
|
|
|
|||||||||||||||||||
Other operating expenses |
|
|
|
|
|||||||||||||||||||
General and administrative expenses (excluding depreciation and
amortization expense reflected below)
|
|
|
|
|
|||||||||||||||||||
Depreciation and amortization expense |
|
|
|
|
|||||||||||||||||||
Operating income |
|
|
|
|
|||||||||||||||||||
Other income, net |
|
|
|
|
|||||||||||||||||||
Interest and debt expense, net of capitalized interest |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Income before income tax expense |
|
|
|
|
|||||||||||||||||||
Income tax expense |
|
|
|
|
|||||||||||||||||||
Net income |
|
|
|
|
|||||||||||||||||||
Less: Net income attributable to noncontrolling interests |
|
|
|
|
|||||||||||||||||||
Net income
attributable to Valero Energy Corporation stockholders
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Earnings per common share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average common shares outstanding (in millions) |
|
|
|
|
|||||||||||||||||||
Earnings per common share – assuming dilution | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average common shares outstanding –
assuming dilution (in millions)
|
|
|
|
|
|||||||||||||||||||
__________________________
|
|||||||||||||||||||||||
Supplemental information: | |||||||||||||||||||||||
(a) Includes excise taxes on sales by certain of our foreign
operations
|
$ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustment |
(
|
(
|
|
(
|
|||||||||||||||||||
Net gain
(loss) on pension and other postretirement
benefits
|
(
|
|
(
|
|
|||||||||||||||||||
Net gain (loss) on cash flow hedges |
(
|
|
(
|
|
|||||||||||||||||||
Other comprehensive loss before
income tax expense (benefit)
|
(
|
(
|
(
|
(
|
|||||||||||||||||||
Income tax expense (benefit) related to items of
other comprehensive income (loss)
|
(
|
|
(
|
|
|||||||||||||||||||
Other comprehensive
loss
|
(
|
(
|
|
(
|
|||||||||||||||||||
Comprehensive income |
|
|
|
|
|||||||||||||||||||
Less: Comprehensive income attributable
to noncontrolling interests
|
|
|
|
|
|||||||||||||||||||
Comprehensive income attributable to
Valero Energy Corporation stockholders
|
$ |
|
$ |
|
$ |
|
$ |
|
Valero Energy Corporation Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common
Stock |
Additional
Paid-in Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||
Dividends on common stock
($
|
— | — | — |
(
|
— |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Stock-based compensation
expense
|
— |
|
— | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Transactions in connection
with stock-based
compensation plans
|
— |
(
|
|
— | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Purchases of common stock for
treasury
|
— | — |
(
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling
interests
|
— | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — |
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||
Dividends on common stock
($
|
— | — | — |
(
|
— |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Stock-based compensation
expense
|
— |
|
— | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Transactions in connection
with stock-based
compensation plans
|
— | — |
(
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Purchases of common stock for
treasury
|
— | — |
(
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling
interests
|
— | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss)
|
— | — | — | — |
(
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Valero Energy Corporation Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||
Common
Stock |
Additional
Paid-in Capital |
Treasury
Stock |
Retained
Earnings |
Accumulated
Other Comprehensive Loss |
Total |
Non-
controlling Interests |
Total
Equity |
||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||
Dividends on common stock
($
|
— | — | — |
(
|
— |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Stock-based compensation
expense
|
— |
|
— | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Transactions in connection
with stock-based
compensation plans
|
— |
(
|
|
— | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Purchases of common stock for
treasury
|
— | — |
(
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling
interests
|
— | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling
interests
|
— | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss)
|
— | — | — | — |
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2023 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Net income | — | — | — |
|
— |
|
|
|
|||||||||||||||||||||||||||||||||||||||
Dividends on common stock
($
|
— | — | — |
(
|
— |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Stock-based compensation
expense
|
— |
|
— | — | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Transactions in connection
with stock-based
compensation plans
|
— |
(
|
|
— | — |
|
— |
|
|||||||||||||||||||||||||||||||||||||||
Purchases of common stock for
treasury
|
— | — |
(
|
— | — |
(
|
— |
(
|
|||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling
interests
|
— | — | — | — | — | — |
|
|
|||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling
interests
|
— | — | — | — | — | — |
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss)
|
— | — | — | — |
(
|
(
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ |
|
$ |
|
$ |
(
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
Nine Months Ended
September 30, |
|||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ |
|
$ |
|
|||||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|||||||||||
Depreciation and amortization expense |
|
|
|||||||||
Loss (gain) on early retirement of debt, net |
(
|
|
|||||||||
Deferred income tax expense (benefit) |
|
(
|
|||||||||
Changes in current assets and current liabilities |
(
|
(
|
|||||||||
Changes in deferred charges and credits and other operating activities, net |
(
|
(
|
|||||||||
Net cash provided by operating activities |
|
|
|||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures (excluding variable interest entities (VIEs)) |
(
|
(
|
|||||||||
Capital expenditures of VIEs: | |||||||||||
Diamond Green Diesel Holdings LLC (DGD) |
(
|
(
|
|||||||||
Other VIEs |
(
|
(
|
|||||||||
Deferred turnaround and catalyst cost expenditures (excluding VIEs) |
(
|
(
|
|||||||||
Deferred turnaround and catalyst cost expenditures of DGD |
(
|
(
|
|||||||||
Purchases of available-for-sale (AFS) debt securities |
(
|
|
|||||||||
Proceeds from sales and maturities of AFS debt securities |
|
|
|||||||||
Proceeds from sale of assets |
|
|
|||||||||
Investments in nonconsolidated joint ventures |
|
(
|
|||||||||
Other investing activities, net |
|
(
|
|||||||||
Net cash used in investing activities |
(
|
(
|
|||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from debt issuances and borrowings (excluding VIEs) |
|
|
|||||||||
Proceeds from borrowings of VIEs: | |||||||||||
DGD |
|
|
|||||||||
Other VIEs |
|
|
|||||||||
Repayments of debt and finance lease obligations (excluding VIEs) |
(
|
(
|
|||||||||
Repayments of debt and finance lease obligations of VIEs: | |||||||||||
DGD |
(
|
(
|
|||||||||
Other VIEs |
(
|
(
|
|||||||||
Premiums paid on early retirement of debt |
(
|
(
|
|||||||||
Purchases of common stock for treasury |
(
|
(
|
|||||||||
Common stock dividend payments |
(
|
(
|
|||||||||
Contributions from noncontrolling interests |
|
|
|||||||||
Distributions to noncontrolling interests |
(
|
(
|
|||||||||
Other financing activities, net |
|
(
|
|||||||||
Net cash used in financing activities |
(
|
(
|
|||||||||
Effect of foreign exchange rate changes on cash |
|
(
|
|||||||||
Net increase (decrease) in cash and cash equivalents |
|
(
|
|||||||||
Cash and cash equivalents at beginning of period |
|
|
|||||||||
Cash and cash equivalents at end of period | $ |
|
$ |
|
September 30,
2023 |
December 31,
2022 |
||||||||||
Refinery feedstocks | $ |
|
$ |
|
|||||||
Refined petroleum products and blendstocks
|
|
|
|||||||||
Renewable diesel feedstocks and products
|
|
|
|||||||||
Ethanol feedstocks and products |
|
|
|||||||||
Materials and supplies |
|
|
|||||||||
Inventories | $ |
|
$ |
|
Debt Purchased and Retired |
Principal
Amount |
|||||||
|
$ |
|
||||||
|
|
|||||||
|
|
|||||||
Various other Valero and Valero Energy
Partners (VLP) Senior Notes
|
|
|||||||
Total | $ |
|
Debt Purchased and Retired |
Principal
Amount |
|||||||
|
$ |
|
||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
Total | $ |
|
Debt Purchased and Retired |
Principal
Amount |
|||||||
|
$ |
|
||||||
|
|
|||||||
|
|
|||||||
|
|
|||||||
Total | $ |
|
September 30, 2023 | |||||||||||||||||||||||||||||
Facility
Amount |
Maturity Date |
Outstanding
Borrowings |
Letters of Credit
Issued (a) |
Availability | |||||||||||||||||||||||||
Committed facilities: | |||||||||||||||||||||||||||||
Valero Revolver | $ |
|
November 2027 | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
Canadian Revolver (b) | C$ |
|
November 2023 | C$ |
|
C$ |
|
C$ |
|
||||||||||||||||||||
Accounts receivable
sales facility
|
$ |
|
July 2024 | $ |
|
n/a | $ |
|
|||||||||||||||||||||
Committed facilities of
VIEs (c):
|
|||||||||||||||||||||||||||||
DGD Revolver (d) | $ |
|
June 2026 | $ |
|
$ |
|
$ |
|
||||||||||||||||||||
DGD Loan Agreement (e) | $ |
|
June 2026 | $ |
|
n/a | $ |
|
|||||||||||||||||||||
IEnova Revolver (f) | $ |
|
February 2028 | $ |
|
n/a | $ |
|
|||||||||||||||||||||
Uncommitted facilities: | |||||||||||||||||||||||||||||
Letter of credit facilities | n/a | n/a | n/a | $ |
|
n/a |
Nine Months Ended
September 30, |
|||||||||||
2023 | 2022 | ||||||||||
Borrowings: | |||||||||||
Accounts receivable sales facility | $ |
|
$ |
|
|||||||
DGD Revolver |
|
|
|||||||||
DGD Loan Agreement |
|
|
|||||||||
IEnova Revolver |
|
|
|||||||||
Repayments: | |||||||||||
Accounts receivable sales facility |
(
|
(
|
|||||||||
DGD Revolver |
(
|
(
|
|||||||||
DGD Loan Agreement |
(
|
(
|
|||||||||
IEnova Revolver |
(
|
(
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Interest and debt expense | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Less: Capitalized interest |
|
|
|
|
|||||||||||||||||||
Interest and debt expense, net of
capitalized interest
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign
Currency Translation Adjustment |
Defined
Benefit Plans Items |
Gains
(Losses) on Cash Flow Hedges |
Total |
Foreign
Currency Translation Adjustment |
Defined
Benefit Plans Items |
Gains
(Losses) on Cash Flow Hedges |
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Balance as of beginning
of period
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss) before
reclassifications
|
(
|
|
(
|
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||
Amounts reclassified
from accumulated
other comprehensive
loss
|
|
(
|
|
|
|
|
(
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Effect of exchange rates |
|
(
|
|
(
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss)
|
(
|
(
|
(
|
(
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||||||||||||||||||
Balance as of end of
period
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign
Currency Translation Adjustment |
Defined
Benefit Plans Items |
Gains
(Losses) on Cash Flow Hedges |
Total |
Foreign
Currency Translation Adjustment |
Defined
Benefit Plans Items |
Gains
(Losses) on Cash Flow Hedges |
Total | ||||||||||||||||||||||||||||||||||||||||
Balance as of beginning
of period
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||||||||||
Other comprehensive
income (loss) before
reclassifications
|
|
|
(
|
|
(
|
(
|
(
|
(
|
|||||||||||||||||||||||||||||||||||||||
Amounts reclassified
from accumulated
other comprehensive
loss
|
|
(
|
|
(
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Effect of exchange rates |
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||
Other comprehensive
income (loss)
|
|
(
|
(
|
|
(
|
|
|
(
|
|||||||||||||||||||||||||||||||||||||||
Balance as of end of
period
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
DGD |
Central
Mexico Terminals |
Other | Total | ||||||||||||||||||||
September 30, 2023 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Other current assets |
|
|
|
|
|||||||||||||||||||
Property, plant, and equipment, net |
|
|
|
|
|||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current liabilities, including current portion
of debt and finance lease obligations
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Debt and finance lease obligations,
less current portion
|
|
|
|
|
|||||||||||||||||||
DGD |
Central
Mexico Terminals |
Other | Total | ||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Other current assets |
|
|
|
|
|||||||||||||||||||
Property, plant, and equipment, net |
|
|
|
|
|||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Current liabilities, including current portion
of debt and finance lease obligations
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Debt and finance lease obligations,
less current portion
|
|
|
|
|
Pension Plans |
Other Postretirement
Benefit Plans |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Three months ended September 30 | |||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Interest cost |
|
|
|
|
|||||||||||||||||||
Expected return on plan assets |
(
|
(
|
|
|
|||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial (gain) loss |
(
|
|
(
|
|
|||||||||||||||||||
Prior service credit |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Settlement loss |
|
|
|
|
|||||||||||||||||||
Net periodic benefit cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Nine months ended September 30 | |||||||||||||||||||||||
Service cost | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Interest cost |
|
|
|
|
|||||||||||||||||||
Expected return on plan assets |
(
|
(
|
|
|
|||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial
(gain) loss
|
(
|
|
(
|
|
|||||||||||||||||||
Prior service credit |
(
|
(
|
(
|
(
|
|||||||||||||||||||
Settlement loss |
|
|
|
|
|||||||||||||||||||
Net periodic benefit cost
|
$ |
|
$ |
|
$ |
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Earnings
per common share:
|
|||||||||||||||||||||||
Net income attributable to Valero stockholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Less: Income allocated to participating securities |
|
|
|
|
|||||||||||||||||||
Net income available to common stockholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average common shares outstanding |
|
|
|
|
|||||||||||||||||||
Earnings per common share | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Earnings per common share – assuming dilution: | |||||||||||||||||||||||
Net income attributable to Valero stockholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Less: Income allocated to participating securities |
|
|
|
|
|||||||||||||||||||
Net income available to common stockholders | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Weighted-average common shares outstanding |
|
|
|
|
|||||||||||||||||||
Effect of dilutive securities |
|
|
|
|
|||||||||||||||||||
Weighted-average common shares outstanding –
assuming dilution
|
|
|
|
|
|||||||||||||||||||
Earnings per common share – assuming dilution | $ |
|
$ |
|
$ |
|
$ |
|
September 30,
2023 |
December 31,
2022 |
||||||||||||||||
Receivables from contracts with customers,
included in receivables, net
|
$ |
|
$ |
|
|||||||||||||
Contract liabilities, included in accrued expenses |
|
|
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
Three months ended September 30, 2023 | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Intersegment revenues
|
|
|
|
(
|
— | ||||||||||||||||||||||||
Total revenues
|
|
|
|
(
|
|
||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other (a) |
|
|
|
(
|
|
||||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
(
|
|
||||||||||||||||||||||||
Total cost of sales
|
|
|
|
(
|
|
||||||||||||||||||||||||
Other operating expenses |
|
|
|
|
|
||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Operating
income by segment
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
Three months ended September 30, 2022 | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Intersegment revenues
|
|
|
|
(
|
— | ||||||||||||||||||||||||
Total revenues
|
|
|
|
(
|
|
||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other (a) |
|
|
|
(
|
|
||||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense reflected below)
|
|
|
|
(
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Total cost of sales
|
|
|
|
(
|
|
||||||||||||||||||||||||
Other operating expenses |
|
|
|
|
|
||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Operating income by segment | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
Nine months ended September 30, 2023 | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Intersegment revenues
|
|
|
|
(
|
— | ||||||||||||||||||||||||
Total revenues
|
|
|
|
(
|
|
||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other (a) |
|
|
|
(
|
|
||||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
(
|
|
||||||||||||||||||||||||
Total cost of sales
|
|
|
|
(
|
|
||||||||||||||||||||||||
Other operating expenses |
|
|
|
|
|
||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Operating income by segment | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
|||||||||||||||||||
Nine months ended September 30, 2022 | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||
Intersegment revenues
|
|
|
|
(
|
— | ||||||||||||||||||||||||
Total revenues
|
|
|
|
(
|
|
||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other (a) |
|
|
|
(
|
|
||||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense reflected below)
|
|
|
|
(
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Total cost of sales
|
|
|
|
(
|
|
||||||||||||||||||||||||
Other operating expenses |
|
|
|
|
|
||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
|
|
|
|
|
|
||||||||||||||||||||||||
Depreciation and amortization expense
|
|
|
|
|
|
||||||||||||||||||||||||
Operating income by segment | $ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Refining: | |||||||||||||||||||||||
Gasolines and blendstocks
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Distillates
|
|
|
|
|
|||||||||||||||||||
Other product revenues
|
|
|
|
|
|||||||||||||||||||
Total Refining revenues |
|
|
|
|
|||||||||||||||||||
Renewable Diesel: | |||||||||||||||||||||||
Renewable diesel
|
|
|
|
|
|||||||||||||||||||
Renewable naphtha |
|
|
|
|
|||||||||||||||||||
Total Renewable Diesel
revenues
|
|
|
|
|
|||||||||||||||||||
Ethanol: | |||||||||||||||||||||||
Ethanol
|
|
|
|
|
|||||||||||||||||||
Distillers grains
|
|
|
|
|
|||||||||||||||||||
Total Ethanol revenues |
|
|
|
|
|||||||||||||||||||
Revenues
|
$ |
|
$ |
|
$ |
|
$ |
|
September 30,
2023 |
December 31,
2022 |
||||||||||
Refining | $ |
|
$ |
|
|||||||
Renewable Diesel |
|
|
|||||||||
Ethanol |
|
|
|||||||||
Corporate and eliminations |
|
|
|||||||||
Total assets | $ |
|
$ |
|
Nine Months Ended
September 30, |
|||||||||||
2023 | 2022 | ||||||||||
Increase in current assets: | |||||||||||
Receivables, net | $ |
(
|
$ |
(
|
|||||||
Inventories |
(
|
(
|
|||||||||
Prepaid expenses and other |
(
|
(
|
|||||||||
Increase (decrease) in current liabilities: | |||||||||||
Accounts payable |
|
|
|||||||||
Accrued expenses |
(
|
|
|||||||||
Taxes other than income taxes payable |
(
|
(
|
|||||||||
Income taxes payable |
(
|
|
|||||||||
Changes in current assets and current liabilities | $ |
(
|
$ |
(
|
Nine Months Ended
September 30, |
|||||||||||
2023 | 2022 | ||||||||||
Interest paid in excess of amount capitalized,
including interest on finance leases
|
$ |
|
$ |
|
|||||||
Income taxes paid, net |
|
|
Nine Months Ended September 30, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Operating
Leases |
Finance
Leases |
Operating
Leases |
Finance
Leases |
||||||||||||||||||||
Cash paid for amounts included in the
measurement of lease liabilities:
|
|||||||||||||||||||||||
Operating cash flows | $ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||
Financing cash flows | — |
|
— |
|
|||||||||||||||||||
Changes in lease balances resulting from new
and modified leases
|
|
|
|
|
September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Total
Gross Fair Value |
Effect of
Counter- party Netting |
Effect of
Cash Collateral Netting |
Net
Carrying Value on Balance Sheet |
Cash
Collateral Paid or Received Not Offset |
|||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative
contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Foreign currency
contracts
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Investments of certain
benefit plans
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Investments in AFS
debt securities
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative
contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||
Blending program
obligations
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Physical purchase
contracts
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Total
Gross Fair Value |
Effect of
Counter- party Netting |
Effect of
Cash Collateral Netting |
Net
Carrying Value on Balance Sheet |
Cash
Collateral Paid or Received Not Offset |
|||||||||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative
contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
$ |
|
|||||||||||||||||||||||||||||||
Physical purchase
contracts
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Investments of certain
benefit plans
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Investments in AFS
debt securities
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Total | $ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
(
|
$ |
|
|||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity derivative
contracts
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
$ |
(
|
|||||||||||||||||||||||||||||||
Blending program
obligations
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Physical purchase
contracts
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Foreign currency
contracts
|
|
|
|
|
n/a | n/a |
|
n/a | |||||||||||||||||||||||||||||||||||||||
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
(
|
$ |
|
$ |
|
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Total | Level 1 | Level 2 | Total | ||||||||||||||||||||||||||||||
Cash and cash equivalents | $ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||||||||
Prepaid expenses and other |
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Investments in AFS debt
securities
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
September 30, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||
Fair Value
Hierarchy |
Carrying
Amount |
Fair
Value |
Carrying
Amount |
Fair
Value |
|||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Debt (excluding finance lease
obligations)
|
Level 2 | $ |
|
$ |
|
$ |
|
$ |
|
Notional Contract Volumes by
Year of Maturity |
||||||||||||||||||||
2023 | 2024 | |||||||||||||||||||
Derivatives designated as cash flow hedges: | ||||||||||||||||||||
Refined petroleum products: | ||||||||||||||||||||
Futures – long |
|
|
||||||||||||||||||
Futures – short |
|
|
||||||||||||||||||
Derivatives designated as economic hedges: | ||||||||||||||||||||
Crude oil and refined petroleum products:
|
||||||||||||||||||||
Futures – long |
|
|
||||||||||||||||||
Futures – short |
|
|
||||||||||||||||||
Corn: | ||||||||||||||||||||
Futures – long |
|
|
||||||||||||||||||
Futures – short |
|
|
||||||||||||||||||
Physical contracts – long |
|
|
||||||||||||||||||
Balance Sheet
Location |
September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
Asset
Derivatives |
Liability
Derivatives |
Asset
Derivatives |
Liability
Derivatives |
||||||||||||||||||||||||||
Derivatives designated
as hedging instruments:
|
|||||||||||||||||||||||||||||
Commodity contracts | Receivables, net | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
Derivatives not designated
as hedging instruments:
|
|||||||||||||||||||||||||||||
Commodity contracts | Receivables, net | $ |
|
$ |
|
$ |
|
$ |
|
||||||||||||||||||||
Physical purchase contracts | Inventories |
|
|
|
|
||||||||||||||||||||||||
Foreign currency contracts | Receivables, net |
|
|
|
|
||||||||||||||||||||||||
Foreign currency contracts | Accrued expenses |
|
|
|
|
||||||||||||||||||||||||
Total
|
$ |
|
$ |
|
$ |
|
$ |
|
Derivatives in
Cash Flow Hedging Relationships |
Location of Gain (Loss)
Recognized in Income on Derivatives |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Commodity contracts: | ||||||||||||||||||||||||||||||||
Gain (loss)
recognized in
other comprehensive
loss
|
n/a | $ |
(
|
$ |
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||
Gain (loss) reclassified
from accumulated other
comprehensive loss into
income
|
Revenues |
(
|
|
(
|
(
|
Derivatives Not
Designated as Hedging Instruments |
Location of Gain (Loss)
Recognized in Income on Derivatives |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
|||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Commodity contracts | Revenues | $ |
(
|
$ |
(
|
$ |
(
|
$ |
(
|
|||||||||||||||||||||||
Commodity contracts |
Cost of materials
and other |
(
|
(
|
|
(
|
|||||||||||||||||||||||||||
Commodity contracts |
Operating expenses
(excluding depreciation and amortization expense) |
|
(
|
|
(
|
|||||||||||||||||||||||||||
Foreign currency contracts |
Cost of materials
and other |
|
|
(
|
|
|||||||||||||||||||||||||||
Foreign currency contracts | Other income, net |
|
(
|
|
(
|
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Refining segment: | |||||||||||||||||
Operating income | $ | 3,445 | $ | 3,810 | $ | (365) | |||||||||||
Adjusted operating income | 3,451 | 3,816 | (365) | ||||||||||||||
Renewable Diesel segment: | |||||||||||||||||
Operating income | 123 | 212 | (89) | ||||||||||||||
Ethanol segment: | |||||||||||||||||
Operating income | 197 | 1 | 196 | ||||||||||||||
Total company: | |||||||||||||||||
Operating income | 3,503 | 3,792 | (289) | ||||||||||||||
Adjusted operating income | 3,509 | 3,798 | (289) |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Refining segment: | |||||||||||||||||
Operating income | $ | 9,934 | $ | 11,473 | $ | (1,539) | |||||||||||
Adjusted operating income | 9,951 | 11,407 | (1,456) | ||||||||||||||
Renewable Diesel segment: | |||||||||||||||||
Operating income | 768 | 513 | 255 | ||||||||||||||
Ethanol segment: | |||||||||||||||||
Operating income | 363 | 103 | 260 | ||||||||||||||
Adjusted operating income | 364 | 82 | 282 | ||||||||||||||
Total company: | |||||||||||||||||
Operating income | 10,305 | 11,395 | (1,090) | ||||||||||||||
Adjusted operating income | 10,323 | 11,328 | (1,005) |
Three Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
Other income, net | 122 | ||||||||||||||||||||||||||||
Interest and debt expense, net of capitalized
interest
|
(149) | ||||||||||||||||||||||||||||
Income before income tax expense | 3,476 | ||||||||||||||||||||||||||||
Income tax expense | 813 | ||||||||||||||||||||||||||||
Net income | 2,663 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling
interests
|
41 | ||||||||||||||||||||||||||||
Net income attributable to
Valero Energy Corporation stockholders
|
$ | 2,622 |
Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ | 42,280 | $ | 967 | $ | 1,207 | $ | — | $ | 44,454 | |||||||||||||||||||
Intersegment revenues
|
9 | 508 | 179 | (696) | — | ||||||||||||||||||||||||
Total revenues
|
42,289 | 1,475 | 1,386 | (696) | 44,454 | ||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other | 36,389 | 1,161 | 1,203 | (689) | 38,064 | ||||||||||||||||||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
|
1,516 | 69 | 162 | (1) | 1,746 | ||||||||||||||||||||||||
Depreciation and amortization expense | 568 | 33 | 20 | — | 621 | ||||||||||||||||||||||||
Total cost of sales
|
38,473 | 1,263 | 1,385 | (690) | 40,431 | ||||||||||||||||||||||||
Other operating expenses | 6 | — | — | — | 6 | ||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
|
— | — | — | 214 | 214 | ||||||||||||||||||||||||
Depreciation and amortization expense | — | — | — | 11 | 11 | ||||||||||||||||||||||||
Operating income by segment | $ | 3,810 | $ | 212 | $ | 1 | $ | (231) | 3,792 | ||||||||||||||||||||
Other income, net (d) | 74 | ||||||||||||||||||||||||||||
Interest and debt expense, net of capitalized
interest
|
(138) | ||||||||||||||||||||||||||||
Income before income tax expense | 3,728 | ||||||||||||||||||||||||||||
Income tax expense | 816 | ||||||||||||||||||||||||||||
Net income | 2,912 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling
interests
|
95 | ||||||||||||||||||||||||||||
Net income attributable to
Valero Energy Corporation stockholders
|
$ | 2,817 |
Three Months Ended September 30, | |||||||||||
2023 | 2022 | ||||||||||
Refining | |||||||||||
Feedstocks (dollars per barrel) | |||||||||||
Brent crude oil
|
$ | 86.18 | $ | 97.59 | |||||||
Brent less West Texas Intermediate (WTI) crude oil | 3.72 | 5.83 | |||||||||
Brent less WTI Houston crude oil | 2.21 | 3.69 | |||||||||
Brent less Dated Brent crude oil | (0.78) | (2.97) | |||||||||
Brent less Argus Sour Crude Index (ASCI) crude oil | 3.43 | 8.23 | |||||||||
Brent less Maya crude oil
|
8.77 | 13.11 | |||||||||
Brent less Western Canadian Select (WCS) Houston crude oil | 9.98 | 17.68 | |||||||||
WTI crude oil
|
82.46 | 91.76 | |||||||||
Natural gas (dollars per million British Thermal Units
(MMBTu))
|
2.38 | 7.31 | |||||||||
Renewable volume obligation (RVO) (dollars per barrel) (e) | 7.42 | 8.11 | |||||||||
Product margins (RVO adjusted unless otherwise noted)
(dollars per barrel)
|
|||||||||||
U.S. Gulf Coast:
|
|||||||||||
Conventional Blendstock of Oxygenate Blending (CBOB)
gasoline less Brent
|
14.70 | 5.70 | |||||||||
Ultra-low-sulfur (ULS) diesel less Brent
|
30.87 | 41.01 | |||||||||
Propylene less Brent (not RVO adjusted) | (57.98) | (46.73) | |||||||||
U.S. Mid-Continent:
|
|||||||||||
CBOB gasoline less WTI
|
25.46 | 19.27 | |||||||||
ULS diesel less WTI
|
37.10 | 52.25 | |||||||||
North Atlantic:
|
|||||||||||
CBOB gasoline less Brent
|
22.93 | 20.17 | |||||||||
ULS diesel less Brent
|
33.91 | 44.19 | |||||||||
U.S. West Coast:
|
|||||||||||
California Reformulated Gasoline Blendstock of
Oxygenate Blending (CARBOB) 87 gasoline less Brent
|
43.33 | 41.48 | |||||||||
California Air Resources Board (CARB) diesel less Brent | 47.66 | 43.68 | |||||||||
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Renewable Diesel | |||||||||||||||||
New York Mercantile Exchange ULS diesel
(dollars per gallon)
|
$ | 3.03 | $ | 3.55 | |||||||||||||
Biodiesel RIN (dollars per RIN) | 1.40 | 1.71 | |||||||||||||||
California LCFS carbon credit (dollars per metric ton) | 74.46 | 86.21 | |||||||||||||||
U.S. Gulf Coast (USGC) used cooking oil (UCO) (dollars per
pound)
|
0.64 | 0.73 | |||||||||||||||
USGC distillers corn oil (DCO) (dollars per pound) | 0.72 | 0.73 | |||||||||||||||
USGC fancy bleachable tallow (Tallow) (dollars per pound) | 0.68 | 0.78 | |||||||||||||||
Ethanol | |||||||||||||||||
Chicago Board of Trade corn (dollars per bushel) | 4.99 | 6.60 | |||||||||||||||
New York Harbor ethanol (dollars per gallon) | 2.39 | 2.58 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Revenues | $ | 38,404 | $ | 44,454 | $ | (6,050) | |||||||||||
Cost of sales | 34,634 | 40,431 | (5,797) | ||||||||||||||
Operating income | 3,503 | 3,792 | (289) | ||||||||||||||
Adjusted operating income (see note (f))
|
3,509 | 3,798 | (289) | ||||||||||||||
Other income, net (see note (d))
|
122 | 74 | 48 | ||||||||||||||
Net income attributable to noncontrolling interests | 41 | 95 | (54) |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Interest income on cash | $ | 74 | $ | 36 | $ | 38 | |||||||||||
Gain from early retirement of debt (see note (d)) | — | 26 | (26) | ||||||||||||||
Equity income on joint ventures and other | 48 | 12 | 36 | ||||||||||||||
Other income, net | $ | 122 | $ | 74 | $ | 48 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income | $ | 3,445 | $ | 3,810 | $ | (365) | |||||||||||
Adjusted operating income (see note (f)) | 3,451 | 3,816 | (365) | ||||||||||||||
Refining margin (see note (f))
|
5,414 | 5,900 | (486) | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
1,366 | 1,516 | (150) | ||||||||||||||
Depreciation and amortization expense | 597 | 568 | 29 | ||||||||||||||
Throughput volumes (thousand barrels per day) (see note (g)) | 3,022 | 3,005 | 17 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income
|
$ | 123 | $ | 212 | $ | (89) | |||||||||||
Renewable Diesel margin (see note (f)) | 262 | 314 | (52) | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
84 | 69 | 15 | ||||||||||||||
Depreciation and amortization expense | 55 | 33 | 22 | ||||||||||||||
Sales volumes (thousand gallons per day) (see note (g)) | 2,992 | 2,231 | 761 |
Three Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income | $ | 197 | $ | 1 | $ | 196 | |||||||||||
Ethanol margin (see note (f)) | 342 | 183 | 159 | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
125 | 162 | (37) | ||||||||||||||
Depreciation and amortization expense | 20 | 20 | — | ||||||||||||||
Production volumes (thousand gallons per day) (see note (g)) | 4,329 | 3,498 | 831 |
Nine Months Ended September 30, 2023 | |||||||||||||||||||||||||||||
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
Other income, net (d) | 357 | ||||||||||||||||||||||||||||
Interest and debt expense, net of capitalized
interest
|
(443) | ||||||||||||||||||||||||||||
Income before income tax expense | 10,219 | ||||||||||||||||||||||||||||
Income tax expense | 2,288 | ||||||||||||||||||||||||||||
Net income | 7,931 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling
interests
|
298 | ||||||||||||||||||||||||||||
Net income attributable to
Valero Energy Corporation stockholders
|
$ | 7,633 |
Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||
Refining |
Renewable
Diesel |
Ethanol |
Corporate
and Eliminations |
Total | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Revenues from external customers
|
$ | 128,588 | $ | 2,417 | $ | 3,632 | $ | — | $ | 134,637 | |||||||||||||||||||
Intersegment revenues
|
24 | 1,490 | 507 | (2,021) | — | ||||||||||||||||||||||||
Total revenues
|
128,612 | 3,907 | 4,139 | (2,021) | 134,637 | ||||||||||||||||||||||||
Cost of sales: | |||||||||||||||||||||||||||||
Cost of materials and other (a) | 111,308 | 3,129 | 3,533 | (2,011) | 115,959 | ||||||||||||||||||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
|
4,111 | 178 | 464 | (2) | 4,751 | ||||||||||||||||||||||||
Depreciation and amortization expense (b) | 1,682 | 87 | 37 | — | 1,806 | ||||||||||||||||||||||||
Total cost of sales
|
117,101 | 3,394 | 4,034 | (2,013) | 122,516 | ||||||||||||||||||||||||
Other operating expenses | 38 | — | 2 | — | 40 | ||||||||||||||||||||||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below) (c)
|
— | — | — | 652 | 652 | ||||||||||||||||||||||||
Depreciation and amortization expense | — | — | — | 34 | 34 | ||||||||||||||||||||||||
Operating income by segment | $ | 11,473 | $ | 513 | $ | 103 | $ | (694) | 11,395 | ||||||||||||||||||||
Other income, net (d) | 87 | ||||||||||||||||||||||||||||
Interest and debt expense, net of capitalized
interest
|
(425) | ||||||||||||||||||||||||||||
Income before income tax expense | 11,057 | ||||||||||||||||||||||||||||
Income tax expense | 2,410 | ||||||||||||||||||||||||||||
Net income | 8,647 | ||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling
interests
|
232 | ||||||||||||||||||||||||||||
Net income attributable to
Valero Energy Corporation stockholders
|
$ | 8,415 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Refining | |||||||||||||||||
Feedstocks (dollars per barrel) | |||||||||||||||||
Brent crude oil | $ | 82.12 | $ | 102.21 | |||||||||||||
Brent less WTI crude oil | 4.68 | 3.91 | |||||||||||||||
Brent less WTI Houston crude oil | 3.19 | 2.28 | |||||||||||||||
Brent less Dated Brent crude oil | (0.10) | (2.92) | |||||||||||||||
Brent less ASCI crude oil | 5.53 | 6.58 | |||||||||||||||
Brent less Maya crude oil | 14.16 | 9.84 | |||||||||||||||
Brent less WCS Houston crude oil | 12.19 | 13.22 | |||||||||||||||
WTI crude oil
|
77.44 | 98.29 | |||||||||||||||
Natural gas (dollars per MMBtu) | 2.21 | 6.29 | |||||||||||||||
RVO (dollars per barrel) (e) | 7.77 | 7.45 | |||||||||||||||
Product margins (RVO adjusted unless otherwise noted)
(dollars per barrel)
|
|||||||||||||||||
U.S. Gulf Coast: | |||||||||||||||||
CBOB gasoline less Brent | 12.57 | 12.82 | |||||||||||||||
ULS diesel less Brent | 25.26 | 36.89 | |||||||||||||||
Propylene less Brent (not RVO adjusted) | (46.32) | (38.04) | |||||||||||||||
U.S. Mid-Continent: | |||||||||||||||||
CBOB gasoline less WTI | 22.25 | 19.04 | |||||||||||||||
ULS diesel less WTI | 32.12 | 41.81 | |||||||||||||||
North Atlantic: | |||||||||||||||||
CBOB gasoline less Brent | 18.96 | 21.73 | |||||||||||||||
ULS diesel less Brent | 28.19 | 44.22 | |||||||||||||||
U.S. West Coast: | |||||||||||||||||
CARBOB 87 gasoline less Brent | 32.89 | 36.59 | |||||||||||||||
CARB diesel less Brent | 31.43 | 39.70 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Renewable Diesel | |||||||||||||||||
New York Mercantile Exchange ULS diesel
(dollars per gallon)
|
$ | 2.80 | $ | 3.54 | |||||||||||||
Biodiesel RIN (dollars per RIN) | 1.51 | 1.61 | |||||||||||||||
California LCFS carbon credit (dollars per metric ton) | 73.65 | 109.71 | |||||||||||||||
USGC UCO (dollars per pound) | 0.61 | 0.77 | |||||||||||||||
USGC DCO (dollars per pound) | 0.65 | 0.77 | |||||||||||||||
USGC Tallow (dollars per pound) | 0.62 | 0.76 | |||||||||||||||
Ethanol | |||||||||||||||||
CBOT corn (dollars per bushel) | 5.95 | 7.02 | |||||||||||||||
New York Harbor ethanol (dollars per gallon) | 2.42 | 2.60 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Revenues | $ | 109,352 | $ | 134,637 | $ | (25,285) | |||||||||||
Cost of sales (see notes (a) and (b)) | 98,294 | 122,516 | (24,222) | ||||||||||||||
Operating income | 10,305 | 11,395 | (1,090) | ||||||||||||||
Adjusted operating income (see note (f)) | 10,323 | 11,328 | (1,005) | ||||||||||||||
Other income, net (see note (d))
|
357 | 87 | 270 | ||||||||||||||
Income tax expense
|
2,288 | 2,410 | (122) | ||||||||||||||
Net income attributable to noncontrolling interests | 298 | 232 | 66 | ||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Interest income on cash | $ | 197 | $ | 49 | $ | 148 | |||||||||||
Net gain (loss) from early retirement of debt (see note (d)) | 11 | (24) | 35 | ||||||||||||||
Equity income on joint ventures and other | 149 | 62 | 87 | ||||||||||||||
Other income, net | $ | 357 | $ | 87 | $ | 270 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income | $ | 9,934 | $ | 11,473 | $ | (1,539) | |||||||||||
Adjusted operating income (see note (f)) | 9,951 | 11,407 | (1,456) | ||||||||||||||
Refining margin (see note (f)) | 15,534 | 17,200 | (1,666) | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
3,832 | 4,111 | (279) | ||||||||||||||
Depreciation and amortization expense | 1,751 | 1,682 | 69 | ||||||||||||||
Throughput volumes (thousand barrels per day) (see note (g)) | 2,974 | 2,923 | 51 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income
|
$ | 768 | $ | 513 | $ | 255 | |||||||||||
Renewable Diesel margin (see note (f)) | 1,214 | 778 | 436 | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
274 | 178 | 96 | ||||||||||||||
Depreciation and amortization expense | 172 | 87 | 85 | ||||||||||||||
Sales volumes (thousand gallons per day) (see note (g)) | 3,460 | 2,084 | 1,376 |
Nine Months Ended September 30, | |||||||||||||||||
2023 | 2022 | Change | |||||||||||||||
Operating income | $ | 363 | $ | 103 | $ | 260 | |||||||||||
Adjusted operating income (see note (f)) | 364 | 82 | 282 | ||||||||||||||
Ethanol margin (see note (f)) | 806 | 606 | 200 | ||||||||||||||
Operating expenses (excluding depreciation and amortization
expense reflected below)
|
383 | 464 | (81) | ||||||||||||||
Depreciation and amortization expense (see note (b)) | 59 | 37 | 22 | ||||||||||||||
Production volumes (thousand gallons per day) (see note (g)) | 4,319 | 3,799 | 520 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Refining operating income
to Refining margin
|
|||||||||||||||||||||||
Refining operating income | $ | 3,445 | $ | 3,810 | $ | 9,934 | $ | 11,473 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Modification of RVO (see note (a)) | — | — | — | (104) | |||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense)
|
1,366 | 1,516 | 3,832 | 4,111 | |||||||||||||||||||
Depreciation and amortization expense | 597 | 568 | 1,751 | 1,682 | |||||||||||||||||||
Other operating expenses | 6 | 6 | 17 | 38 | |||||||||||||||||||
Refining margin | $ | 5,414 | $ | 5,900 | $ | 15,534 | $ | 17,200 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Renewable Diesel operating
income to Renewable Diesel margin
|
|||||||||||||||||||||||
Renewable Diesel operating income | $ | 123 | $ | 212 | $ | 768 | $ | 513 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense)
|
84 | 69 | 274 | 178 | |||||||||||||||||||
Depreciation and amortization expense | 55 | 33 | 172 | 87 | |||||||||||||||||||
Renewable Diesel margin | $ | 262 | $ | 314 | $ | 1,214 | $ | 778 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Ethanol operating income to
Ethanol margin
|
|||||||||||||||||||||||
Ethanol operating income | $ | 197 | $ | 1 | $ | 363 | $ | 103 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Operating expenses (excluding depreciation
and amortization expense)
|
125 | 162 | 383 | 464 | |||||||||||||||||||
Depreciation and amortization expense (see
note (b))
|
20 | 20 | 59 | 37 | |||||||||||||||||||
Other operating expenses | — | — | 1 | 2 | |||||||||||||||||||
Ethanol margin | $ | 342 | $ | 183 | $ | 806 | $ | 606 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Refining operating income to
adjusted Refining operating income
|
|||||||||||||||||||||||
Refining operating income | $ | 3,445 | $ | 3,810 | $ | 9,934 | $ | 11,473 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Modification of RVO (see note (a)) | — | — | — | (104) | |||||||||||||||||||
Other operating expenses | 6 | 6 | 17 | 38 | |||||||||||||||||||
Adjusted Refining operating income | $ | 3,451 | $ | 3,816 | $ | 9,951 | $ | 11,407 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of Ethanol operating income to
adjusted Ethanol operating income
|
|||||||||||||||||||||||
Ethanol operating income | $ | 197 | $ | 1 | $ | 363 | $ | 103 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Gain on sale of ethanol plant (see note (b)) | — | — | — | (23) | |||||||||||||||||||
Other operating expenses | — | — | 1 | 2 | |||||||||||||||||||
Adjusted Ethanol operating income | $ | 197 | $ | 1 | $ | 364 | $ | 82 |
Three Months Ended
September 30, |
Nine Months Ended
September 30, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Reconciliation of total company operating
income to adjusted operating income
|
|||||||||||||||||||||||
Total company operating income | $ | 3,503 | $ | 3,792 | $ | 10,305 | $ | 11,395 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Modification of RVO (see note (a)) | — | — | — | (104) | |||||||||||||||||||
Gain on sale of ethanol plant (see note (b)) | — | — | — | (23) | |||||||||||||||||||
Environmental reserve adjustment (see
note (c))
|
— | — | — | 20 | |||||||||||||||||||
Other operating expenses | 6 | 6 | 18 | 40 | |||||||||||||||||||
Adjusted operating income | $ | 3,509 | $ | 3,798 | $ | 10,323 | $ | 11,328 |
Available capacity from our committed facilities (a): | ||||||||||||||||||||||||||
Valero Revolver | $ | 3,996 | ||||||||||||||||||||||||
Canadian Revolver (b) | 107 | |||||||||||||||||||||||||
Accounts receivable sales facility | 1,300 | |||||||||||||||||||||||||
Total available capacity | 5,403 | |||||||||||||||||||||||||
Cash and cash equivalents (c) | 5,608 | |||||||||||||||||||||||||
Total liquidity
|
$ | 11,011 |
Nine Months Ended
September 30, |
|||||||||||
2023 | 2022 | ||||||||||
Cash flows provided by (used in): | |||||||||||
Operating activities | $ | 7,990 | $ | 8,478 | |||||||
Investing activities | (1,382) | (2,070) | |||||||||
Financing activities: | |||||||||||
Debt issuances and borrowings | 2,336 | 2,596 | |||||||||
Repayments of debt and finance lease obligations
(including premiums paid on early retirement of debt)
|
(2,609) | (5,051) | |||||||||
Return to stockholders: | |||||||||||
Purchases of common stock for treasury | (4,180) | (2,769) | |||||||||
Common stock dividend payments | (1,106) | (1,186) | |||||||||
Return to stockholders | (5,286) | (3,955) | |||||||||
Other financing activities | (86) | 141 | |||||||||
Financing activities | (5,645) | (6,269) | |||||||||
Effect of foreign exchange rate changes on cash | 6 | (292) | |||||||||
Net increase (decrease) in cash and cash equivalents | $ | 969 | $ | (153) |
Nine Months Ended
September 30, |
|||||||||||||||||
(millions of dollars) | 2023 | 2022 | |||||||||||||||
Reconciliation of capital investments
to capital investments attributable to Valero
|
|||||||||||||||||
Capital expenditures (excluding VIEs) | $ | 468 | $ | 552 | |||||||||||||
Capital expenditures of VIEs: | |||||||||||||||||
DGD | 183 | 682 | |||||||||||||||
Other VIEs | 4 | 30 | |||||||||||||||
Deferred turnaround and catalyst cost expenditures
(excluding VIEs)
|
665 | 820 | |||||||||||||||
Deferred turnaround and catalyst cost expenditures
of DGD
|
56 | 13 | |||||||||||||||
Investments in nonconsolidated joint ventures | — | 1 | |||||||||||||||
Capital investments | 1,376 | 2,098 | |||||||||||||||
Adjustments: | |||||||||||||||||
DGD’s capital investments attributable to the other joint
venture member
|
(120) | (347) | |||||||||||||||
Capital expenditures of other VIEs | (4) | (30) | |||||||||||||||
Capital investments attributable to Valero | $ | 1,252 | $ | 1,721 |
September 30, 2023 (a)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Expected Maturity Dates | |||||||||||||||||||||||||||||||||||||||||||||||
Remainder
of 2023 |
2024 | 2025 | 2026 | 2027 |
There-
after |
Total |
Fair
Value |
||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | — | $ | 167 | $ | 441 | $ | 672 | $ | 564 | $ | 6,421 | $ | 8,265 | $ | 7,587 | |||||||||||||||||||||||||||||||
Average interest rate | — | % | 1.2 | % | 3.2 | % | 4.2 | % | 2.2 | % | 5.3 | % | 4.8 | % | |||||||||||||||||||||||||||||||||
Floating rate | $ | 949 | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | 962 | $ | 962 | |||||||||||||||||||||||||||||||
Average interest rate | 8.7 | % | 6.7 | % | — | % | — | % | — | % | — | % | 8.7 | % | |||||||||||||||||||||||||||||||||
December 31, 2022 (a)
|
|||||||||||||||||||||||||||||||||||||||||||||||
Expected Maturity Dates | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 |
There-
after |
Total |
Fair
Value |
||||||||||||||||||||||||||||||||||||||||
Fixed rate | $ | — | $ | 167 | $ | 441 | $ | 672 | $ | 578 | $ | 6,606 | $ | 8,464 | $ | 8,041 | |||||||||||||||||||||||||||||||
Average interest rate | — | % | 1.2 | % | 3.2 | % | 4.2 | % | 2.2 | % | 5.3 | % | 4.8 | % | |||||||||||||||||||||||||||||||||
Floating rate | $ | 861 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 861 | $ | 861 | |||||||||||||||||||||||||||||||
Average interest rate | 7.1 | % | — | % | — | % | — | % | — | % | — | % | 7.1 | % |
Period |
Total Number
of Shares Purchased (a) |
Average
Price Paid per Share (b) |
Total Number of
Shares Purchased as Part of Publicly Announced Plans or Programs |
Approximate Dollar
Value of Shares that May Yet Be Purchased Under the Plans or Programs (c) |
||||||||||||||||||||||||||||
July 2023 | 8,180 | $ | 118.01 | — | $2.5 billion | |||||||||||||||||||||||||||
August 2023 | 4,218,383 | $ | 131.38 | 4,214,764 | $1.9 billion | |||||||||||||||||||||||||||
September 2023 | 8,578,599 | $ | 143.59 | 8,576,013 | $3.1 billion | |||||||||||||||||||||||||||
Total | 12,805,162 | $ | 139.55 | 12,790,777 | $3.1 billion |
Exhibit
No.
|
Description | |||||||
***101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
***101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
***101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
***101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
***101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
***101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
***104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. | ||||
** | Furnished herewith. | ||||
*** | Submitted electronically herewith. | ||||
+ | Identifies management contracts or compensatory plans or arrangements required to be filed as an exhibit hereto. |
VALERO ENERGY CORPORATION
(Registrant)
|
|||||||||||
By: | /s/ Jason W. Fraser | ||||||||||
Jason W. Fraser | |||||||||||
Executive Vice President and | |||||||||||
Chief Financial Officer | |||||||||||
(Duly Authorized Officer and Principal | |||||||||||
Financial and Accounting Officer) |
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
Customers
Customer name | Ticker |
---|---|
First Trust New Opportunities MLP & Energy Fund | FPL |
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|