SEC Form 10-Q filed by Valero Energy Corporation

4/25/24 4:39:26 PM ET

$VLO

Integrated oil Companies

Energy

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vlo-20240331

VALERO ENERGY CORP/TX0001035002FALSE2024Q1--12-31

Includes excise taxes on sales by certain of our foreign operations of $1,387 million and $1,422 million for the three months ended March 31, 2024 and 2023, respectively.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________

Commission File Number 001-13175

VALERO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			74-1828067
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification No.)

One Valero Way

San Antonio, Texas

(Address of principal executive offices)

78249

(Zip Code)

(210) 345-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

VLO

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares of the registrant’s only class of common stock, $0.01 par value, outstanding as of April 19, 2024 was 326,996,383.

VALERO ENERGY CORPORATION

TABLE OF CONTENTS



			Page
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023			1
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023			2
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023			3
Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023			4
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023			5
Condensed Notes to Consolidated Financial Statements			6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			28
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			48
ITEM 4. CONTROLS AND PROCEDURES			49
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			49
ITEM 1A. RISK FACTORS			49
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			50
ITEM 5. OTHER INFORMATION			50
ITEM 6. EXHIBITS			51
SIGNATURE			52


	March 31, 2024		December 31, 2023
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	4,917	$	5,424
Receivables, net	12,150		12,525
Inventories	7,912		7,583
Prepaid expenses and other	695		689
Total current assets	25,674		26,221
Property, plant, and equipment, at cost	51,943		51,668
Accumulated depreciation	(21,871)		(21,459)
Property, plant, and equipment, net	30,072		30,209
Deferred charges and other assets, net	6,828		6,626
Total assets	$	62,574	$	63,056
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations	$	853	$	1,406
Accounts payable	12,458		12,567
Accrued expenses	1,097		1,240
Taxes other than income taxes payable	1,353		1,452
Income taxes payable	388		137
Total current liabilities	16,149		16,802
Debt and finance lease obligations, less current portion	10,044		10,118
Deferred income tax liabilities	5,260		5,349
Other long-term liabilities	2,297		2,263
Commitments and contingencies
Equity:
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	7		7
Additional paid-in capital	6,916		6,901
Treasury stock, at cost; 346,505,037 and 340,199,677 common shares	(26,330)		(25,322)
Retained earnings	46,519		45,630
Accumulated other comprehensive loss	(1,055)		(870)
Total Valero Energy Corporation stockholders’ equity	26,057		26,346
Noncontrolling interests	2,767		2,178
Total equity	28,824		28,524
Total liabilities and equity	$	62,574	$	63,056


	Three Months Ended March 31,
		2024		2023
Revenues (a)		$	31,759	$	36,439
Cost of sales:
Cost of materials and other		27,682		30,005

Operating expenses (excluding depreciation and amortization expense reflected below)		1,411		1,477
Depreciation and amortization expense		683		650
Total cost of sales		29,776		32,132
Other operating expenses		34		10
General and administrative expenses (excluding depreciation and amortization expense reflected below)		258		244
Depreciation and amortization expense		12		10

Operating income		1,679		4,043
Other income, net		144		129
Interest and debt expense, net of capitalized interest		(140)		(146)
Income before income tax expense		1,683		4,026
Income tax expense		353		880


Net income		1,330		3,146
Less: Net income attributable to noncontrolling interests		85		79
Net income attributable to Valero Energy Corporation stockholders		$	1,245	$	3,067








Earnings per common share		$	3.75	$	8.30
Weighted-average common shares outstanding (in millions)		331		369





Earnings per common share – assuming dilution		$	3.75	$	8.29
Weighted-average common shares outstanding – assuming dilution (in millions)		331		369
__________________________
Supplemental information:
(a) Includes excise taxes on sales by certain of our foreign operations		$	1,387	$	1,422


	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, 2023	$	7	$	6,901	$	(25,322)	$	45,630	$	(870)	$	26,346	$	2,178	$	28,524
Net income	—		—		—		1,245		—		1,245		85		1,330
Dividends on common stock ($1.07 per share)	—		—		—		(356)		—		(356)		—		(356)
Stock-based compensation expense	—		39		—		—		—		39		—		39
Transactions in connection with stock-based compensation plans	—		(24)		25		—		—		1		—		1
Purchases of common stock for treasury	—		—		(1,033)		—		—		(1,033)		—		(1,033)
Contributions from noncontrolling interests	—		—		—		—		—		—		90		90

Conversion of IEnova Revolver debt to equity (see Notes 4 and 6)	—		—		—		—		—		—		457		457

Other comprehensive loss	—		—		—		—		(185)		(185)		(43)		(228)
Balance as of March 31, 2024	$	7	$	6,916	$	(26,330)	$	46,519	$	(1,055)	$	26,057	$	2,767	$	28,824

Balance as of December 31, 2022	$	7	$	6,863	$	(20,197)	$	38,247	$	(1,359)	$	23,561	$	1,907	$	25,468
Net income	—		—		—		3,067		—		3,067		79		3,146
Dividends on common stock ($1.02 per share)	—		—		—		(379)		—		(379)		—		(379)
Stock-based compensation expense	—		39		—		—		—		39		—		39
Transactions in connection with stock-based compensation plans	—		(25)		26		—		—		1		—		1
Purchases of common stock for treasury	—		—		(1,466)		—		—		(1,466)		—		(1,466)
Contributions from noncontrolling interests	—		—		—		—		—		—		75		75


Other comprehensive income	—		—		—		—		154		154		29		183
Balance as of March 31, 2023	$	7	$	6,877	$	(21,637)	$	40,935	$	(1,205)	$	24,977	$	2,090	$	27,067


	March 31, 2024		December 31, 2023
Refinery feedstocks	$	2,366	$	2,223
Refined petroleum products and blendstocks	3,847		3,790
Renewable diesel feedstocks and products	1,051		913
Ethanol feedstocks and products	300		313
Materials and supplies	348		344


Inventories	$	7,912	$	7,583


Debt Purchased and Retired	Principal Amount
6.625% Senior Notes due 2037	$	62
3.650% Senior Notes due 2051	26
4.000% Senior Notes due 2052	45
Various other Valero and Valero Energy Partners LP Senior Notes	66
Total	$	199


				March 31, 2024
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	3	$	3,997
Accounts receivable sales facility	1,300		July 2024	—		n/a		1,300
Committed facilities of VIEs (b):
DGD Revolver (c)	400		June 2026	100		31		269
DGD Loan Agreement (d)	100		June 2026	—		n/a		100
IEnova Revolver (e)	830		February 2028	326		n/a		504
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		—		n/a


Program Name	Announcement Date	Total Cost Authorized		Remaining Available for Purchase as of March 31, 2024


September 2023 Program	September 15, 2023	$	2,500	$	1,187
February 2024 Program	February 22, 2024	2,500		2,500


	Three Months Ended March 31,
	2024								2023
	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	$	(735)	$	(162)	$	27	$	(870)	$	(1,168)	$	(183)	$	(8)	$	(1,359)
Other comprehensive income (loss) before reclassifications	(148)		—		(23)		(171)		137		—		37		174
Amounts reclassified from accumulated other comprehensive loss	—		(4)		(9)		(13)		—		(7)		(15)		(22)
Effect of exchange rates	—		(1)		—		(1)		—		2		—		2
Other comprehensive income (loss)	(148)		(5)		(32)		(185)		137		(5)		22		154
Balance as of end of period	$	(883)	$	(167)	$	(5)	$	(1,055)	$	(1,031)	$	(188)	$	14	$	(1,205)


	DGD		Central Mexico Terminals		Other		Total
March 31, 2024
Assets
Cash and cash equivalents	$	170	$	—	$	35	$	205
Other current assets	1,582		9		40		1,631
Property, plant, and equipment, net	3,805		660		71		4,536
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	$	385	$	352	$	17	$	754
Debt and finance lease obligations, less current portion	662		—		—		662


	Pension Plans				Other Postretirement Benefit Plans
	2024		2023		2024		2023










Three months ended March 31
Service cost	$	28	$	28	$	1	$	1
Interest cost	31		30		3		3
Expected return on plan assets	(53)		(50)		—		—
Amortization of:
Net actuarial gain	(1)		(2)		(1)		(1)
Prior service credit	(3)		(5)		—		(1)

Net periodic benefit cost	$	2	$	1	$	3	$	2


	Three Months Ended March 31,
		2024		2023
Refining:
Gasolines and blendstocks		$	13,126	$	15,048
Distillates		14,128		16,838
Other product revenues		2,889		2,521
Total Refining revenues		30,143		34,407
Renewable Diesel:
Renewable diesel		679		876
Renewable naphtha		23		59
Total Renewable Diesel revenues		702		935
Ethanol:
Ethanol		638		763
Distillers grains		276		334
Total Ethanol revenues		914		1,097

Revenues		$	31,759	$	36,439


	March 31, 2024
							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	$	936	$	—	$	—	$	936	$	(904)	$	(5)	$	27	$	—
Physical purchase contracts	—		1		—		1		n/a		n/a		1		n/a


Investments of certain benefit plans	82		—		4		86		n/a		n/a		86		n/a
Investments in AFS debt securities	33		64		—		97		n/a		n/a		97		n/a
Foreign currency contracts	2		—		—		2		n/a		n/a		2		n/a
Total	$	1,053	$	65	$	4	$	1,122	$	(904)	$	(5)	$	213

Liabilities
Commodity derivative contracts	$	975	$	—	$	—	$	975	$	(904)	$	(71)	$	—	$	(137)
Physical purchase contracts	—		2		—		2		n/a		n/a		2		n/a
Blending program obligations	—		41		—		41		n/a		n/a		41		n/a



Total	$	975	$	43	$	—	$	1,018	$	(904)	$	(71)	$	43


	December 31, 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	$	803	$	—	$	—	$	803	$	(642)	$	(66)	$	95	$	—

Investments of certain benefit plans	76		—		4		80		n/a		n/a		80		n/a
Investments in AFS debt securities	36		75		—		111		n/a		n/a		111		n/a

Total	$	915	$	75	$	4	$	994	$	(642)	$	(66)	$	286

Liabilities
Commodity derivative contracts	$	643	$	—	$	—	$	643	$	(642)	$	(1)	$	—	$	(67)
Physical purchase contracts	—		6		—		6		n/a		n/a		6		n/a
Blending program obligations	—		58		—		58		n/a		n/a		58		n/a
Foreign currency contracts	7		—		—		7		n/a		n/a		7		n/a
Total	$	650	$	64	$	—	$	714	$	(642)	$	(1)	$	71


		March 31, 2024				December 31, 2023
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Debt (excluding finance lease obligations)	Level 2	$	8,461	$	8,300	$	9,218	$	9,109


	March 31, 2024		December 31, 2023
Receivables from contracts with customers, included in receivables, net	$	6,788	$	7,209
Contract liabilities, included in accrued expenses	34		40


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
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 (a)	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	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
Other income, net									144
Interest and debt expense, net of capitalized interest									(140)
Income before income tax expense									$	1,683


						Notional Contract Volumes by Year of Maturity
						2024
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – long						3,041
Futures – short						7,290



Derivatives designated as economic hedges:
Crude oil and refined petroleum products:


Futures – long						157,473
Futures – short						166,013
Options – long						400
Options – short						400





Corn:
Futures – long						43,330
Futures – short						60,110
Physical contracts – long						15,514


	Balance Sheet Location	March 31, 2024				December 31, 2023
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	29	$	36	$	141	$	34

Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	907	$	939	$	662	$	609
Physical purchase contracts	Inventories	1		2		—		6
Foreign currency contracts	Receivables, net	2		—		—		—
Foreign currency contracts	Accrued expenses	—		—		—		7
Total		$	910	$	941	$	662	$	622


Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
			2024			2023
Commodity contracts:
Gain (loss) recognized in other comprehensive income (loss)	n/a			$	(60)		$	95
Gain reclassified from accumulated other comprehensive loss into income	Revenues			24			38


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
			2024			2023
Commodity contracts	Revenues			$	(4)		$	(7)
Commodity contracts	Cost of materials and other			—			83
Commodity contracts	Operating expenses (excluding depreciation and amortization expense)			—			1
Foreign currency contracts	Cost of materials and other			15			(3)


	Three Months Ended March 31, 2023
	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Revenues:
Revenues from external customers	$	34,407	$	935	$	1,097	$	—	$	36,439
Intersegment revenues	3		745		223		(971)		—
Total revenues	34,410		1,680		1,320		(971)		36,439
Cost of sales:
Cost of materials and other	28,510		1,331		1,131		(967)		30,005

Operating expenses (excluding depreciation and amortization expense reflected below)	1,261		86		130		—		1,477
Depreciation and amortization expense	572		58		20		—		650
Total cost of sales	30,343		1,475		1,281		(967)		32,132
Other operating expenses	10		—		—		—		10
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		244		244
Depreciation and amortization expense	—		—		—		10		10
Operating income by segment	$	4,057	$	205	$	39	$	(258)	4,043
Other income, net (a)									129
Interest and debt expense, net of capitalized interest									(146)
Income before income tax expense									4,026
Income tax expense									880
Net income									3,146
Less: Net income attributable to noncontrolling interests									79
Net income attributable to Valero Energy Corporation stockholders									$	3,067


Available capacity from our committed facilities (a):
Valero Revolver	$	3,997
Accounts receivable sales facility	1,300
Total available capacity	5,297
Cash and cash equivalents (b)	4,712
Total liquidity	$	10,009


	March 31, 2024 (a)
	Expected Maturity Dates
	Remainder of 2024			2025			2026			2027			2028			There- after			Total			Fair Value
Fixed rate	$	—		$	441		$	672		$	564		$	1,047		$	5,374		$	8,098		$	7,862
Average interest rate	—		%	3.2		%	4.2		%	2.2		%	4.4		%	5.5		%	4.9		%
Floating rate	$	438		$	—		$	—		$	—		$	—		$	—		$	438		$	438
Average interest rate	8.7		%	—		%	—		%	—		%	—		%	—		%	8.7		%

	December 31, 2023 (a)
	Expected Maturity Dates
	2024			2025			2026			2027			2028			There- after			Total			Fair Value
Fixed rate	$	167		$	441		$	672		$	564		$	1,047		$	5,374		$	8,265		$	8,079
Average interest rate	1.2		%	3.2		%	4.2		%	2.2		%	4.4		%	5.5		%	4.8		%
Floating rate	$	1,030		$	—		$	—		$	—		$	—		$	—		$	1,030		$	1,030
Average interest rate	8.7		%	—		%	—		%	—		%	—		%	—		%	8.7		%


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)
January 2024	174,213	$	131.81	78,500	$2.2 billion
February 2024	2,073,624	$	141.34	2,013,851	$4.4 billion
March 2024	4,386,006	$	161.11	4,382,888	$3.7 billion
Total	6,633,843	$	154.16	6,475,239	$3.7 billion

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