SEC Form 10-Q filed by Valero Energy Corporation

4/24/25 11:55:24 AM ET

Integrated oil Companies

Energy

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vlo-20250331

VALERO ENERGY CORP/TX0001035002FALSE2025Q1--12-31http://fasb.org/us-gaap/2024#CostDirectMaterialhttp://fasb.org/us-gaap/2024#CostDirectMaterial

Includes excise taxes on sales by certain of our foreign operations of $1,504 million and $1,387 million for the three months ended March 31, 2025 and 2024, 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, 2025


☐			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 17, 2025 was 313,206,121.

VALERO ENERGY CORPORATION

TABLE OF CONTENTS



			Page
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024			1
Consolidated Statements of Income for the Three Months Ended March 31, 2025 and 2024			2
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2025 and 2024			3
Consolidated Statements of Equity for the Three Months Ended March 31, 2025 and 2024			4
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024			5
Condensed Notes to Consolidated Financial Statements			6
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			29
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			50
ITEM 4. CONTROLS AND PROCEDURES			51
PART II – OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS			51
ITEM 1A. RISK FACTORS			51
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			52
ITEM 5. OTHER INFORMATION			52
ITEM 6. EXHIBITS			53
SIGNATURE			54


	March 31, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	4,634	$	4,657

Receivables, net	11,238		10,708
Inventories	7,119		7,761
Prepaid expenses and other	599		611
Total current assets	23,590		23,737
Property, plant, and equipment, at cost	49,293		52,368
Accumulated depreciation	(20,744)		(23,054)
Property, plant, and equipment, net	28,549		29,314
Deferred charges and other assets, net	7,038		7,092
Total assets	$	59,177	$	60,143
LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt and finance lease obligations	$	542	$	743
Accounts payable	11,982		12,092
Accrued expenses	1,153		1,130
Taxes other than income taxes payable	1,299		1,360
Income taxes payable	167		170
Total current liabilities	15,143		15,495
Debt and finance lease obligations, less current portion	10,312		9,720
Deferred income tax liabilities	4,951		5,267
Other long-term liabilities	2,456		2,140
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	6,944		6,939
Treasury stock, at cost; 360,304,072 and 358,637,890 common shares	(28,417)		(28,178)
Retained earnings	46,065		47,016
Accumulated other comprehensive loss	(1,109)		(1,272)
Total Valero Energy Corporation stockholders’ equity	23,490		24,512
Noncontrolling interests	2,825		3,009
Total equity	26,315		27,521
Total liabilities and equity	$	59,177	$	60,143


	Three Months Ended March 31,
		2025		2024
Revenues (a)		$	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		1,131		—
Other operating expenses		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)		314		331
__________________________
Supplemental information:
(a) Includes excise taxes on sales by certain of our foreign operations		$	1,504	$	1,387


	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, 2024	$	7	$	6,939	$	(28,178)	$	47,016	$	(1,272)	$	24,512	$	3,009	$	27,521
Net loss	—		—		—		(595)		—		(595)		(57)		(652)
Dividends on common stock ($1.13 per share)	—		—		—		(356)		—		(356)		—		(356)
Stock-based compensation expense	—		37		—		—		—		37		—		37
Transactions in connection with stock-based compensation plans	—		(32)		33		—		—		1		—		1
Purchases of common stock for treasury	—		—		(272)		—		—		(272)		—		(272)

Distributions to noncontrolling interests	—		—		—		—		—		—		(129)		(129)


Other comprehensive income	—		—		—		—		163		163		2		165
Balance as of March 31, 2025	$	7	$	6,944	$	(28,417)	$	46,065	$	(1,109)	$	23,490	$	2,825	$	26,315

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


	March 31, 2025		December 31, 2024
Refinery feedstocks	$	1,688	$	2,167
Refined petroleum products and blendstocks	3,772		4,016
Renewable diesel feedstocks and products	940		872
Ethanol feedstocks and products	349		342
Materials and supplies	370		364


Inventories	$	7,119	$	7,761


				March 31, 2025
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	2	$	3,998
Accounts receivable sales facility	1,300		July 2025	—		n/a		1,300
Committed facilities of VIEs (b):
DGD Revolver	400		June 2026	—		—		400
DGD Loan Agreement (c)	100		June 2026	—		n/a		100
IEnova Revolver (d)	830		February 2028	46		n/a		784
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		190		n/a
Uncommitted facility of VIE (b):
DGD letter of credit facility	n/a		n/a	n/a		15		n/a


Program Name	Authorization Date	Total Cost Authorized		Remaining Available for Purchase as of March 31, 2025
February 2024 Program	February 22, 2024	$	2,500	$	1,583
September 2024 Program	September 19, 2024	2,500		2,500


	Three Months Ended March 31,
	2025								2024
	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	$	(1,264)	$	(2)	$	(6)	$	(1,272)	$	(735)	$	(162)	$	27	$	(870)
Other comprehensive income (loss) before reclassifications	162		—		(1)		161		(148)		—		(23)		(171)
Amounts reclassified from accumulated other comprehensive loss	—		(2)		2		—		—		(4)		(9)		(13)
Effect of exchange rates	—		2		—		2		—		(1)		—		(1)
Other comprehensive income (loss)	162		—		1		163		(148)		(5)		(32)		(185)
Balance as of end of period	$	(1,102)	$	(2)	$	(5)	$	(1,109)	$	(883)	$	(167)	$	(5)	$	(1,055)


	DGD		Central Mexico Terminals		Other		Total
March 31, 2025
Assets
Cash and cash equivalents	$	153	$	—	$	32	$	185
Other current assets	985		8		37		1,030
Property, plant, and equipment, net	3,785		643		64		4,492
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	$	320	$	65	$	3	$	388
Debt and finance lease obligations, less current portion	635		—		—		635


	Pension Plans				Other Postretirement Benefit Plans
	2025		2024		2025		2024










Three months ended March 31
Service cost	$	27	$	28	$	1	$	1
Interest cost	34		31		3		3
Expected return on plan assets	(55)		(53)		—		—
Amortization of:
Net actuarial gain	(2)		(1)		(2)		(1)
Prior service cost (credit)	2		(3)		—		—
Settlement loss	1		—		—		—
Net periodic benefit cost	$	7	$	2	$	2	$	3


	March 31, 2025		December 31, 2024
Receivables from contracts with customers, included in receivables, net	$	6,090	$	5,812
Contract liabilities, included in accrued expenses	57		82


	Three Months Ended March 31,
		2025		2024
Refining:
Gasolines and blendstocks		$	12,374	$	13,126
Distillates		13,376		14,128
Other product revenues		3,007		2,889
Total Refining revenues		28,757		30,143
Renewable Diesel:
Renewable diesel		391		679
Renewable naphtha		39		23
Neat SAF		63		—
Total Renewable Diesel revenues		493		702
Ethanol:
Ethanol		787		638
Distillers grains		221		276
Total Ethanol revenues		1,008		914

Revenues		$	30,258	$	31,759


	March 31, 2025
							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	$	506	$	—	$	—	$	506	$	(447)	$	(25)	$	34	$	—
Physical purchase contracts	—		1		—		1		n/a		n/a		1		n/a


Investments of certain benefit plans	85		—		4		89		n/a		n/a		89		n/a
Investments in AFS debt securities	—		26		—		26		n/a		n/a		26		n/a

Total	$	591	$	27	$	4	$	622	$	(447)	$	(25)	$	150

Liabilities
Commodity derivative contracts	$	472	$	—	$	—	$	472	$	(447)	$	(25)	$	—	$	(99)
Physical purchase contracts	—		12		—		12		n/a		n/a		12		n/a
Blending program obligations	—		113		—		113		n/a		n/a		113		n/a



Total	$	472	$	125	$	—	$	597	$	(447)	$	(25)	$	125


	Fair Value Measurements Using
	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value		Loss Recognized
Assets
Long-lived assets of the Benicia Refinery	$	—	$	—	$	722	$	722	$	901
Long-lived assets of the Wilmington Refinery	—		—		847		847		230
Total	$	—	$	—	$	1,569	$	1,569	$	1,131


		March 31, 2025				December 31, 2024
	Fair Value Hierarchy	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial liabilities:
Debt (excluding finance lease obligations)	Level 2	$	8,528	$	8,325	$	8,085	$	7,776


	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 (a)	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	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)
Other income, net									120
Interest and debt expense, net of capitalized interest									(137)
Loss before income tax benefit									$	(917)

Total expenditures for long-lived assets (b)	$	533	$	95	$	8	$	23	$	659


	Balance Sheet Location	March 31, 2025				December 31, 2024
		Asset Derivatives		Liability Derivatives		Asset Derivatives		Liability Derivatives
Derivatives designated as hedging instruments:
Commodity contracts	Receivables, net	$	14	$	9	$	12	$	13

Derivatives not designated as hedging instruments:
Commodity contracts	Receivables, net	$	492	$	463	$	390	$	435
Physical purchase contracts	Inventories	1		12		2		3
Foreign currency contracts	Receivables, net	—		—		6		—

Total		$	493	$	475	$	398	$	438


Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
			2025			2024
Commodity contracts:
Loss recognized in other comprehensive income (loss)	n/a			$	(4)		$	(60)
Gain (loss) reclassified from accumulated other comprehensive loss into income	Revenues			(7)			24


Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended March 31,
			2025			2024
Commodity contracts	Revenues			$	—		$	(4)
Commodity contracts	Cost of materials and other			(18)			—

Foreign currency contracts	Cost of materials and other			(4)			15


	Three Months Ended March 31, 2024
	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
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	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
Income tax expense									353
Net income									1,330
Less: Net income attributable to noncontrolling interests									85
Net income attributable to Valero Energy Corporation stockholders									$	1,245


Available capacity from our committed facilities (a):
Valero Revolver	$	3,998
Accounts receivable sales facility	1,300
Total available capacity	5,298
Cash and cash equivalents (b)	4,449
Total liquidity	$	9,747


	March 31, 2025 (a)
	Expected Maturity Dates
	Remainder of 2025			2026			2027			2028			2029			There- after			Total			Fair Value
Fixed rate	$	251		$	672		$	564		$	1,047		$	439		$	5,585		$	8,558		$	8,279
Average interest rate	2.9		%	4.2		%	2.2		%	4.4		%	4.0		%	5.5		%	4.9		%
Floating rate	$	46		$	—		$	—		$	—		$	—		$	—		$	46		$	46
Average interest rate	8.2		%	—		%	—		%	—		%	—		%	—		%	8.2		%

	December 31, 2024 (a)
	Expected Maturity Dates
	2025			2026			2027			2028			2029			There- after			Total			Fair Value
Fixed rate	$	441		$	672		$	564		$	1,047		$	439		$	4,935		$	8,098		$	7,718
Average interest rate	3.2		%	4.2		%	2.2		%	4.4		%	4.0		%	5.6		%	4.9		%
Floating rate	$	58		$	—		$	—		$	—		$	—		$	—		$	58		$	58
Average interest rate	8.4		%	—		%	—		%	—		%	—		%	—		%	8.4		%


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 2025	138,770	$	138.08	—	$4.3 billion
February 2025	59,370	$	131.83	—	$4.3 billion
March 2025	1,876,465	$	129.24	1,876,068	$4.1 billion
Total	2,074,605	$	129.91	1,876,068	$4.1 billion


Exhibit No.						Description
*4.01						Second Supplemental Indenture, dated as of April 17, 2025, among Valero Energy Partners LP, as issuer; the co-issuers party thereto; Valero Energy Corporation, as parent guarantor; and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee.

+10.01						Form of Amended and Restated Performance Share Agreement (2024 grant–first tranche)–incorporated by reference to Exhibit 10.17 to Valero’s annual report on Form 10-K for the year ended December 31, 2024 (SEC File No. 001-13175).

+10.02						Form of Amended and Restated Performance Share Agreement (2023 grant–third tranche, 2024 grant–second and third tranches, and current)–incorporated by reference to Exhibit 10.18 to Valero’s annual report on Form 10-K for the year ended December 31, 2024 (SEC File No. 001-13175).

22.01						Subsidiary Issuer of Guaranteed Securities–incorporated by reference to Exhibit 22.01 to Valero’s annual report on Form 10-K for the year ended December 31, 2020 (SEC File No. 001-13175).

*31.01						Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal executive officer.

*31.02						Rule 13a-14(a) Certification (under Section 302 of the Sarbanes-Oxley Act of 2002) of principal financial officer.

**32.01						Section 1350 Certifications (under Section 906 of the Sarbanes-Oxley Act of 2002).

***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.

SEC Form 10-Q filed by Valero Energy Corporation

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						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)

Date	Price Target	Rating	Analyst
4/25/2025	$121.00 → $118.00	Buy	TD Cowen
10/25/2024	$145.00 → $140.00	Buy	TD Cowen
10/17/2024	$150.00	Neutral	BofA Securities
10/9/2024	$172.00 → $165.00	Equal Weight → Overweight	Wells Fargo
9/20/2024	$169.00 → $123.00	Overweight → Neutral	Piper Sandler
7/18/2024	$177.00	Outperform	Wolfe Research
7/17/2024	$165.00 → $175.00	Neutral → Outperform	Mizuho
5/16/2024		Buy → Hold	Argus