Reported net income attributable to Valero stockholders of $3.1 billion, or $8.15 per share, for the fourth quarter and $11.5 billion, or $29.04 per share, for the year
Reported adjusted net income attributable to Valero stockholders of $3.2 billion, or $8.45 per share, for the fourth quarter and $11.6 billion, or $29.16 per share, for the year
Reduced debt by $2.7 billion in 2022, bringing Valero's aggregate debt reduction since the second half of 2021 to $4.0 billion
Successfully commenced operations of the new DGD Port Arthur plant in the fourth quarter

Valero Energy Corporation (NYSE:VLO, "Valero"))) today reported net income attributable to Valero stockholders of $3.1 billion, or $8.15 per share, for the fourth quarter of 2022, compared to $1.0 billion, or $2.46 per share, for the fourth quarter of 2021. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $3.2 billion, or $8.45 per share, for the fourth quarter of 2022, compared to $988 million, or $2.41 per share, for the fourth quarter of 2021.

For 2022, net income attributable to Valero stockholders was $11.5 billion, or $29.04 per share, compared to $930 million, or $2.27 per share, in 2021. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $11.6 billion, or $29.16 per share, in 2022, compared to $1.2 billion, or $2.81 per share, in 2021.

Refining

The Refining segment reported operating income of $4.3 billion for the fourth quarter of 2022, compared to $1.3 billion for the fourth quarter of 2021. Adjusted operating income for the fourth quarter of 2022 was $4.4 billion, compared to $1.1 billion for the fourth quarter of 2021. Refining throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2022.

"Our refineries operated at a 97 percent capacity utilization rate in the fourth quarter, which is the highest utilization rate for our system since 2018," said Joe Gorder, Valero's Chairman and Chief Executive Officer, "I am also proud to report that 2022 was Valero's best year ever for combined employee and contractor safety, which is a testament to our long-standing commitment to safe, reliable and environmentally responsible operations."

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $261 million of operating income for the fourth quarter of 2022, compared to $150 million for the fourth quarter of 2021. Segment sales volumes averaged 2.4 million gallons per day in the fourth quarter of 2022, which was 851 thousand gallons per day higher than the fourth quarter of 2021. The higher sales volumes were due to the impact of additional volumes from the DGD St. Charles plant expansion and the fourth quarter 2022 startup of the DGD Port Arthur plant.

Ethanol

The Ethanol segment reported $7 million of operating income for the fourth quarter of 2022, compared to $474 million for the fourth quarter of 2021. Adjusted operating income for the fourth quarter of 2022 was $69 million, compared to $475 million for the fourth quarter of 2021. Ethanol production volumes averaged 4.1 million gallons per day in the fourth quarter of 2022, which was 340 thousand gallons per day lower than the fourth quarter of 2021. The higher operating income in the fourth quarter of 2021 was primarily attributed to high ethanol prices due to strong demand and low inventories.

Corporate and Other

General and administrative expenses were $282 million in the fourth quarter of 2022, compared to $286 million in the fourth quarter of 2021. General and administrative expenses were $934 million for the year. The effective tax rate for 2022 was 22 percent.

Investing and Financing Activities

Net cash provided by operating activities was $4.1 billion in the fourth quarter of 2022. Included in this amount was a $9 million unfavorable change in working capital and $142 million of net cash provided by operating activities associated with the other joint venture member's share of DGD, excluding changes in DGD's working capital. Excluding these items, adjusted net cash provided by operating activities was $4.0 billion in the fourth quarter of 2022.

Net cash provided by operating activities in 2022 was $12.6 billion. Included in this amount was a $1.6 billion unfavorable impact from working capital and $436 million of net cash provided by operating activities associated with the other joint venture member's share of DGD, excluding changes in DGD's working capital. Excluding these items, adjusted net cash provided by operating activities in 2022 was $13.8 billion.

Capital investments totaled $640 million in the fourth quarter of 2022, of which $349 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member's share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $538 million in the fourth quarter of 2022 and $2.3 billion in 2022, which was higher than the annual guidance primarily due to spend timing on the Port Arthur Coker project and the accelerated completion of the DGD Port Arthur plant.

Valero returned 45 percent of adjusted net cash provided by operating activities to stockholders in 2022.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD's net cash provided by operating activities, excluding changes in its working capital, attributable to the other joint venture member's share of DGD.

Valero further reduced its debt by $442 million in the fourth quarter. This reduction, combined with a series of debt reduction and refinancing transactions completed since the second half of 2021, have collectively reduced Valero's debt by over $4.0 billion.

Liquidity and Financial Position

Valero ended 2022 with $9.2 billion of total debt, $2.4 billion of finance lease obligations and $4.9 billion of cash and cash equivalents, compared to $13.0 billion of total debt, $1.6 billion of finance lease obligations and $2.3 billion of cash and cash equivalents at the end of the first quarter of 2021. The debt to capitalization ratio, net of cash and cash equivalents, was approximately 21 percent as of December 31, 2022, down from the pandemic high of 40 percent as of March 31, 2021.

Strategic Update

The DGD project adjacent to the Port Arthur refinery (DGD Port Arthur plant), which has a production capacity of 470 million gallons per year of renewable diesel and 20 million gallons per year of renewable naphtha, was commissioned and started up in the fourth quarter. The project was completed under budget and ahead of the original schedule. Total annual DGD production capacity is now approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce costs and improve margin capture are progressing on schedule. The Port Arthur Coker project is expected to be completed in the second quarter of 2023 and to increase the refinery's throughput capacity, while also improving turnaround efficiency.

BlackRock and Navigator's carbon sequestration project is still expected to begin startup activities in late 2024. Valero expects to be the anchor shipper with eight of its ethanol plants connected to this system, which is expected to result in the production of a lower carbon intensity ethanol product that should significantly improve the margin profile and competitive positioning of the ethanol business.

"We continue to advance other low-carbon opportunities, such as sustainable aviation fuel, renewable hydrogen, and additional renewable naphtha and carbon sequestration projects," said Gorder. "Our gated process helps ensure these projects meet our minimum return threshold."

Conference Call

Valero's senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, "Valero"), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and it sells its products primarily in the United States ("U.S."), Canada, the United Kingdom ("U.K."), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns two renewable diesel plants located in the U.S. Gulf Coast region with a production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Director – Investor Relations, 210-345-3331

Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying tables that state Valero's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," "target," "will," "plans," "forecast," and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying tables include those relating to Valero's greenhouse gas emissions targets, expected timing of completion and performance of projects, future market and industry conditions, future operating and financial performance, and management of future risks. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero's control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero's operations or the demand for Valero's products. These factors also include, but are not limited to, the uncertainties that remain with respect to the Russia-Ukraine conflict, the impact of inflation on margins and costs, economic activity levels, the COVID-19 pandemic, variants of the COVID-19 virus, governmental and societal responses thereto, and the adverse effects the foregoing may have on Valero's business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero's website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Renewable Diesel operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Statement of income data
Revenues	$	41,746		$	35,903		$	176,383		$	113,977
Cost of sales:
Cost of materials and other (a) (b)		34,811			31,849			150,770			102,714
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		1,638			1,558			6,389			5,776
Depreciation and amortization expense (c)		622			586			2,428			2,358
Total cost of sales		37,071			33,993			159,587			110,848
Asset impairment loss (d)		61			—			61			—
Other operating expenses		26			18			66			87
General and administrative expenses (excluding depreciation and amortization expense reflected below) (e)		282			286			934			865
Depreciation and amortization expense		11			12			45			47
Operating income		4,295			1,594			15,690			2,130
Other income (expense), net (f)		92			(163	)		179			16
Interest and debt expense, net of capitalized interest		(137	)		(152	)		(562	)		(603	)
Income before income tax expense		4,250			1,279			15,307			1,543
Income tax expense (g)		1,018			169			3,428			255
Net income		3,232			1,110			11,879			1,288
Less: Net income attributable to noncontrolling interests		119			101			351			358
Net income attributable to Valero Energy Corporation stockholders	$	3,113		$	1,009		$	11,528		$	930

Earnings per common share	$	8.15		$	2.47		$	29.05		$	2.27
Weighted-average common shares outstanding (in millions)		380			408			395			407

Earnings per common share – assuming dilution	$	8.15		$	2.46		$	29.04		$	2.27
Weighted-average common shares outstanding – assuming dilution (in millions)		381			408			396			407

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Three months ended December 31, 2022
Revenues:
Revenues from external customers	$	39,566	$	1,066	$	1,114	$	—		$	41,746
Intersegment revenues		32		528		233		(793	)		—
Total revenues		39,598		1,594		1,347		(793	)		41,746
Cost of sales:
Cost of materials and other		33,280		1,221		1,095		(785	)		34,811
Operating expenses (excluding depreciation and amortization expense reflected below)		1,398		77		161		2			1,638
Depreciation and amortization expense		565		35		22		—			622
Total cost of sales		35,243		1,333		1,278		(783	)		37,071
Asset impairment loss (d)		—		—		61		—			61
Other operating expenses		25		—		1		—			26
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		282			282
Depreciation and amortization expense		—		—		—		11			11
Operating income by segment	$	4,330	$	261	$	7	$	(303	)	$	4,295

Three months ended December 31, 2021
Revenues:
Revenues from external customers	$	33,521	$	684	$	1,698	$	—		$	35,903
Intersegment revenues		7		253		174		(434	)		—
Total revenues		33,528		937		1,872		(434	)		35,903
Cost of sales:
Cost of materials and other (a)		30,342		714		1,224		(431	)		31,849
Operating expenses (excluding depreciation and amortization expense reflected below)		1,358		48		153		(1	)		1,558
Depreciation and amortization expense		543		23		20		—			586
Total cost of sales		32,243		785		1,397		(432	)		33,993
Other operating expenses		15		2		1		—			18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		286			286
Depreciation and amortization expense		—		—		—		12			12
Operating income by segment	$	1,270	$	150	$	474	$	(300	)	$	1,594

See Operating Highlights by Segment.
See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Year ended December 31, 2022
Revenues:
Revenues from external customers	$	168,154	$	3,483	$	4,746	$	—		$	176,383
Intersegment revenues		56		2,018		740		(2,814	)		—
Total revenues		168,210		5,501		5,486		(2,814	)		176,383
Cost of sales:
Cost of materials and other (a)		144,588		4,350		4,628		(2,796	)		150,770
Operating expenses (excluding depreciation and amortization expense reflected below)		5,509		255		625		—			6,389
Depreciation and amortization expense (c)		2,247		122		59		—			2,428
Total cost of sales		152,344		4,727		5,312		(2,796	)		159,587
Asset impairment loss (d)		—		—		61		—			61
Other operating expenses		63		—		3		—			66
General and administrative expenses (excluding depreciation and amortization expense reflected below) (e)		—		—		—		934			934
Depreciation and amortization expense		—		—		—		45			45
Operating income by segment	$	15,803	$	774	$	110	$	(997	)	$	15,690

Year ended December 31, 2021
Revenues:
Revenues from external customers	$	106,947	$	1,874	$	5,156	$	—		$	113,977
Intersegment revenues		14		468		433		(915	)		—
Total revenues		106,961		2,342		5,589		(915	)		113,977
Cost of sales:
Cost of materials and other (a) (b)		97,759		1,438		4,428		(911	)		102,714
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		5,088		134		556		(2	)		5,776
Depreciation and amortization expense (c)		2,169		58		131		—			2,358
Total cost of sales		105,016		1,630		5,115		(913	)		110,848
Other operating expenses		83		3		1		—			87
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		865			865
Depreciation and amortization expense		—		—		—		47			47
Operating income by segment	$	1,862	$	709	$	473	$	(914	)	$	2,130

See Operating Highlights by Segment.
See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	3,113		$	1,009		$	11,528		$	930
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—			(220	)		(104	)		(1	)
Income tax expense related to modification of RVO		—			49			23			—
Modification of RVO, net of taxes		—			(171	)		(81	)		(1	)
Gain on sale of ethanol plant (c)		—			—			(23	)		—
Income tax expense related to gain on sale of ethanol plant		—			—			5			—
Gain on sale of ethanol plant, net of taxes		—			—			(18	)		—
Asset impairment loss (d)		61			—			61			—
Income tax benefit related to asset impairment loss		(14	)		—			(14	)		—
Asset impairment loss, net of taxes		47			—			47			—
Environmental reserve adjustment (e)		—			—			20			—
Income tax benefit related to environmental reserve adjustment		—			—			(5	)		—
Environmental reserve adjustment, net of taxes		—			—			15			—
Pension settlement charge (f)		58			—			58			—
Income tax benefit related to pension settlement charge		(13	)		—			(13	)		—
Pension settlement charge, net of taxes		45			—			45			—
Loss (gain) on early redemption and retirement of debt (f)		(38	)		193			(14	)		193
Income tax (benefit) expense related to loss (gain) on early redemption and retirement of debt		9			(43	)		3			(43	)
Loss (gain) on early redemption and retirement of debt, net of taxes		(29	)		150			(11	)		150
Foreign withholding tax (g)		51			—			51			—
Change in estimated useful life of ethanol plant (c)		—			—			—			48
Income tax benefit related to the change in estimated useful life of ethanol plant		—			—			—			(11	)
Change in estimated useful life of ethanol plant, net of taxes		—			—			—			37
Gain on sale of MVP interest (f)		—			—			—			(62	)
Income tax expense related to gain on sale of MVP interest		—			—			—			14
Gain on sale of MVP interest, net of taxes		—			—			—			(48	)
Diamond Pipeline asset impairment loss (f)		—			—			—			24
Income tax benefit related to Diamond Pipeline asset impairment loss		—			—			—			(5	)
Diamond Pipeline asset impairment loss, net of taxes		—			—			—			19
Income tax expense related to changes in statutory tax rates (g)		—			—			—			64
Total adjustments		114			(21	)		48			221
Adjusted net income attributable to Valero Energy Corporation stockholders	$	3,227		$	988		$	11,576		$	1,151

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	8.15		$	2.46		$	29.04		$	2.27
Adjustments:
Modification of RVO (a)		—			(0.42	)		(0.20	)		—
Gain on sale of ethanol plant (c)		—			—			(0.05	)		—
Asset impairment loss (d)		0.13			—			0.12			—
Environmental reserve adjustment (e)		—			—			0.04			—
Pension settlement charge (f)		0.12			—			0.11			—
Loss (gain) on early redemption and retirement of debt (f)		(0.08	)		0.37			(0.03	)		0.37
Foreign withholding tax (g)		0.13			—			0.13			—
Change in estimated useful life of ethanol plant (c)		—			—			—			0.09
Gain on sale of MVP interest (f)		—			—			—			(0.12	)
Diamond Pipeline asset impairment loss (f)		—			—			—			0.04
Income tax expense related to changes in statutory tax rates (g)		—			—			—			0.16
Total adjustments		0.30			(0.05	)		0.12			0.54
Adjusted earnings per common share – assuming dilution	$	8.45		$	2.41		$	29.16		$	2.81

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,					Year Ended December 31,
	2022		2021			2022			2021
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	4,330	$	1,270		$	15,803		$	1,862
Adjustments:
Modification of RVO (a)		—		(220	)		(104	)		(1	)
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		1,398		1,358			5,509			5,088
Depreciation and amortization expense		565		543			2,247			2,169
Other operating expenses		25		15			63			83
Refining margin	$	6,318	$	2,966		$	23,518		$	9,201

Refining operating income	$	4,330	$	1,270		$	15,803		$	1,862
Adjustments:
Modification of RVO (a)		—		(220	)		(104	)		(1	)
Other operating expenses		25		15			63			83
Adjusted Refining operating income	$	4,355	$	1,065		$	15,762		$	1,944

Renewable Diesel segment
Renewable Diesel operating income	$	261	$	150		$	774		$	709
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		77		48			255			134
Depreciation and amortization expense		35		23			122			58
Other operating expenses		—		2			—			3
Renewable Diesel margin	$	373	$	223		$	1,151		$	904

Renewable Diesel operating income	$	261	$	150		$	774		$	709
Adjustment: Other operating expenses		—		2			—			3
Adjusted Renewable Diesel operating income	$	261	$	152		$	774		$	712

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022			2021
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment (continued)
Ethanol segment
Ethanol operating income	$	7	$	474	$	110		$	473
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		161		153		625			556
Depreciation and amortization expense (c)		22		20		59			131
Asset impairment loss (d)		61		—		61			—
Other operating expenses		1		1		3			1
Ethanol margin	$	252	$	648	$	858		$	1,161

Ethanol operating income	$	7	$	474	$	110		$	473
Adjustments:
Gain on sale of ethanol plant (c)		—		—		(23	)		—
Asset impairment loss (d)		61		—		61			—
Change in estimated useful life of ethanol plant (c)		—		—		—			48
Other operating expenses		1		1		3			1
Adjusted Ethanol operating income	$	69	$	475	$	151		$	522

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,					Year Ended December 31,
	2022		2021			2022			2021
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (i)
U.S. Gulf Coast region
Refining operating income	$	2,629	$	843		$	9,096		$	831
Adjustments:
Modification of RVO (a)		—		(158	)		(74	)		(1	)
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		774		748			3,113			3,027
Depreciation and amortization expense		346		328			1,369			1,326
Other operating expenses		19		12			48			70
Refining margin	$	3,768	$	1,773		$	13,552		$	5,253

Refining operating income	$	2,629	$	843		$	9,096		$	831
Adjustments:
Modification of RVO (a)		—		(158	)		(74	)		(1	)
Other operating expenses		19		12			48			70
Adjusted Refining operating income	$	2,648	$	697		$	9,070		$	900

U.S. Mid-Continent region
Refining operating income	$	551	$	204		$	2,252		$	528
Adjustments:
Modification of RVO (a)		—		(39	)		(19	)		—
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		191		190			772			713
Depreciation and amortization expense		84		82			335			335
Other operating expenses		1		1			1			11
Refining margin	$	827	$	438		$	3,341		$	1,587

Refining operating income	$	551	$	204		$	2,252		$	528
Adjustments:
Modification of RVO (a)		—		(39	)		(19	)		—
Other operating expenses		1		1			1			11
Adjusted Refining operating income	$	552	$	166		$	2,234		$	539

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (h)
(millions of dollars)
(unaudited)

	Three Months Ended December 31,					Year Ended December 31,
	2022		2021			2022			2021
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (loss) (by region) (i) (continued)
North Atlantic region
Refining operating income	$	1,091	$	265		$	3,384		$	558
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		192		195			816			671
Depreciation and amortization expense		62		68			259			247
Other operating expenses		2		1			11			1
Refining margin	$	1,347	$	529		$	4,470		$	1,477

Refining operating income	$	1,091	$	265		$	3,384		$	558
Adjustments:
Other operating expenses		2		1			11			1
Adjusted Refining operating income	$	1,093	$	266		$	3,395		$	559

U.S. West Coast region
Refining operating income (loss)	$	59	$	(42	)	$	1,071		$	(55	)
Adjustments:
Modification of RVO (a)		—		(23	)		(11	)		—
Operating expenses (excluding depreciation and amortization expense reflected below)		241		225			808			677
Depreciation and amortization expense		73		65			284			261
Other operating expenses		3		1			3			1
Refining margin	$	376	$	226		$	2,155		$	884

Refining operating income (loss)	$	59	$	(42	)	$	1,071		$	(55	)
Adjustments:
Modification of RVO (a)		—		(23	)		(11	)		—
Other operating expenses		3		1			3			1
Adjusted Refining operating income (loss)	$	62	$	(64	)	$	1,063		$	(54	)

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		343		340		343		338
Medium/light sour crude oil		338		300		413		296
Sweet crude oil		1,578		1,621		1,474		1,448
Residuals		218		241		222		240
Other feedstocks		110		138		114		123
Total feedstocks		2,587		2,640		2,566		2,445
Blendstocks and other		455		393		387		342
Total throughput volumes		3,042		3,033		2,953		2,787

Yields (thousand barrels per day)
Gasolines and blendstocks		1,501		1,533		1,451		1,403
Distillates		1,153		1,126		1,118		1,028
Other products (j)		410		403		409		387
Total yields		3,064		3,062		2,978		2,818

Operating statistics (b) (h) (k)
Refining margin	$	6,318	$	2,966	$	23,518	$	9,201
Adjusted Refining operating income	$	4,355	$	1,065	$	15,762	$	1,944
Throughput volumes (thousand barrels per day)		3,042		3,033		2,953		2,787

Refining margin per barrel of throughput	$	22.58	$	10.63	$	21.82	$	9.04
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.00		4.86		5.11		5.00
Depreciation and amortization expense per barrel of throughput		2.02		1.95		2.09		2.13
Adjusted Refining operating income per barrel of throughput	$	15.56	$	3.82	$	14.62	$	1.91

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2022		2021		2022		2021
Operating statistics (h) (k)
Renewable Diesel margin	$	373	$	223	$	1,151	$	904
Adjusted Renewable Diesel operating income	$	261	$	152	$	774	$	712
Sales volumes (thousand gallons per day)		2,443		1,592		2,175		1,014

Renewable Diesel margin per gallon of sales	$	1.66	$	1.52	$	1.45	$	2.44
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.34		0.33		0.32		0.36
Depreciation and amortization expense per gallon of sales		0.16		0.15		0.15		0.16
Adjusted Renewable Diesel operating income per gallon of sales	$	1.16	$	1.04	$	0.98	$	1.92

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

ETHANOL SEGMENT OPERATING HIGHLIGHTS

(millions of dollars, except per gallon amounts)

(unaudited)

Three Months Ended

December 31,

Year Ended

December 31,

2022

2021

2022

2021

Operating statistics (b) (h) (k)

Ethanol margin

Valero Energy Reports 2022 Fourth Quarter and Full Year Results