Reported net income attributable to Valero stockholders of $1.2 billion, or $3.55 per share, for the fourth quarter and $8.8 billion, or $24.92 per share, for the year
Reported adjusted net income attributable to Valero stockholders of $8.8 billion, or $24.90 per share, for the year
Returned $1.3 billion to stockholders through dividends and stock buybacks in the fourth quarter and over $6.6 billion in the year
Increased quarterly cash dividend on common stock by 5 percent to $1.07 per share on January 18

Valero Energy Corporation (NYSE:VLO, "Valero"))) today reported net income attributable to Valero stockholders of $1.2 billion, or $3.55 per share, for the fourth quarter of 2023, compared to $3.1 billion, or $8.15 per share, for the fourth quarter of 2022. 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.

For 2023, net income attributable to Valero stockholders was $8.8 billion, or $24.92 per share, compared to $11.5 billion, or $29.04 per share, in 2022. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $8.8 billion, or $24.90 per share, in 2023, compared to $11.6 billion, or $29.16 per share, in 2022.

Refining

The Refining segment reported operating income of $1.6 billion for the fourth quarter of 2023, compared to $4.3 billion for the fourth quarter of 2022. Refining throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2023.

"Our operational achievements in health, safety and environmental, mechanical availability and cost management supported best-ever performance in several areas of our operations and contributed to our second best-ever year in adjusted earnings," said Lane Riggs, Valero's Chief Executive Officer and President. "We also delivered on our commitment to return cash to shareholders, invest with discipline, and advance our low-carbon fuels strategy."

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $84 million of operating income for the fourth quarter of 2023, compared to $261 million for the fourth quarter of 2022. Segment sales volumes averaged 3.8 million gallons per day in the fourth quarter of 2023, which was 1.3 million gallons per day higher than the fourth quarter of 2022. The higher sales volumes were due to the impact of additional volumes from the DGD Port Arthur plant, which started up in the fourth quarter of 2022. Operating income was lower than the fourth quarter of 2022 due to lower renewable diesel margin in the fourth quarter of 2023.

Ethanol

The Ethanol segment reported $190 million of operating income for the fourth quarter of 2023, compared to $7 million for the fourth quarter of 2022. Adjusted operating income was $205 million for the fourth quarter of 2023, compared to $69 million for the fourth quarter of 2022. Ethanol production volumes averaged 4.5 million gallons per day in the fourth quarter of 2023, which was 448 thousand gallons per day higher than the fourth quarter of 2022. Adjusted operating income was higher than the fourth quarter of 2022 primarily as a result of higher production volumes and lower corn prices in the fourth quarter of 2023.

Corporate and Other

General and administrative expenses were $295 million in the fourth quarter of 2023 and $998 million for the year. The effective tax rate for 2023 was 22 percent.

Investing and Financing Activities

Net cash provided by operating activities was $1.2 billion in the fourth quarter of 2023. Included in this amount was a $631 million unfavorable impact from working capital and $65 million of adjusted net cash provided by operating activities associated with the other joint venture member's share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.8 billion in the fourth quarter of 2023.

Net cash provided by operating activities in 2023 was $9.2 billion. Included in this amount was a $2.3 billion unfavorable impact from working capital and $512 million of adjusted net cash provided by operating activities associated with the other joint venture member's share of DGD. Excluding these items, adjusted net cash provided by operating activities in 2023 was $11.0 billion.

Capital investments totaled $540 million in the fourth quarter of 2023, of which $460 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, capital investments attributable to Valero were $506 million in the fourth quarter of 2023 and $1.8 billion in 2023.

Valero returned $1.3 billion to stockholders in the fourth quarter of 2023, of which $346 million was paid as dividends and $966 million was for the purchase of approximately 7.5 million shares of common stock. In 2023, Valero returned over $6.6 billion to stockholders, or 60 percent of adjusted net cash provided by operating activities, consisting of $5.2 billion in stock buybacks and $1.5 billion in dividends.

Valero defines payout ratio as the sum of dividends paid and the total cost of 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.

On January 18, Valero announced an increase of its quarterly cash dividend on common stock from $1.02 per share to $1.07 per share.

Liquidity and Financial Position

Valero ended 2023 with $9.2 billion of total debt, $2.3 billion of finance lease obligations and $5.4 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 18 percent as of December 31, 2023.

Strategic Update

The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant remains on schedule with completion expected in the first quarter of 2025 for a total cost of $315 million, with half of that attributable to Valero. The project is expected to give the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to SAF. With the completion of this project, DGD is expected to become one of the largest manufacturers of SAF in the world.

"Our discipline on growth through return driven investments in our core refining and low-carbon fuels businesses should continue to strengthen our competitive advantage and drive long-term shareholder returns," said Riggs.

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 combined 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 and Finance, 210-345-3331

Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:

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

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," "target," "will," "plans," "forecast," and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero's low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero's control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero's operations or the demand for Valero's products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero's business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero's website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, 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						Year Ended
	December 31,						December 31,
		2023			2022			2023			2022
Statement of income data
Revenues	$	35,414		$	41,746		$	144,766		$	176,383
Cost of sales:
Cost of materials and other (a)		31,267			34,811			123,087			150,770
Operating expenses (excluding depreciation and amortization expense reflected below)		1,594			1,638			6,089			6,389
Depreciation and amortization expense (b)		679			622			2,658			2,428
Total cost of sales		33,540			37,071			131,834			159,587
Asset impairment loss (c)		—			61			—			61
Other operating expenses		15			26			33			66
General and administrative expenses (excluding depreciation and amortization expense reflected below) (d)		295			282			998			934
Depreciation and amortization expense		11			11			43			45
Operating income		1,553			4,295			11,858			15,690
Other income, net (e)		145			92			502			179
Interest and debt expense, net of capitalized interest		(149	)		(137	)		(592	)		(562	)
Income before income tax expense		1,549			4,250			11,768			15,307
Income tax expense (f)		331			1,018			2,619			3,428
Net income		1,218			3,232			9,149			11,879
Less: Net income attributable to noncontrolling interests		16			119			314			351
Net income attributable to Valero Energy Corporation stockholders	$	1,202		$	3,113		$	8,835		$	11,528

Earnings per common share	$	3.55		$	8.15		$	24.93		$	29.05
Weighted-average common shares outstanding (in millions)		337			380			353			395

Earnings per common share – assuming dilution	$	3.55		$	8.15		$	24.92		$	29.04
Weighted-average common shares outstanding – assuming dilution (in millions)		338			381			353			396

See Notes to Earnings Release Tables.

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

							Corporate
			Renewable				and
	Refining		Diesel		Ethanol		Eliminations			Total
Three months ended December 31, 2023
Revenues:
Revenues from external customers	$	33,546	$	833	$	1,035	$	—		$	35,414
Intersegment revenues		10		801		296		(1,107	)		—
Total revenues		33,556		1,634		1,331		(1,107	)		35,414
Cost of sales:
Cost of materials and other		30,003		1,407		973		(1,116	)		31,267
Operating expenses (excluding depreciation and amortization expense reflected below)		1,376		84		132		2			1,594
Depreciation and amortization expense		600		59		21		(1	)		679
Total cost of sales		31,979		1,550		1,126		(1,115	)		33,540
Other operating expenses		—		—		15		—			15
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		295			295
Depreciation and amortization expense		—		—		—		11			11
Operating income by segment	$	1,577	$	84	$	190	$	(298	)	$	1,553

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 (c)		—		—		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

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)

							Corporate
			Renewable				and
	Refining		Diesel		Ethanol		Eliminations			Total
Year ended December 31, 2023
Revenues:
Revenues from external customers	$	136,470	$	3,823	$	4,473	$	—		$	144,766
Intersegment revenues		18		3,168		1,086		(4,272	)		—
Total revenues		136,488		6,991		5,559		(4,272	)		144,766
Cost of sales:
Cost of materials and other		117,401		5,550		4,395		(4,259	)		123,087
Operating expenses (excluding depreciation and amortization expense reflected below)		5,208		358		515		8			6,089
Depreciation and amortization expense		2,351		231		80		(4	)		2,658
Total cost of sales		124,960		6,139		4,990		(4,255	)		131,834
Other operating expenses		17		—		16		—			33
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		998			998
Depreciation and amortization expense		—		—		—		43			43
Operating income by segment	$	11,511	$	852	$	553	$	(1,058	)	$	11,858

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 (b)		2,247		122		59		—			2,428
Total cost of sales		152,344		4,727		5,312		(2,796	)		159,587
Asset impairment loss (c)		—		—		61		—			61
Other operating expenses		63		—		3		—			66
General and administrative expenses (excluding depreciation and amortization expense reflected below) (d)		—		—		—		934			934
Depreciation and amortization expense		—		—		—		45			45
Operating income by segment	$	15,803	$	774	$	110	$	(997	)	$	15,690

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					Year Ended
	December 31,					December 31,
	2023		2022			2023			2022
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	$	1,202	$	3,113		$	8,835		$	11,528
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—		—			—			(104	)
Income tax expense related to modification of RVO		—		—			—			23
Modification of RVO, net of taxes		—		—			—			(81	)
Gain on sale of ethanol plant (b)		—		—			—			(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 (c)		—		61			—			61
Income tax benefit related to asset impairment loss		—		(14	)		—			(14	)
Asset impairment loss, net of taxes		—		47			—			47
Environmental reserve adjustment (d)		—		—			—			20
Income tax benefit related to environmental reserve adjustment		—		—			—			(5	)
Environmental reserve adjustment, net of taxes		—		—			—			15
Gain on early retirement of debt (e)		—		(38	)		(11	)		(14	)
Income tax expense related to gain on early retirement of debt		—		9			2			3
Gain on early retirement of debt, net of taxes		—		(29	)		(9	)		(11	)
Pension settlement charge (e)		—		58			—			58
Income tax benefit related to pension settlement charge		—		(13	)		—			(13	)
Pension settlement charge, net of taxes		—		45			—			45
Foreign withholding tax (f)		—		51			—			51
Total adjustments		—		114			(9	)		48
Adjusted net income attributable to Valero Energy Corporation stockholders	$	1,202	$	3,227		$	8,826		$	11,576

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)
(unaudited)

	Three Months Ended					Year Ended
	December 31,					December 31,
	2023		2022			2023			2022
Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	3.55	$	8.15		$	24.92		$	29.04
Adjustments:
Modification of RVO (a)		—		—			—			(0.20	)
Gain on sale of ethanol plant (b)		—		—			—			(0.05	)
Asset impairment loss (c)		—		0.13			—			0.12
Environmental reserve adjustment (d)		—		—			—			0.04
Gain on early retirement of debt (e)		—		(0.08	)		(0.02	)		(0.03	)
Pension settlement charge (e)		—		0.12			—			0.11
Foreign withholding tax (f)		—		0.13			—			0.13
Total adjustments		—		0.30			(0.02	)		0.12
Adjusted earnings per common share – assuming dilution	$	3.55	$	8.45		$	24.90		$	29.16

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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
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	$	1,577	$	4,330	$	11,511	$	15,803
Adjustments:
Modification of RVO (a)		—		—		—		(104	)
Operating expenses (excluding depreciation and amortization expense reflected below)		1,376		1,398		5,208		5,509
Depreciation and amortization expense		600		565		2,351		2,247
Other operating expenses		—		25		17		63
Refining margin	$	3,553	$	6,318	$	19,087	$	23,518

Refining operating income	$	1,577	$	4,330	$	11,511	$	15,803
Adjustments:
Modification of RVO (a)		—		—		—		(104	)
Other operating expenses		—		25		17		63
Adjusted Refining operating income	$	1,577	$	4,355	$	11,528	$	15,762

Renewable Diesel segment
Renewable Diesel operating income	$	84	$	261	$	852	$	774
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		84		77		358		255
Depreciation and amortization expense		59		35		231		122
Renewable Diesel margin	$	227	$	373	$	1,441	$	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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
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	$	190	$	7	$	553	$	110
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		132		161		515		625
Depreciation and amortization expense (b)		21		22		80		59
Asset impairment loss (c)		—		61		—		61
Other operating expenses		15		1		16		3
Ethanol margin	$	358	$	252	$	1,164	$	858

Ethanol operating income	$	190	$	7	$	553	$	110
Adjustments:
Gain on sale of ethanol plant (b)		—		—		—		(23	)
Asset impairment loss (c)		—		61		—		61
Other operating expenses		15		1		16		3
Adjusted Ethanol operating income	$	205	$	69	$	569	$	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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income	$	858	$	2,629	$	6,853	$	9,096
Adjustments:
Modification of RVO (a)		—		—		—		(74	)
Operating expenses (excluding depreciation and amortization expense reflected below)		716		774		2,837		3,113
Depreciation and amortization expense		377		346		1,459		1,369
Other operating expenses		—		19		11		48
Refining margin	$	1,951	$	3,768	$	11,160	$	13,552

Refining operating income	$	858	$	2,629	$	6,853	$	9,096
Adjustments:
Modification of RVO (a)		—		—		—		(74	)
Other operating expenses		—		19		11		48
Adjusted Refining operating income	$	858	$	2,648	$	6,864	$	9,070

U.S. Mid-Continent region
Refining operating income	$	120	$	551	$	1,627	$	2,252
Adjustments:
Modification of RVO (a)		—		—		—		(19	)
Operating expenses (excluding depreciation and amortization expense reflected below)		197		191		766		772
Depreciation and amortization expense		84		84		334		335
Other operating expenses		—		1		—		1
Refining margin	$	401	$	827	$	2,727	$	3,341

Refining operating income	$	120	$	551	$	1,627	$	2,252
Adjustments:
Modification of RVO (a)		—		—		—		(19	)
Other operating expenses		—		1		—		1
Adjusted Refining operating income	$	120	$	552	$	1,627	$	2,234

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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (i) (continued)
North Atlantic region
Refining operating income	$	579	$	1,091	$	2,131	$	3,384
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		204		192		751		816
Depreciation and amortization expense		63		62		255		259
Other operating expenses		—		2		1		11
Refining margin	$	846	$	1,347	$	3,138	$	4,470

Refining operating income	$	579	$	1,091	$	2,131	$	3,384
Adjustment: Other operating expenses		—		2		1		11
Adjusted Refining operating income	$	579	$	1,093	$	2,132	$	3,395

U.S. West Coast region
Refining operating income	$	20	$	59	$	900	$	1,071
Adjustments:
Modification of RVO (a)		—		—		—		(11	)
Operating expenses (excluding depreciation and amortization expense reflected below) (g)		259		241		854		808
Depreciation and amortization expense		76		73		303		284
Other operating expenses		—		3		5		3
Refining margin	$	355	$	376	$	2,062	$	2,155

Refining operating income	$	20	$	59	$	900	$	1,071
Adjustments:
Modification of RVO (a)		—		—		—		(11	)
Other operating expenses		—		3		5		3
Adjusted Refining operating income	$	20	$	62	$	905	$	1,063

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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		485		343		449		343
Medium/light sour crude oil		272		338		307		413
Sweet crude oil		1,517		1,578		1,496		1,474
Residuals		171		218		199		222
Other feedstocks		106		110		115		114
Total feedstocks		2,551		2,587		2,566		2,566
Blendstocks and other		444		455		413		387
Total throughput volumes		2,995		3,042		2,979		2,953

Yields (thousand barrels per day)
Gasolines and blendstocks		1,489		1,501		1,461		1,451
Distillates		1,128		1,153		1,126		1,118
Other products (j)		404		410		420		409
Total yields		3,021		3,064		3,007		2,978

Operating statistics (h) (k)
Refining margin	$	3,553	$	6,318	$	19,087	$	23,518
Adjusted Refining operating income	$	1,577	$	4,355	$	11,528	$	15,762
Throughput volumes (thousand barrels per day)		2,995		3,042		2,979		2,953

Refining margin per barrel of throughput	$	12.89	$	22.58	$	17.55	$	21.82
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.99		5.00		4.79		5.11
Depreciation and amortization expense per barrel of throughput		2.18		2.02		2.16		2.09
Adjusted Refining operating income per barrel of throughput	$	5.72	$	15.56	$	10.60	$	14.62

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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
Operating statistics (h) (k)
Renewable Diesel margin	$	227	$	373	$	1,441	$	1,151
Renewable Diesel operating income	$	84	$	261	$	852	$	774
Sales volumes (thousand gallons per day)		3,773		2,443		3,539		2,175

Renewable Diesel margin per gallon of sales	$	0.65	$	1.66	$	1.12	$	1.45
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.24		0.34		0.28		0.32
Depreciation and amortization expense per gallon of sales		0.17		0.16		0.18		0.15
Renewable Diesel operating income per gallon of sales	$	0.24	$	1.16	$	0.66	$	0.98

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				Year Ended
	December 31,				December 31,
	2023		2022		2023		2022
Operating statistics (h) (k)
Ethanol margin	$	358	$	252	$	1,164	$	858
Adjusted Ethanol operating income	$	205	$	69	$	569	$	151
Production volumes (thousand gallons per day)		4,510		4,062		4,367		3,866

Ethanol margin per gallon of production	$	0.86	$	0.67	$	0.73	$	0.61
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.32		0.43		0.32		0.44
Depreciation and amortization expense per gallon of production (b)		0.05		0.05		0.05		0.04
Gain on sale of ethanol plant per gallon of production (b)		—		—		—		0.02
Adjusted Ethanol operating income per gallon of production	$	0.49	$	0.19	$	0.36	$	0.11

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION

(millions of dollars, except per barrel amounts)

(unaudited)

Three Months Ended

Year Ended

December 31,

2023

2022

2023

2022

Operating statistics by region (i)

Valero Energy Reports 2023 Fourth Quarter and Full Year Results