Reported net income attributable to Valero stockholders of $281 million, or $0.88 per share, for the fourth quarter and $2.8 billion, or $8.58 per share, for the year
Reported adjusted net income attributable to Valero stockholders of $207 million, or $0.64 per share, for the fourth quarter and $2.7 billion, or $8.48 per share, for the year
Returned $601 million to stockholders through dividends and stock buybacks in the fourth quarter and $4.3 billion in the year
Increased quarterly cash dividend on common stock by 6 percent to $1.13 per share on January 16, 2025
Progressing with a Fluid Catalytic Cracking (FCC) Unit optimization project at the St. Charles Refinery

Valero Energy Corporation (NYSE:VLO, "Valero")) today reported net income attributable to Valero stockholders of $281 million, or $0.88 per share, for the fourth quarter of 2024, compared to $1.2 billion, or $3.55 per share, for the fourth quarter of 2023. Excluding the adjustment shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $207 million, or $0.64 per share, for the fourth quarter of 2024, compared to $1.2 billion, or $3.57 per share, for the fourth quarter of 2023.

For 2024, net income attributable to Valero stockholders was $2.8 billion, or $8.58 per share, compared to $8.8 billion, or $24.92 per share, in 2023. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $2.7 billion, or $8.48 per share, in 2024, compared to $8.9 billion, or $24.96 per share, in 2023.

Refining

The Refining segment reported operating income of $437 million for the fourth quarter of 2024, compared to $1.6 billion for the fourth quarter of 2023. Refining throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2024.

"2024 was our best year for personnel and process safety and one of our best years for environmental performance," said Lane Riggs, Valero's Chairman, Chief Executive Officer and President. "This 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 joint venture (DGD), reported $170 million of operating income for the fourth quarter of 2024, compared to $84 million for the fourth quarter of 2023. Segment sales volumes averaged 3.4 million gallons per day in the fourth quarter of 2024.

Ethanol

The Ethanol segment reported $20 million of operating income for the fourth quarter of 2024, compared to $190 million for the fourth quarter of 2023. Ethanol production volumes averaged 4.6 million gallons per day in the fourth quarter of 2024.

Corporate and Other

General and administrative expenses were $266 million in the fourth quarter of 2024 and $961 million for the year. The effective tax rate for 2024 was 19 percent.

Investing and Financing Activities

Net cash provided by operating activities was $1.1 billion in the fourth quarter of 2024. Included in this amount was $119 million of adjusted net cash provided by operating activities associated with the other joint venture member's share of DGD. Excluding this item, adjusted net cash provided by operating activities was $951 million in the fourth quarter of 2024.

Net cash provided by operating activities in 2024 was $6.7 billion. Included in this amount was a $795 million favorable impact from working capital and $371 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 2024 was $5.5 billion.

Capital investments totaled $547 million in the fourth quarter of 2024, of which $452 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 other variable interest entities, capital investments attributable to Valero were $515 million in the fourth quarter of 2024 and $1.9 billion for the year.

Valero returned $601 million to stockholders in the fourth quarter of 2024, of which $339 million was paid as dividends and $262 million was for the purchase of approximately 2.0 million shares of common stock, resulting in a payout ratio of 63 percent of adjusted net cash provided by operating activities. In 2024, Valero returned $4.3 billion to stockholders, or 78 percent of adjusted net cash provided by operating activities, consisting of $2.9 billion in stock buybacks and $1.4 billion in dividends. Valero defines payout ratio as the sum of dividends paid and the total cost of stock buybacks divided by adjusted net cash provided by operating activities.

On January 16, 2025, Valero announced an increase of its quarterly cash dividend on common stock from $1.07 per share to $1.13 per share, demonstrating its strong financial position.

"Our team continues to successfully execute a strategy underpinned by operational excellence, deploying capital with an uncompromising focus on returns, and honoring our commitment to stockholders," said Riggs.

Liquidity and Financial Position

Valero ended 2024 with $8.1 billion of total debt, $2.4 billion of finance lease obligations, and $4.7 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 17 percent as of December 31, 2024.

Strategic Update

The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant was successfully completed in the fourth quarter of 2024 and is now fully operational, providing the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to be blended to SAF.

Valero is progressing with an FCC Unit optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026.

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 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 produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See our annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 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," "commitment," "plans," "forecast, "guidance" 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 and financial performance 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 taxes or penalties on profits, windfalls, or margins above a certain level, 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 (loss), 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 definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (d) 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,
		2024			2023			2024			2023
Statement of income data
Revenues	$	30,756		$	35,414		$	129,881		$	144,766
Cost of sales:
Cost of materials and other		27,926			31,267			116,516			123,087
Operating expenses (excluding depreciation and amortization expense reflected below)		1,514			1,594			5,831			6,089
Depreciation and amortization expense		687			679			2,729			2,658
Total cost of sales		30,127			33,540			125,076			131,834
Other operating expenses (a)		4			15			44			33
General and administrative expenses (excluding depreciation and amortization expense reflected below)		266			295			961			998
Depreciation and amortization expense		11			11			45			43
Operating income		348			1,553			3,755			11,858
Other income, net (b)		110			145			499			502
Interest and debt expense, net of capitalized interest		(135	)		(149	)		(556	)		(592	)
Income before income tax expense (benefit)		323			1,549			3,698			11,768
Income tax expense (benefit) (c)		(34	)		331			692			2,619
Net income		357			1,218			3,006			9,149
Less: Net income attributable to noncontrolling interests		76			16			236			314
Net income attributable to Valero Energy Corporation stockholders	$	281		$	1,202		$	2,770		$	8,835

Earnings per common share	$	0.89		$	3.55		$	8.58		$	24.93
Weighted-average common shares outstanding (in millions)		315			337			322			353

Earnings per common share – assuming dilution	$	0.88		$	3.55		$	8.58		$	24.92
Weighted-average common shares outstanding – assuming dilution (in millions)		316			338			322			353

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, 2024
Revenues:
Revenues from external customers	$	29,334	$	522	$	900	$	—		$	30,756
Intersegment revenues		2		724		214		(940	)		—
Total revenues		29,336		1,246		1,114		(940	)		30,756
Cost of sales:
Cost of materials and other		27,010		919		933		(936	)		27,926
Operating expenses (excluding depreciation and amortization expense reflected below)		1,287		88		141		(2	)		1,514
Depreciation and amortization expense		598		69		20		—			687
Total cost of sales		28,895		1,076		1,094		(938	)		30,127
Other operating expenses		4		—		—		—			4
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		266			266
Depreciation and amortization expense		—		—		—		11			11
Operating income by segment	$	437	$	170	$	20	$	(279	)	$	348

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

See Operating Highlights by Segment.

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, 2024
Revenues:
Revenues from external customers	$	123,853	$	2,410	$	3,618	$	—		$	129,881
Intersegment revenues		10		2,656		868		(3,534	)		—
Total revenues		123,863		5,066		4,486		(3,534	)		129,881
Cost of sales:
Cost of materials and other		112,538		3,944		3,558		(3,524	)		116,516
Operating expenses (excluding depreciation and amortization expense reflected below)		4,946		350		536		(1	)		5,831
Depreciation and amortization expense		2,391		265		77		(4	)		2,729
Total cost of sales		119,875		4,559		4,171		(3,529	)		125,076
Other operating expenses (a)		17		—		27		—			44
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		961			961
Depreciation and amortization expense		—		—		—		45			45
Operating income by segment	$	3,971	$	507	$	288	$	(1,011	)	$	3,755

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

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,
		2024			2023		2024			2023
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	$	281		$	1,202	$	2,770		$	8,835
Adjustments:
Project liability adjustment (a)		—			—		29			—
Income tax benefit related to project liability adjustment		—			—		(7	)		—
Project liability adjustment, net of taxes		—			—		22			—
Gain on early retirement of debt (b)		—			—		—			(11	)
Income tax expense related to gain on early retirement of debt		—			—		—			2
Gain on early retirement of debt, net of taxes		—			—		—			(9	)
Second-generation biofuel tax credit (c)		(74	)		6		(53	)		24
Total adjustments		(74	)		6		(31	)		15
Adjusted net income attributable to Valero Energy Corporation stockholders	$	207		$	1,208	$	2,739		$	8,850

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	0.88		$	3.55	$	8.58		$	24.92
Adjustments:
Project liability adjustment (a)		—			—		0.07			—
Gain on early retirement of debt (b)		—			—		—			(0.02	)
Second-generation biofuel tax credit (c)		(0.24	)		0.02		(0.17	)		0.06
Total adjustments		(0.24	)		0.02		(0.10	)		0.04
Adjusted earnings per common share – assuming dilution	$	0.64		$	3.57	$	8.48		$	24.96

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 (d) (millions of dollars) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
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	$	437	$	1,577	$	3,971	$	11,511
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		1,287		1,376		4,946		5,208
Depreciation and amortization expense		598		600		2,391		2,351
Other operating expenses		4		—		17		17
Refining margin	$	2,326	$	3,553	$	11,325	$	19,087

Refining operating income	$	437	$	1,577	$	3,971	$	11,511
Adjustment: Other operating expenses		4		—		17		17
Adjusted Refining operating income	$	441	$	1,577	$	3,988	$	11,528

Renewable Diesel segment
Renewable Diesel operating income	$	170	$	84	$	507	$	852
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		88		84		350		358
Depreciation and amortization expense		69		59		265		231
Renewable Diesel margin	$	327	$	227	$	1,122	$	1,441

Ethanol segment
Ethanol operating income	$	20	$	190	$	288	$	553
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		141		132		536		515
Depreciation and amortization expense		20		21		77		80
Other operating expenses (a)		—		15		27		16
Ethanol margin	$	181	$	358	$	928	$	1,164

Ethanol operating income	$	20	$	190	$	288	$	553
Adjustment: Other operating expenses (a)		—		15		27		16
Adjusted Ethanol operating income	$	20	$	205	$	315	$	569

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 (d) (millions of dollars) (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
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) (e)
U.S. Gulf Coast region
Refining operating income	$	314	$	858	$	2,426	$	6,853
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		719		716		2,744		2,837
Depreciation and amortization expense		375		377		1,495		1,459
Other operating expenses		4		—		12		11
Refining margin	$	1,412	$	1,951	$	6,677	$	11,160

Refining operating income	$	314	$	858	$	2,426	$	6,853
Adjustment: Other operating expenses		4		—		12		11
Adjusted Refining operating income	$	318	$	858	$	2,438	$	6,864

U.S. Mid-Continent region
Refining operating income	$	30	$	120	$	449	$	1,627
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		194		197		753		766
Depreciation and amortization expense		79		84		333		334
Other operating expenses		—		—		3		—
Refining margin	$	303	$	401	$	1,538	$	2,727

Refining operating income	$	30	$	120	$	449	$	1,627
Adjustment: Other operating expenses		—		—		3		—
Adjusted Refining operating income	$	30	$	120	$	452	$	1,627

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 (d) (millions of dollars) (unaudited)

	Three Months Ended December 31,					Year Ended December 31,
		2024			2023		2024			2023
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) (e) (continued)
North Atlantic region
Refining operating income	$	233		$	579	$	1,162		$	2,131
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		169			204		698			751
Depreciation and amortization expense		70			63		268			255
Other operating expenses		—			—		1			1
Refining margin	$	472		$	846	$	2,129		$	3,138

Refining operating income	$	233		$	579	$	1,162		$	2,131
Adjustment: Other operating expenses		—			—		1			1
Adjusted Refining operating income	$	233		$	579	$	1,163		$	2,132

U.S. West Coast region
Refining operating income (loss)	$	(140	)	$	20	$	(66	)	$	900
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		205			259		751			854
Depreciation and amortization expense		74			76		295			303
Other operating expenses		—			—		1			5
Refining margin	$	139		$	355	$	981		$	2,062

Refining operating income (loss)	$	(140	)	$	20	$	(66	)	$	900
Adjustment: Other operating expenses		—			—		1			5
Adjusted Refining operating income (loss)	$	(140	)	$	20	$	(65	)	$	905

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,
		2024		2023		2024		2023
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		608		485		504		449
Medium/light sour crude oil		239		272		241		307
Sweet crude oil		1,508		1,517		1,501		1,496
Residuals		126		171		165		199
Other feedstocks		104		106		113		115
Total feedstocks		2,585		2,551		2,524		2,566
Blendstocks and other		410		444		388		413
Total throughput volumes		2,995		2,995		2,912		2,979

Yields (thousand barrels per day)
Gasolines and blendstocks		1,494		1,489		1,433		1,461
Distillates		1,141		1,128		1,103		1,126
Other products (f)		393		404		406		420
Total yields		3,028		3,021		2,942		3,007

Operating statistics (d) (g)
Refining margin	$	2,326	$	3,553	$	11,325	$	19,087
Adjusted Refining operating income	$	441	$	1,577	$	3,988	$	11,528
Throughput volumes (thousand barrels per day)		2,995		2,995		2,912		2,979

Refining margin per barrel of throughput	$	8.44	$	12.89	$	10.62	$	17.55
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.67		4.99		4.64		4.79
Depreciation and amortization expense per barrel of throughput		2.17		2.18		2.24		2.16
Adjusted Refining operating income per barrel of throughput	$	1.60	$	5.72	$	3.74	$	10.60

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,
		2024		2023		2024		2023
Operating statistics (d) (g)
Renewable Diesel margin	$	327	$	227	$	1,122	$	1,441
Renewable Diesel operating income	$	170	$	84	$	507	$	852
Sales volumes (thousand gallons per day)		3,356		3,773		3,530		3,539

Renewable Diesel margin per gallon of sales	$	1.06	$	0.65	$	0.87	$	1.12
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.28		0.24		0.27		0.28
Depreciation and amortization expense per gallon of sales		0.23		0.17		0.21		0.18
Renewable Diesel operating income per gallon of sales	$	0.55	$	0.24	$	0.39	$	0.66

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,
		2024		2023		2024		2023
Operating statistics (d) (g)
Ethanol margin	$	181	$	358	$	928	$	1,164
Adjusted Ethanol operating income	$	20	$	205	$	315	$	569
Production volumes (thousand gallons per day)		4,627		4,510		4,538		4,367

Ethanol margin per gallon of production	$	0.42	$	0.86	$	0.56	$	0.73
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.33		0.32		0.32		0.32
Depreciation and amortization expense per gallon of production		0.04		0.05		0.05		0.05
Adjusted Ethanol operating income per gallon of production	$	0.05	$	0.49	$	0.19	$	0.36

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 December 31,				Year Ended December 31,
		2024		2023		2024		2023
Operating statistics by region (e)
U.S. Gulf Coast region (d) (g)
Refining margin	$	1,412	$	1,951	$	6,677	$	11,160
Adjusted Refining operating income	$	318	$	858	$	2,438	$	6,864
Throughput volumes (thousand barrels per day)		1,829		1,816		1,763		1,791

Refining margin per barrel of throughput	$	8.39	$	11.69	$	10.35	$	17.07
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.27		4.29		4.25		4.34
Depreciation and amortization expense per barrel of throughput		2.23		2.26		2.32		2.23
Adjusted Refining operating income per barrel of throughput	$	1.89	$	5.14	$	3.78	$	10.50

U.S. Mid-Continent region (d) (g)
Refining margin	$	303	$	401	$	1,538	$	2,727
Adjusted Refining operating income	$	30	$	120	$	452	$	1,627
Throughput volumes (thousand barrels per day)		473		462		445		461

Refining margin per barrel of throughput	$	6.97	$	9.42	$	9.44	$	16.20
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.47		4.62		4.62		4.55
Depreciation and amortization expense per barrel of throughput		1.81		1.99		2.05		1.98
Adjusted Refining operating income per barrel of throughput	$	0.69	$	2.81	$	2.77	$	9.67

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 December 31,					Year Ended December 31,
		2024			2023		2024			2023
Operating statistics by region (e) (continued)
North Atlantic region (d) (g)
Refining margin	$	472		$	846	$	2,129		$	3,138
Adjusted Refining operating income	$	233		$	579	$	1,163		$	2,132
Throughput volumes (thousand barrels per day)		434			452		443			460

Refining margin per barrel of throughput	$	11.85		$	20.36	$	13.12		$	18.69
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.24			4.90		4.30			4.47
Depreciation and amortization expense per barrel of throughput		1.78			1.51		1.65			1.52
Adjusted Refining operating income per barrel of throughput	$	5.83		$	13.95	$	7.17		$	12.70

U.S. West Coast region (d) (g)
Refining margin	$	139		$	355	$	981		$	2,062
Adjusted Refining operating income (loss)	$	(140	)	$	20	$	(65	)	$	905
Throughput volumes (thousand barrels per day)		259			265		261			267

Refining margin per barrel of throughput	$	5.80		$	14.51	$	10.26		$	21.15
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		8.60			10.60		7.86			8.76
Depreciation and amortization expense per barrel of throughput		3.09			3.10		3.08			3.11
Adjusted Refining operating income (loss) per barrel of throughput	$	(5.89	)	$	0.81	$	(0.68	)	$	9.28

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	73.98		$	82.72		$	79.79		$	82.27
Brent less West Texas Intermediate (WTI) crude oil		3.62			4.36			3.95			4.60
Brent less WTI Houston crude oil		2.31			3.04			2.48			3.15
Brent less Dated Brent crude oil		(0.71	)		(1.43	)		(0.91	)		(0.44	)
Brent less Argus Sour Crude Index crude oil		4.16			4.79			4.33			5.34
Brent less Maya crude oil		10.75			10.83			11.43			13.33
Brent less Western Canadian Select Houston crude oil		8.34			12.01			10.36			12.15
WTI crude oil		70.36			78.36			75.84			77.67

Natural gas (dollars per million British thermal units)		2.14			2.27			1.88			2.23

Renewable volume obligation (RVO) (dollars per barrel) (h)		4.04			4.77			3.75			7.02

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent		1.86			(2.41	)		6.06			8.83
Ultra-low-sulfur (ULS) diesel less Brent		12.41			24.47			15.76			25.06
Propylene less Brent (not RVO adjusted)		(29.18	)		(50.92	)		(37.42	)		(47.47	)
U.S. Mid-Continent:
CBOB gasoline less WTI		5.46			4.05			10.48			17.70
ULS diesel less WTI		14.63			33.10			17.87			32.37
North Atlantic:
CBOB gasoline less Brent		7.07			5.57			11.08			15.61
ULS diesel less Brent		15.10			33.31			18.32			29.47
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent		10.94			15.13			21.58			28.45
California Air Resources Board diesel less Brent		16.61			36.88			18.89			32.79

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	2.23	$	2.85	$	2.44	$	2.81
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		0.66		0.84		0.59		1.35
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		72.27		68.71		60.19		72.42
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)		0.45		0.47		0.43		0.58
USGC distillers corn oil (dollars per pound)		0.48		0.57		0.48		0.63
USGC fancy bleachable tallow (dollars per pound)		0.45		0.52		0.44		0.59

Ethanol
Chicago Board of Trade corn (dollars per bushel)		4.27		4.75		4.24		5.65
New York Harbor ethanol (dollars per gallon)		1.70		2.12		1.79		2.34

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)

	December 31,
		2024		2023
Balance sheet data
Current assets	$	23,737	$	26,221
Cash and cash equivalents included in current assets		4,657		5,424
Inventories included in current assets		7,761		7,583
Current liabilities		15,495		16,802
Valero Energy Corporation stockholders' equity		24,512		26,346
Total equity		27,521		28,524
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	441	$	167
Debt, less current portion of debt (excluding VIEs)		7,586		8,021
Total debt (excluding VIEs)		8,027		8,188
Current portion of debt attributable to VIEs		58		1,030
Debt, less current portion of debt attributable to VIEs		—		—
Total debt attributable to VIEs		58		1,030
Total debt		8,085		9,218
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		217		183
Finance lease obligations, less current portion (excluding VIEs)		1,492		1,428
Total finance lease obligations (excluding VIEs)		1,709		1,611
Current portion of finance lease obligations attributable to VIEs		27		26
Finance lease obligations, less current portion attributable to VIEs		642		669
Total finance lease obligations attributable to VIEs		669		695
Total finance lease obligations		2,378		2,306
Total debt and finance lease obligations	$	10,463	$	11,524

	Three Months Ended December 31,					Year Ended December 31,
		2024		2023			2024		2023
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (d)
Net cash provided by operating activities	$	1,070	$	1,239		$	6,683	$	9,229
Exclude:
Changes in current assets and current liabilities		—		(631	)		795		(2,326	)
Diamond Green Diesel LLC's (DGD) adjusted net cash provided by operating activities attributable to the other joint venture member's ownership interest in DGD		119		65			371		512
Adjusted net cash provided by operating activities	$	951	$	1,805		$	5,517	$	11,043

See Notes to Earnings Release Tables.

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

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Reconciliation of capital investments to capital investments attributable to Valero (d)
Capital expenditures (excluding VIEs)	$	250	$	197	$	649	$	665
Capital expenditures of VIEs:

Valero Energy Reports 2024 Fourth Quarter and Full Year Results