Reported net income attributable to Valero stockholders of $714 million, or $2.28 per share
Repaid the outstanding principal balance of $251 million of 2.85% Senior Notes that matured in April
Declared a regular quarterly cash dividend on common stock of $1.13 per share on July 17
Returned $695 million to stockholders through dividends and stock buybacks

Valero Energy Corporation (NYSE:VLO, "Valero")) today reported net income attributable to Valero stockholders of $714 million, or $2.28 per share, for the second quarter of 2025, compared to net income of $880 million, or $2.71 per share, for the second quarter of 2024.

Refining

The Refining segment reported operating income of $1.3 billion for the second quarter of 2025, compared to operating income of $1.2 billion for the second quarter of 2024. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025.

"We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution," said Lane Riggs, Valero's Chairman, Chief Executive Officer and President. "In fact, we set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects."

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $79 million for the second quarter of 2025, compared to operating income of $112 million for the second quarter of 2024. Segment sales volumes averaged 2.7 million gallons per day in the second quarter of 2025.

Ethanol

The Ethanol segment reported $54 million of operating income for the second quarter of 2025, compared to $105 million for the second quarter of 2024. Ethanol production volumes averaged 4.6 million gallons per day in the second quarter of 2025.

Corporate and Other

General and administrative expenses were $220 million in the second quarter of 2025, compared to $203 million in the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 30 percent.

Investing and Financing Activities

Net cash provided by operating activities was $936 million in the second quarter of 2025. Included in this amount was a $325 million unfavorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member's share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.3 billion in the second quarter of 2025.

Capital investments totaled $407 million in the second quarter of 2025, of which $371 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 $399 million in the second quarter of 2025.

Valero returned $695 million to stockholders in the second quarter of 2025, of which $354 million was paid as dividends and $341 million was for the purchase of approximately 2.6 million shares of common stock, resulting in a payout ratio of 52 percent of adjusted net cash provided by operating activities.

On July 17, Valero announced a quarterly cash dividend on common stock of $1.13 per share, payable on September 2, 2025 to holders of record at the close of business on July 31, 2025.

"We remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero's strategy for over a decade," said Riggs. "Our commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility."

Liquidity and Financial Position

Valero repaid the $251 million outstanding principal balance of its 2.85% Senior Notes that matured in April, ending the second quarter of 2025 with $8.4 billion of total debt, $2.3 billion of total finance lease obligations, and $4.5 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 19 percent as of June 30, 2025.

Strategic Update

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 the 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, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, 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, tariffs and their effects on trading relationships, 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 definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (e) 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 June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Statement of income data
Revenues	$	29,889		$	34,490		$	60,147		$	66,249
Cost of sales:
Cost of materials and other		26,332			30,943			53,880			58,625
Operating expenses (excluding depreciation and amortization expense reflected below)		1,522			1,424			3,045			2,835
Depreciation and amortization expense		786			684			1,466			1,367
Total cost of sales		28,640			33,051			58,391			62,827
Asset impairment loss (a)		—			—			1,131			—
Other operating expenses (b)		4			3			8			37
General and administrative expenses (excluding depreciation and amortization expense reflected below)		220			203			481			461
Depreciation and amortization expense		28			12			39			24
Operating income		997			1,221			97			2,900
Other income, net		86			122			206			266
Interest and debt expense, net of capitalized interest		(141	)		(140	)		(278	)		(280	)
Income before income tax expense		942			1,203			25			2,886
Income tax expense		279			277			14			630
Net income		663			926			11			2,256
Less: Net income (loss) attributable to noncontrolling interests		(51	)		46			(108	)		131
Net income attributable to Valero Energy Corporation stockholders	$	714		$	880		$	119		$	2,125

Earnings per common share	$	2.28		$	2.71		$	0.37		$	6.47
Weighted-average common shares outstanding (in millions)		312			324			313			327

Earnings per common share – assuming dilution	$	2.28		$	2.71		$	0.37		$	6.47
Weighted-average common shares outstanding – assuming dilution (in millions)		312			324			313			327

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 June 30, 2025
Revenues:
Revenues from external customers	$	28,324	$	565		$	1,000		$	—		$	29,889
Intersegment revenues		2		533			205			(740	)		—
Total revenues		28,326		1,098			1,205			(740	)		29,889
Cost of sales:
Cost of materials and other		25,042		1,044			988			(742	)		26,332
Operating expenses (excluding depreciation and amortization expense reflected below)		1,307		72			144			(1	)		1,522
Depreciation and amortization expense		707		61			19			(1	)		786
Total cost of sales		27,056		1,177			1,151			(744	)		28,640
Other operating expenses		4		—			—			—			4
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—			220			220
Depreciation and amortization expense		—		—			—			28			28
Operating income (loss) by segment	$	1,266	$	(79	)	$	54		$	(244	)	$	997

Three months ended June 30, 2024
Revenues:
Revenues from external customers	$	33,044	$	554		$	892		$	—		$	34,490
Intersegment revenues		3		630			229			(862	)		—
Total revenues		33,047		1,184			1,121			(862	)		34,490
Cost of sales:
Cost of materials and other		29,995		930			874			(856	)		30,943
Operating expenses (excluding depreciation and amortization expense reflected below)		1,219		80			125			—			1,424
Depreciation and amortization expense		604		62			19			(1	)		684
Total cost of sales		31,818		1,072			1,018			(857	)		33,051
Other operating expenses		5		—			(2	)		—			3
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—			203			203
Depreciation and amortization expense		—		—			—			12			12
Operating income by segment	$	1,224	$	112		$	105		$	(220	)	$	1,221

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
Six months ended June 30, 2025
Revenues:
Revenues from external customers	$	57,081	$	1,058		$	2,008	$	—		$	60,147
Intersegment revenues		4		940			422		(1,366	)		—
Total revenues		57,085		1,998			2,430		(1,366	)		60,147
Cost of sales:
Cost of materials and other		51,311		1,939			2,020		(1,390	)		53,880
Operating expenses (excluding depreciation and amortization expense reflected below)		2,598		150			298		(1	)		3,045
Depreciation and amortization expense		1,301		129			38		(2	)		1,466
Total cost of sales		55,210		2,218			2,356		(1,393	)		58,391
Asset impairment loss (a)		1,131		—			—		—			1,131
Other operating expenses		8		—			—		—			8
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		481			481
Depreciation and amortization expense		—		—			—		39			39
Operating income (loss) by segment	$	736	$	(220	)	$	74	$	(493	)	$	97

Six months ended June 30, 2024
Revenues:
Revenues from external customers	$	63,187	$	1,256		$	1,806	$	—		$	66,249
Intersegment revenues		5		1,339			419		(1,763	)		—
Total revenues		63,192		2,595			2,225		(1,763	)		66,249
Cost of sales:
Cost of materials and other		56,606		1,996			1,783		(1,760	)		58,625
Operating expenses (excluding depreciation and amortization expense reflected below)		2,403		170			262		—			2,835
Depreciation and amortization expense		1,204		127			38		(2	)		1,367
Total cost of sales		60,213		2,293			2,083		(1,762	)		62,827
Other operating expenses (b)		10		—			27		—			37
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—			—		461			461
Depreciation and amortization expense		—		—			—		24			24
Operating income by segment	$	2,969	$	302		$	115	$	(486	)	$	2,900

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 June 30,				Six Months Ended June 30,
		2025		2024		2025			2024
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	$	714	$	880	$	119		$	2,125
Adjustments:
Asset impairment loss (a)		—		—		1,131			—
Income tax benefit related to asset impairment loss		—		—		(254	)		—
Asset impairment loss, net of taxes		—		—		877			—
Project liability adjustment (b)		—		—		—			29
Income tax benefit related to project liability adjustment		—		—		—			(7	)
Project liability adjustment, net of taxes		—		—		—			22
Second-generation biofuel tax credit (c)		—		7		—			14
Total adjustments		—		7		877			36
Adjusted net income attributable to Valero Energy Corporation stockholders	$	714	$	887	$	996		$	2,161

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	2.28	$	2.71	$	0.37	$	6.47
Adjustments:
Asset impairment loss (a)		—		—		2.80		—
Project liability adjustment (b)		—		—		—		0.07
Second-generation biofuel tax credit (c)		—		0.02		—		0.04
Total adjustments		—		0.02		2.80		0.11
Adjusted earnings per common share – assuming dilution	$	2.28	$	2.73	$	3.17	$	6.58

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 (e)
(millions of dollars)
(unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	1,266		$	1,224		$	736		$	2,969
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		1,307			1,219			2,598			2,403
Depreciation and amortization expense		707			604			1,301			1,204
Asset impairment loss (a)		—			—			1,131			—
Other operating expenses		4			5			8			10
Refining margin	$	3,284		$	3,052		$	5,774		$	6,586

Refining operating income	$	1,266		$	1,224		$	736		$	2,969
Adjustments:
Asset impairment loss (a)		—			—			1,131			—
Other operating expenses		4			5			8			10
Adjusted Refining operating income	$	1,270		$	1,229		$	1,875		$	2,979

Renewable Diesel segment
Renewable Diesel operating income (loss)	$	(79	)	$	112		$	(220	)	$	302
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		72			80			150			170
Depreciation and amortization expense		61			62			129			127
Renewable Diesel margin	$	54		$	254		$	59		$	599

Ethanol segment
Ethanol operating income	$	54		$	105		$	74		$	115
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		144			125			298			262
Depreciation and amortization expense		19			19			38			38
Other operating expenses (b)		—			(2	)		—			27
Ethanol margin	$	217		$	247		$	410		$	442

Ethanol operating income	$	54		$	105		$	74		$	115
Adjustment: Other operating expenses (b)		—			(2	)		—			27
Adjusted Ethanol operating income	$	54		$	103		$	74		$	142

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 (e)
(millions of dollars)
(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
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 (by region) (f)
U.S. Gulf Coast region
Refining operating income	$	846	$	686	$	1,183	$	1,693
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		737		656		1,457		1,320
Depreciation and amortization expense		387		377		763		750
Other operating expenses		3		3		7		6
Refining margin	$	1,973	$	1,722	$	3,410	$	3,769

Refining operating income	$	846	$	686	$	1,183	$	1,693
Adjustment: Other operating expenses		3		3		7		6
Adjusted Refining operating income	$	849	$	689	$	1,190	$	1,699

U.S. Mid-Continent region
Refining operating income	$	127	$	111	$	177	$	380
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		200		188		395		373
Depreciation and amortization expense		78		88		154		175
Other operating expenses		—		—		—		2
Refining margin	$	405	$	387	$	726	$	930

Refining operating income	$	127	$	111	$	177	$	380
Adjustment: Other operating expenses		—		—		—		2
Adjusted Refining operating income	$	127	$	111	$	177	$	382

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 (e)
(millions of dollars)
(unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025			2024
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 (by region) (f) (continued)
North Atlantic region
Refining operating income	$	219	$	325	$	435		$	723
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		182		176		354			355
Depreciation and amortization expense		75		67		144			130
Other operating expenses		—		1		—			1
Refining margin	$	476	$	569	$	933		$	1,209

Refining operating income	$	219	$	325	$	435		$	723
Adjustment: Other operating expenses		—		1		—			1
Adjusted Refining operating income	$	219	$	326	$	435		$	724

U.S. West Coast region
Refining operating income (loss)	$	74	$	102	$	(1,059	)	$	173
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		188		199		392			355
Depreciation and amortization expense (d)		167		72		240			149
Asset impairment loss (a)		—		—		1,131			—
Other operating expenses		1		1		1			1
Refining margin	$	430	$	374	$	705		$	678

Refining operating income (loss)	$	74	$	102	$	(1,059	)	$	173
Adjustments:
Asset impairment loss (a)		—		—		1,131			—
Other operating expenses		1		1		1			1
Adjusted Refining operating income	$	75	$	103	$	73		$	174

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 June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		554		520		555		434
Medium/light sour crude oil		240		265		237		253
Sweet crude oil		1,509		1,530		1,535		1,518
Residuals		167		201		131		176
Other feedstocks		105		109		78		116
Total feedstocks		2,575		2,625		2,536		2,497
Blendstocks and other		347		385		339		388
Total throughput volumes		2,922		3,010		2,875		2,885

Yields (thousand barrels per day)
Gasolines and blendstocks		1,444		1,490		1,410		1,419
Distillates		1,111		1,144		1,094		1,068
Other products (g)		392		407		394		423
Total yields		2,947		3,041		2,898		2,910

Operating statistics (e) (h)
Refining margin	$	3,284	$	3,052	$	5,774	$	6,586
Adjusted Refining operating income	$	1,270	$	1,229	$	1,875	$	2,979
Throughput volumes (thousand barrels per day)		2,922		3,010		2,875		2,885

Refining margin per barrel of throughput	$	12.35	$	11.14	$	11.09	$	12.54
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.91		4.45		4.99		4.58
Depreciation and amortization expense per barrel of throughput		2.66		2.20		2.50		2.29
Adjusted Refining operating income per barrel of throughput	$	4.78	$	4.49	$	3.60	$	5.67

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 June 30,					Six Months Ended June 30,
		2025			2024		2025			2024
Operating statistics (e) (h)
Renewable Diesel margin	$	54		$	254	$	59		$	599
Renewable Diesel operating income (loss)	$	(79	)	$	112	$	(220	)	$	302
Sales volumes (thousand gallons per day)		2,732			3,492		2,584			3,610

Renewable Diesel margin per gallon of sales	$	0.22		$	0.80	$	0.13		$	0.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.29			0.25		0.32			0.26
Depreciation and amortization expense per gallon of sales		0.25			0.20		0.28			0.19
Renewable Diesel operating income (loss) per gallon of sales	$	(0.32	)	$	0.35	$	(0.47	)	$	0.46

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 June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Operating statistics (e) (h)
Ethanol margin	$	217	$	247	$	410	$	442
Adjusted Ethanol operating income	$	54	$	103	$	74	$	142
Production volumes (thousand gallons per day)		4,583		4,474		4,525		4,470

Ethanol margin per gallon of production	$	0.52	$	0.61	$	0.50	$	0.54
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.34		0.31		0.36		0.32
Depreciation and amortization expense per gallon of production		0.05		0.05		0.05		0.05
Adjusted Ethanol operating income per gallon of production	$	0.13	$	0.25	$	0.09	$	0.17

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 June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Operating statistics by region (f)
U.S. Gulf Coast region (e) (h)
Refining margin	$	1,973	$	1,722	$	3,410	$	3,769
Adjusted Refining operating income	$	849	$	689	$	1,190	$	1,699
Throughput volumes (thousand barrels per day)		1,841		1,827		1,756		1,711

Refining margin per barrel of throughput	$	11.78	$	10.36	$	10.72	$	12.11
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.40		3.95		4.58		4.24
Depreciation and amortization expense per barrel of throughput		2.31		2.27		2.40		2.41
Adjusted Refining operating income per barrel of throughput	$	5.07	$	4.14	$	3.74	$	5.46

U.S. Mid-Continent region (e) (h)
Refining margin	$	405	$	387	$	726	$	930
Adjusted Refining operating income	$	127	$	111	$	177	$	382
Throughput volumes (thousand barrels per day)		423		438		438		444

Refining margin per barrel of throughput	$	10.52	$	9.73	$	9.16	$	11.49
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.20		4.71		4.98		4.60
Depreciation and amortization expense per barrel of throughput		2.01		2.22		1.94		2.16
Adjusted Refining operating income per barrel of throughput	$	3.31	$	2.80	$	2.24	$	4.73

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 June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Operating statistics by region (f) (continued)
North Atlantic region (e) (h)
Refining margin	$	476	$	569	$	933	$	1,209
Adjusted Refining operating income	$	219	$	326	$	435	$	724
Throughput volumes (thousand barrels per day)		396		469		444		459

Refining margin per barrel of throughput	$	13.20	$	13.32	$	11.61	$	14.47
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.04		4.12		4.40		4.24
Depreciation and amortization expense per barrel of throughput		2.07		1.56		1.79		1.56
Adjusted Refining operating income per barrel of throughput	$	6.09	$	7.64	$	5.42	$	8.67

U.S. West Coast region (e) (h)
Refining margin	$	430	$	374	$	705	$	678
Adjusted Refining operating income	$	75	$	103	$	73	$	174
Throughput volumes (thousand barrels per day)		262		276		237		271

Refining margin per barrel of throughput	$	18.02	$	14.86	$	16.42	$	13.76
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		7.91		7.92		9.15		7.21
Depreciation and amortization expense per barrel of throughput (d)		6.99		2.86		5.59		3.02
Adjusted Refining operating income per barrel of throughput	$	3.12	$	4.08	$	1.68	$	3.53

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	66.59		$	84.96		$	70.74		$	83.40
Brent less West Texas Intermediate (WTI) crude oil		2.72			4.22			3.08			4.49
Brent less WTI Houston crude oil		1.89			2.73			1.99			2.83
Brent less Dated Brent crude oil		(1.08	)		0.09			(0.92	)		(0.65	)
Brent less Argus Sour Crude Index crude oil		2.02			3.90			2.29			4.43
Brent less Maya crude oil		8.11			11.49			8.95			11.89
Brent less Western Canadian Select Houston crude oil		6.25			11.14			6.75			11.36
WTI crude oil		63.87			80.74			67.67			78.91

Natural gas (dollars per million British thermal units)		2.83			1.74			3.11			1.77

Renewable volume obligation (RVO) (dollars per barrel) (i)		6.14			3.39			5.45			3.54

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent		8.99			7.95			6.29			8.04
Ultra-low-sulfur (ULS) diesel less Brent		14.79			14.12			15.74			19.37
Propylene less Brent (not RVO adjusted)		(11.50	)		(45.72	)		(13.02	)		(46.49	)
U.S. Mid-Continent:
CBOB gasoline less WTI		14.91			13.28			12.09			11.20
ULS diesel less WTI		20.60			17.17			18.55			20.05
North Atlantic:
CBOB gasoline less Brent		13.43			16.22			9.17			12.54
ULS diesel less Brent		18.79			16.27			19.84			22.24
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent		36.98			31.88			30.06			25.91
California Air Resources Board diesel less Brent		20.22			18.12			20.30			22.36

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,				Six Months Ended June 30,
		2025		2024		2025		2024
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	2.16	$	2.51	$	2.27	$	2.61
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		1.09		0.51		0.94		0.55
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		52.36		51.29		59.27		57.42

Valero Energy Reports Second Quarter 2025 Results