Valero Energy Corporation (VLO) has gained 4.4% in the past six months against a decline of 3.8% of the composite stocks belonging to the energysector.What’s Favoring the Stock?Valero, currently carrying a Zacks Rank #3 (Hold), is a best-in-class oil refiner involved in producing fuels and products that can meet the demands of modern life. Its refineries are located across the United States, Canada and the U.K. A total of 15 petroleum refineries, wherein Valero has ownership interests, have a combined throu ...

Valero Energy Corporation (VLO) is set to report fourth-quarter 2023 results on Jan 25, before the opening bell.In the last reported quarter, the leading refiner beat the Zacks Consensus Estimate for the bottom line on increased refining throughput volumes and a decline in total costs of sales. Valero Energy surpassed the Zacks Consensus Estimate in each of the last four quarters, the average beat being 8.9%, as shown in the chart below.Trend in Estimate RevisionThe Zacks Consensus Estimate for fourth-quart ...

As the buzz around the Congressional stock trading controversy grows, a group of senators has pitched the “Ban Congressional Stock Trading Act” last year to curb potential misuse of insider information. The bill proposes a simple yet impactful solution: Congress members and their families should stow away their stocks in blind trusts or divest to ensure fair play. While the bill awaits its fate, suspicions linger over Capitol Hill’s trading practices. Today, on January 4, Finbold unravels another series of ...

Brandon Bell Introduction I would make the case that I'm not a great client for most brokers, as I have a very low transaction count. I barely trade stocks, and I almost never sell a long-term (dividend) investment. However, last year, I sold my Valero Energy Corporation (NYSE:VLO) investment, which I bought very cheaply during the pandemic. On September 26, 2023, I wrote an article titled "Valero: Despite Massive Strength, I'm Considering Selling (Rating Downgrade)." Since then, shares are down 7.4%, inclu ...

Valero Energy Corporation (NYSE:VLO) Q3 2023 Earnings Conference Call October 26, 2023 10:00 AM ET Company Participants Homer Bhullar - Vice President, Investor Relations & Finance Lane Riggs - Chief Executive Officer & President, Director Gary Simmons - Executive President & Chief Operating Officer Greg Bram - Vice President- Refining Services Jason Fraser - Executive Vice President & Chief Financial Officer Eric Fisher - Senior Vice President-Product Supply & Trading and Wholesale Richard Walsh - Senior V ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-13175 VALERO ENERGY CORPORATION (Exact name of registrant as specified in its charter) Delaw ...

Advancing the Future of Energy Advancing the Future of Energy WITH CA P ITA L D ISCIP L IN E, IN N OVATION• With Capital Discipline, Innovation and Unmatched Execution A N D U N MATCHED EX ECU TION . RELIAB LE AFFORDAB LE SU STAIN AB LE EN ERGY Reliable, Affordable and Sustainable Energy ...

Valero Energy Corporation (NYSE:VLO) Q2 2023 Earnings Conference Call July 27, 2023 10:00 AM ET Company Participants Homer Bhullar - Vice President, Investor Relations & Finance Lane Riggs - Chief Executive Officer & President, Director Gary Simmons - Executive President & Chief Operating Officer Eric Fisher - Senior Vice President-Product Supply & Trading and Wholesale Greg Bram - Vice President- Refining Services Richard Walsh - Senior Vice President, General Counsel & Secretary Conference Call Participan ...

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Valero Energy Corporation's unaudited consolidated financial statements as of and for the periods ended June 30, 2023, along with condensed notes on accounting policies and specific financial items [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets were $60.67 billion as of June 30, 2023, a slight decrease from $60.98 billion at year-end 2022, while total equity increased to $27.99 billion from $25.47 billion, and total liabilities decreased from $35.51 billion to $32.67 billion Consolidated Balance Sheet Highlights (in millions) | Balance Sheet Item | June 30, 2023 (unaudited) | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $23,695 | $24,133 | | **Total Assets** | **$60,667** | **$60,982** | | **Total Current Liabilities** | $14,948 | $17,461 | | **Total Liabilities** | $32,673 | $35,514 | | **Total Equity** | **$27,994** | **$25,468** | | **Total Liabilities and Equity** | **$60,667** | **$60,982** | [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) For the second quarter of 2023, Valero reported net income attributable to stockholders of $1.94 billion, or $5.40 per diluted share, a decrease from $4.69 billion, or $11.57 per diluted share, in the same period of 2022, primarily driven by lower revenues Statement of Income Highlights (in millions, except per share amounts) | Metric | Q2 2023 | Q2 2022 | Six Months 2023 | Six Months 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $34,509 | $51,641 | $70,948 | $90,183 | | **Operating Income** | $2,759 | $6,219 | $6,802 | $7,603 | | **Net Income Attributable to Valero** | $1,944 | $4,693 | $5,011 | $5,598 | | **Diluted EPS** | $5.40 | $11.57 | $13.74 | $13.74 | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2023, net cash provided by operating activities was $4.68 billion, down from $6.43 billion in the prior-year period, with significant cash used in investing and financing activities, including share repurchases and dividend payments Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $4,682 | $6,433 | | **Net Cash Used in Investing Activities** | $(1,078) | $(1,460) | | **Net Cash Used in Financing Activities** | $(3,520) | $(3,642) | | **Net Increase in Cash and Cash Equivalents** | $213 | $1,270 | | **Cash and Cash Equivalents at End of Period** | $5,075 | $5,392 | [Condensed Notes to Consolidated Financial Statements](index=10&type=section&id=Condensed%20Notes%20to%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures on accounting policies, regulatory uncertainties, financial instruments, and segment performance, including the potential impact of California's SBx 1-2 legislation and details on debt and equity activities - California's Senate Bill No. 2 (SBx 1-2) creates uncertainty for California operations by authorizing a potential maximum gross gasoline refining margin, financial penalties, and expanded reporting, with the ultimate impact unknown but potentially leading to **material impairment losses or asset retirement obligations**[26](index=26&type=chunk)[27](index=27&type=chunk) - In February 2023, the company used cash on hand to purchase and retire **$199 million** in principal amount of various senior notes[31](index=31&type=chunk)[32](index=32&type=chunk) - During the six months ended June 30, 2023, Valero purchased **19.4 million shares** for treasury, with **$2.5 billion** remaining available for purchase under the 2023 share purchase program as of June 30, 2023[44](index=44&type=chunk) - The company's three reportable segments are **Refining**, **Renewable Diesel**, and **Ethanol**, with the **Refining** segment being the **largest contributor** to revenue and operating income[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial performance for Q2 and H1 2023, highlighting strong demand and constrained supply, segment results, liquidity, capital resources, and a positive outlook driven by low product inventories and improving demand [Overview and Outlook](index=38&type=section&id=Overview%20and%20Outlook) Valero's Q2 and H1 2023 results were driven by strong global demand and constrained supply for petroleum products, leading to strong refining margins, with a positive outlook for Q3 2023 supported by improving demand and low product inventories - Q2 2023 net income attributable to Valero stockholders was **$1.9 billion**, down from **$4.7 billion** in Q2 2022, primarily due to lower operating income[137](index=137&type=chunk)[139](index=139&type=chunk) - For the first six months of 2023, operations generated **$4.7 billion** in cash, which was used for **$982 million** in capital investments, **$3.1 billion** in shareholder returns (buybacks and dividends), and **$199 million** in debt reduction[138](index=138&type=chunk) - The outlook for Q3 2023 anticipates that gasoline and diesel demand will follow typical seasonal patterns **near pre-pandemic levels**, jet fuel demand will continue to improve, and **low product inventories** in the U.S. and Europe will support **high refinery utilization**[147](index=147&type=chunk) [Results of Operations](index=41&type=section&id=Results%20of%20Operations) This section provides a detailed breakdown of financial performance by segment for Q2 and H1 2023 compared to 2022, showing a decrease in Refining segment income but increases in Renewable Diesel and Ethanol segments due to favorable cost and volume factors Operating Income by Segment (in millions) | Segment | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | **Refining** | $2,432 | $6,212 | $6,489 | $7,663 | | **Renewable Diesel** | $440 | $152 | $645 | $301 | | **Ethanol** | $127 | $101 | $166 | $102 | | **Total Company** | **$2,759** | **$6,219** | **$6,802** | **$7,603** | - The Refining segment's Q2 adjusted operating income fell by **$3.7 billion** YoY, mainly due to lower gasoline and distillate margins[141](index=141&type=chunk) - The Renewable Diesel segment's Q2 operating income grew by **$288 million** YoY, driven by lower feedstock costs and higher sales volumes from the new DGD Port Arthur Plant[141](index=141&type=chunk)[174](index=174&type=chunk) - The Ethanol segment's Q2 adjusted operating income increased by **$49 million** YoY, primarily due to lower corn prices and higher production volumes[142](index=142&type=chunk)[176](index=176&type=chunk) [Liquidity and Capital Resources](index=59&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, Valero maintained strong liquidity of $10.1 billion, generated $4.7 billion in cash from operations in H1 2023, and returned significant cash to shareholders while allocating over 40% of growth capital to low-carbon projects - Total liquidity as of June 30, 2023, was **$10.1 billion**, consisting of **$5.4 billion** in available credit facilities and **$4.7 billion** in cash and cash equivalents (excluding VIEs)[225](index=225&type=chunk) - For 2023, the company expects capital investments attributable to Valero to be approximately **$2.0 billion**, with **over 40%** of growth capital allocated to expanding low-carbon businesses[239](index=239&type=chunk) - In the first six months of 2023, Valero returned **$3.1 billion** to stockholders through **$2.4 billion** in share repurchases and **$746 million** in dividend payments[229](index=229&type=chunk)[242](index=242&type=chunk) - As of June 30, 2023, **$3.9 billion** of the company's cash and cash equivalents was held by foreign subsidiaries, which can be repatriated but may be subject to withholding and state taxes[244](index=244&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=64&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Valero is exposed to market risks from interest rates, commodity prices, renewable fuel credit prices, and foreign currency exchange rates, with no material changes to these risks reported since the 2022 annual report Debt by Rate Type as of June 30, 2023 (in millions) | Debt Type | Total Principal | Fair Value | | :--- | :--- | :--- | | **Fixed Rate** | $8,265 | $7,864 | | **Floating Rate** | $800 | $800 | - A **10 percent** increase or decrease in floating interest rates would **not have a material effect** on the company's results of operations[249](index=249&type=chunk) - There have been **no material changes** to market risks related to commodity prices, Renewable and Low-Carbon Fuel Programs credits, and foreign currency exchange rates since the year-ended December 31, 2022 Form 10-K filing[252](index=252&type=chunk) [Item 4. Controls and Procedures](index=65&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the second quarter of 2023 - Management concluded that disclosure controls and procedures were **effective** as of June 30, 2023[253](index=253&type=chunk) - **No changes** in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, internal controls[254](index=254&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) There were no material developments in previously reported legal proceedings, but the company disclosed a new environmental enforcement matter involving a Notice of Violation issued to the Benicia Refinery on May 1, 2023 - **No material developments** occurred in previously reported legal proceedings[255](index=255&type=chunk) - On May 1, 2023, the Bay Area Air Quality Management District (BAAQMD) issued a **Notice of Violation (NOV)** to the Benicia Refinery, which the company is working to resolve[256](index=256&type=chunk) [Item 1A. Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors disclosed in the company's 2022 annual report, though the potential impacts of California's SBx 1-2 legislation could heighten many of the previously described risks - **No material changes** to risk factors from the 2022 Form 10-K were reported[257](index=257&type=chunk) - The potential adverse effects of California's SBx 1-2 legislation may **heighten many of the other risks** previously described[257](index=257&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=66&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the second quarter of 2023, Valero purchased 8.42 million shares of its common stock as part of publicly announced programs, with $2.5 billion remaining available for repurchase under its current authorization as of June 30, 2023 Issuer Purchases of Equity Securities (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 21,404 | $120.66 | | May 2023 | 3,091,392 | $111.30 | | June 2023 | 5,308,656 | $112.00 | | **Total** | **8,421,452** | **$111.76** | - As of June 30, 2023, **$2.5 billion** remained available for purchase under the company's share repurchase program authorized in February 2023[260](index=260&type=chunk) [Item 5. Other Information](index=66&type=section&id=Item%205.%20Other%20Information) On July 21, 2023, the company amended its Supplemental Executive Retirement Plan to modify the interest rate calculation for lump-sum benefits, and no directors or officers adopted or terminated a Rule 10b5-1 trading arrangement during Q2 2023 - The company **amended** its Supplemental Executive Retirement Plan, effective July 1, 2023, to modify the interest rate used for calculating lump-sum benefits to **reduce volatility**[261](index=261&type=chunk) - **No director or officer adopted or terminated** a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the second quarter of 2023[262](index=262&type=chunk) [Item 6. Exhibits](index=67&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the amended Supplemental Executive Retirement Plan, officer certifications, and Inline XBRL data files

Valero Energy Corp (NYSE:VLO) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET Company Participants Homer Bhullar - VP, IR & Finance Joseph Gorder - Chairman & CEO Richard Walsh - SVP, General Counsel & Secretary Gary Simmons - EVP & Chief Commercial Officer Lane Riggs - President & COO Jason Fraser - EVP & CFO Conference Call Participants Manav Gupta - UBS Theresa Chen - Barclays Bank Kalei Akamine - Bank of America Merrill Lynch Matthew Blair - Tudor, Pickering, Holt & Co. Jason Gabelman - TD C ...