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 ...

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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 ...

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 June 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) Delaware 7 ...

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 ...

Financial Performance - Net income attributable to Valero stockholders for Q1 2023 was $3.1 billion, a $2.2 billion increase from $905 million in Q1 2022, driven by a $2.7 billion increase in operating income[121] - Total company operating income grew by $2.659 billion to $4.043 billion in Q1 2023 compared to $1.384 billion in Q1 2022[122] - Operating income increased by $2.7 billion in Q1 2023 compared to Q1 2022, with refining segment contributing $2.6 billion due to higher gasoline and diesel margins, crude oil discounts, and throughput volumes[123] - Net income attributable to Valero Energy Corporation stockholders was $3.067 billion in Q1 2023, compared to $905 million in Q1 2022[130][133] - Operating income increased by $2.7 billion (195%) to $4.0 billion in Q1 2023, driven by a $4.8 billion decrease in cost of sales[141] - Total company operating income reached $4,043 million in Q1 2023, compared to $1,384 million in Q1 2022[167] Segment Performance - Refining segment operating income increased by $2.6 billion to $4.057 billion in Q1 2023 compared to $1.451 billion in Q1 2022[122] - Renewable Diesel segment operating income rose by $56 million to $205 million in Q1 2023 from $149 million in Q1 2022[122] - Ethanol segment operating income increased by $38 million to $39 million in Q1 2023 from $1 million in Q1 2022[122] - Renewable Diesel segment operating income increased by $56 million in Q1 2023, driven by higher sales volumes despite lower renewable diesel prices and higher operating expenses[123] - Ethanol segment adjusted operating income increased by $37 million in Q1 2023, primarily due to higher corn-related co-product prices and production volumes, partially offset by lower ethanol prices[124] - Refining segment operating income increased by $2.6 billion (180%) to $4.1 billion in Q1 2023, with refining margin up $2.7 billion (84%)[146][147] - Renewable Diesel segment operating income increased by $56 million (38%) to $205 million in Q1 2023, with sales volumes up 1.3 million gallons per day (72%)[150][151] - Ethanol segment operating income increased by $38 million to $39 million in Q1 2023, driven by a $32 million (20%) increase in ethanol margin[154][155] - Refining operating income increased to $4,057 million in Q1 2023, up from $1,451 million in Q1 2022[161] - Renewable Diesel operating income rose to $205 million in Q1 2023, compared to $149 million in Q1 2022[162] - Ethanol operating income surged to $39 million in Q1 2023, up from $1 million in Q1 2022[163] Cash Flow and Liquidity - Operations generated $3.2 billion of cash in Q1 2023, with $524 million used for capital investments and $1.8 billion returned to stockholders through stock buybacks and dividends[120] - Cash and cash equivalents increased by $659 million to $5.5 billion as of March 31, 2023, from $4.9 billion as of December 31, 2022[120] - Liquidity stood at $10.8 billion as of March 31, 2023[120] - Cash and cash equivalents totaled $5,403 million as of March 31, 2023[170] - Operating activities generated $3,170 million in cash flow for Q1 2023, up from $588 million in Q1 2022[174] - Net increase in cash and cash equivalents was $659 million for Q1 2023[174] Capital Investments and Debt Management - The company purchased approximately $199 million of its public debt during Q1 2023, contributing to debt reduction efforts[120] - Capital investments for Q1 2023 amounted to $549 million, including $114 million related to DGD[175] - Debt repayments and finance lease obligations totaled $1,156 million in Q1 2023[174] - Return to stockholders through stock repurchases and dividends was $1,830 million in Q1 2023[174] - Capital investments attributable to Valero for the three months ended March 31, 2023, totaled $467 million, compared to $718 million in the same period in 2022[186] - Valero expects to incur approximately $2.0 billion in capital investments for 2023, with $1.5 billion allocated to sustaining the business and the remainder towards growth strategies, including over 40% for low-carbon business expansion[186] - During the three months ended March 31, 2023, Valero purchased and retired approximately $199 million of its public debt[188] - Valero repurchased 10,993,341 shares for $1.5 billion during the three months ended March 31, 2023, with $899 million remaining under the October 2022 Program and $2.5 billion available under the 2023 Program[189] - Valero's fixed-rate debt as of March 31, 2023, totaled $8.265 billion, with an average interest rate of 4.8%, while floating-rate debt stood at $852 million with an average interest rate of 8.1%[197] Market Conditions and Demand - Strong worldwide demand for petroleum-based transportation fuels and constrained supply contributed to strong refining margins in Q1 2023[119] - Gasoline and diesel demand have returned to near pre-pandemic levels, while jet fuel demand remains below pre-pandemic levels but continues to improve[125] - Light product inventories in the U.S. and Europe are below historical levels, supporting continued high utilization of refining capacity[125] - Crude oil discounts have narrowed due to reduced sour crude oil production from OPEC+ suppliers but are expected to remain near current levels[126] - Renewable diesel margins are expected to remain consistent with current levels[126] - Brent crude oil price averaged $82.20 per barrel in Q1 2023, down from $97.34 per barrel in Q1 2022[136] - Total company revenues decreased by $2.1 billion (5.5%) in Q1 2023 compared to Q1 2022, primarily due to lower petroleum-based transportation fuel prices[141] Production and Throughput - Throughput volumes in the Refining segment increased by 130,000 barrels per day (4.6%) in Q1 2023 compared to Q1 2022[146] - Renewable Diesel segment margin increased by $123 million (54%) in Q1 2023, primarily due to higher sales volumes from new production capacity[151] - Ethanol production volumes increased by 138,000 gallons per day (3.4%) in Q1 2023 compared to Q1 2022[154] Other Financial Items - Other income increased by $149 million in Q1 2023, including a $61 million gain from early retirement of debt[143][144] - Income tax expense increased by $628 million (249%) in Q1 2023 due to higher pre-tax income[144] - As of March 31, 2023, Valero held $4.3 billion in cash and cash equivalents in foreign subsidiaries, which can be repatriated with potential tax implications[191] - Valero plans to contribute $108 million to its pension plans and $21 million to other postretirement benefit plans during 2023[190] Environmental and Regulatory Matters - Valero resolved an environmental enforcement matter with the EPA related to a 2019 emissions event at its Benicia Refinery through a Consent Agreement and Final Order on March 30, 2023[203]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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) Delaware 74-18 ...