Financial Data and Key Metrics Changes - For Q1 2024, net income attributable to Valero stockholders was $1.2 billion or $3.75 per share, down from $3.1 billion or $8.29 per share in Q1 2023 [10] - Adjusted net income for Q1 2024 was $1.3 billion or $3.82 per share, compared to $3.1 billion or $8.27 per share in Q1 2023 [10] - Refining segment operating income was $1.7 billion in Q1 2024, down from $4.1 billion in Q1 2023 [10] - Refining throughput volumes averaged 2.8 million barrels per day in Q1 2024, with a capacity utilization of 87% [10] Business Line Data and Key Metrics Changes - Renewable Diesel segment operating income was $190 million in Q1 2024, down from $205 million in Q1 2023, despite sales volumes averaging 3.7 million gallons per day, which was 741,000 gallons per day higher than the previous year [11] - Ethanol segment reported $10 million of operating income in Q1 2024, down from $39 million in Q1 2023, with production volumes averaging 4.5 million gallons per day, an increase of 283,000 gallons per day year-over-year [12] Market Data and Key Metrics Changes - Diesel sales in the Valero system were trending about 2% higher than last year, while gasoline sales remained flat compared to the previous year [21] - Jet fuel demand was up year-over-year, despite a recent sell-off in distillates [22] Company Strategy and Development Direction - The DGD Sustainable Aviation Fuel project at Port Arthur is ahead of schedule and expected to be operational in Q4 2024, positioning Valero as one of the largest manufacturers of SAF globally [8] - The company is focusing on shorter cash cycle projects to optimize existing refining assets and improve margins [8] Management's Comments on Operating Environment and Future Outlook - Management expects refining margins to remain supported by tight product balances and low inventories ahead of the driving season [9] - Long-term product demand is anticipated to exceed supply, even with new refineries starting up this year [9] Other Important Information - Valero repaid $167 million of senior notes and increased its quarterly cash dividend from $1.02 to $1.07 per share [9] - The company returned $1.4 billion to stockholders in Q1 2024, with a payout ratio of 74% [14] Q&A Session Summary Question: Product supply and demand outlook - Management noted strong light product demand, with gasoline sales equal to last year and diesel sales trending 2% higher [21] Question: Cash flow payout sustainability - Management indicated that the current payout level is sustainable, with a long-term commitment to a 40% to 50% payout ratio [28] Question: Crude availability and differentials - Management observed that crude differentials widened in Q1 due to seasonal demand but expect them to remain tight throughout the year [33] Question: Renewable diesel market outlook - Management expressed a positive long-term outlook for renewable diesel, driven by upcoming SAF mandates and legislative support [50] Question: M&A appetite for refining assets - Management stated that while they always evaluate opportunities, there are no immediate plans for major acquisitions [70]

Valero Energy Corporation (VLO) reported first-quarter 2024 adjusted earnings of $3.82 per share, which beat the Zacks Consensus Estimate of $3.18. However, the bottom line declined from $8.27 reported in the year-ago quarter.Total quarterly revenues decreased from $36,439 million in the prior-year quarter to $31,759 million. The top line also missed the Zacks Consensus Estimate of $32,826 million.Better-than-expected quarterly earnings were primarily driven by a decline in total cost of sales. Segmental Pe ...

Exhibit 99.01 Valero Energy Reports First Quarter 2024 Results • Reported net income attributable to Valero stockholders of $1.2 billion, or $3.75 per share • Reported adjusted net income attributable to Valero stockholders of $1.3 billion, or $3.82 per share • Repaid the $167 million outstanding principal balance of its 1.200% Senior Notes that matured on March 15 • Declared a regular quarterly cash dividend of $1.07 per share on January 18 • Returned $1.4 billion to stockholders through dividends and stoc ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Let's take a look at what these Wall Street heavyweights have to say about Valero Energy (VLO) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.Valero Energy currently has an average ...

Wall Street expects a year-over-year decline in earnings on lower revenues when Valero Energy (VLO) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The earnings report, which is expected to be released on April 25, 2024, might help the stock move higher if these key numbers are better than expect ...

Valero Energy (VLO) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this oil refiner have returned -1.4% over the past month versus the Zacks S&P 500 composite's -1.7% change. The Zacks Oil and Gas - Refining and Marketing industry, to which Valero Energy belongs, has gained 2.3% over this period. Now the key question is: Where could the stock be headed in the near term?Altho ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of ...

Valero Energy Corporation (VLO) has witnessed upward earnings estimate revisions for 2024 and 2025 over the past seven days.The company, with a Zacks Rank #2 (Buy), has gained 38.2% over the past six months compared with 18.5% growth of the composite stocks belonging to the industry. Image Source: Zacks Investment Research What’s Favoring the Stock?Valero demonstrated strong financial resilience and adaptability by posting significant earnings in the fourth quarter of 2023. Its EPS of $3.55, surpassing expe ...

Valero Energy (VLO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Shares of this oil refiner have returned +16.9% over the past month versus the Zacks S&P 500 composite's +1.8% change. The Zacks Oil and Gas - Refining and Marketing industry, to which Valero Energy belongs, has gained 10.7% over this period. Now the key question is: Where could the stock be headed ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...