Valero(VLO)2025-01-30 13:20Financial Performance - Valero reported net income attributable to stockholders of 0.88 per share, for Q4 2024, down from 3.55 per share, in Q4 2023[3]. - For the full year 2024, net income attributable to stockholders was 8.58 per share, compared to 24.92 per share, in 2023[4]. - Net income attributable to Valero Energy Corporation stockholders for the three months ended December 31, 2024, was 1,202 million for the same period in 2023, a decrease of 76.7%[31]. - Adjusted net income attributable to Valero Energy Corporation stockholders for the year ended December 31, 2024, was 8,850 million in 2023, a decline of 69.0%[31]. - Total revenues for the year ended December 31, 2024, were 144,766 million in 2023[29]. - Net cash provided by operating activities was 951 million[9]. - Valero's adjusted net cash provided by operating activities for the year ended December 31, 2024, was 11,043 million in 2023[59]. Segment Performance - The Refining segment reported operating income of 1.6 billion in Q4 2023, with throughput volumes averaging 3.0 million barrels per day[5]. - The Renewable Diesel segment achieved operating income of 84 million in Q4 2023, with sales volumes averaging 3.4 million gallons per day[6]. - Operating income for the refining segment for the year ended December 31, 2024, was 11,511 million in 2023, representing a decline of 65.5%[29]. - Refining operating income for Q4 2024 was 1,577 million in Q4 2023[34]. - Renewable Diesel operating income increased to 84 million in Q4 2023, representing a growth of 102.4%[34]. - Ethanol operating income decreased to 190 million in Q4 2023, a decline of 89.5%[34]. Shareholder Returns - Valero returned 339 million in dividends and 1.13 per share on January 16, 2025[13]. - The company declared dividends per common share of 1.02 in the same period of 2023, representing a 4.9% increase[61]. Debt and Capital Expenditures - Valero's total debt at the end of 2024 was 8,085 million, down from 1,888 million, an increase of 7.4% compared to 1,950 million after adjustments[61]. Operational Developments - The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant was completed and is now operational, allowing for the upgrade of approximately 50% of its renewable diesel production capacity to SAF[15]. - Valero is progressing with an FCC Unit Optimization project at the St. Charles Refinery, estimated to cost 73.98 per barrel in Q4 2024, down from 2.23 per gallon for the three months ended December 31, 2024, down 21.8% from 0.66 per RIN for the three months ended December 31, 2024, down 21.4% from $0.84 in 2023[57]. Performance Metrics - The refining margin is a key performance measure, defined as refining segment operating income excluding operating expenses, depreciation, and amortization, which is critical for evaluating the segment's financial performance[69]. - Renewable Diesel margin is similarly defined and is essential for assessing the Renewable Diesel segment's operating and financial performance[69]. - Ethanol margin is defined as Ethanol segment operating income excluding operating expenses and is a significant measure for evaluating the Ethanol segment's performance[69]. - Adjusted refining operating income for the period is an important measure as it excludes non-core operating performance items[69].