Valero Energy Corporation (VLO)

Valero Energy Corporation to Announce Second Quarter 2026 Earnings Results on July 30, 2026June 2, 2026 10:22 AM
Business Wire Valero Energy Corporation (NYSE: VLO) announced today that it will host a conference call on Thursday, July 30, 2026, at 10:00 a.m. ET to discuss its financial and operational results for the second quarter of 2026. The earnings release will be issued earlier that morning. A live webcast of the conference call will be available on Valero’s Investor Relations website at investorvalero.com. 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 operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260601844201/en/ Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
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 Original: Valero Energy Corporation to Announce Second Quarter 2026 Earnings Results on July 30, 2026

180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity ConversationMay 29, 2026 8:56 AM
PR Newswire (US) Issued on behalf of Sky Quarry Inc.As Western U.S. refining capacity continues to consolidate, Brent crude trades in the ~$95.00 range, and the Trump administration prioritizes domestic refining under Presidential Determinations, one integrated energy and resource recovery company has positioned itself directly at the intersection of feedstock, infrastructure, and policy.USA News Group News CommentaryWOODS CROSS, Utah, May 29, 2026 /PRNewswire/ -- U.S. domestic refining capacity has entered a structurally tight phase. West Coast refining capacity has continued to shrink, the Q1 2026 earnings cycle for major U.S. refiners confirmed disciplined demand and tight margin discipline across the complex, and the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act have placed strategic priority on U.S.-based refining infrastructure. Inside that landscape, Sky Quarry, Inc. (NASDAQ: SKYQ), Valero Energy Corporation (NYSE: VLO), HF Sinclair Corporation (NYSE: DINO), Par Pacific Holdings, Inc. (NYSE: PARR), and Delek US Holdings, Inc. (NYSE: DK) collectively span the spectrum from emerging vertically integrated upstream-downstream operator to large-scale U.S. refining-and-marketing major.  Sky Quarry, Inc. (NASDAQ: SKYQ), an integrated energy and resource recovery company, has used the first half of 2026 to sequence a series of strategic announcements positioning the Company directly at the intersection of feedstock availability, U.S. refining capacity, and emerging low-carbon fuel pathways. On May 7, 2026, Sky Quarry executed a non-binding multi-party Memorandum of Understanding with Southern Energy Renewables, Inc. (a U.S.-based developer of carbon-negative fuels and large-scale biomass-to-Sustainable Aviation Fuel platforms) and DevvStream Corp. (a technology-driven environmental markets and carbon management company). The MOU has an initial three-year term and establishes a strategic collaboration focused on fuel innovation, refinery integration, and low-carbon fuel development.The collaboration targets pilot-scale validation of SAF, specialty fuels, and recycled-hydrocarbon blends at Sky Quarry's PR Spring oil sands asset in Utah — a resource the Company has disclosed at approximately 180 million barrels of oil — alongside technology upgrades at the Foreland Refinery in Nevada. The integrated pathway provides Sky Quarry access to carbon management, environmental attributes, and commercialization pathways across both the conventional refining and SAF sides of the U.S. fuel supply environment. Section 45Z Production Tax Credit framework on the SAF side and Defense Production Act policy on the conventional side together describe the most supportive operating environment U.S. integrated refining operators have seen in recent memory.Earlier in the quarter, on April 29, 2026 (with an expanded version released on May 4, 2026), Sky Quarry announced a Request for Proposals (RFP) to engage partners seeking to accelerate development and commercialization of the approximately 180 million barrels of oil at the PR Spring asset. The RFP includes potential integration of PR Spring heavy oil production directly into the Foreland Refinery — creating a vertically integrated upstream-to-downstream pathway from Utah feedstock to Western U.S. finished products. The Company has also issued a separate RFP to monetize 7 megawatts of installed surplus turbine generation at the same site, providing additional commercial flexibility around the underlying infrastructure base.The Foreland Refinery operates at 5,000 barrels per day of permitted capacity — a scarce, fully permitted, and recently upgraded asset inside a constrained Western U.S. fuel market. On January 27, 2026, Sky Quarry announced the completion of high-impact system upgrades at Foreland, unlocking strategic value across the refinery's 5,000 BPD permitted capacity. The Company's broader strategic growth plan, announced in 2025, targets up to 800,000 barrels of annual sustained production at Foreland — providing the operational scale-up roadmap for the integrated upstream-and-downstream model the Company is now executing against.Sky Quarry's positioning within the U.S. domestic refining capacity — reinforced by the April 23, 2026 press release citing the Trump administration's Presidential Determinations on domestic refining capacity under the Defense Production Act — places the Company at the intersection of the energy security policy framework now being deployed at the federal level. The combination of permitted refinery infrastructure, 180 million barrels of in-place feedstock, multi-party SAF collaboration, and Defense Production Act policy alignment provides the structural framework within which Sky Quarry's integrated platform is being evaluated. For more company information, visit USA News Group.In other industry developments and happenings in the market include:Valero Energy Corporation (NYSE: VLO) — among the largest independent petroleum refiners and marketers in the world — has continued to leverage tight U.S. refining margin economics through Q1 2026. The Company's portfolio of refineries across the U.S. Gulf Coast, mid-continent, West Coast, and Atlantic Coast provides the scale reference for what large-cap U.S. refining-and-marketing operations look like inside the current Western fuel supply environment. Recent quarterly results continued to reflect disciplined refining margin capture across the cycle.Valero's continued scale advantage and refining margin discipline provides the institutional reference for U.S. refining sector performance — and reinforces the structural premium attaching to permitted refining capacity inside the current Defense Production Act prioritization framework. Across the U.S. refining complex, the procurement environment continues to favor operators with established, permitted, and operationally upgraded refining infrastructure.HF Sinclair Corporation (NYSE: DINO) — formed via the 2022 merger of HollyFrontier and Sinclair — has continued to operate one of the larger integrated U.S. refining and marketing platforms through Q1 2026. The Company's refineries across the mid-continent and Rocky Mountain regions, combined with the Sinclair-branded retail network, provide diversified margin capture across the U.S. fuel supply chain.HF Sinclair's integrated refining-and-marketing model and continued operational platform discipline through 2026 reinforces the structural relevance of regional refining infrastructure inside the broader U.S. fuel supply environment. The Company's continued investment in renewable diesel and lower-carbon fuel pathways provides additional architectural reference for the integrated conventional-and-low-carbon strategy that mid-sized U.S. refiners are increasingly deploying.Par Pacific Holdings, Inc. (NYSE: PARR) operates refining assets in Hawaii, Wyoming, Montana, and Washington — making it one of the more geographically diversified mid-tier U.S. independent refiners. Par Pacific's positioning at the intersection of constrained regional markets (particularly Hawaii and the Pacific Northwest) has reinforced the strategic relevance of its refining footprint inside the tightening Western U.S. fuel supply environment through 2026.Par Pacific's regional refining concentration — particularly in Western and Pacific markets — provides direct reference for the structural value of permitted Western refining infrastructure. The Company's operating discipline and continued reinvestment in refining capacity reinforces the broader procurement environment thesis: Western U.S. refining capacity is structurally constrained, and operators with permitted, operationally upgraded assets are commanding strategic value.Delek US Holdings, Inc. (NYSE: DK) operates refining assets in the U.S. Gulf Coast and mid-continent regions, alongside a retail and logistics platform. The Company's Q1 2026 earnings cycle reinforced the broader U.S. refining sector observation: tight global capacity, disciplined demand, and structurally supported refining margins are providing the operating environment within which mid-sized U.S. independent refiners are operating.Delek's continued operational platform and disciplined capital allocation through 2026 provides the additional reference for U.S. independent refining performance inside the current cycle. Across the broader U.S. independent refining complex, the structural premium attaching to permitted refining capacity — combined with the Defense Production Act prioritization framework — continues to reinforce the institutional engagement around U.S.-based integrated refining-and-feedstock operations of all scales.Across the comparable set, the message is consistent: U.S. domestic refining capacity is constrained, Western fuel supply is tightening, and federal policy is actively reinforcing the strategic value of permitted refining infrastructure. Sky Quarry's May 7 multi-party MOU with Southern Energy Renewables and DevvStream, the April–May RFP for the 180-million-barrel PR Spring oil sands asset, the January 2026 Foreland refinery upgrades completion, and the April 23 Defense Production Act positioning collectively place the Company at the integrated upstream-and-downstream intersection inside the broader U.S. refining capacity priority. For investors building exposure to the U.S. domestic refining and energy security cycle, SKYQ deserves a closer look.CONTINUED… Read this and more news for Sky Quarry Inc. at: https://usanewsgroup.com/skyq-landing.Logo: https://mma.prnewswire.com/media/2838876/USA_News_Group_Logo.jpgCONTACT:
USA News Group
info @therooster-2873Article Sources:[1] https://www.stocktitan.net/news/SKYQ/sky-quarry-enters-strategic-multi-party-mou-to-advance-next-3x4zih3h99i6.html
[2] https://www.prnewswire.com/news-releases/180-million-barrels-of-utah-oil-sands-resource-under-development-by-sky-quarry-302769254.html
[3] https://www.globenewswire.com/news-release/2026/05/12/3293082/0/en/The-Unlikely-Intersection-of-America-s-Only-Nevada-Refinery-and-Sustainable-Aviation-Fuel.html
[4] https://www.valero.com/news
[5] https://hfsinclair.com/news
[6] https://www.parpacific.com/news
[7] https://www.delekus.com/newsDISCLAIMER:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. This article is being distributed by USA News Group on behalf of Market IQ Media Group Inc. ("MIQ"). Regarding this publication, MIQ has been paid a fee for Sky Quarry, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Sky Quarry, Inc., and may liquidate their shares which could have a negative effect on the price of the stock. The owner/operator of MIQ does not currently own shares of Sky Quarry, Inc. but reserves the right to buy and sell, and will buy and sell shares of Sky Quarry, Inc. at any time without any further notice commencing immediately and ongoing. This potential for trading constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this, individuals are strongly encouraged to not use this publication as the basis for any investment decision. Please let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ has been reviewed and approved on behalf of Sky Quarry, Inc. by CDMG. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.Issued on behalf of Sky Quarry, Inc. by USA News Group / Market IQ Media Group, Inc. View original content:https://www.prnewswire.com/news-releases/180-million-barrels-of-oil-sands-a-5-000-bpd-permitted-nevada-refinery-and-a-new-multi-party-saf-collaboration-just-stacked-onto-the-us-domestic-refining-capacity-conversation-302785492.htmlSOURCE USA News Group Original: 180 Million Barrels Of Oil Sands, A 5,000 BPD Permitted Nevada Refinery, And A New Multi-Party SAF Collaboration Just Stacked Onto The U.S. Domestic Refining Capacity Conversation

Valero Energy Corporation Declares Regular Cash Dividend on Common StockMay 7, 2026 4:21 PM
Business Wire The Board of Directors of Valero Energy Corporation (NYSE: VLO, “Valero”) has declared a regular quarterly cash dividend of $1.20 per share on its common stock. The dividend will be payable on June 23, 2026, to stockholders of record as of the close of business on May 21, 2026. 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 operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507599511/en/ Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
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 Original: Valero Energy Corporation Declares Regular Cash Dividend on Common Stock

Valero tops Q1 expectations as refining strength drives profit reboundApril 30, 2026 10:01 AM
IH Market News
Valero Energy Corporation (NYSE:VLO) reported stronger-than-expected first-quarter results on Thursday, supported by robust refining margins.Adjusted earnings per share came in at $4.22, beating analyst forecasts of $3.16 by $1.06.Revenue totaled $32.38 billion, exceeding the $31.37 billion consensus estimate and marking a 7% increase from $30.26 billion in the same quarter of 2025.The company posted net income attributable to shareholders of $1.3 billion, compared with a net loss of $595 million a year earlier.Performance was driven largely by the Refining segment, which delivered operating income of $1.8 billion, a sharp turnaround from a $530 million loss in the prior-year quarter, as margins improved amid volatility in commodity markets. Refining throughput averaged 2.9 million barrels per day.Shares rose about 1% following the announcement.“I am pleased to report that Valero had an excellent first quarter, demonstrating our team’s ability to optimize our refining system and deliver strong financial returns,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President.“In a period marked with considerable disruption in commodity markets, our operations, commercial, and financial teams executed well.”The Renewable Diesel segment recorded operating income of $139 million, reversing a $141 million loss in the same period last year. Meanwhile, the Ethanol segment generated operating income of $90 million, up from $20 million previously.Valero returned $938 million to shareholders during the quarter, equivalent to a 59% payout ratio of adjusted operating cash flow. The company also raised its quarterly dividend by 6% to $1.20 per share in January and issued $850 million in senior notes in March.Progress continues on the company’s $230 million FCC Unit optimization project at the St. Charles Refinery, which is expected to come online in the third quarter of 2026.Valero Energy stock price

Original: Valero tops Q1 expectations as refining strength drives profit rebound

Valero Energy Reports First Quarter 2026 ResultsApril 30, 2026 6:30 AM
Business Wire

Reported net income attributable to Valero stockholders of $1.3 billion, or $4.22 per share



Increased quarterly cash dividend on common stock by 6 percent to $1.20 per share on January 22, 2026



Issued $850 million aggregate principal amount of 5.150% Senior Notes due 2036 for debt repayment and general corporate purposes on March 10, 2026



Stockholder cash returns totaled $938 million



The St. Charles FCC Unit optimization project is expected to be completed and begin operations in the third quarter of 2026



Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.3 billion, or $4.22 per share, for the first quarter of 2026, compared to a net loss of $595 million, or $1.90 per share, for the first quarter of 2025. Excluding the adjustment shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the first quarter of 2025 was $282 million, or $0.89 per share.


“I am pleased to report that Valero had an excellent first quarter, demonstrating our team’s ability to optimize our refining system and deliver strong financial returns,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “In a period marked with considerable disruption in commodity markets, our operations, commercial, and financial teams executed well.”


Refining


The Refining segment reported operating income of $1.8 billion for the first quarter of 2026, compared to an operating loss of $530 million for the first quarter of 2025. Adjusted operating income for the first quarter of 2025 was $605 million. Refining throughput volumes averaged 2.9 million barrels per day in the first quarter of 2026.


Renewable Diesel


The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $139 million of operating income for the first quarter of 2026, compared to an operating loss of $141 million for the first quarter of 2025. Segment sales volumes averaged 3.0 million gallons per day in the first quarter of 2026.


Ethanol


The Ethanol segment reported $90 million of operating income for the first quarter of 2026, compared to $20 million for the first quarter of 2025. Ethanol production volumes averaged 4.6 million gallons per day in the first quarter of 2026.


Corporate and Other


General and administrative expenses were $285 million in the first quarter of 2026, compared to $261 million in the first quarter of 2025. The effective tax rate for the first quarter of 2026 was 23 percent.


Investing and Financing Activities


Net cash provided by operating activities was $1.4 billion in the first quarter of 2026. Included in this amount was a $303 million unfavorable impact from working capital and $102 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.6 billion in the first quarter of 2026.


Capital investments totaled $448 million in the first quarter of 2026, of which $404 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 $430 million in the first quarter of 2026.


Valero stockholder cash returns totaled $938 million in the first quarter of 2026, resulting in a payout ratio of 59 percent of adjusted net cash provided by operating activities.


On January 22, 2026, Valero announced an increase of its quarterly cash dividend on common stock from $1.13 per share to $1.20 per share, demonstrating its strong financial position and commitment to a growing dividend.


“Our strong performance in a volatile first quarter underscores Valero’s operational, commercial, and financial strength. We remain focused on things we can control — operational excellence, system-wide optimization, and disciplined financial decision-making — and we continue to be well-positioned to benefit from the current margin environment,” said Riggs.


Liquidity and Financial Position


On March 10, 2026, Valero issued $850 million aggregate principal amount of 5.150% Senior Notes due 2036 for repayment of debt maturing in 2026 and for general corporate purposes.


Valero ended the first quarter of 2026 with $9.2 billion of total debt, $2.3 billion of total finance lease obligations, and $5.7 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 18 percent as of March 31, 2026.


Strategic Update


Valero continues to make progress on the FCC Unit optimization project at the St. Charles Refinery that will enhance the refinery’s ability to produce high-value products. This $230 million project is expected to be completed and begin operations in the third quarter of 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 operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 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:

Brian Donovan, Vice President – Investor Relations, 210-345-1682

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, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, 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 tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, 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 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 (g) 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

March 31,








 






2026






 






2025








Statement of income data






 






 






 








Revenues






$






32,381






 






 






$






30,258






 








Cost of sales:






 






 






 








Cost of materials and other






 






26,185






 






 






 






26,048






 








Taxes other than income taxes (a)






 






1,721






 






 






 






1,500






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






1,595






 






 






 






1,523






 








Depreciation and amortization expense






 






828






 






 






 






680






 








Total cost of sales






 






30,329






 






 






 






29,751






 








Asset impairment loss (b)






 






—






 






 






 






1,131






 








Other operating expenses






 






24






 






 






 






4






 








General and administrative expenses (excluding depreciation and amortization expense reflected below)






 






285






 






 






 






261






 








Depreciation and amortization expense






 






12






 






 






 






11






 








Operating income (loss)






 






1,731






 






 






 






(900






)








Other income, net






 






132






 






 






 






120






 








Interest and debt expense, net of capitalized interest






 






(140






)






 






 






(137






)








Income (loss) before income tax expense (benefit)






 






1,723






 






 






 






(917






)








Income tax expense (benefit)






 






401






 






 






 






(265






)








Net income (loss)






 






1,322






 






 






 






(652






)








Less: Net income (loss) attributable to noncontrolling interests






 






59






 






 






 






(57






)








Net income (loss) attributable to Valero Energy Corporation stockholders






$






1,263






 






 






$






(595






)








 






 






 






 








Earnings (loss) per common share






$






4.22






 






 






$






(1.90






)








Weighted-average common shares outstanding (in millions)






 






298






 






 






 






314






 








 






 






 






 








Earnings (loss) per common share – assuming dilution






$






4.22






 






 






$






(1.90






)








Weighted-average common shares outstanding – assuming dilution (in millions) (c)






 






298






 






 






 






314






 










 



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




Other






 






Total








Three months ended March 31, 2026






 






 






 






 






 






 






 






 






 








Revenues:






 






 






 






 






 






 






 






 






 








Revenues from external customers






$






30,805






 






 






$






711






 






 






$






865






 






$






—






 






 






$






32,381






 








Intersegment revenues






 






2






 






 






 






703






 






 






 






302






 






 






(1,007






)






 






 






—






 








Total revenues






 






30,807






 






 






 






1,414






 






 






 






1,167






 






 






(1,007






)






 






 






32,381






 








Cost of sales:






 






 






 






 






 






 






 






 






 








Cost of materials and other






 






25,178






 






 






 






1,112






 






 






 






894






 






 






(999






)






 






 






26,185






 








Taxes other than income taxes (a)






 






1,721






 






 






 






—






 






 






 






—






 






 






—






 






 






 






1,721






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






1,346






 






 






 






85






 






 






 






164






 






 






—






 






 






 






1,595






 








Depreciation and amortization expense






 






732






 






 






 






78






 






 






 






19






 






 






(1






)






 






 






828






 








Total cost of sales






 






28,977






 






 






 






1,275






 






 






 






1,077






 






 






(1,000






)






 






 






30,329






 








Other operating expenses






 






24






 






 






 






—






 






 






 






—






 






 






—






 






 






 






24






 








General and administrative expenses (excluding depreciation and amortization expense reflected below)






 






—






 






 






 






—






 






 






 






—






 






 






285






 






 






 






285






 








Depreciation and amortization expense






 






—






 






 






 






—






 






 






 






—






 






 






12






 






 






 






12






 








Operating income by segment






$






1,806






 






 






$






139






 






 






$






90






 






$






(304






)






 






$






1,731






 








 






 






 






 






 






 






 






 






 






 








Three months ended March 31, 2025






 






 






 






 






 






 






 






 






 








Revenues:






 






 






 






 






 






 






 






 






 








Revenues from external customers






$






28,757






 






 






$






493






 






 






$






1,008






 






$






—






 






 






$






30,258






 








Intersegment revenues






 






2






 






 






 






407






 






 






 






217






 






 






(626






)






 






 






—






 








Total revenues






 






28,759






 






 






 






900






 






 






 






1,225






 






 






(626






)






 






 






30,258






 








Cost of sales:






 






 






 






 






 






 






 






 






 








Cost of materials and other






 






24,769






 






 






 






895






 






 






 






1,032






 






 






(648






)






 






 






26,048






 








Taxes other than income taxes (a)






 






1,500






 






 






 






—






 






 






 






—






 






 






—






 






 






 






1,500






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






1,291






 






 






 






78






 






 






 






154






 






 






—






 






 






 






1,523






 








Depreciation and amortization expense






 






594






 






 






 






68






 






 






 






19






 






 






(1






)






 






 






680






 








Total cost of sales






 






28,154






 






 






 






1,041






 






 






 






1,205






 






 






(649






)






 






 






29,751






 








Asset impairment loss (b)






 






1,131






 






 






 






—






 






 






 






—






 






 






—






 






 






 






1,131






 








Other operating expenses






 






4






 






 






 






—






 






 






 






—






 






 






—






 






 






 






4






 








General and administrative expenses (excluding depreciation and amortization expense reflected below)






 






—






 






 






 






—






 






 






 






—






 






 






261






 






 






 






261






 








Depreciation and amortization expense






 






—






 






 






 






—






 






 






 






—






 






 






11






 






 






 






11






 








Operating income (loss) by segment






$






(530






)






 






$






(141






)






 






$






20






 






$






(249






)






 






$






(900






)
















 



See Operating Highlights by Segment.

See Notes to Earnings Release.
















 




VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS

REPORTED UNDER U.S. GAAP (g)

(millions of dollars, except per share amounts)

(unaudited)








 






Three Months Ended

March 31,








 






2026






 






2025








Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders






 






 






 








Net income (loss) attributable to Valero Energy Corporation stockholders






$






1,263






 






$






(595






)








Adjustment:






 






 






 








Asset impairment loss (b)






 






—






 






 






1,131






 








Income tax benefit related to asset impairment loss






 






—






 






 






(254






)








Asset impairment loss, net of taxes






 






—






 






 






877






 








Total adjustment






 






—






 






 






877






 








Adjusted net income attributable to Valero Energy Corporation stockholders






$






1,263






 






$






282






 










 



Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings per common share – assuming dilution






 






 






 








Earnings (loss) per common share – assuming dilution (c)






$






4.22






 






$






(1.90






)








Adjustment: Asset impairment loss (b)






 






—






 






 






2.79






 








Adjusted earnings per common share – assuming dilution (d)






$






4.22






 






$






0.89






 










 



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 (g)

(millions of dollars)

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment






 






 






 








Refining segment






 






 






 








Refining operating income (loss)






$






1,806






 






$






(530






)








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






1,346






 






 






1,291






 








Depreciation and amortization expense






 






732






 






 






594






 








Asset impairment loss (b)






 






—






 






 






1,131






 








Other operating expenses






 






24






 






 






4






 








Refining margin






$






3,908






 






$






2,490






 








 






 






 






 








Refining operating income (loss)






$






1,806






 






$






(530






)








Adjustments:






 






 






 








Asset impairment loss (b)






 






—






 






 






1,131






 








Other operating expenses






 






24






 






 






4






 








Adjusted Refining operating income






$






1,830






 






$






605






 








 






 






 






 








Renewable Diesel segment






 






 






 








Renewable Diesel operating income (loss)






$






139






 






$






(141






)








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






85






 






 






78






 








Depreciation and amortization expense






 






78






 






 






68






 








Renewable Diesel margin






$






302






 






$






5






 








 






 






 






 








Ethanol segment






 






 






 








Ethanol operating income






$






90






 






$






20






 








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






164






 






 






154






 








Depreciation and amortization expense






 






19






 






 






19






 








Ethanol margin






$






273






 






$






193






 










 



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 (g)

(millions of dollars)

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








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 (loss) (by region) (h)






 






 






 








U.S. Gulf Coast region






 






 






 








Refining operating income






$






1,356






 






$






337








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






773






 






 






720








Depreciation and amortization expense






 






388






 






 






376








Other operating expenses






 






18






 






 






4








Refining margin






$






2,535






 






$






1,437








 






 






 






 








Refining operating income






$






1,356






 






$






337








Adjustment: Other operating expenses






 






18






 






 






4








Adjusted Refining operating income






$






1,374






 






$






341








 






 






 






 








U.S. Mid-Continent region






 






 






 








Refining operating income






$






190






 






$






50








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






203






 






 






195








Depreciation and amortization expense






 






89






 






 






76








Other operating expenses






 






1






 






 






—








Refining margin






$






483






 






$






321








 






 






 






 








Refining operating income






$






190






 






$






50








Adjustment: Other operating expenses






 






1






 






 






—








Adjusted Refining operating income






$






191






 






$






50










 



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 (g)

(millions of dollars)

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








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 (loss) (by region) (h) (continued)






 






 






 








North Atlantic region






 






 






 








Refining operating income






$






383






 






 






$






216






 








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






211






 






 






 






172






 








Depreciation and amortization expense






 






84






 






 






 






69






 








Refining margin






$






678






 






 






$






457






 








 






 






 






 








U.S. West Coast region (e)






 






 






 








Refining operating loss






$






(123






)






 






$






(1,133






)








Adjustments:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below)






 






159






 






 






 






204






 








Depreciation and amortization expense (f)






 






171






 






 






 






73






 








Asset impairment loss (b)






 






—






 






 






 






1,131






 








Other operating expenses






 






5






 






 






 






—






 








Refining margin






$






212






 






 






$






275






 








 






 






 






 








Refining operating loss






$






(123






)






 






$






(1,133






)








Adjustments:






 






 






 








Asset impairment loss (b)






 






—






 






 






 






1,131






 








Other operating expenses






 






5






 






 






 






—






 








Adjusted Refining operating loss






$






(118






)






 






$






(2






)










 



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

March 31,








 






2026






 






2025








Throughput volumes (thousand barrels per day)






 






 






 








Feedstocks:






 






 






 








Heavy sour crude oil






 






449






 






 






555








Medium/light sour crude oil






 






296






 






 






234








Sweet crude oil






 






1,522






 






 






1,560








Residuals






 






179






 






 






95








Other feedstocks






 






128






 






 






52








Total feedstocks






 






2,574






 






 






2,496








Blendstocks and other






 






340






 






 






332








Total throughput volumes






 






2,914






 






 






2,828








 






 






 






 








Yields (thousand barrels per day)






 






 






 








Gasolines and blendstocks






 






1,398






 






 






1,375








Distillates






 






1,109






 






 






1,078








Other products (i)






 






437






 






 






396








Total yields






 






2,944






 






 






2,849








 






 






 






 








Operating statistics (g) (j)






 






 






 








Refining margin






$






3,908






 






$






2,490








Adjusted Refining operating income






$






1,830






 






$






605








Throughput volumes (thousand barrels per day)






 






2,914






 






 






2,828








 






 






 






 








Refining margin per barrel of throughput






$






14.90






 






$






9.78








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput






 






5.13






 






 






5.07








Depreciation and amortization expense per barrel of throughput






 






2.79






 






 






2.33








Adjusted Refining operating income per barrel of throughput






$






6.98






 






$






2.38










 



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

March 31,








 






2026






 






2025








Operating statistics (g) (j)






 






 






 








Renewable Diesel margin






$






302






 






$






5






 








Renewable Diesel operating income (loss)






$






139






 






$






(141






)








Sales volumes (thousand gallons per day)






 






3,027






 






 






2,435






 








 






 






 






 








Renewable Diesel margin per gallon of sales






$






1.11






 






$






0.02






 








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales






 






0.31






 






 






0.36






 








Depreciation and amortization expense per gallon of sales






 






0.29






 






 






0.30






 








Renewable Diesel operating income (loss) per gallon of sales






$






0.51






 






$






(0.64






)










 



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

March 31,








 






2026






 






2025








Operating statistics (g) (j)






 






 






 








Ethanol margin






$






273






 






$






193








Ethanol operating income






$






90






 






$






20








Production volumes (thousand gallons per day)






 






4,619






 






 






4,466








 






 






 






 








Ethanol margin per gallon of production






$






0.66






 






$






0.48








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production






 






0.39






 






 






0.38








Depreciation and amortization expense per gallon of production






 






0.05






 






 






0.05








Ethanol operating income per gallon of production






$






0.22






 






$






0.05










 



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

March 31,








 






2026






 






2025








Operating statistics by region (h)






 






 






 








U.S. Gulf Coast region (g) (j)






 






 






 








Refining margin






$






2,535






 






$






1,437








Adjusted Refining operating income






$






1,374






 






$






341








Throughput volumes (thousand barrels per day)






 






1,754






 






 






1,671








 






 






 






 








Refining margin per barrel of throughput






$






16.06






 






$






9.56








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput






 






4.90






 






 






4.79








Depreciation and amortization expense per barrel of throughput






 






2.46






 






 






2.50








Adjusted Refining operating income per barrel of throughput






$






8.70






 






$






2.27








 






 






 






 








U.S. Mid-Continent region (g) (j)






 






 






 








Refining margin






$






483






 






$






321








Adjusted refining operating income






$






191






 






$






50








Throughput volumes (thousand barrels per day)






 






454






 






 






453








 






 






 






 








Refining margin per barrel of throughput






$






11.82






 






$






7.87








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput






 






4.96






 






 






4.77








Depreciation and amortization expense per barrel of throughput






 






2.17






 






 






1.87








Adjusted refining operating income per barrel of throughput






$






4.69






 






$






1.23










 



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

March 31,








 






2026






 






2025








Operating statistics by region (h) (continued)






 






 






 








North Atlantic region (g) (j)






 






 






 








Refining margin






$






678






 






 






$






457






 








Refining operating income






$






383






 






 






$






216






 








Throughput volumes (thousand barrels per day)






 






505






 






 






 






492






 








 






 






 






 








Refining margin per barrel of throughput






$






14.91






 






 






$






10.32






 








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput






 






4.63






 






 






 






3.89






 








Depreciation and amortization expense per barrel of throughput






 






1.86






 






 






 






1.56






 








Refining operating income per barrel of throughput






$






8.42






 






 






$






4.87






 








 






 






 






 








U.S. West Coast region (e) (g) (j)






 






 






 








Refining margin






$






212






 






 






$






275






 








Adjusted Refining operating loss






$






(118






)






 






$






(2






)








Throughput volumes (thousand barrels per day)






 






201






 






 






 






212






 








 






 






 






 








Refining margin per barrel of throughput






$






11.74






 






 






$






14.43






 








Less:






 






 






 








Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput






 






8.81






 






 






 






10.72






 








Depreciation and amortization expense per barrel of throughput (f)






 






9.46






 






 






 






3.82






 








Adjusted Refining operating loss per barrel of throughput






$






(6.53






)






 






$






(0.11






)










 



See Notes to Earnings Release Tables.










 




VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








Refining






 






 






 








Feedstocks (dollars per barrel)






 






 






 








Brent crude oil






$






77.92






 






 






$






74.89






 








Brent less West Texas Intermediate (WTI) crude oil






 






5.94






 






 






 






3.43






 








Brent less WTI Houston crude oil






 






4.33






 






 






 






2.08






 








Brent less Dated Brent crude oil






 






(2.68






)






 






 






(0.75






)








Brent less Argus Sour Crude Index crude oil






 






4.95






 






 






 






2.56






 








Brent less Maya crude oil






 






11.48






 






 






 






9.79






 








Brent less Western Canadian Select Houston crude oil






 






13.57






 






 






 






7.24






 








WTI crude oil






 






71.98






 






 






 






71.46






 








 






 






 






 








Natural gas (dollars per million British thermal units)






 






3.11






 






 






 






3.38






 








 






 






 






 








Renewable volume obligation (RVO) (dollars per barrel) (k)






 






9.41






 






 






 






4.76






 








 






 






 






 








Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)






 






 






 








U.S. Gulf Coast:






 






 






 








Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent






 






0.45






 






 






 






3.58






 








Ultra-low-sulfur (ULS) diesel less Brent






 






27.60






 






 






 






16.69






 








Polymer Grade Propylene less Brent (not RVO adjusted)






 






(12.03






)






 






 






1.24






 








U.S. Mid-Continent:






 






 






 








CBOB gasoline less WTI






 






(0.69






)






 






 






9.26






 








ULS diesel less WTI






 






24.46






 






 






 






16.50






 








North Atlantic:






 






 






 








CBOB gasoline less Brent






 






3.16






 






 






 






4.90






 








ULS diesel less Brent






 






36.54






 






 






 






20.88






 








U.S. West Coast:






 






 






 








California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent






 






24.29






 






 






 






23.14






 








California Air Resources Board diesel less Brent






 






33.00






 






 






 






20.37






 










 



See Notes to Earnings Release Tables.










 




VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








Renewable Diesel






 






 






 








New York Mercantile Exchange ULS diesel (dollars per gallon)






$






2.91






 






$






2.38








Biodiesel Renewable Identification Number (RIN) (dollars per RIN)






 






1.44






 






 






0.79








California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)






 






65.36






 






 






66.17








U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)






 






0.63






 






 






0.50








USGC distillers corn oil (dollars per pound)






 






0.65






 






 






0.52








USGC fancy bleachable tallow (dollars per pound)






 






0.60






 






 






0.50








 






 






 






 








Ethanol






 






 






 








Chicago Board of Trade corn (dollars per bushel)






 






4.37






 






 






4.73








New York Harbor ethanol (dollars per gallon)






 






1.81






 






 






1.82










 




VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

OTHER FINANCIAL DATA

(millions of dollars)

(unaudited)










 



 






March 31,






 






December 31,








 






2026






 






2025








Balance sheet data






 






 






 








Current assets






$






27,825






 






$






23,210








Cash and cash equivalents included in current assets






 






5,733






 






 






4,688








Inventories included in current assets






 






7,556






 






 






7,591








Current liabilities






 






17,652






 






 






14,109








Valero Energy Corporation stockholders’ equity






 






23,870






 






 






23,725








Total equity






 






26,934






 






 






26,605








Debt and finance lease obligations:






 






 






 








Debt –






 






 






 








Current portion of debt (excluding variable interest entities (VIEs))






$






672






 






$






672








Debt, less current portion of debt (excluding VIEs)






 






8,409






 






 






7,566








Total debt (excluding VIEs)






 






9,081






 






 






8,238








Current portion of debt attributable to VIEs






 






110






 






 






23








Total debt






 






9,191






 






 






8,261








Finance lease obligations –






 






 






 








Current portion of finance lease obligations (excluding VIEs)






 






218






 






 






228








Finance lease obligations, less current portion (excluding VIEs)






 






1,447






 






 






1,488








Total finance lease obligations (excluding VIEs)






 






1,665






 






 






1,716








Current portion of finance lease obligations attributable to VIEs






 






26






 






 






26








Finance lease obligations, less current portion attributable to VIEs






 






609






 






 






616








Total finance lease obligations attributable to VIEs






 






635






 






 






642








Total finance lease obligations






 






2,300






 






 






2,358








Total debt and finance lease obligations






$






11,491






 






$






10,619









 






Three Months Ended

March 31,








 






2026






 






2025








Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (g)






 






 






 








Net cash provided by operating activities






$






1,390






 






 






$






952






 








Exclude:






 






 






 








Changes in current assets and current liabilities






 






(303






)






 






 






157






 








Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD






 






102






 






 






 






(67






)








Adjusted net cash provided by operating activities






$






1,591






 






 






$






862






 










 



See Notes to Earnings Release Tables.










 




VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

OTHER FINANCIAL DATA

(millions of dollars, except per share amounts)

(unaudited)








 



 






Three Months Ended

March 31,








 






2026






 






2025








Reconciliation of capital investments to capital investments attributable to Valero (g)






 






 






 








Capital expenditures (excluding VIEs)






$






160






 






 






$






189






 








Capital expenditures of VIEs:






 






 






 








DGD






 






4






 






 






 






59






 








Other VIEs






 






1






 






 






 






1






 








Deferred turnaround and catalyst cost expenditures (excluding VIEs)






 






254






 






 






 






374






 








Deferred turnaround and catalyst cost expenditures of DGD






 






29






 






 






 






36






 








Investments in nonconsolidated joint ventures






 






—






 






 






 






1






 








Capital investments






 






448






 






 






 






660






 








Adjustments:






 






 






 








DGD’s capital investments attributable to the other joint venture member






 






(17






)






 






 






(48






)








Capital expenditures of other VIEs






 






(1






)






 






 






(1






)








Capital investments attributable to Valero






$






430






 






 






$






611






 








 






 






 






 








Dividends per common share






$






1.20






 






 






$






1.13






 










 



See Notes to Earnings Release Tables.










 




VALERO ENERGY CORPORATION

NOTES TO EARNINGS RELEASE TABLES








 






 






 








(a)






 






Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.








 






 






 








(b)






 






In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the three months ended March 31, 2025.








 






 






 








(c)






 






Common equivalent shares have been excluded from the computation of loss per common share – assuming dilution for the three months ended March 31, 2025, as the effect of including such shares would be antidilutive.








 






 






 








(d)






 






Common equivalent shares have been included in the computation of adjusted earnings per common share – assuming dilution for the three months ended March 31, 2025, as the effect of including such shares is dilutive. Weighted-average shares outstanding – assuming dilution used to calculate adjusted earnings per common share – assuming dilution is 314 million shares.








 






 






 








(e)






 






During the three months ended March 31, 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery.








 






 






 








(f)






 






Depreciation and amortization expense for the three months ended March 31, 2026 includes incremental depreciation expense of approximately $100 million related to the Benicia Refinery. In connection with our plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, have been depreciating the revised carrying value of the refinery’s long-lived assets to their estimated salvage value.









 


(g)


We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.



We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.



Non-GAAP measures are as follows:




Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income (loss) attributable to Valero Energy Corporation stockholders excluding the asset impairment loss and its related income tax effect. We have adjusted for the asset impairment loss attributable to our Benicia and Wilmington refineries (see note (b)) because it is not indicative of our ongoing operations or expectations about the profitability of our refining business. The income tax effect for the adjustment was calculated using a combined U.S. federal and state statutory rate of 22.5 percent.


Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution (see note (d)).


Refining margin is defined as Refining segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (b)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.


Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.


Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.


Adjusted Refining operating income (loss) is defined as Refining segment operating income (loss) excluding the asset impairment loss (see note (b)) and other operating expenses. We believe adjusted Refining operating income (loss) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.


Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.


Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.


DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.
In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):












 







Three Months Ended

March 31,








 







2026






 






2025








DGD operating cash flow data







 






 






 








Net cash provided by (used in) operating activities







$






(472






)






 






$






161






 








Exclude: Changes in current assets and current liabilities







 






(675






)






 






 






294






 








Adjusted net cash provided by (used in) operating activities







 






203






 






 






 






(133






)








Other joint venture member’s ownership interest







50%






 






50%








DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD







$






102






 






 






$






(67






)












Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.
In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.







(h)


The Refining segment regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries.










 







(i)


Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.









 


(j)


We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.



All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.



Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.










 







(k)


The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260429036717/en/
Investors:

Brian Donovan, Vice President – Investor Relations, 210-345-1682

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


Original: Valero Energy Reports First Quarter 2026 Results