Valero Energy Corporation

$VLO

$126.90

Капитализция: $47.8B

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О компании

Компания Valero Energy Corporation владеет 16 нефтеперерабатывающими производствами, расположенными в США, Канаде, Соединенном Королевстве и Арубе. На этих предприятиях производится обычный бензин, бензин премиум марок, бензин, соответствующий требованиям Калифорнийского совета показать больше

по охране воздушных ресурсов, дизельное топливо, низкосернистое дизельное топливо, ультра-низкосернистое дизельное топливо, дизельное топливо, соответствующее требованиям Калифорнийского совета по охране воздушных ресурсов, прочие дистилляты, а также аваиационное топливо, нефтехимические продукты, смазочные материалы и другие продукты нефтепереработки. Компания была основана в 1981 году и является корпорацией, учрежденной в соответствии с законодательством штата Делавэр.

Valero Energy Corporation manufactures, markets, and sells transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol. The company is involved in oil and gas refining, marketing, and bulk selling activities. It produces conventional, premium, and reformulated gasolines gasoline meeting the specifications of the California Air Resources Board (CARB) diesel fuels, low-sulfur and ultra-low-sulfur diesel fuels CARB diesel other distillates jet fuels blendstocks lube oils and natural gas liquids and asphalts, petrochemicals, lubricants, and other refined petroleum products. As of December 31, 2020, the company owned 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day. It sells its refined products through wholesale rack and bulk markets and through approximately 7,000 outlets under the Valero, Beacon, Diamond Shamrock, Shamrock, Ultramar, and Texaco brands. The company also produces and sells ethanol, dry distiller grains, syrup, and inedible corn oil primarily to refiners and gasoline blenders, as well as to animal feed customers. It owns and operates 13 ethanol plants with a combined ethanol production capacity of approximately 1.69 billion gallons per year. In addition, the company owns and operates crude oil and refined petroleum products pipelines, terminals, tanks, marine docks, truck rack bays, and other logistics assets. Further, it owns and operates a plant that processes animal fats, used cooking oils, and other vegetable oils into renewable diesel. The company was formerly known as Valero Refining and Marketing Company and changed its name to Valero Energy Corporation in August 1997. Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas.

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Valero Energy Reports First Quarter 2022 Results

Valero Energy сообщает о результатах за первый квартал 2022 г.

26 апр. 2022 г.

Reported net income attributable to Valero stockholders of $905 million, or $2.21 per share

Reported adjusted net income attributable to Valero stockholders of $944 million, or $2.31 per share

Returned $545 million in cash to stockholders, with $401 million paid as dividends and $144 million of stock buybacks


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2022			2021
Statement of income data
Revenues	$	38,542		$	20,806
Cost of sales:
Cost of materials and other (a)		34,949			18,992
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,379			1,656
Depreciation and amortization expense		595			566
Total cost of sales		36,923			21,214
Other operating expenses		19			38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		205			208
Depreciation and amortization expense		11			12
Operating income (loss)		1,384			(666	)
Other income (expense), net (b)		(20	)		45
Interest and debt expense, net of capitalized interest		(145	)		(149	)
Income (loss) before income tax expense (benefit)		1,219			(770	)
Income tax expense (benefit)		252			(148	)
Net income (loss)		967			(622	)
Less: Net income attributable to noncontrolling interests		62			82
Net income (loss) attributable to Valero Energy Corporation stockholders	$	905		$	(704	)

Earnings (loss) per common share	$	2.21		$	(1.73	)
Weighted-average common shares outstanding (in millions)		408			407

Earnings (loss) per common share – assuming dilution	$	2.21		$	(1.73	)
Weighted-average common shares outstanding – assuming dilution (in millions)		408			407


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 Eliminations			Total
Three months ended March 31, 2022
Revenues:
Revenues from external customers	$	36,813		$	595	$	1,134		$	—		$	38,542
Intersegment revenues		4			386		127			(517	)		—
Total revenues		36,817			981		1,261			(517	)		38,542
Cost of sales:
Cost of materials and other		33,606			755		1,104			(516	)		34,949
Operating expenses (excluding depreciation and amortization expense reflected below)		1,193			51		135			—			1,379
Depreciation and amortization expense		549			26		20			—			595
Total cost of sales		35,348			832		1,259			(516	)		36,923
Other operating expenses		18			—		1			—			19
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			205			205
Depreciation and amortization expense		—			—		—			11			11
Operating income by segment	$	1,451		$	149	$	1		$	(217	)	$	1,384

Three months ended March 31, 2021
Revenues:
Revenues from external customers	$	19,469		$	352	$	985		$	—		$	20,806
Intersegment revenues		3			79		60			(142	)		—
Total revenues		19,472			431		1,045			(142	)		20,806
Cost of sales:
Cost of materials and other (a)		18,022			187		924			(141	)		18,992
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,471			29		156			—			1,656
Depreciation and amortization expense		533			12		21			—			566
Total cost of sales		20,026			228		1,101			(141	)		21,214
Other operating expenses		38			—		—			—			38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			208			208
Depreciation and amortization expense		—			—		—			12			12
Operating income (loss) by segment	$	(592	)	$	203	$	(56	)	$	(221	)	$	(666	)


See Operating Highlights by Segment.
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 (d)
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2022			2021
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income (loss) attributable to Valero Energy Corporation stockholders
Net income (loss) attributable to Valero Energy Corporation stockholders	$	905		$	(704	)
Adjustments:
Loss on early retirement of debt (b)		50			—
Income tax benefit related to loss on early retirement of debt		(11	)		—
Loss on early retirement of debt, net of taxes		39			—
Modification of renewable volume obligation (RVO) (c)		—			48
Income tax expense related to modification of RVO		—			(10	)
Modification of RVO, net of taxes		—			38
Total adjustments		39			38
Adjusted net income (loss) attributable to Valero Energy Corporation stockholders	$	944		$	(666	)

Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings (loss) per common share – assuming dilution
Earnings (loss) per common share – assuming dilution	$	2.21		$	(1.73	)
Adjustments:
Loss on early retirement of debt (b)		0.10			—
Modification of RVO (c)		—			0.09
Total adjustments		0.10			0.09
Adjusted earnings (loss) per common share – assuming dilution	$	2.31		$	(1.64	)


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 (d)
(millions of dollars)
(unaudited)

	Three Months Ended March 31,
	2022		2021
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income (loss) by segment
Refining segment
Refining operating income (loss)	$	1,451	$	(592	)
Adjustments:
Modification of RVO (c)		—		48
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,193		1,471
Depreciation and amortization expense		549		533
Other operating expenses		18		38
Refining margin	$	3,211	$	1,498

Refining operating income (loss)	$	1,451	$	(592	)
Adjustments:
Modification of RVO (c)		—		48
Other operating expenses		18		38
Adjusted Refining operating income (loss)	$	1,469	$	(506	)

Renewable Diesel segment
Renewable Diesel operating income	$	149	$	203
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		51		29
Depreciation and amortization expense		26		12
Renewable Diesel margin	$	226	$	244

Ethanol segment
Ethanol operating income (loss)	$	1	$	(56	)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		135		156
Depreciation and amortization expense		20		21
Other operating expenses		1		—
Ethanol margin	$	157	$	121

Ethanol operating income (loss)	$	1	$	(56	)
Other operating expenses		1		—
Adjusted Ethanol operating income (loss)	$	2	$	(56	)

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 (d)
(millions of dollars)
(unaudited)

	Three Months Ended March 31,
	2022		2021
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) (e)
U.S. Gulf Coast region
Refining operating income (loss)	$	996	$	(508	)
Adjustments:
Modification of RVO (c)		—		35
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		655		994
Depreciation and amortization expense		332		332
Other operating expenses		18		31
Refining margin	$	2,001	$	884

Refining operating income (loss)	$	996	$	(508	)
Adjustments:
Modification of RVO (c)		—		35
Other operating expenses		18		31
Adjusted Refining operating income (loss)	$	1,014	$	(442	)

U.S. Mid-Continent region
Refining operating income (loss)	$	142	$	(10	)
Adjustments:
Modification of RVO (c)		—		9
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		172		190
Depreciation and amortization expense		81		84
Other operating expenses		—		7
Refining margin	$	395	$	280

Refining operating income (loss)	$	142	$	(10	)
Adjustments:
Modification of RVO (c)		—		9
Other operating expenses		—		7
Adjusted Refining operating income	$	142	$	6

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,
	2022		2021
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		326		354
Medium/light sour crude oil		373		275
Sweet crude oil		1,423		1,143
Residuals		226		192
Other feedstocks		101		102
Total feedstocks		2,449		2,066
Blendstocks and other		351		344
Total throughput volumes		2,800		2,410

Yields (thousand barrels per day)
Gasolines and blendstocks		1,392		1,191
Distillates		1,027		894
Other products (f)		401		352
Total yields		2,820		2,437

Operating statistics (a) (d) (g)
Refining margin	$	3,211	$	1,498
Adjusted Refining operating income (loss)	$	1,469	$	(506	)
Throughput volumes (thousand barrels per day)		2,800		2,410

Refining margin per barrel of throughput	$	12.74	$	6.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.73		6.78
Depreciation and amortization expense per barrel of throughput		2.18		2.46
Adjusted Refining operating income (loss) per barrel of throughput	$	5.83	$	(2.33	)

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)

	Three Months Ended March 31,
	2022			2021
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	97.34		$	61.09
Brent less West Texas Intermediate (WTI) crude oil		2.88			3.26
Brent less Alaska North Slope (ANS) crude oil		1.73			0.33
Brent less Louisiana Light Sweet (LLS) crude oil		0.57			1.11
Brent less Argus Sour Crude Index (ASCI) crude oil		4.93			2.99
Brent less Maya crude oil		8.50			4.70
LLS crude oil		96.77			59.98
LLS less ASCI crude oil		4.36			1.88
LLS less Maya crude oil		7.93			3.59
WTI crude oil		94.46			57.84

Natural gas (dollars per million British Thermal Units)		4.32			19.66

Products (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent		15.67			10.12
Ultra-low-sulfur (ULS) diesel less Brent		27.95			10.19
Propylene less Brent		(28.82	)		18.50
CBOB gasoline less LLS		16.24			11.23
ULS diesel less LLS		28.52			11.30
Propylene less LLS		(28.25	)		19.61
U.S. Mid-Continent:
CBOB gasoline less WTI		16.02			14.82
ULS diesel less WTI		27.27			17.21
North Atlantic:
CBOB gasoline less Brent		17.68			11.56
ULS diesel less Brent		32.47			11.89
U.S. West Coast:
California Reformulated Gasoline Blendstock of Oxygenate Blending (CARBOB) 87 gasoline less ANS		28.46			14.56
California Air Resources Board (CARB) diesel less ANS		32.27			14.14
CARBOB 87 gasoline less WTI		29.61			17.49
CARB diesel less WTI		33.42			17.07


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)

	March 31,		December 31,
	2022		2021
Balance sheet data
Current assets	$	23,313	$	21,165
Cash and cash equivalents included in current assets		2,638		4,122
Inventories included in current assets		7,174		6,265
Current liabilities		19,785		16,851
Valero Energy Corporation stockholders’ equity		18,821		18,430
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	300	$	300
Debt, less current portion of debt (excluding VIEs)		10,053		10,820
Total debt (excluding VIEs)		10,353		11,120
Current portion of debt attributable to VIEs		823		810
Debt, less current portion of debt attributable to VIEs		19		20
Total debt attributable to VIEs		842		830
Total debt		11,195		11,950
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		160		141
Finance lease obligations, less current portion (excluding VIEs)		1,533		1,502
Total finance lease obligations (excluding VIEs)		1,693		1,643
Current portion of finance lease obligations attributable to VIEs		12		13
Finance lease obligations, less current portion attributable to VIEs		261		264
Total finance lease obligations attributable to VIEs		273		277
Total finance lease obligations		1,966		1,920
Total debt and finance lease obligations	$	13,161	$	13,870

		U.S. Gulf Coast		U.S. Mid- Continent		Other Regions Combined		Refining Segment
	Cost of materials and other	$	45	$	2	$	—	$	47
	Operating expenses (excluding depreciation and amortization expense)		437		38		3		478
	Total estimated excess energy costs	$	482	$	40	$	3	$	525

	Effect of estimated excess energy costs on operating statistics (g)
	Refining margin per barrel of throughput (d)	$	0.33	$	0.06		n/a	$	0.22
	Operating expenses (excluding depreciation and amortization expense) per barrel of throughput		3.21		1.11		n/a		2.21
	Adjusted Refining operating income (loss) per barrel of throughput (d)	$	3.54	$	1.17		n/a	$	2.43

	The estimated excess energy costs attributable to our Ethanol segment for the three months ended March 31, 2021 affected that segment’s operating statistics of (i) operating expenses (excluding depreciation and amortization expenses) per gallon of production and (ii) adjusted operating income (loss) per gallon of production by $0.16 (see note (d) below).

(b)	“Other income (expense), net” for the three months ended March 31, 2022 includes a charge of $50 million from the early retirement of approximately $1.4 billion aggregate principal amount of various series of our senior notes.

(c)	Under the Renewable Fuel Standard program, the U.S. Environmental Protection Agency (EPA) is required to set annual quotas for the volume of renewable fuels that must be blended into petroleum-based transportation fuels consumed in the U.S. by obligated parties. The quotas are used to determine an obligated party’s RVO. In December 2021, the EPA released a proposed rule that, among other things, modified the volume standards for 2020 and, for the first time, established volume standards for 2021.
	Because the existing volume standards for 2020 were established under a currently enforceable rule, we will recognize the effect of the modification in volume standards for 2020 in the period the final rule is enacted. However, because volume standards had not previously been established for 2021, we considered the new information available in the proposed rule in determining the estimated RVO for our Refining segment for the year ended December 31, 2021. As a result, we recognized in December 2021 a benefit related to the modification of our RVO estimate of $205 million, of which $48 million is attributable to the three months ended March 31, 2021.

(d)	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 (loss) attributable to Valero Energy Corporation stockholders is defined as net income (loss) attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect. The income tax effect for the adjustments was calculated using a combined federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.
	– Loss on early retirement of debt – Premiums and other expenses incurred in connection with the early retirement of approximately $1.4 billion aggregate principal amount of various series of our senior notes (see note (b)) are not associated with the ongoing costs of our borrowing and financing activities.

	– Modification of RVO – The benefit resulting from the modification of our RVO estimate that was recognized by us in December 2021 is associated with the cost of the RVO generated by our operations throughout 2021. Therefore, the adjustment reflects the portion of the benefit that is associated with the cost of the RVO generated by our operations during the three months ended March 31, 2021. See note (c) for additional details.

	Adjusted earnings (loss) per common share – assuming dilution is defined as adjusted net income (loss) attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.
	Refining margin is defined as Refining segment operating income (loss) excluding the modification of RVO adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, 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 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 (loss) excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. 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 modification of RVO adjustment (see note (c)) 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 Ethanol operating income (loss)is defined as Ethanol segment operating income (loss) excluding other operating expenses. We believe adjusted Ethanol operating income (loss) is an important measure of our Ethanol 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 operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50/50 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 renewable diesel. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.

	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 50 percent 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,
		2022			2021
	DGD operating cash flow data
	Net cash provided by operating activities	$	21		$	207
	Exclude: Changes in current assets and current liabilities		(149	)		(9	)
	Adjusted net cash provided by operating activities		170			216
	Other joint venture member’s ownership interest		50	%		50	%
	DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD	$	85		$	108

	Capital investments attributable to Valero is defined as all capital expenditures, deferred turnaround and catalyst cost expenditures, and investments in nonconsolidated joint ventures 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. 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 our consolidated VIEs other than DGD 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.
(e)	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.

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

(g)	Valero uses 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.

Чистая прибыль, причитающаяся акционерам Valero, составила 905 миллионов долларов, или 2,21 доллара на акцию

Скорректированная чистая прибыль, приходящаяся на акционеров Valero, составила 944 миллиона долларов, или 2,31 доллара на акцию

Вернул акционерам 545 миллионов долларов наличными, при этом 401 миллион долларов был выплачен в качестве дивидендов и 144 миллиона долларов в виде выкупа акций

Заявления, содержащиеся в настоящем пресс-релизе и прилагаемых таблицах, в которых излагаются ожидания или прогнозы компании или руководства относительно будущего, являются прогнозными заявлениями, на которые распространяются положения Закона о ценных бумагах 1933 года и Закона о ценных бумагах и биржах 1934 года. Слова “полагать”, “ожидать”, “следует”, “оценки”, “намереваться”, “цель”, “будет”, “планы”, “прогноз” и другие подобные выражения обозначают прогнозные заявления. Прогнозные заявления в этом выпуске и прилагаемых таблицах включают заявления, касающиеся наших целевых показателей по выбросам парниковых газов, ожидаемых сроков завершения и выполнения проектов, будущих рыночных и отраслевых условий, будущих операционных и финансовых показателей, а также управления будущими рисками. Важно отметить, что фактические результаты могут существенно отличаться от прогнозируемых в таких прогнозных заявлениях, основанных на многочисленных факторах, в том числе находящихся вне контроля компании, таких как законодательные или политические изменения или события, динамика рынка, кибератаки, погодные явления и другие вопросы, влияющие на нашу деятельность или спрос для наших продуктов. Эти факторы также включают, но не ограничиваются ими, сохраняющуюся неопределенность в отношении российско-украинского конфликта, пандемии COVID-19, вариантов вируса COVID-19, реакции правительства и общества на них, включая требования и мандаты в отношении вакцин против COVID-19, распределения и введения вакцин уровни, а также неблагоприятные последствия, которые вышеизложенное может оказать на наш бизнес или экономические условия в целом. Для получения дополнительной информации об этих и других факторах, которые могут привести к тому, что фактические результаты будут отличаться от заявленных или прогнозируемых, см. Годовой отчет Valero по форме 10-K, квартальные отчеты по форме 10‑Q и другие отчеты, поданные в Комиссию по ценным бумагам и биржам и доступные на веб-сайте Valero по адресу www.valero.com .

Настоящий отчет о прибылях и убытках и прилагаемые к нему таблицы отчета о прибылях и убытках содержат ссылки на финансовые показатели, которые не определены в соответствии с общепринятыми принципами бухгалтерского учета США (GAAP). Эти показатели, не относящиеся к GAAP, включают скорректированную чистую прибыль (убыток), относящуюся к акционерам Valero, скорректированную прибыль (убыток) на одну обыкновенную акцию с учетом разводнения, маржу переработки, маржу на возобновляемое дизельное топливо, маржу на этанол, скорректированный операционный доход (убыток) от переработки, скорректированный операционный доход (убыток) от этанола, скорректированные чистые денежные средства, предоставленные (используется в) операционной деятельности и капитальных вложениях, относящихся к Valero. Эти финансовые показатели, не относящиеся к GAAP, были включены, чтобы облегчить сравнение операционных результатов между периодами. Смотрите прилагаемые таблицы отчета о прибылях и убытках для сверки показателей, не относящихся к ОПБУ, с их наиболее непосредственно сопоставимыми показателями по ОПБУ США. В примечании (d) к таблицам отчета о прибылях и убытках приводятся причины использования этих финансовых показателей, не относящихся к GAAP.


Valero Energy CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2022			2021
Statement of income data
Revenues	$	38,542		$	20,806
Cost of sales:
Cost of materials and other (a)		34,949			18,992
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,379			1,656
Depreciation and amortization expense		595			566
Total cost of sales		36,923			21,214
Other operating expenses		19			38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		205			208
Depreciation and amortization expense		11			12
Operating income (loss)		1,384			(666	)
Other income (expense), net (b)		(20	)		45
Interest and debt expense, net of capitalized interest		(145	)		(149	)
Income (loss) before income tax expense (benefit)		1,219			(770	)
Income tax expense (benefit)		252			(148	)
Net income (loss)		967			(622	)
Less: Net income attributable to noncontrolling interests		62			82
Net income (loss) attributable to Valero Energy Corporation stockholders	$	905		$	(704	)

Earnings (loss) per common share	$	2.21		$	(1.73	)
Weighted-average common shares outstanding (in millions)		408			407

Earnings (loss) per common share – assuming dilution	$	2.21		$	(1.73	)
Weighted-average common shares outstanding – assuming dilution (in millions)		408			407


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 Eliminations			Total
Three months ended March 31, 2022
Revenues:
Revenues from external customers	$	36,813		$	595	$	1,134		$	—		$	38,542
Intersegment revenues		4			386		127			(517	)		—
Total revenues		36,817			981		1,261			(517	)		38,542
Cost of sales:
Cost of materials and other		33,606			755		1,104			(516	)		34,949
Operating expenses (excluding depreciation and amortization expense reflected below)		1,193			51		135			—			1,379
Depreciation and amortization expense		549			26		20			—			595
Total cost of sales		35,348			832		1,259			(516	)		36,923
Other operating expenses		18			—		1			—			19
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			205			205
Depreciation and amortization expense		—			—		—			11			11
Operating income by segment	$	1,451		$	149	$	1		$	(217	)	$	1,384

Three months ended March 31, 2021
Revenues:
Revenues from external customers	$	19,469		$	352	$	985		$	—		$	20,806
Intersegment revenues		3			79		60			(142	)		—
Total revenues		19,472			431		1,045			(142	)		20,806
Cost of sales:
Cost of materials and other (a)		18,022			187		924			(141	)		18,992
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,471			29		156			—			1,656
Depreciation and amortization expense		533			12		21			—			566
Total cost of sales		20,026			228		1,101			(141	)		21,214
Other operating expenses		38			—		—			—			38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			208			208
Depreciation and amortization expense		—			—		—			12			12
Operating income (loss) by segment	$	(592	)	$	203	$	(56	)	$	(221	)	$	(666	)


See Operating Highlights by Segment.
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 (d)
(millions of dollars, except per share amounts)
(unaudited)

	Three Months Ended March 31,
	2022			2021
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income (loss) attributable to Valero Energy Corporation stockholders
Net income (loss) attributable to Valero Energy Corporation stockholders	$	905		$	(704	)
Adjustments:
Loss on early retirement of debt (b)		50			—
Income tax benefit related to loss on early retirement of debt		(11	)		—
Loss on early retirement of debt, net of taxes		39			—
Modification of renewable volume obligation (RVO) (c)		—			48
Income tax expense related to modification of RVO		—			(10	)
Modification of RVO, net of taxes		—			38
Total adjustments		39			38
Adjusted net income (loss) attributable to Valero Energy Corporation stockholders	$	944		$	(666	)

Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings (loss) per common share – assuming dilution
Earnings (loss) per common share – assuming dilution	$	2.21		$	(1.73	)
Adjustments:
Loss on early retirement of debt (b)		0.10			—
Modification of RVO (c)		—			0.09
Total adjustments		0.10			0.09
Adjusted earnings (loss) per common share – assuming dilution	$	2.31		$	(1.64	)


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 (d)
(millions of dollars)
(unaudited)

	Three Months Ended March 31,
	2022		2021
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income (loss) by segment
Refining segment
Refining operating income (loss)	$	1,451	$	(592	)
Adjustments:
Modification of RVO (c)		—		48
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		1,193		1,471
Depreciation and amortization expense		549		533
Other operating expenses		18		38
Refining margin	$	3,211	$	1,498

Refining operating income (loss)	$	1,451	$	(592	)
Adjustments:
Modification of RVO (c)		—		48
Other operating expenses		18		38
Adjusted Refining operating income (loss)	$	1,469	$	(506	)

Renewable Diesel segment
Renewable Diesel operating income	$	149	$	203
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		51		29
Depreciation and amortization expense		26		12
Renewable Diesel margin	$	226	$	244

Ethanol segment
Ethanol operating income (loss)	$	1	$	(56	)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		135		156
Depreciation and amortization expense		20		21
Other operating expenses		1		—
Ethanol margin	$	157	$	121

Ethanol operating income (loss)	$	1	$	(56	)
Other operating expenses		1		—
Adjusted Ethanol operating income (loss)	$	2	$	(56	)

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 (d)
(millions of dollars)
(unaudited)

	Three Months Ended March 31,
	2022		2021
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) (e)
U.S. Gulf Coast region
Refining operating income (loss)	$	996	$	(508	)
Adjustments:
Modification of RVO (c)		—		35
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		655		994
Depreciation and amortization expense		332		332
Other operating expenses		18		31
Refining margin	$	2,001	$	884

Refining operating income (loss)	$	996	$	(508	)
Adjustments:
Modification of RVO (c)		—		35
Other operating expenses		18		31
Adjusted Refining operating income (loss)	$	1,014	$	(442	)

U.S. Mid-Continent region
Refining operating income (loss)	$	142	$	(10	)
Adjustments:
Modification of RVO (c)		—		9
Operating expenses (excluding depreciation and amortization expense reflected below) (a)		172		190
Depreciation and amortization expense		81		84
Other operating expenses		—		7
Refining margin	$	395	$	280

Refining operating income (loss)	$	142	$	(10	)
Adjustments:
Modification of RVO (c)		—		9
Other operating expenses		—		7
Adjusted Refining operating income	$	142	$	6

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,
	2022		2021
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		326		354
Medium/light sour crude oil		373		275
Sweet crude oil		1,423		1,143
Residuals		226		192
Other feedstocks		101		102
Total feedstocks		2,449		2,066
Blendstocks and other		351		344
Total throughput volumes		2,800		2,410

Yields (thousand barrels per day)
Gasolines and blendstocks		1,392		1,191
Distillates		1,027		894
Other products (f)		401		352
Total yields		2,820		2,437

Operating statistics (a) (d) (g)
Refining margin	$	3,211	$	1,498
Adjusted Refining operating income (loss)	$	1,469	$	(506	)
Throughput volumes (thousand barrels per day)		2,800		2,410

Refining margin per barrel of throughput	$	12.74	$	6.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.73		6.78
Depreciation and amortization expense per barrel of throughput		2.18		2.46
Adjusted Refining operating income (loss) per barrel of throughput	$	5.83	$	(2.33	)

See Notes to Earnings Release Tables.


Valero Energy CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)

	Three Months Ended March 31,
	2022			2021
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	97.34		$	61.09
Brent less West Texas Intermediate (WTI) crude oil		2.88			3.26
Brent less Alaska North Slope (ANS) crude oil		1.73			0.33
Brent less Louisiana Light Sweet (LLS) crude oil		0.57			1.11
Brent less Argus Sour Crude Index (ASCI) crude oil		4.93			2.99
Brent less Maya crude oil		8.50			4.70
LLS crude oil		96.77			59.98
LLS less ASCI crude oil		4.36			1.88
LLS less Maya crude oil		7.93			3.59
WTI crude oil		94.46			57.84

Natural gas (dollars per million British Thermal Units)		4.32			19.66

Products (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent		15.67			10.12
Ultra-low-sulfur (ULS) diesel less Brent		27.95			10.19
Propylene less Brent		(28.82	)		18.50
CBOB gasoline less LLS		16.24			11.23
ULS diesel less LLS		28.52			11.30
Propylene less LLS		(28.25	)		19.61
U.S. Mid-Continent:
CBOB gasoline less WTI		16.02			14.82
ULS diesel less WTI		27.27			17.21
North Atlantic:
CBOB gasoline less Brent		17.68			11.56
ULS diesel less Brent		32.47			11.89
U.S. West Coast:
California Reformulated Gasoline Blendstock of Oxygenate Blending (CARBOB) 87 gasoline less ANS		28.46			14.56
California Air Resources Board (CARB) diesel less ANS		32.27			14.14
CARBOB 87 gasoline less WTI		29.61			17.49
CARB diesel less WTI		33.42			17.07


Valero Energy CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)

	March 31,		December 31,
	2022		2021
Balance sheet data
Current assets	$	23,313	$	21,165
Cash and cash equivalents included in current assets		2,638		4,122
Inventories included in current assets		7,174		6,265
Current liabilities		19,785		16,851
Valero Energy Corporation stockholders’ equity		18,821		18,430
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	300	$	300
Debt, less current portion of debt (excluding VIEs)		10,053		10,820
Total debt (excluding VIEs)		10,353		11,120
Current portion of debt attributable to VIEs		823		810
Debt, less current portion of debt attributable to VIEs		19		20
Total debt attributable to VIEs		842		830
Total debt		11,195		11,950
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		160		141
Finance lease obligations, less current portion (excluding VIEs)		1,533		1,502
Total finance lease obligations (excluding VIEs)		1,693		1,643
Current portion of finance lease obligations attributable to VIEs		12		13
Finance lease obligations, less current portion attributable to VIEs		261		264
Total finance lease obligations attributable to VIEs		273		277
Total finance lease obligations		1,966		1,920
Total debt and finance lease obligations	$	13,161	$	13,870

		U.S. Gulf Coast		U.S. Mid- Continent		Other Regions Combined		Refining Segment
	Cost of materials and other	$	45	$	2	$	—	$	47
	Operating expenses (excluding depreciation and amortization expense)		437		38		3		478
	Total estimated excess energy costs	$	482	$	40	$	3	$	525

	Effect of estimated excess energy costs on operating statistics (g)
	Refining margin per barrel of throughput (d)	$	0.33	$	0.06		n/a	$	0.22
	Operating expenses (excluding depreciation and amortization expense) per barrel of throughput		3.21		1.11		n/a		2.21
	Adjusted Refining operating income (loss) per barrel of throughput (d)	$	3.54	$	1.17		n/a	$	2.43

	The estimated excess energy costs attributable to our Ethanol segment for the three months ended March 31, 2021 affected that segment’s operating statistics of (i) operating expenses (excluding depreciation and amortization expenses) per gallon of production and (ii) adjusted operating income (loss) per gallon of production by $0.16 (see note (d) below).

(b)	“Other income (expense), net” for the three months ended March 31, 2022 includes a charge of $50 million from the early retirement of approximately $1.4 billion aggregate principal amount of various series of our senior notes.

(c)	Under the Renewable Fuel Standard program, the U.S. Environmental Protection Agency (EPA) is required to set annual quotas for the volume of renewable fuels that must be blended into petroleum-based transportation fuels consumed in the U.S. by obligated parties. The quotas are used to determine an obligated party’s RVO. In December 2021, the EPA released a proposed rule that, among other things, modified the volume standards for 2020 and, for the first time, established volume standards for 2021.
	Because the existing volume standards for 2020 were established under a currently enforceable rule, we will recognize the effect of the modification in volume standards for 2020 in the period the final rule is enacted. However, because volume standards had not previously been established for 2021, we considered the new information available in the proposed rule in determining the estimated RVO for our Refining segment for the year ended December 31, 2021. As a result, we recognized in December 2021 a benefit related to the modification of our RVO estimate of $205 million, of which $48 million is attributable to the three months ended March 31, 2021.

(d)	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 (loss) attributable to Valero Energy Corporation stockholders is defined as net income (loss) attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect. The income tax effect for the adjustments was calculated using a combined federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.
	– Loss on early retirement of debt – Premiums and other expenses incurred in connection with the early retirement of approximately $1.4 billion aggregate principal amount of various series of our senior notes (see note (b)) are not associated with the ongoing costs of our borrowing and financing activities.

	– Modification of RVO – The benefit resulting from the modification of our RVO estimate that was recognized by us in December 2021 is associated with the cost of the RVO generated by our operations throughout 2021. Therefore, the adjustment reflects the portion of the benefit that is associated with the cost of the RVO generated by our operations during the three months ended March 31, 2021. See note (c) for additional details.

	Adjusted earnings (loss) per common share – assuming dilution is defined as adjusted net income (loss) attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.
	Refining margin is defined as Refining segment operating income (loss) excluding the modification of RVO adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, 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 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 (loss) excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. 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 modification of RVO adjustment (see note (c)) 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 Ethanol operating income (loss)is defined as Ethanol segment operating income (loss) excluding other operating expenses. We believe adjusted Ethanol operating income (loss) is an important measure of our Ethanol 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 operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50/50 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 renewable diesel. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.

	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 50 percent 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,
		2022			2021
	DGD operating cash flow data
	Net cash provided by operating activities	$	21		$	207
	Exclude: Changes in current assets and current liabilities		(149	)		(9	)
	Adjusted net cash provided by operating activities		170			216
	Other joint venture member’s ownership interest		50	%		50	%
	DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD	$	85		$	108

	Capital investments attributable to Valero is defined as all capital expenditures, deferred turnaround and catalyst cost expenditures, and investments in nonconsolidated joint ventures 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. 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 our consolidated VIEs other than DGD 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.
(e)	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.

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

(g)	Valero uses 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.

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27.07.2023, 13:31 МСК Valero Energy Reports Second Quarter 2023 Results Reported net income attributable to Valero stockholders of $1.9 billion, or $5.40 per share Returned over $1.3 billion to stockholders through dividends and stock buybacks Declared a regular quarterly cash dividend on common stock of $1.02 per share Valero Energy Сообщает о результатах за второй квартал 2023 года Заявленная чистая прибыль, приходящаяся на акционеров Valero, составила 1,9 миллиарда долларов, или 5,40 доллара на акцию Вернул акционерам более 1,3 миллиарда долларов за счет дивидендов и обратного выкупа акций Объявил регулярные ежеквартальные денежные дивиденды по обыкновенным акциям в размере 1,02 доллара на акцию

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	Three Months Ended March 31,
	2022		2021
Operating statistics by region (e) (continued)
North Atlantic region (d) (g)
Refining margin	$	561	$	247
Refining operating income	$	286	$	55
Throughput volumes (thousand barrels per day)		484		320

Refining margin per barrel of throughput	$	12.87	$	8.57
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.73		4.87
Depreciation and amortization expense per barrel of throughput		1.57		1.78
Refining operating income per barrel of throughput	$	6.57	$	1.92

U.S. West Coast region (d) (g)
Refining margin	$	254	$	87
Adjusted refining operating income (loss)	$	27	$	(125	)
Throughput volumes (thousand barrels per day)		202		191

Refining margin per barrel of throughput	$	13.97	$	5.09
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		8.79		8.56
Depreciation and amortization expense per barrel of throughput		3.72		3.79
Adjusted Refining operating income (loss) per barrel of throughput	$	1.46	$	(7.26	)

See Notes to Earnings Release Tables.


	Three Months Ended March 31,
	2022		2021
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	3.04	$	1.74
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		1.43		1.18
California Low-Carbon Fuel Standard (dollars per metric ton)		138.63		195.30
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)		0.68		0.48

Ethanol
CBOT corn (dollars per bushel)		6.70		5.39
New York Harbor ethanol (dollars per gallon)		2.39		1.78

See Notes to Earnings Release Tables.

	Three Months Ended March 31,
	2022			2021
Reconciliation of net cash provided by (used in) operating activities to adjusted net cash provided by (used in) operating activities (d)
Net cash provided by (used in) operating activities	$	588		$	(52	)
Exclude:
Changes in current assets and current liabilities		(722	)		184
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD		85			108
Adjusted net cash provided by (used in) operating activities	$	1,225		$	(344	)

Dividends per common share	$	0.98		$	0.98

	Three Months Ended March 31,
	2022			2021
Reconciliation of capital investments to capital investments attributable to Valero (d)
Capital expenditures (excluding VIEs)	$	152		$	160
Capital expenditures of VIEs:
DGD		219			153
Other VIEs		13			26
Deferred turnaround and catalyst cost expenditures (excluding VIEs)		453			230
Deferred turnaround and catalyst cost expenditures of DGD		6			1
Investments in nonconsolidated joint ventures		—			12
Capital investments		843			582
Adjustments:
DGD’s capital investments attributable to the other joint venture member		(112	)		(77	)
Capital expenditures of other VIEs		(13	)		(26	)
Capital investments attributable to Valero	$	718		$	479

See Notes to Earnings Release Tables.

	Three Months Ended March 31,
	2022		2021
Operating statistics by region (e) (continued)
North Atlantic region (d) (g)
Refining margin	$	561	$	247
Refining operating income	$	286	$	55
Throughput volumes (thousand barrels per day)		484		320

Refining margin per barrel of throughput	$	12.87	$	8.57
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.73		4.87
Depreciation and amortization expense per barrel of throughput		1.57		1.78
Refining operating income per barrel of throughput	$	6.57	$	1.92

U.S. West Coast region (d) (g)
Refining margin	$	254	$	87
Adjusted refining operating income (loss)	$	27	$	(125	)
Throughput volumes (thousand barrels per day)		202		191

Refining margin per barrel of throughput	$	13.97	$	5.09
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		8.79		8.56
Depreciation and amortization expense per barrel of throughput		3.72		3.79
Adjusted Refining operating income (loss) per barrel of throughput	$	1.46	$	(7.26	)

See Notes to Earnings Release Tables.