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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03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

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Valero Energy Reports Second Quarter 2023 Results

Valero Energy Сообщает о результатах за второй квартал 2023 года

27 июл. 2023 г.

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

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,” “will,” “plans,” “forecast,” 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, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, 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 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 or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, the Russia-Ukraine conflict, the impact of inflation on margins and costs, economic activity levels, 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.

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Statement of income data
Revenues	$	34,509		$	51,641		$	70,948		$	90,183
Cost of sales:
Cost of materials and other (a)		29,430			42,946			59,435			77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		1,440			1,626			2,917			3,005
Depreciation and amortization expense (b)		658			590			1,308			1,185
Total cost of sales		31,528			45,162			63,660			82,085
Other operating expenses		2			15			12			34
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		209			233			453			438
Depreciation and amortization expense		11			12			21			23
Operating income		2,759			6,219			6,802			7,603
Other income, net (d)		106			33			235			13
Interest and debt expense, net of capitalized interest		(148	)		(142	)		(294	)		(287	)
Income before income tax expense		2,717			6,110			6,743			7,329
Income tax expense		595			1,342			1,475			1,594
Net income		2,122			4,768			5,268			5,735
Less: Net income attributable to noncontrolling interests		178			75			257			137
Net income attributable to Valero Energy Corporation stockholders	$	1,944		$	4,693		$	5,011		$	5,598

Earnings per common share	$	5.41		$	11.58		$	13.75		$	13.75
Weighted-average common shares outstanding (in millions)		358			404			363			406

Earnings per common share – assuming dilution	$	5.40		$	11.57		$	13.74		$	13.74
Weighted-average common shares outstanding – assuming dilution (in millions)		358			404			363			406

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 June 30, 2023
Revenues:
Revenues from external customers	$	31,996		$	1,296	$	1,217		$	—		$	34,509
Intersegment revenues		(3	)		950		257			(1,204	)		—
Total revenues		31,993			2,246		1,474			(1,204	)		34,509
Cost of sales:
Cost of materials and other		27,773			1,643		1,199			(1,185	)		29,430
Operating expenses (excluding depreciation and amortization expense reflected below)		1,205			104		128			3			1,440
Depreciation and amortization expense		582			59		19			(2	)		658
Total cost of sales		29,560			1,806		1,346			(1,184	)		31,528
Other operating expenses		1			—		1			—			2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			209			209
Depreciation and amortization expense		—			—		—			11			11
Operating income by segment	$	2,432		$	440	$	127		$	(240	)	$	2,759

Three months ended June 30, 2022
Revenues:
Revenues from external customers	$	49,495		$	855	$	1,291		$	—		$	51,641
Intersegment revenues		11			596		201			(808	)		—
Total revenues		49,506			1,451		1,492			(808	)		51,641
Cost of sales:
Cost of materials and other (a)		41,313			1,213		1,226			(806	)		42,946
Operating expenses (excluding depreciation and amortization expense reflected below)		1,402			58		167			(1	)		1,626
Depreciation and amortization expense (b)		565			28		(3	)		—			590
Total cost of sales		43,280			1,299		1,390			(807	)		45,162
Other operating expenses		14			—		1			—			15
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		—			—		—			233			233
Depreciation and amortization expense		—			—		—			12			12
Operating income by segment	$	6,212		$	152	$	101		$	(246	)	$	6,219

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 (e) (millions of dollars) (unaudited)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Six months ended June 30, 2023
Revenues:
Revenues from external customers	$	66,403	$	2,231	$	2,314	$	—		$	70,948
Intersegment revenues		—		1,695		480		(2,175	)		—
Total revenues		66,403		3,926		2,794		(2,175	)		70,948
Cost of sales:
Cost of materials and other		56,283		2,974		2,330		(2,152	)		59,435
Operating expenses (excluding depreciation and amortization expense reflected below)		2,466		190		258		3			2,917
Depreciation and amortization expense		1,154		117		39		(2	)		1,308
Total cost of sales		59,903		3,281		2,627		(2,151	)		63,660
Other operating expenses		11		—		1		—			12
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		453			453
Depreciation and amortization expense		—		—		—		21			21
Operating income by segment	$	6,489	$	645	$	166	$	(498	)	$	6,802

Six months ended June 30, 2022
Revenues:
Revenues from external customers	$	86,308	$	1,450	$	2,425	$	—		$	90,183
Intersegment revenues		15		982		328		(1,325	)		—
Total revenues		86,323		2,432		2,753		(1,325	)		90,183
Cost of sales:
Cost of materials and other (a)		74,919		1,968		2,330		(1,322	)		77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		2,595		109		302		(1	)		3,005
Depreciation and amortization expense (b)		1,114		54		17		—			1,185
Total cost of sales		78,628		2,131		2,649		(1,323	)		82,085
Other operating expenses		32		—		2		—			34
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		—		—		—		438			438
Depreciation and amortization expense		—		—		—		23			23
Operating income by segment	$	7,663	$	301	$	102	$	(463	)	$	7,603

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022			2023			2022
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	1,944	$	4,693		$	5,011		$	5,598
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—		(104	)		—			(104	)
Income tax expense related to modification of RVO		—		23			—			23
Modification of RVO, net of taxes		—		(81	)		—			(81	)
Gain on sale of ethanol plant (b)		—		(23	)		—			(23	)
Income tax expense related to gain on sale of ethanol plant		—		5			—			5
Gain on sale of ethanol plant, net of taxes		—		(18	)		—			(18	)
Environmental reserve adjustment (c)		—		20			—			20
Income tax benefit related to environmental reserve adjustment		—		(5	)		—			(5	)
Environmental reserve adjustment, net of taxes		—		15			—			15
Loss (gain) on early retirement of debt (d)		—		—			(11	)		50
Income tax (benefit) expense related to loss (gain) on early retirement of debt		—		—			2			(11	)
Loss (gain) on early retirement of debt, net of taxes		—		—			(9	)		39
Total adjustments		—		(84	)		(9	)		(45	)
Adjusted net income attributable to Valero Energy Corporation stockholders	$	1,944	$	4,609		$	5,002		$	5,553

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	2,432	$	6,212		$	6,489	$	7,663
Adjustments:
Modification of RVO (a)		—		(104	)		—		(104	)
Operating expenses (excluding depreciation and amortization expense reflected below)		1,205		1,402			2,466		2,595
Depreciation and amortization expense		582		565			1,154		1,114
Other operating expenses		1		14			11		32
Refining margin	$	4,220	$	8,089		$	10,120	$	11,300

Refining operating income	$	2,432	$	6,212		$	6,489	$	7,663
Adjustments:
Modification of RVO (a)		—		(104	)		—		(104	)
Other operating expenses		1		14			11		32
Adjusted Refining operating income	$	2,433	$	6,122		$	6,500	$	7,591

Renewable Diesel segment
Renewable Diesel operating income	$	440	$	152		$	645	$	301
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		104		58			190		109
Depreciation and amortization expense		59		28			117		54
Renewable Diesel margin	$	603	$	238		$	952	$	464

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment (continued)
Ethanol segment
Ethanol operating income	$	127	$	101		$	166	$	102
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		128		167			258		302
Depreciation and amortization expense (b)		19		(3	)		39		17
Other operating expenses		1		1			1		2
Ethanol margin	$	275	$	266		$	464	$	423

Ethanol operating income	$	127	$	101		$	166	$	102
Adjustments:
Gain on sale of ethanol plant (b)		—		(23	)		—		(23	)
Other operating expenses		1		1			1		2
Adjusted Ethanol operating income	$	128	$	79		$	167	$	81

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f)
U.S. Gulf Coast region
Refining operating income	$	1,529	$	3,399		$	4,196	$	4,395
Adjustments:
Modification of RVO (a)		—		(74	)		—		(74	)
Operating expenses (excluding depreciation and amortization expense reflected below)		674		814			1,360		1,469
Depreciation and amortization expense		358		341			707		673
Other operating expenses		1		5			11		23
Refining margin	$	2,562	$	4,485		$	6,274	$	6,486

Refining operating income	$	1,529	$	3,399		$	4,196	$	4,395
Adjustments:
Modification of RVO (a)		—		(74	)		—		(74	)
Other operating expenses		1		5			11		23
Adjusted Refining operating income	$	1,530	$	3,330		$	4,207	$	4,344

U.S. Mid-Continent region
Refining operating income	$	323	$	959		$	925	$	1,101
Adjustments:
Modification of RVO (a)		—		(19	)		—		(19	)
Operating expenses (excluding depreciation and amortization expense reflected below)		181		199			375		371
Depreciation and amortization expense		83		85			165		166
Refining margin	$	587	$	1,224		$	1,465	$	1,619

Refining operating income	$	323	$	959		$	925	$	1,101
Adjustment: Modification of RVO (a)		—		(19	)		—		(19	)
Adjusted Refining operating income	$	323	$	940		$	925	$	1,082

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f) (continued)
North Atlantic region
Refining operating income	$	311	$	1,222		$	940	$	1,508
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		178		192			358		398
Depreciation and amortization expense		66		66			129		135
Other operating expenses		—		9			—		9
Refining margin	$	555	$	1,489		$	1,427	$	2,050

Refining operating income	$	311	$	1,222		$	940	$	1,508
Adjustment: Other operating expenses		—		9			—		9
Adjusted Refining operating income	$	311	$	1,231		$	940	$	1,517

U.S. West Coast region
Refining operating income	$	269	$	632		$	428	$	659
Adjustments:
Modification of RVO (a)		—		(11	)		—		(11	)
Operating expenses (excluding depreciation and amortization expense reflected below)		172		197			373		357
Depreciation and amortization expense		75		73			153		140
Refining margin	$	516	$	891		$	954	$	1,145

Refining operating income	$	269	$	632		$	428	$	659
Adjustment: Modification of RVO (a)		—		(11	)		—		(11	)
Adjusted Refining operating income	$	269	$	621		$	428	$	648

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		469		376		407		351
Medium/light sour crude oil		321		442		322		408
Sweet crude oil		1,462		1,413		1,475		1,418
Residuals		212		229		218		227
Other feedstocks		96		127		118		114
Total feedstocks		2,560		2,587		2,540		2,518
Blendstocks and other		409		375		410		363
Total throughput volumes		2,969		2,962		2,950		2,881

Yields (thousand barrels per day)
Gasolines and blendstocks		1,430		1,452		1,441		1,422
Distillates		1,119		1,135		1,109		1,081
Other products (g)		446		407		424		404
Total yields		2,995		2,994		2,974		2,907

Operating statistics (e) (h)
Refining margin	$	4,220	$	8,089	$	10,120	$	11,300
Adjusted Refining operating income	$	2,433	$	6,122	$	6,500	$	7,591
Throughput volumes (thousand barrels per day)		2,969		2,962		2,950		2,881

Refining margin per barrel of throughput	$	15.62	$	30.01	$	18.95	$	21.67
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.46		5.20		4.62		4.98
Depreciation and amortization expense per barrel of throughput		2.16		2.10		2.16		2.14
Adjusted Refining operating income per barrel of throughput	$	9.00	$	22.71	$	12.17	$	14.55

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 June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Operating statistics (e) (h)
Ethanol margin	$	275	$	266		$	464	$	423
Adjusted Ethanol operating income	$	128	$	79		$	167	$	81
Production volumes (thousand gallons per day)		4,443		3,861			4,314		3,953

Ethanol margin per gallon of production	$	0.68	$	0.75		$	0.59	$	0.59
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.32		0.47			0.33		0.42
Depreciation and amortization expense per gallon of production (b)		0.05		(0.01	)		0.05		0.03
Gain on sale of ethanol plant per gallon of production (b)		—		0.07			—		0.03
Adjusted Ethanol operating income per gallon of production	$	0.31	$	0.22		$	0.21	$	0.11

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics by region (f)
U.S. Gulf Coast region (e) (h)
Refining margin	$	2,562	$	4,485	$	6,274	$	6,486
Adjusted Refining operating income	$	1,530	$	3,330	$	4,207	$	4,344
Throughput volumes (thousand barrels per day)		1,800		1,750		1,757		1,722

Refining margin per barrel of throughput	$	15.64	$	28.17	$	19.73	$	20.81
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.11		5.11		4.28		4.71
Depreciation and amortization expense per barrel of throughput		2.19		2.15		2.22		2.16
Adjusted Refining operating income per barrel of throughput	$	9.34	$	20.91	$	13.23	$	13.94

U.S. Mid-Continent region (e) (h)
Refining margin	$	587	$	1,224	$	1,465	$	1,619
Adjusted Refining operating income	$	323	$	940	$	925	$	1,082
Throughput volumes (thousand barrels per day)		434		449		463		434

Refining margin per barrel of throughput	$	14.89	$	29.99	$	17.48	$	20.59
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.60		4.88		4.48		4.71
Depreciation and amortization expense per barrel of throughput		2.10		2.09		1.97		2.12
Adjusted Refining operating income per barrel of throughput	$	8.19	$	23.02	$	11.03	$	13.76

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics by region (f) (continued)
North Atlantic region (e) (h)
Refining margin	$	555	$	1,489	$	1,427	$	2,050
Adjusted Refining operating income	$	311	$	1,231	$	940	$	1,517
Throughput volumes (thousand barrels per day)		463		483		464		484

Refining margin per barrel of throughput	$	13.15	$	33.85	$	17.00	$	23.41
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.20		4.37		4.26		4.55
Depreciation and amortization expense per barrel of throughput		1.56		1.49		1.54		1.53
Adjusted Refining operating income per barrel of throughput	$	7.39	$	27.99	$	11.20	$	17.33

U.S. West Coast region (e) (h)
Refining margin	$	516	$	891	$	954	$	1,145
Adjusted Refining operating income	$	269	$	621	$	428	$	648
Throughput volumes (thousand barrels per day)		272		280		266		241

Refining margin per barrel of throughput	$	20.81	$	34.93	$	19.84	$	26.19
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		6.97		7.74		7.77		8.18
Depreciation and amortization expense per barrel of throughput		3.03		2.83		3.18		3.20
Adjusted Refining operating income per barrel of throughput	$	10.81	$	24.36	$	8.89	$	14.81

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	77.98		$	111.69		$	80.09		$	104.52
Brent less West Texas Intermediate (WTI) crude oil		4.22			3.03			5.16			2.96
Brent less WTI Houston crude oil		3.07			1.84			3.68			1.58
Brent less Dated Brent crude oil		(0.45	)		(1.89	)		0.24			(2.90	)
Brent less Argus Sour Crude Index crude oil		4.74			6.59			6.58			5.76
Brent less Maya crude oil		14.31			7.91			16.85			8.21
Brent less Western Canadian Select Houston crude oil		9.23			12.34			13.30			11.00
WTI crude oil		73.76			108.66			74.94			101.56

Natural gas (dollars per million British Thermal Units)		2.00			7.23			2.13			5.78

RVO (dollars per barrel) (i)		7.69			7.80			7.95			7.12

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent		12.98			23.53			11.51			16.38
Ultra-low-sulfur (ULS) diesel less Brent		14.64			48.15			22.46			34.83
Propylene less Brent (not RVO adjusted)		(38.78	)		(38.56	)		(40.50	)		(33.69	)
U.S. Mid-Continent:
CBOB gasoline less WTI		23.60			28.28			20.65			18.93
ULS diesel less WTI		25.16			52.36			29.63			36.60
North Atlantic:
CBOB gasoline less Brent		22.63			33.78			16.98			22.51
ULS diesel less Brent		17.36			62.45			25.33			44.24
U.S. West Coast:
California Reformulated Gasoline Blendstock of Oxygenate Blending 87 gasoline less Brent		30.63			48.04			27.67			34.16
California Air Resources Board diesel less Brent		14.80			51.35			23.32			37.72

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)

	June 30,		December 31,
	2023		2022
Balance sheet data
Current assets	$	23,695	$	24,133
Cash and cash equivalents included in current assets		5,075		4,862
Inventories included in current assets		6,961		6,752
Current liabilities		14,948		17,461
Valero Energy Corporation stockholders’ equity		25,851		23,561
Total equity		27,994		25,468
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	167	$	—
Debt, less current portion of debt (excluding VIEs)		8,019		8,380
Total debt (excluding VIEs)		8,186		8,380
Current portion of debt attributable to VIEs		800		861
Debt, less current portion of debt attributable to VIEs		—		—
Total debt attributable to VIEs		800		861
Total debt		8,986		9,241
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		176		184
Finance lease obligations, less current portion (excluding VIEs)		1,431		1,453
Total finance lease obligations (excluding VIEs)		1,607		1,637
Current portion of finance lease obligations attributable to VIEs		50		64
Finance lease obligations, less current portion attributable to VIEs		680		693
Total finance lease obligations attributable to VIEs		730		757
Total finance lease obligations		2,337		2,394
Total debt and finance lease obligations	$	11,323	$	11,635

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Reconciliation of capital investments to capital investments attributable to Valero (e)
Capital expenditures (excluding VIEs)	$	136		$	172		$	311		$	324
Capital expenditures of VIEs:
DGD		32			239			122			458
Other VIEs		2			6			2			19
Deferred turnaround and catalyst cost expenditures (excluding VIEs)		273			228			508			681
Deferred turnaround and catalyst cost expenditures of DGD		15			7			39			13
Investments in nonconsolidated joint ventures		—			1			—			1
Capital investments		458			653			982			1,496
Adjustments:
DGD’s capital investments attributable to the other joint venture member		(23	)		(123	)		(80	)		(235	)
Capital expenditures of other VIEs		(2	)		(6	)		(2	)		(19	)
Capital investments attributable to Valero	$	433		$	524		$	900		$	1,242

Dividends per common share	$	1.02		$	0.98		$	2.04		$	1.96

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION NOTES TO EARNINGS RELEASE TABLES

(a)	Under the Renewable Fuel Standard (RFS) program, the U.S. Environmental Protection Agency (EPA) is required to set annual quotas for the volume of renewable fuels that obligated parties, such as us, must blend into petroleum-based transportation fuels consumed in the U.S. The quotas are used to determine an obligated party’s RVO. The EPA released a final rule on June 3, 2022 that, among other things, modified the volume standards for 2020 and, for the first time, established volume standards for 2021 and 2022.

	In 2020, we recognized the cost of the RVO using the 2020 quotas set by the EPA at that time, and in 2021 and the three months ended March 31, 2022, we recognized the cost of the RVO using our estimates of the quotas. As a result of the final rule released by the EPA as noted above, we recognized a benefit of $104 million in the three and six months ended June 30, 2022 primarily related to the modification of the 2020 quotas.

(b)	Depreciation and amortization expense for the three and six months ended June 30, 2022 includes a gain of $23 million on the sale of our ethanol plant located in Jefferson, Wisconsin (Jefferson ethanol plant).

(c)	General and administrative expenses (excluding depreciation and amortization expense) for the three and six months ended June 30, 2022 includes a charge of $20 million for an environmental reserve adjustment associated with a non-operating site.

(d)	“Other income, net” includes the following:

		a net gain of $11 million in the six months ended June 30, 2023 related to the early retirement of $199 million aggregate principal amount of various series of our senior notes; and

		a charge of $50 million in the six months ended June 30, 2022 related to the early retirement of $1.4 billion aggregate principal amount of various series of our senior notes.

(e)	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 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 for the U.S.-based adjustments of 22.5 percent and a local statutory income tax rate for foreign-based adjustments. 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.

		–	Modification of RVO – The net benefit resulting from the modification of our RVO for 2020 and 2021 that was recognized by us in June 2022 is not associated with the cost of the RVO generated by our operations during the three and six months ended June 30, 2022. See note (a) for additional details.

		–	Gain on sale of ethanol plant – The gain on the sale of our Jefferson ethanol plant (see note (b)) is not indicative of our ongoing operations.

		–	Environmental reserve adjustment – The environmental reserve adjustment (see note (c)) is attributable to a site that was shut down by prior owners and subsequently acquired by us (referred to by us as a non-operating site).

		–	Loss (gain) on early retirement of debt – Discounts, premiums, and other expenses recognized in connection with the early retirement of various series of our senior notes (see note (d)) are not associated with the ongoing costs of our borrowing and financing activities.

		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.

		Refining margin is defined as Refining segment operating income excluding the modification of RVO adjustment (see note (a)), 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 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 is defined as Refining segment operating income excluding the modification of RVO adjustment (see note (a)) and other operating expenses. We believe adjusted Refining operating income 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 is defined as Ethanol segment operating income excluding the gain on sale of ethanol plant (see note (b)) and other operating expenses. We believe adjusted Ethanol operating income 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 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 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):

		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.

		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.

(f)	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.

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

(h)	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.

(i)	The RVO cost represents the average market cost on a per barrel basis to comply with the RFS 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 EPA, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.

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

Корпорация Valero Energy через свои дочерние компании (совместно именуемые “Valero”) является многонациональным производителем и продавцом жидкого транспортного топлива на основе нефти и низкоуглеродистых продуктов нефтехимии и продает свою продукцию в основном в Соединенных Штатах (“США”), Канаде, Соединенном Королевстве (“Великобритания”).), Ирландия и Латинская Америка. Valero владеет 15 нефтеперерабатывающими заводами, расположенными в США, Канаде и Великобритании, совокупная пропускная способность которых составляет около 3,2 млн баррелей в сутки. Valero является участником совместного предприятия Diamond Green Diesel Holdings LLC, которая владеет двумя заводами по производству возобновляемого дизельного топлива, расположенными в регионе побережья Мексиканского залива США, с совокупной производственной мощностью около 1,2 миллиарда галлонов в год, а Valero владеет 12 заводами по производству этанола, расположенными в регионе Среднего континента США, с совокупной производственной мощностью около 1,6 миллиарда галлонов в год. Valero управляет своей деятельностью через сегменты нефтепереработки, возобновляемого дизельного топлива и этанола. Пожалуйста, посетите investorvalero.com для получения дополнительной информации.

Заявления, содержащиеся в настоящем пресс-релизе и прилагаемых таблицах отчета о прибылях и убытках или сделанные во время телефонной конференции, в которых излагаются ожидания или прогнозы Valero или руководства на будущее, являются прогнозными заявлениями, на которые распространяются положения Закона о ценных бумагах 1933 года и Закона о фондовой бирже 1934 года. Слова “верю”, “ожидаю”, “должен”, “оценивает”, “намереваюсь”, “цель”, “воля”, “планы”, “прогноз” и другие подобные выражения идентифицируют заявления прогнозного характера. Заявления прогнозного характера, содержащиеся в настоящем пресс-релизе и прилагаемых таблицах отчета о прибылях, включают, а также могут включать заявления, сделанные в ходе телефонной конференции, заявления, касающиеся стратегии Valero в области низкоуглеродистых видов топлива, ожидаемых сроков, стоимости и эффективности проектов, будущих рыночных и отраслевых условий, будущих операционных и финансовых показателей, будущего производства и производственные возможности и размер, а также управление будущими рисками, среди прочего. Важно отметить, что фактические результаты могут существенно отличаться от прогнозируемых в таких прогнозных заявлениях, основанных на многочисленных факторах, в том числе находящихся вне контроля Valero, таких как законодательные или политические изменения или разработки, динамика рынка, кибератаки, погодные явления и другие вопросы, влияющие на деятельность Valero или спрос для продукции Valero. Эти факторы также включают, но не ограничиваются ими, сохраняющуюся неопределенность в отношении текущих или предполагаемых изменений законодательства, политики или нормативно-правовой базы, которые неблагоприятны для операций по переработке и сбыту или ограничивают их, или которые налагают налоги на прибыль, непредвиденные расходы или маржу, или штрафы, российско-украинский конфликт, влияние инфляции о марже и затратах, уровнях экономической активности и неблагоприятных последствиях, которые вышеизложенное может оказать на бизнес-план, стратегию, операции и финансовые показатели Valero. Для получения дополнительной информации об этих и других факторах, которые могут привести к отличию фактических результатов от заявленных или прогнозируемых, смотрите 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 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, относящуюся к акционерам Valero, скорректированную прибыль на обыкновенную акцию с учетом разбавления, маржу переработки, маржу на возобновляемое дизельное топливо, маржу на этанол, скорректированный операционный доход от переработки, скорректированный операционный доход от этанола, скорректированные чистые денежные средства, полученные в результате операционной деятельности, и капитальные вложения, относящиеся к Valero. Эти финансовые показатели, не относящиеся к GAAP, были включены для облегчения сравнения операционных результатов между периодами. Смотрите прилагаемые таблицы отчета о прибылях и убытках для сверки показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми показателями по GAAP. В примечании (e) к таблицам отчета о прибылях и убытках приводятся основания для использования этих финансовых показателей, отличных от GAAP.

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Statement of income data
Revenues	$	34,509		$	51,641		$	70,948		$	90,183
Cost of sales:
Cost of materials and other (a)		29,430			42,946			59,435			77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		1,440			1,626			2,917			3,005
Depreciation and amortization expense (b)		658			590			1,308			1,185
Total cost of sales		31,528			45,162			63,660			82,085
Other operating expenses		2			15			12			34
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		209			233			453			438
Depreciation and amortization expense		11			12			21			23
Operating income		2,759			6,219			6,802			7,603
Other income, net (d)		106			33			235			13
Interest and debt expense, net of capitalized interest		(148	)		(142	)		(294	)		(287	)
Income before income tax expense		2,717			6,110			6,743			7,329
Income tax expense		595			1,342			1,475			1,594
Net income		2,122			4,768			5,268			5,735
Less: Net income attributable to noncontrolling interests		178			75			257			137
Net income attributable to Valero Energy Corporation stockholders	$	1,944		$	4,693		$	5,011		$	5,598

Earnings per common share	$	5.41		$	11.58		$	13.75		$	13.75
Weighted-average common shares outstanding (in millions)		358			404			363			406

Earnings per common share – assuming dilution	$	5.40		$	11.57		$	13.74		$	13.74
Weighted-average common shares outstanding – assuming dilution (in millions)		358			404			363			406

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 June 30, 2023
Revenues:
Revenues from external customers	$	31,996		$	1,296	$	1,217		$	—		$	34,509
Intersegment revenues		(3	)		950		257			(1,204	)		—
Total revenues		31,993			2,246		1,474			(1,204	)		34,509
Cost of sales:
Cost of materials and other		27,773			1,643		1,199			(1,185	)		29,430
Operating expenses (excluding depreciation and amortization expense reflected below)		1,205			104		128			3			1,440
Depreciation and amortization expense		582			59		19			(2	)		658
Total cost of sales		29,560			1,806		1,346			(1,184	)		31,528
Other operating expenses		1			—		1			—			2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—			—		—			209			209
Depreciation and amortization expense		—			—		—			11			11
Operating income by segment	$	2,432		$	440	$	127		$	(240	)	$	2,759

Three months ended June 30, 2022
Revenues:
Revenues from external customers	$	49,495		$	855	$	1,291		$	—		$	51,641
Intersegment revenues		11			596		201			(808	)		—
Total revenues		49,506			1,451		1,492			(808	)		51,641
Cost of sales:
Cost of materials and other (a)		41,313			1,213		1,226			(806	)		42,946
Operating expenses (excluding depreciation and amortization expense reflected below)		1,402			58		167			(1	)		1,626
Depreciation and amortization expense (b)		565			28		(3	)		—			590
Total cost of sales		43,280			1,299		1,390			(807	)		45,162
Other operating expenses		14			—		1			—			15
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		—			—		—			233			233
Depreciation and amortization expense		—			—		—			12			12
Operating income by segment	$	6,212		$	152	$	101		$	(246	)	$	6,219

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 (e) (millions of dollars) (unaudited)

	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations			Total
Six months ended June 30, 2023
Revenues:
Revenues from external customers	$	66,403	$	2,231	$	2,314	$	—		$	70,948
Intersegment revenues		—		1,695		480		(2,175	)		—
Total revenues		66,403		3,926		2,794		(2,175	)		70,948
Cost of sales:
Cost of materials and other		56,283		2,974		2,330		(2,152	)		59,435
Operating expenses (excluding depreciation and amortization expense reflected below)		2,466		190		258		3			2,917
Depreciation and amortization expense		1,154		117		39		(2	)		1,308
Total cost of sales		59,903		3,281		2,627		(2,151	)		63,660
Other operating expenses		11		—		1		—			12
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		453			453
Depreciation and amortization expense		—		—		—		21			21
Operating income by segment	$	6,489	$	645	$	166	$	(498	)	$	6,802

Six months ended June 30, 2022
Revenues:
Revenues from external customers	$	86,308	$	1,450	$	2,425	$	—		$	90,183
Intersegment revenues		15		982		328		(1,325	)		—
Total revenues		86,323		2,432		2,753		(1,325	)		90,183
Cost of sales:
Cost of materials and other (a)		74,919		1,968		2,330		(1,322	)		77,895
Operating expenses (excluding depreciation and amortization expense reflected below)		2,595		109		302		(1	)		3,005
Depreciation and amortization expense (b)		1,114		54		17		—			1,185
Total cost of sales		78,628		2,131		2,649		(1,323	)		82,085
Other operating expenses		32		—		2		—			34
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		—		—		—		438			438
Depreciation and amortization expense		—		—		—		23			23
Operating income by segment	$	7,663	$	301	$	102	$	(463	)	$	7,603

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022			2023			2022
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	1,944	$	4,693		$	5,011		$	5,598
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—		(104	)		—			(104	)
Income tax expense related to modification of RVO		—		23			—			23
Modification of RVO, net of taxes		—		(81	)		—			(81	)
Gain on sale of ethanol plant (b)		—		(23	)		—			(23	)
Income tax expense related to gain on sale of ethanol plant		—		5			—			5
Gain on sale of ethanol plant, net of taxes		—		(18	)		—			(18	)
Environmental reserve adjustment (c)		—		20			—			20
Income tax benefit related to environmental reserve adjustment		—		(5	)		—			(5	)
Environmental reserve adjustment, net of taxes		—		15			—			15
Loss (gain) on early retirement of debt (d)		—		—			(11	)		50
Income tax (benefit) expense related to loss (gain) on early retirement of debt		—		—			2			(11	)
Loss (gain) on early retirement of debt, net of taxes		—		—			(9	)		39
Total adjustments		—		(84	)		(9	)		(45	)
Adjusted net income attributable to Valero Energy Corporation stockholders	$	1,944	$	4,609		$	5,002		$	5,553

Valero Energy CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2023			2022		2023			2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	2,432	$	6,212		$	6,489	$	7,663
Adjustments:
Modification of RVO (a)		—		(104	)		—		(104	)
Operating expenses (excluding depreciation and amortization expense reflected below)		1,205		1,402			2,466		2,595
Depreciation and amortization expense		582		565			1,154		1,114
Other operating expenses		1		14			11		32
Refining margin	$	4,220	$	8,089		$	10,120	$	11,300

Refining operating income	$	2,432	$	6,212		$	6,489	$	7,663
Adjustments:
Modification of RVO (a)		—		(104	)		—		(104	)
Other operating expenses		1		14			11		32
Adjusted Refining operating income	$	2,433	$	6,122		$	6,500	$	7,591

Renewable Diesel segment
Renewable Diesel operating income	$	440	$	152		$	645	$	301
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		104		58			190		109
Depreciation and amortization expense		59		28			117		54
Renewable Diesel margin	$	603	$	238		$	952	$	464

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment (continued)
Ethanol segment
Ethanol operating income	$	127	$	101		$	166	$	102
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		128		167			258		302
Depreciation and amortization expense (b)		19		(3	)		39		17
Other operating expenses		1		1			1		2
Ethanol margin	$	275	$	266		$	464	$	423

Ethanol operating income	$	127	$	101		$	166	$	102
Adjustments:
Gain on sale of ethanol plant (b)		—		(23	)		—		(23	)
Other operating expenses		1		1			1		2
Adjusted Ethanol operating income	$	128	$	79		$	167	$	81

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f)
U.S. Gulf Coast region
Refining operating income	$	1,529	$	3,399		$	4,196	$	4,395
Adjustments:
Modification of RVO (a)		—		(74	)		—		(74	)
Operating expenses (excluding depreciation and amortization expense reflected below)		674		814			1,360		1,469
Depreciation and amortization expense		358		341			707		673
Other operating expenses		1		5			11		23
Refining margin	$	2,562	$	4,485		$	6,274	$	6,486

Refining operating income	$	1,529	$	3,399		$	4,196	$	4,395
Adjustments:
Modification of RVO (a)		—		(74	)		—		(74	)
Other operating expenses		1		5			11		23
Adjusted Refining operating income	$	1,530	$	3,330		$	4,207	$	4,344

U.S. Mid-Continent region
Refining operating income	$	323	$	959		$	925	$	1,101
Adjustments:
Modification of RVO (a)		—		(19	)		—		(19	)
Operating expenses (excluding depreciation and amortization expense reflected below)		181		199			375		371
Depreciation and amortization expense		83		85			165		166
Refining margin	$	587	$	1,224		$	1,465	$	1,619

Refining operating income	$	323	$	959		$	925	$	1,101
Adjustment: Modification of RVO (a)		—		(19	)		—		(19	)
Adjusted Refining operating income	$	323	$	940		$	925	$	1,082

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 (e) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f) (continued)
North Atlantic region
Refining operating income	$	311	$	1,222		$	940	$	1,508
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		178		192			358		398
Depreciation and amortization expense		66		66			129		135
Other operating expenses		—		9			—		9
Refining margin	$	555	$	1,489		$	1,427	$	2,050

Refining operating income	$	311	$	1,222		$	940	$	1,508
Adjustment: Other operating expenses		—		9			—		9
Adjusted Refining operating income	$	311	$	1,231		$	940	$	1,517

U.S. West Coast region
Refining operating income	$	269	$	632		$	428	$	659
Adjustments:
Modification of RVO (a)		—		(11	)		—		(11	)
Operating expenses (excluding depreciation and amortization expense reflected below)		172		197			373		357
Depreciation and amortization expense		75		73			153		140
Refining margin	$	516	$	891		$	954	$	1,145

Refining operating income	$	269	$	632		$	428	$	659
Adjustment: Modification of RVO (a)		—		(11	)		—		(11	)
Adjusted Refining operating income	$	269	$	621		$	428	$	648

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		469		376		407		351
Medium/light sour crude oil		321		442		322		408
Sweet crude oil		1,462		1,413		1,475		1,418
Residuals		212		229		218		227
Other feedstocks		96		127		118		114
Total feedstocks		2,560		2,587		2,540		2,518
Blendstocks and other		409		375		410		363
Total throughput volumes		2,969		2,962		2,950		2,881

Yields (thousand barrels per day)
Gasolines and blendstocks		1,430		1,452		1,441		1,422
Distillates		1,119		1,135		1,109		1,081
Other products (g)		446		407		424		404
Total yields		2,995		2,994		2,974		2,907

Operating statistics (e) (h)
Refining margin	$	4,220	$	8,089	$	10,120	$	11,300
Adjusted Refining operating income	$	2,433	$	6,122	$	6,500	$	7,591
Throughput volumes (thousand barrels per day)		2,969		2,962		2,950		2,881

Refining margin per barrel of throughput	$	15.62	$	30.01	$	18.95	$	21.67
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.46		5.20		4.62		4.98
Depreciation and amortization expense per barrel of throughput		2.16		2.10		2.16		2.14
Adjusted Refining operating income per barrel of throughput	$	9.00	$	22.71	$	12.17	$	14.55

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 June 30,					Six Months Ended June 30,
		2023		2022			2023		2022
Operating statistics (e) (h)
Ethanol margin	$	275	$	266		$	464	$	423
Adjusted Ethanol operating income	$	128	$	79		$	167	$	81
Production volumes (thousand gallons per day)		4,443		3,861			4,314		3,953

Ethanol margin per gallon of production	$	0.68	$	0.75		$	0.59	$	0.59
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.32		0.47			0.33		0.42
Depreciation and amortization expense per gallon of production (b)		0.05		(0.01	)		0.05		0.03
Gain on sale of ethanol plant per gallon of production (b)		—		0.07			—		0.03
Adjusted Ethanol operating income per gallon of production	$	0.31	$	0.22		$	0.21	$	0.11

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics by region (f)
U.S. Gulf Coast region (e) (h)
Refining margin	$	2,562	$	4,485	$	6,274	$	6,486
Adjusted Refining operating income	$	1,530	$	3,330	$	4,207	$	4,344
Throughput volumes (thousand barrels per day)		1,800		1,750		1,757		1,722

Refining margin per barrel of throughput	$	15.64	$	28.17	$	19.73	$	20.81
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.11		5.11		4.28		4.71
Depreciation and amortization expense per barrel of throughput		2.19		2.15		2.22		2.16
Adjusted Refining operating income per barrel of throughput	$	9.34	$	20.91	$	13.23	$	13.94

U.S. Mid-Continent region (e) (h)
Refining margin	$	587	$	1,224	$	1,465	$	1,619
Adjusted Refining operating income	$	323	$	940	$	925	$	1,082
Throughput volumes (thousand barrels per day)		434		449		463		434

Refining margin per barrel of throughput	$	14.89	$	29.99	$	17.48	$	20.59
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.60		4.88		4.48		4.71
Depreciation and amortization expense per barrel of throughput		2.10		2.09		1.97		2.12
Adjusted Refining operating income per barrel of throughput	$	8.19	$	23.02	$	11.03	$	13.76

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics by region (f) (continued)
North Atlantic region (e) (h)
Refining margin	$	555	$	1,489	$	1,427	$	2,050
Adjusted Refining operating income	$	311	$	1,231	$	940	$	1,517
Throughput volumes (thousand barrels per day)		463		483		464		484

Refining margin per barrel of throughput	$	13.15	$	33.85	$	17.00	$	23.41
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.20		4.37		4.26		4.55
Depreciation and amortization expense per barrel of throughput		1.56		1.49		1.54		1.53
Adjusted Refining operating income per barrel of throughput	$	7.39	$	27.99	$	11.20	$	17.33

U.S. West Coast region (e) (h)
Refining margin	$	516	$	891	$	954	$	1,145
Adjusted Refining operating income	$	269	$	621	$	428	$	648
Throughput volumes (thousand barrels per day)		272		280		266		241

Refining margin per barrel of throughput	$	20.81	$	34.93	$	19.84	$	26.19
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		6.97		7.74		7.77		8.18
Depreciation and amortization expense per barrel of throughput		3.03		2.83		3.18		3.20
Adjusted Refining operating income per barrel of throughput	$	10.81	$	24.36	$	8.89	$	14.81

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	77.98		$	111.69		$	80.09		$	104.52
Brent less West Texas Intermediate (WTI) crude oil		4.22			3.03			5.16			2.96
Brent less WTI Houston crude oil		3.07			1.84			3.68			1.58
Brent less Dated Brent crude oil		(0.45	)		(1.89	)		0.24			(2.90	)
Brent less Argus Sour Crude Index crude oil		4.74			6.59			6.58			5.76
Brent less Maya crude oil		14.31			7.91			16.85			8.21
Brent less Western Canadian Select Houston crude oil		9.23			12.34			13.30			11.00
WTI crude oil		73.76			108.66			74.94			101.56

Natural gas (dollars per million British Thermal Units)		2.00			7.23			2.13			5.78

RVO (dollars per barrel) (i)		7.69			7.80			7.95			7.12

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent		12.98			23.53			11.51			16.38
Ultra-low-sulfur (ULS) diesel less Brent		14.64			48.15			22.46			34.83
Propylene less Brent (not RVO adjusted)		(38.78	)		(38.56	)		(40.50	)		(33.69	)
U.S. Mid-Continent:
CBOB gasoline less WTI		23.60			28.28			20.65			18.93
ULS diesel less WTI		25.16			52.36			29.63			36.60
North Atlantic:
CBOB gasoline less Brent		22.63			33.78			16.98			22.51
ULS diesel less Brent		17.36			62.45			25.33			44.24
U.S. West Coast:
California Reformulated Gasoline Blendstock of Oxygenate Blending 87 gasoline less Brent		30.63			48.04			27.67			34.16
California Air Resources Board diesel less Brent		14.80			51.35			23.32			37.72

See Notes to Earnings Release Tables.

Valero Energy CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)

	June 30,		December 31,
	2023		2022
Balance sheet data
Current assets	$	23,695	$	24,133
Cash and cash equivalents included in current assets		5,075		4,862
Inventories included in current assets		6,961		6,752
Current liabilities		14,948		17,461
Valero Energy Corporation stockholders’ equity		25,851		23,561
Total equity		27,994		25,468
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	167	$	—
Debt, less current portion of debt (excluding VIEs)		8,019		8,380
Total debt (excluding VIEs)		8,186		8,380
Current portion of debt attributable to VIEs		800		861
Debt, less current portion of debt attributable to VIEs		—		—
Total debt attributable to VIEs		800		861
Total debt		8,986		9,241
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		176		184
Finance lease obligations, less current portion (excluding VIEs)		1,431		1,453
Total finance lease obligations (excluding VIEs)		1,607		1,637
Current portion of finance lease obligations attributable to VIEs		50		64
Finance lease obligations, less current portion attributable to VIEs		680		693
Total finance lease obligations attributable to VIEs		730		757
Total finance lease obligations		2,337		2,394
Total debt and finance lease obligations	$	11,323	$	11,635

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

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Reconciliation of capital investments to capital investments attributable to Valero (e)
Capital expenditures (excluding VIEs)	$	136		$	172		$	311		$	324
Capital expenditures of VIEs:
DGD		32			239			122			458
Other VIEs		2			6			2			19
Deferred turnaround and catalyst cost expenditures (excluding VIEs)		273			228			508			681
Deferred turnaround and catalyst cost expenditures of DGD		15			7			39			13
Investments in nonconsolidated joint ventures		—			1			—			1
Capital investments		458			653			982			1,496
Adjustments:
DGD’s capital investments attributable to the other joint venture member		(23	)		(123	)		(80	)		(235	)
Capital expenditures of other VIEs		(2	)		(6	)		(2	)		(19	)
Capital investments attributable to Valero	$	433		$	524		$	900		$	1,242

Dividends per common share	$	1.02		$	0.98		$	2.04		$	1.96

See Notes to Earnings Release Tables.

Valero Energy CORPORATION NOTES TO EARNINGS RELEASE TABLES

(a)	Under the Renewable Fuel Standard (RFS) program, the U.S. Environmental Protection Agency (EPA) is required to set annual quotas for the volume of renewable fuels that obligated parties, such as us, must blend into petroleum-based transportation fuels consumed in the U.S. The quotas are used to determine an obligated party’s RVO. The EPA released a final rule on June 3, 2022 that, among other things, modified the volume standards for 2020 and, for the first time, established volume standards for 2021 and 2022.

	In 2020, we recognized the cost of the RVO using the 2020 quotas set by the EPA at that time, and in 2021 and the three months ended March 31, 2022, we recognized the cost of the RVO using our estimates of the quotas. As a result of the final rule released by the EPA as noted above, we recognized a benefit of $104 million in the three and six months ended June 30, 2022 primarily related to the modification of the 2020 quotas.

(b)	Depreciation and amortization expense for the three and six months ended June 30, 2022 includes a gain of $23 million on the sale of our ethanol plant located in Jefferson, Wisconsin (Jefferson ethanol plant).

(c)	General and administrative expenses (excluding depreciation and amortization expense) for the three and six months ended June 30, 2022 includes a charge of $20 million for an environmental reserve adjustment associated with a non-operating site.

(d)	“Other income, net” includes the following:

		a net gain of $11 million in the six months ended June 30, 2023 related to the early retirement of $199 million aggregate principal amount of various series of our senior notes; and

		a charge of $50 million in the six months ended June 30, 2022 related to the early retirement of $1.4 billion aggregate principal amount of various series of our senior notes.

(e)	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 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 for the U.S.-based adjustments of 22.5 percent and a local statutory income tax rate for foreign-based adjustments. 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.

		–	Modification of RVO – The net benefit resulting from the modification of our RVO for 2020 and 2021 that was recognized by us in June 2022 is not associated with the cost of the RVO generated by our operations during the three and six months ended June 30, 2022. See note (a) for additional details.

		–	Gain on sale of ethanol plant – The gain on the sale of our Jefferson ethanol plant (see note (b)) is not indicative of our ongoing operations.

		–	Environmental reserve adjustment – The environmental reserve adjustment (see note (c)) is attributable to a site that was shut down by prior owners and subsequently acquired by us (referred to by us as a non-operating site).

		–	Loss (gain) on early retirement of debt – Discounts, premiums, and other expenses recognized in connection with the early retirement of various series of our senior notes (see note (d)) are not associated with the ongoing costs of our borrowing and financing activities.

		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.

		Refining margin is defined as Refining segment operating income excluding the modification of RVO adjustment (see note (a)), 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 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 is defined as Refining segment operating income excluding the modification of RVO adjustment (see note (a)) and other operating expenses. We believe adjusted Refining operating income 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 is defined as Ethanol segment operating income excluding the gain on sale of ethanol plant (see note (b)) and other operating expenses. We believe adjusted Ethanol operating income 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 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 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):

		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.

		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.

(f)	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.

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

(h)	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.

(i)	The RVO cost represents the average market cost on a per barrel basis to comply with the RFS 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 EPA, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.

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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics (e) (h)
Renewable Diesel margin	$	603	$	238	$	952	$	464
Renewable Diesel operating income	$	440	$	152	$	645	$	301
Sales volumes (thousand gallons per day)		4,400		2,182		3,698		1,961

Renewable Diesel margin per gallon of sales	$	1.51	$	1.20	$	1.42	$	1.31
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.26		0.29		0.28		0.31
Depreciation and amortization expense per gallon of sales		0.15		0.15		0.18		0.15
Renewable Diesel operating income per gallon of sales	$	1.10	$	0.76	$	0.96	$	0.85

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	2.44	$	4.03	$	2.69	$	3.54
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		1.51		1.70		1.57		1.57
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		80.81		104.30		73.25		121.47
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)		0.57		0.80		0.60		0.79
USGC distillers corn oil (dollars per pound)		0.60		0.81		0.62		0.79
USGC fancy bleachable tallow (dollars per pound)		0.57		0.78		0.59		0.75

Ethanol
Chicago Board of Trade corn (dollars per bushel)		6.27		7.77		6.44		7.24
New York Harbor ethanol (dollars per gallon)		2.56		2.84		2.43		2.61

	Three Months Ended June 30,					Six Months Ended June 30,
		2023			2022		2023			2022
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (e)
Net cash provided by operating activities	$	1,512		$	5,845	$	4,682		$	6,433
Exclude:
Changes in current assets and current liabilities		(1,194	)		594		(1,728	)		(128	)
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		242			90		365			175
Adjusted net cash provided by operating activities	$	2,464		$	5,161	$	6,045		$	6,386

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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Operating statistics (e) (h)
Renewable Diesel margin	$	603	$	238	$	952	$	464
Renewable Diesel operating income	$	440	$	152	$	645	$	301
Sales volumes (thousand gallons per day)		4,400		2,182		3,698		1,961

Renewable Diesel margin per gallon of sales	$	1.51	$	1.20	$	1.42	$	1.31
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.26		0.29		0.28		0.31
Depreciation and amortization expense per gallon of sales		0.15		0.15		0.18		0.15
Renewable Diesel operating income per gallon of sales	$	1.10	$	0.76	$	0.96	$	0.85

See Notes to Earnings Release Tables.

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

	Three Months Ended June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	2.44	$	4.03	$	2.69	$	3.54
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		1.51		1.70		1.57		1.57
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		80.81		104.30		73.25		121.47
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)		0.57		0.80		0.60		0.79
USGC distillers corn oil (dollars per pound)		0.60		0.81		0.62		0.79
USGC fancy bleachable tallow (dollars per pound)		0.57		0.78		0.59		0.75

Ethanol
Chicago Board of Trade corn (dollars per bushel)		6.27		7.77		6.44		7.24
New York Harbor ethanol (dollars per gallon)		2.56		2.84		2.43		2.61