Valero Energy 8-K 发布 Q3 2026 财报：EPS 23.90 美元、炼油利润创纪录，远超预期但盘前反应平淡

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
October 22, 2026
VALERO ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
001-13175
74-1828067
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Valero Way
San Antonio
,
Texas
78249
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
(
210
)
345-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Securities registered pursuant to Section
12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock,
par value $0.01 per share
VLO
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 2.02    Results of Operations and Financial Condition.
On October 22, 2026, Valero Energy Corporation (the “Company”) issued a press release announcing the Company’s financial and operating results for the third quarter ended September 30, 2026. A copy of the press release is furnished with this report as Exhibit 99.01 and is incorporated herein by reference.
The information in this report is being furnished, not filed, pursuant to Item 2.02 of Form 8-K. Accordingly, the information in this report, including the press release, will not be incorporated by reference into any registration statement filed by the Company under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Item 9.01
Financial Statements and Exhibits.
(d)     Exhibits.
Exhibit No.
Description
99.01
Press release dated October 22, 2026.
104
Cover Page Interactive Data File (formatted as Inline XBRL).
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
VALERO ENERGY CORPORATION
(Registrant)
Date:
October 22, 2026
By:
/s/ Homer S. Bhullar
Homer S. Bhullar
Senior Vice President and
Chief Financial Officer
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EX-99.01
2
a9302026exh9901earningsrel.htm
EX-99.01 THIRD QUARTER 2026 EARNINGS RELEASE
Document
Exhibit 99.01
Valero Energy Reports Third Quarter 2026 Results
•
Reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share
•
Reported adjusted net income attributable to Valero stockholders of $6.8 billion, or $23.90 per share
•
Repaid the outstanding principal balances of $100 million of 7.65% Debentures that matured in July and $426 million of 3.400% Senior Notes that matured in September
•
The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget
SAN ANTONIO, October 22, 2026 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025.
“Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market.”
Refining
The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026.
Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an
1
operating loss of $28 million for the third quarter of 2025. Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026.
Ethanol
The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record.
Corporate and Other
General and administrative expenses were $308 million in the third quarter of 2026. The effective tax rate for the third quarter of 2026 was 23 percent.
Investing and Financing Activities
Net cash provided by operating activities was $6.9 billion in the third quarter of 2026. Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026.
Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026.
Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities.
Liquidity and Financial Position
Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September. Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026.
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“Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance,” said Riggs. “This is a result of the long-term strategy that we’ve been committed to for well over a decade.”
Strategic Update
During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget. The project is now operational and is expected to enhance the refinery’s ability to produce higher-value products.
Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
Valero Contacts
Investors:
Brian Donovan, Vice President – Investor Relations, 210-345-1682
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
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Safe-Harbor Statement
Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “commitment,” “plans,” “forecast,” “guidance,” “evaluate,” “opportunity” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.
Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero
4
stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
5
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Statement of income data
Revenues
$
46,098
$
32,168
$
122,955
$
92,315
Cost of sales:
Cost of materials and other (a)
32,741
26,132
94,056
76,858
Taxes other than income taxes (b)
1,654
1,826
5,023
4,980
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
1,627
1,614
4,728
4,659
Depreciation and amortization expense
669
824
2,220
2,290
Total cost of sales
36,691
30,396
106,027
88,787
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
11
5
61
13
General and administrative expenses (excluding
depreciation and amortization expense reflected below)
308
246
826
727
Depreciation and amortization expense
15
12
41
51
Operating income
9,073
1,509
16,000
1,606
Other income, net
127
86
375
292
Interest and debt expense, net of capitalized interest
(144)
(139)
(429)
(417)
Income before income tax expense
9,056
1,456
15,946
1,481
Income tax expense
2,067
390
3,562
404
Net income
6,989
1,066
12,384
1,077
Less: Net income (loss) attributable to noncontrolling interests
161
(29)
573
(137)
Net income attributable to Valero Energy Corporation
stockholders
$
6,828
$
1,095
$
11,811
$
1,214
Earnings per common share
$
23.90
$
3.54
$
40.30
$
3.89
Weighted-average common shares outstanding (in millions)
285
309
292
311
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Weighted-average common shares outstanding –
assuming dilution (in millions)
285
309
292
312
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 1
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Three months ended September 30, 2026
Revenues:
Revenues from external customers
$
44,369
$
664
$
1,065
$
—
$
46,098
Intersegment revenues
3
1,729
352
(2,084)
—
Total revenues
44,372
2,393
1,417
(2,084)
46,098
Cost of sales:
Cost of materials and other
31,988
1,883
962
(2,092)
32,741
Taxes other than income taxes (b)
1,654
—
—
—
1,654
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,376
86
165
—
1,627
Depreciation and amortization expense
580
71
18
—
669
Total cost of sales
35,598
2,040
1,145
(2,092)
36,691
Other operating expenses (e)
(8)
—
—
19
11
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
—
—
—
308
308
Depreciation and amortization expense
—
—
—
15
15
Operating income by segment
$
8,782
$
353
$
272
$
(334)
$
9,073
Three months ended September 30, 2025
Revenues:
Revenues from external customers
$
30,414
$
719
$
1,035
$
—
$
32,168
Intersegment revenues
1
484
259
(744)
—
Total revenues
30,415
1,203
1,294
(744)
32,168
Cost of sales:
Cost of materials and other
24,858
1,077
942
(745)
26,132
Taxes other than income taxes (b)
1,826
—
—
—
1,826
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
1,388
78
148
—
1,614
Depreciation and amortization expense
728
76
21
(1)
824
Total cost of sales
28,800
1,231
1,111
(746)
30,396
Other operating expenses
5
—
—
—
5
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
—
—
—
246
246
Depreciation and amortization expense
—
—
—
12
12
Operating income (loss) by segment
$
1,610
$
(28)
$
183
$
(256)
$
1,509
See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 2
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable
Diesel
Ethanol
Corporate
and
Other (f)
Total
Nine months ended September 30, 2026
Revenues:
Revenues from external customers
$
117,474
$
2,551
$
2,930
$
—
$
122,955
Intersegment revenues
7
3,938
965
(4,910)
—
Total revenues
117,481
6,489
3,895
(4,910)
122,955
Cost of sales:
Cost of materials and other (a)
91,434
4,798
2,678
(4,854)
94,056
Taxes other than income taxes (b)
5,023
—
—
—
5,023
Operating expenses (excluding depreciation and
amortization expense reflected below)
3,985
262
481
—
4,728
Depreciation and amortization expense
1,947
220
56
(3)
2,220
Total cost of sales
102,389
5,280
3,215
(4,857)
106,027
Other operating expenses (e)
34
—
—
27
61
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
—
—
—
826
826
Depreciation and amortization expense
—
—
—
41
41
Operating income by segment
$
15,058
$
1,209
$
680
$
(947)
$
16,000
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$
87,495
$
1,777
$
3,043
$
—
$
92,315
Intersegment revenues
5
1,424
681
(2,110)
—
Total revenues
87,500
3,201
3,724
(2,110)
92,315
Cost of sales:
Cost of materials and other
73,015
3,016
2,962
(2,135)
76,858
Taxes other than income taxes (b)
4,980
—
—
—
4,980
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
3,986
228
446
(1)
4,659
Depreciation and amortization expense
2,029
205
59
(3)
2,290
Total cost of sales
84,010
3,449
3,467
(2,139)
88,787
Asset impairment loss (d)
1,131
—
—
—
1,131
Other operating expenses
13
—
—
—
13
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
—
—
—
727
727
Depreciation and amortization expense
—
—
—
51
51
Operating income (loss) by segment
$
2,346
$
(248)
$
257
$
(749)
$
1,606
See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 3
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(h)
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
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
$
6,828
$
1,095
$
11,811
$
1,214
Adjustments:
Last-in, first-out (LIFO) liquidation adjustment (a)
—
—
(44)
—
Income tax expense related to the LIFO liquidation adjustment
—
—
10
—
LIFO liquidation adjustment, net of taxes
—
—
(34)
—
Employee retention and separation costs (c)
—
50
—
50
Income tax benefit related to employee retention
and separation costs
—
(11)
—
(11)
Employee retention and separation costs, net of taxes
—
39
—
39
Asset impairment loss (d)
—
—
—
1,131
Income tax benefit related to asset impairment loss
—
—
—
(254)
Asset impairment loss, net of taxes
—
—
—
877
Port Arthur Refinery fire expenses (e)
4
—
19
—
Income tax benefit related to Port Arthur Refinery fire expenses
(1)
—
(5)
—
Port Arthur Refinery fire expenses, net of taxes
3
—
14
—
Total adjustments
3
39
(20)
916
Adjusted net income attributable to
Valero Energy Corporation stockholders
$
6,831
$
1,134
$
11,791
$
2,130
Reconciliation of earnings per common share –
assuming dilution to adjusted earnings per common
share – assuming dilution
Earnings per common share – assuming dilution
$
23.89
$
3.53
$
40.29
$
3.89
Adjustments:
LIFO liquidation adjustment (a)
—
—
(0.12)
—
Employee retention and separation costs (c)
—
0.13
—
0.12
Asset impairment loss (d)
—
—
—
2.81
Port Arthur Refinery fire expenses (e)
0.01
—
0.05
—
Total adjustments
0.01
0.13
(0.07)
2.93
Adjusted earnings per common share – assuming dilution
$
23.90
$
3.66
$
40.22
$
6.82
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 4
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of operating income (loss) by segment to segment
margin, and reconciliation of operating income (loss) by
segment to adjusted operating income by segment
Refining segment
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44)
—
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
1,376
1,388
3,985
3,986
Depreciation and amortization expense
580
728
1,947
2,029
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8)
5
34
13
Refining margin
$
10,730
$
3,731
$
20,980
$
9,505
Refining operating income
$
8,782
$
1,610
$
15,058
$
2,346
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses (e)
(8)
5
34
13
Adjusted Refining operating income
$
8,774
$
1,665
$
15,048
$
3,540
Renewable Diesel segment
Renewable Diesel operating income (loss)
$
353
$
(28)
$
1,209
$
(248)
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
86
78
262
228
Depreciation and amortization expense
71
76
220
205
Renewable Diesel margin
$
510
$
126
$
1,691
$
185
Ethanol segment
Ethanol operating income
$
272
$
183
$
680
$
257
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
165
148
481
446
Depreciation and amortization expense
18
21
56
59
Ethanol margin
$
455
$
352
$
1,217
$
762
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 5
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to
Refining margin (by region), and reconciliation of Refining
segment operating income (loss) to adjusted Refining segment
operating income (by region) (i)
U.S. Gulf Coast region
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
838
740
2,389
2,197
Depreciation and amortization expense
397
391
1,179
1,154
Other operating expenses (e)
(9)
2
25
9
Refining margin
$
6,472
$
2,073
$
13,072
$
5,483
Refining operating income
$
5,246
$
940
$
9,479
$
2,123
Adjustment: Other operating expenses (e)
(9)
2
25
9
Adjusted Refining operating income
$
5,237
$
942
$
9,504
$
2,132
U.S. Mid-Continent region
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
225
210
632
605
Depreciation and amortization expense
86
84
264
238
Other operating expenses
1
3
4
3
Refining margin
$
1,706
$
485
$
3,092
$
1,211
Refining operating income
$
1,394
$
188
$
2,192
$
365
Adjustment: Other operating expenses
1
3
4
3
Adjusted Refining operating income
$
1,395
$
191
$
2,196
$
368
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 6
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(h)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of Refining segment operating income (loss) to
Refining margin (by region), and reconciliation of Refining
segment operating income (loss) to adjusted Refining segment
operating income (by region) (i) (continued)
North Atlantic region
Refining operating income
$
1,837
$
532
$
2,962
$
967
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
213
199
616
553
Depreciation and amortization expense
77
80
241
224
Refining margin
$
2,127
$
811
$
3,819
$
1,744
U.S. West Coast region (f)
Refining operating income (loss)
$
305
$
(50)
$
425
$
(1,109)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44)
—
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
100
239
348
631
Depreciation and amortization expense (g)
20
173
263
413
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Refining margin
$
425
$
362
$
997
$
1,067
Refining operating income (loss)
$
305
$
(50)
$
425
$
(1,109)
Adjustments:
LIFO liquidation adjustment (a)
—
—
(44)
—
Employee retention and separation costs (c)
—
50
—
50
Asset impairment loss (d)
—
—
—
1,131
Other operating expenses
—
—
5
1
Adjusted Refining operating income
$
305
$
—
$
386
$
73
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 7
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil
512
506
492
538
Medium/light sour crude oil
274
281
274
252
Sweet crude oil
1,594
1,661
1,572
1,577
Residuals
109
204
137
156
Other feedstocks
117
89
121
82
Total feedstocks
2,606
2,741
2,596
2,605
Blendstocks and other
366
346
350
342
Total throughput volumes
2,972
3,087
2,946
2,947
Yields (thousand barrels per day)
Gasolines and blendstocks
1,402
1,517
1,405
1,446
Distillates
1,162
1,201
1,146
1,130
Other products (j)
430
399
422
396
Total yields
2,994
3,117
2,973
2,972
Operating statistics (h) (k)
Refining margin (from Table Page 5)
$
10,730
$
3,731
$
20,980
$
9,505
Adjusted Refining operating income (from Table Page 5)
$
8,774
$
1,665
$
15,048
$
3,540
Throughput volumes (thousand barrels per day)
2,972
3,087
2,946
2,947
Refining margin per barrel of throughput
$
39.24
$
13.14
$
26.09
$
11.82
Less:
Adjusted operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
5.03
4.71
4.96
4.89
Depreciation and amortization expense per barrel of
throughput
2.12
2.57
2.42
2.53
Adjusted Refining operating income per barrel of
throughput
$
32.09
$
5.86
$
18.71
$
4.40
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 8
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Renewable Diesel margin (from Table Page 5)
$
510
$
126
$
1,691
$
185
Renewable Diesel operating income (loss) (from Table Page 5)
$
353
$
(28)
$
1,209
$
(248)
Sales volumes (thousand gallons per day)
3,423
2,717
3,429
2,629
Renewable Diesel margin per gallon of sales
$
1.62
$
0.50
$
1.81
$
0.26
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
0.28
0.31
0.28
0.32
Depreciation and amortization expense per gallon of sales
0.22
0.30
0.24
0.28
Renewable Diesel operating income (loss) per gallon of sales
$
1.12
$
(0.11)
$
1.29
$
(0.34)
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 9
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
ETHANOL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics (h) (k)
Ethanol margin (from Table Page 5)
$
455
$
352
$
1,217
$
762
Ethanol operating income (from Table Page 5)
$
272
$
183
$
680
$
257
Production volumes (thousand gallons per day)
4,799
4,635
4,695
4,562
Ethanol margin per gallon of production
$
1.03
$
0.83
$
0.95
$
0.62
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
0.37
0.35
0.38
0.36
Depreciation and amortization expense per gallon of production
0.04
0.05
0.04
0.05
Ethanol operating income per gallon of production
$
0.62
$
0.43
$
0.53
$
0.21
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 10
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i)
U.S. Gulf Coast region (h) (k)
Refining margin (from Table Page 6)
$
6,472
$
2,073
$
13,072
$
5,483
Adjusted Refining operating income (from Table Page 6)
$
5,237
$
942
$
9,504
$
2,132
Throughput volumes (thousand barrels per day)
1,874
1,846
1,819
1,787
Refining margin per barrel of throughput
$
37.55
$
12.21
$
26.32
$
11.24
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.86
4.36
4.81
4.50
Depreciation and amortization expense per barrel of
throughput
2.31
2.30
2.37
2.37
Adjusted Refining operating income per barrel of throughput
$
30.38
$
5.55
$
19.14
$
4.37
U.S. Mid-Continent region (h) (k)
Refining margin (from Table Page 6)
$
1,706
$
485
$
3,092
$
1,211
Adjusted refining operating income (from Table Page 6)
$
1,395
$
191
$
2,196
$
368
Throughput volumes (thousand barrels per day)
472
466
471
448
Refining margin per barrel of throughput
$
39.27
$
11.31
$
24.08
$
9.91
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
5.19
4.90
4.92
4.95
Depreciation and amortization expense per barrel of
throughput
1.99
1.96
2.06
1.94
Adjusted refining operating income per barrel of throughput
$
32.09
$
4.45
$
17.10
$
3.02
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 11
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Operating statistics by region (i) (continued)
North Atlantic region (h) (k)
Refining margin (from Table Page 7)
$
2,127
$
811
$
3,819
$
1,744
Refining operating income (from Table Page 7)
$
1,837
$
532
$
2,962
$
967
Throughput volumes (thousand barrels per day)
507
516
506
468
Refining margin per barrel of throughput
$
45.58
$
17.10
$
27.64
$
13.65
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.58
4.20
4.46
4.33
Depreciation and amortization expense per barrel of
throughput
1.64
1.70
1.75
1.75
Refining operating income per barrel of throughput
$
39.36
$
11.20
$
21.43
$
7.57
U.S. West Coast region (f) (h) (k)
Refining margin (from Table Page 7)
$
425
$
362
$
997
$
1,067
Adjusted Refining operating income (from Table Page 7)
$
305
$
—
$
386
$
73
Throughput volumes (thousand barrels per day)
119
259
150
244
Refining margin per barrel of throughput
$
38.81
$
15.22
$
24.39
$
16.00
Less:
Adjusted operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
9.10
7.94
8.50
8.72
Depreciation and amortization expense per barrel of
throughput (g)
1.85
7.29
6.44
6.20
Adjusted Refining operating income (loss) per barrel of throughput
$
27.86
$
(0.01)
$
9.45
$
1.08
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 12
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining
Feedstocks (dollars per barrel)
Brent crude oil
$
91.61
$
68.14
$
88.87
$
69.87
Brent less West Texas Intermediate (WTI) crude oil
5.37
3.11
5.06
3.08
Brent less WTI Houston crude oil
4.29
2.09
3.44
2.02
Brent less Dated Brent crude oil
(5.75)
(0.91)
(5.49)
(0.91)
Brent less Argus Sour Crude Index crude oil
6.07
3.46
4.71
2.68
Brent less Maya crude oil
13.37
7.14
10.97
8.35
Brent less Western Canadian Select Houston crude oil
16.49
6.93
14.66
6.81
WTI crude oil
86.24
65.03
83.81
66.79
Natural gas (dollars per million British thermal units)
2.47
2.70
2.68
2.97
Renewable volume obligation (RVO) (dollars per barrel) (l)
14.34
6.38
12.51
5.76
Product margins (RVO adjusted unless otherwise noted)
(dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB)
gasoline less Brent
24.08
7.78
14.17
6.78
Ultra-low-sulfur (ULS) diesel less Brent
72.27
21.05
47.80
17.51
Polymer Grade Propylene less Brent (not RVO adjusted)
(17.02)
(8.22)
(13.22)
(3.07)
U.S. Mid-Continent:
CBOB gasoline less WTI
34.16
12.79
17.87
12.32
ULS diesel less WTI
73.54
26.16
46.49
21.09
North Atlantic:
CBOB gasoline less Brent
33.46
14.58
20.56
10.97
ULS diesel less Brent
77.12
24.64
53.72
21.44
U.S. West Coast:
California Reformulated Gasoline Blendstock for
Oxygenate Blending 87 gasoline less Brent
50.89
26.69
40.62
28.94
California Air Resources Board diesel less Brent
81.83
29.83
56.98
23.47
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 13
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Renewable Diesel
New York Mercantile Exchange ULS diesel
(dollars per gallon)
$
4.33
$
2.35
$
3.66
$
2.30
Biodiesel Renewable Identification Number (RIN)
(dollars per RIN)
2.23
1.13
1.93
1.00
California Low-Carbon Fuel Standard carbon credit
(dollars per metric ton)
80.60
53.36
71.43
57.30
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)
0.76
0.62
0.74
0.56
USGC distillers corn oil (dollars per pound)
0.77
0.64
0.76
0.58
USGC fancy bleachable tallow (dollars per pound)
0.75
0.62
0.73
0.56
Ethanol
Chicago Board of Trade corn (dollars per bushel)
4.78
4.02
4.53
4.42
New York Harbor ethanol (dollars per gallon)
2.10
1.96
1.97
1.87
Table Page 14
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars)
(unaudited)
September 30,
December 31,
2026
2025
Balance sheet data
Current assets
$
33,561
$
23,210
Cash and cash equivalents included in current assets
9,840
4,688
Inventories included in current assets
7,611
7,591
Current liabilities
19,469
14,109
Valero Energy Corporation stockholders’ equity
27,974
23,725
Total equity
31,084
26,605
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))
$
727
$
672
Debt, less current portion of debt (excluding VIEs)
7,849
7,566
Total debt (excluding VIEs)
8,576
8,238
Current portion of debt attributable to VIEs
3
23
Total debt
8,579
8,261
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)
233
228
Finance lease obligations, less current portion (excluding VIEs)
1,567
1,488
Total finance lease obligations (excluding VIEs)
1,800
1,716
Current portion of finance lease obligations attributable to VIEs
26
26
Finance lease obligations, less current portion attributable to VIEs
596
616
Total finance lease obligations attributable to VIEs
622
642
Total finance lease obligations
2,422
2,358
Total debt and finance lease obligations
$
11,001
$
10,619
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of net cash provided by operating activities to
adjusted net cash provided by operating activities (h)
Net cash provided by operating activities
$
6,932
$
1,881
$
13,902
$
3,769
Exclude:
Changes in current assets and current liabilities
(526)
325
(123)
157
Diamond Green Diesel LLC’s (DGD) adjusted net cash
provided by (used in) operating activities attributable to the
other joint venture member’s ownership interest in DGD
205
(86)
696
(239)
Adjusted net cash provided by operating activities
$
7,253
$
1,642
$
13,329
$
3,851
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 15
VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Reconciliation of capital investments to capital
investments attributable to Valero (h)
Capital expenditures (excluding VIEs)
$
272
$
171
$
654
$
504
Capital expenditures of VIEs:
DGD
(3)
4
4
67
Other VIEs
1
2
3
5
Deferred turnaround and catalyst cost expenditures
(excluding VIEs)
155
187
529
808
Deferred turnaround and catalyst cost expenditures
of DGD
7
45
40
91
Investments in nonconsolidated joint ventures
—
—
—
1
Capital investments
432
409
1,230
1,476
Adjustments:
DGD’s capital investments attributable to the other joint
venture member
(2)
(25)
(22)
(79)
Capital expenditures of other VIEs
(1)
(2)
(3)
(5)
Capital investments attributable to Valero
$
429
$
382
$
1,205
$
1,392
Dividends per common share
$
1.20
$
1.13
$
3.60
$
3.39
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 16
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES
(a)
Cost of materials and other for the nine months ended September 30, 2026 includes a benefit of $44 million resulting from the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during 2026 due to the phased idling of processing units and cessation of refining operations at our Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025.
(b)
Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations.
(c)
Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to the Benicia Refinery. In connection with our plan to cease refining operations at the Benicia Refinery, we implemented a transition plan for eligible employees that included retention incentive payments and separation benefits.
(d)
In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the nine months ended September 30, 2025.
(e)
Other operating expenses for the three and nine months ended September 30, 2026 includes $4 million and $19 million, respectively, of repair costs directly attributable to the March 2026 incident at our Port Arthur Refinery.
(f)
During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within Corporate and Other.
(g)
Depreciation and amortization expense includes incremental depreciation expense of approximately $133 million in the nine months ended September 30, 2026 and approximately $100 million and $200 million in the three and nine months ended September 30, 2025, respectively, related to the Benicia Refinery. In connection with our phased plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, the revised carrying value of the refinery’s long-lived assets was depreciated to the estimated salvage value.
(h)
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, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. 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
Table Page 17
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (continued)
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.
–
LIFO liquidation adjustment –
Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income attributable to Valero Energy Corporation stockholders. See note (a) for additional details.
–
Employee retention and separation costs
– The employee retention and separation costs related to the Benicia Refinery (see note (c)) are not indicative of our ongoing operations.
–
Asset impairment loss
– The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (d)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business.
–
Port Arthur Refinery fire expenses
– The expenses directly attributable to the March 2026 incident at our Port Arthur Refinery (see note (e)) are specific to that incident and are not indicative of our ongoing operations.
◦
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 (loss) excluding the LIFO liquidation adjustment (see note (a)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (d)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
◦
Renewable Diesel margin
is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
◦
Ethanol margin
is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
◦
Adjusted Refining operating income
is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), employee retention and separation costs (see note (c)), the asset impairment loss (see note (d)), 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.
Table Page 18
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (continued)
◦
Adjusted Refining operating expenses (excluding depreciation and amortization expense)
is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separation costs (see note (c)). We believe adjusted Refining operating expense (excluding depreciation and amortization expense) 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 Refining operating expenses (excluding depreciation and amortization expense) for the Refining segment and the U.S.
West Coast region is calculated as follows (in millions):
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Refining segment
Operating expenses (excluding depreciation and
amortization expense)
$
1,376
$
1,388
$
3,985
$
3,986
Adjustment: Employee retention and separation costs
—
(50)
—
(50)
Adjusted operating expenses (excluding depreciation and
amortization expense)
$
1,376
$
1,338
$
3,985
$
3,936
U.S. West Coast region
Operating expenses (excluding depreciation and
amortization expense)
$
100
$
239
$
348
$
631
Adjustment: Employee retention and separation costs
—
(50)
—
(50)
Adjusted operating expenses (excluding depreciation and
amortization expense)
$
100
$
189
$
348
$
581
◦
Adjusted net cash
provided by
operating activities
is defined as net cash
provided by
operating activities excluding the items noted be
low. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.
–
Changes in current assets and current liabilities
– Current assets net of current liabilities represents our
operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.
–
DGD’s adjusted net cash provided by (used in)
operating activities attributable to the other joint venture member’s ownership interest in DGD
– We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.
In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe
Table Page 19
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (continued)
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
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
DGD operating cash flow data
Net cash provided by (used in) operating activities
$
312
$
(263)
$
551
$
(364)
Exclude: Changes in current assets and current
liabilities
(99)
(90)
(841)
115
Adjusted net cash provided by (used in) operating
activities
411
(173)
1,392
(479)
Other joint venture member’s ownership interest
50%
50%
50%
50%
DGD’s adjusted net cash provided by (used in)
operating activities attributable to the other joint
venture member’s ownership interest in DGD
$
205
$
(86)
$
696
$
(239)
◦
Capital investments attributable to Valero
is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.
In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.
(i)
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. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reflected within Corporate and Other.
(j)
Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
(k)
We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.
All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.
Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.
Table Page 20
VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (continued)
(l)
The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.
Table Page 21