0001035002-20-000004.txt : 20200130 0001035002-20-000004.hdr.sgml : 20200130 20200130083205 ACCESSION NUMBER: 0001035002-20-000004 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200130 DATE AS OF CHANGE: 20200130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALERO ENERGY CORP/TX CENTRAL INDEX KEY: 0001035002 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 741828067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13175 FILM NUMBER: 20559827 BUSINESS ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 BUSINESS PHONE: 2103452000 MAIL ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 8-K 1 vlo12312019q4form8-k.htm FORM 8-K FOURTH QUARTER 2019 EARNINGS RELEASE Document
false0001035002VALERO ENERGY CORP/TX 0001035002 2020-01-30 2020-01-30



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): January 30, 2020

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
 
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 January 30, 2020, Valero Energy Corporation (the “Company”) issued a press release announcing the Company’s financial and operating results for the fourth quarter ended December 31, 2019. 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
 
 
 
 
 
 
 
**104
 
Cover Page Interactive Data File (formatted as Inline XBRL).
___________________
*
Filed herewith.
**
Submitted electronically herewith.

2


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



 
 
VALERO ENERGY CORPORATION
 
 
 
 
 
 
 
 
Date:
January 30, 2020
By:
/s/ Donna M. Titzman
 
 
 
Donna M. Titzman
 
 
 
Executive Vice President and
 
 
 
Chief Financial Officer



3
 EX-99.01 2 vloq42019earningsrelease.htm EXHIBIT 99.01 FOURTH QUARTER 2019 EARNINGS RELEASE Exhibit
vlologo.gif

Exhibit 99.01

Valero Energy Reports 2019 Fourth Quarter and Full Year Results

•
Reported net income attributable to Valero stockholders of $1.1 billion, or $2.58 per share, for the fourth quarter and $2.4 billion, or $5.84 per share, for the year.
•
Reported adjusted net income attributable to Valero stockholders of $873 million, or $2.13 per share, for the fourth quarter and $2.4 billion, or $5.70 per share, for the year.
•
Returned $591 million in cash to stockholders through dividends and stock buybacks in the fourth quarter and $2.3 billion in the year.
•
Increased quarterly common stock dividend by nine percent to $0.98 per share on January 23.

SAN ANTONIO, January 30, 2020 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.1 billion, or $2.58 per share, for the fourth quarter of 2019 compared to $952 million, or $2.24 per share, for the fourth quarter of 2018. Excluding adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $873 million, or $2.13 per share, for the fourth quarter of 2019 and $932 million, or $2.19 per share, for the fourth quarter of 2018. The adjustment for the fourth quarter of 2019 is associated with the retroactive blender’s tax credit.

For the year ended December 31, 2019, net income attributable to Valero stockholders was $2.4 billion, or $5.84 per share, compared to $3.1 billion, or $7.29 per share, for 2018. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $2.4 billion, or $5.70 per share, for 2019 compared to $3.2 billion, or $7.55 per share, for 2018.

“We delivered another year of steady earnings despite a challenging environment for the refining business during 2019,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “We ran our business well by delivering the best year ever on employee safety performance along with the lowest number of environmental events in company history.”


1

Refining
The refining segment reported $1.4 billion of operating income for the fourth quarter of 2019 compared to $1.5 billion for the fourth quarter of 2018.

“Our refineries operated well at 96% utilization, allowing us to take advantage of wider sour crude oil differentials and weakness in high sulfur residual feedstocks in the fourth quarter,” Gorder said.

Refinery throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2019, which is in line with the fourth quarter of 2018. For the full year 2019, the company processed record volumes of approximately 180 thousand barrels per day of Canadian heavy crude oil and 1.4 million barrels per day of North American sweet crude oil. The company exported an average of 343,000 barrels per day of gasoline and distillate in 2019.

Ethanol
The ethanol segment reported $36 million of operating income for the fourth quarter of 2019, compared to a $27 million operating loss for the fourth quarter of 2018. The increase in operating income was attributed primarily to higher ethanol prices. Ethanol production volumes averaged 4.3 million gallons per day in the fourth quarter of 2019, which is in line with the fourth quarter of 2018.

Renewable Diesel
The renewable diesel segment reported $541 million of operating income for the fourth quarter of 2019, compared to $101 million for the fourth quarter of 2018. After adjusting for the retroactive blender’s tax credit recorded in the fourth quarter of 2019, adjusted renewable diesel operating income was $187 million in the fourth quarter of 2019, compared to $167 million in the fourth quarter of 2018. Renewable diesel sales volumes averaged 844 thousand gallons per day in the fourth quarter of 2019, an increase of 124 thousand gallons per day versus the fourth quarter of 2018.

Corporate and Other
General and administrative expenses were $243 million in the fourth quarter of 2019 compared to $230 million in the fourth quarter of 2018. For 2019, general and administrative expenses of


2

$868 million were $57 million lower than in 2018 mainly due to adjustments to our environmental liabilities in 2018. The effective tax rate for 2019 was 20 percent.

Investing and Financing Activities
Capital investments totaled $722 million in the fourth quarter of 2019, of which $445 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance.

Valero returned $591 million to stockholders in the fourth quarter of 2019, of which $369 million was paid as dividends and $222 million was for the purchase of approximately 2.3 million shares of common stock. In 2019, Valero returned $2.3 billion to stockholders, or 47 percent of adjusted net cash provided by operating activities, consisting of $777 million in stock buybacks and $1.5 billion in dividends.

Net cash provided by operating activities in 2019 was $5.5 billion. Included in this amount is a $294 million favorable impact from working capital and our joint venture partner’s share of Diamond Green Diesel’s (DGD) net cash provided by operating activities, excluding changes in its working capital. Excluding these items, adjusted net cash provided by operating activities was $4.8 billion.

Valero continues to target a total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities for 2020. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

On January 23, the company announced a nine percent increase in its quarterly common stock dividend from $0.90 per share to $0.98 per share, payable on March 4, 2020, to holders of record on February 12, 2020.

Liquidity and Financial Position
Valero ended the fourth quarter of 2019 with $9.7 billion of total debt and $2.6 billion of cash and cash equivalents. The debt to capital ratio, net of $2 billion in cash, was 26 percent.


3

Strategic Update
In 2019, Valero successfully started up the Houston Alkylation Unit, which upgrades lower value natural gas liquids and refinery olefins to a premium, high octane alkylate product. Valero also completed the Central Texas Pipelines and Terminals project, which reduces secondary costs and extends the supply chain from the U.S. Gulf Coast to a growing inland market.

Several growth projects, including the Pasadena Terminal, St. Charles Alkylation Unit and Pembroke Cogeneration Unit, are on track to be completed in 2020. The Diamond Pipeline expansion should be completed in 2021. The company expects the DGD expansion and Port Arthur Coker to be completed in 2021 and 2022, respectively.

Valero, with its ethanol and renewable diesel businesses, is already the largest renewable fuels producer in North America and it continues to explore growth opportunities in renewable fuels. As previously announced, Valero and its joint venture partner in DGD have initiated an advanced engineering and development cost review for a new renewable diesel plant at Valero’s Port Arthur, Texas facility. If the project is approved, operations would commence in 2024, resulting in DGD production capacity increasing to over 1.1 billion gallons annually.

Valero continues to expect to invest approximately $2.5 billion of capital in 2020, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects.

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 an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 14 ethanol plants with a combined production capacity of approximately 1.73 billion gallons per year. The petroleum


4

refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.valero.com for more information.

Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement
Statements contained in this release that state the company’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,” and other similar expressions identify forward-looking statements. 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 the company’s control, such as delays in construction timing and other factors. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and on Valero’s website at www.valero.com.



5

Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, refining margin, ethanol margin, renewable diesel margin, adjusted refining operating income, adjusted ethanol operating income, adjusted renewable diesel operating income, and adjusted net cash provided by operating activities. 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 reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.



6


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

 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Statement of income data
 
 
 
 
 
 
 
Revenues
$
27,879

 
$
28,730

 
$
108,324

 
$
117,033

Cost of sales:
 
 
 
 
 
 
 
Cost of materials and other (a)
24,080

 
25,415

 
96,476

 
104,732

Operating expenses (excluding depreciation and
amortization expense reflected below)
1,239

 
1,251

 
4,868

 
4,690

Depreciation and amortization expense
557

 
518

 
2,202

 
2,017

Total cost of sales
25,876

 
27,184

 
103,546

 
111,439

Other operating expenses (b)
7

 
4

 
21

 
45

General and administrative expenses (excluding
depreciation and amortization expense reflected below) (c)
243

 
230

 
868

 
925

Depreciation and amortization expense
14

 
13

 
53

 
52

Operating income
1,739

 
1,299

 
3,836

 
4,572

Other income, net (d)
36

 
42

 
104

 
130

Interest and debt expense, net of capitalized interest
(119
)
 
(114
)
 
(454
)
 
(470
)
Income before income tax expense
1,656

 
1,227

 
3,486

 
4,232

Income tax expense (e) (f)
326

 
205

 
702

 
879

Net income
1,330

 
1,022

 
2,784

 
3,353

Less: Net income attributable to noncontrolling interests (a)
270

 
70

 
362

 
231

Net income attributable to Valero Energy Corporation stockholders
$
1,060

 
$
952

 
$
2,422

 
$
3,122

 
 
 
 
 
 
 
 
Earnings per common share
$
2.58

 
$
2.26

 
$
5.84

 
$
7.30

Weighted-average common shares outstanding (in millions)
409

 
421

 
413

 
426

 
 
 
 
 
 
 
 
Earnings per common share – assuming dilution
$
2.58

 
$
2.24

 
$
5.84

 
$
7.29

Weighted-average common shares outstanding –
assuming dilution (in millions)
410

 
422

 
414

 
428


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 1


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT (g)
(millions of dollars)
(unaudited)

 
Refining
 
Ethanol
 
Renewable
Diesel
 
Corporate
and
Eliminations
 
Total
Three months ended December 31, 2019
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
26,637

 
$
958

 
$
284

 
$
—

 
$
27,879

Intersegment revenues
6

 
69

 
73

 
(148
)
 
—

Total revenues
26,643

 
1,027

 
357

 
(148
)
 
27,879

Cost of sales:
 
 
 
 
 
 
 
 
 
Cost of materials and other (a)
23,602

 
843

 
(217
)
 
(148
)
 
24,080

Operating expenses (excluding depreciation and
amortization expense reflected below)
1,092

 
126

 
21

 
—

 
1,239

Depreciation and amortization expense
523

 
22

 
12

 
—

 
557

Total cost of sales
25,217

 
991

 
(184
)
 
(148
)
 
25,876

Other operating expenses (b)
7

 
—

 
—

 
—

 
7

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

 
—

 
—

 
243

 
243

Depreciation and amortization expense
—

 
—

 
—

 
14

 
14

Operating income by segment
$
1,419

 
$
36

 
$
541

 
$
(257
)
 
$
1,739

 
 
 
 
 
 
 
 
 
 
Three months ended December 31, 2018
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
27,722

 
$
803

 
$
204

 
$
1

 
$
28,730

Intersegment revenues
5

 
54

 
67

 
(126
)
 
—

Total revenues
27,727

 
857

 
271

 
(125
)
 
28,730

Cost of sales:
 
 
 
 
 
 
 
 
 
Cost of materials and other
24,671

 
729

 
140

 
(125
)
 
25,415

Operating expenses (excluding depreciation and
amortization expense reflected below)
1,097

 
134

 
20

 
—

 
1,251

Depreciation and amortization expense
487

 
21

 
10

 
—

 
518

Total cost of sales
26,255

 
884

 
170

 
(125
)
 
27,184

Other operating expenses (b)
4

 
—

 
—

 
—

 
4

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

 
—

 
—

 
230

 
230

Depreciation and amortization expense
—

 
—

 
—

 
13

 
13

Operating income (loss) by segment
$
1,468

 
$
(27
)
 
$
101

 
$
(243
)
 
$
1,299


See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 16.



Table Page 2


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT (g)
(millions of dollars)
(unaudited)

 
Refining
 
Ethanol
 
Renewable
Diesel
 
Corporate
and
Eliminations
 
Total
Year ended December 31, 2019
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
103,746

 
$
3,606

 
$
970

 
$
2

 
$
108,324

Intersegment revenues
18

 
231

 
247

 
(496
)
 
—

Total revenues
103,764

 
3,837

 
1,217

 
(494
)
 
108,324

Cost of sales:
 
 
 
 
 
 
 
 
 
Cost of materials and other (a)
93,371

 
3,239

 
360

 
(494
)
 
96,476

Operating expenses (excluding depreciation and
amortization expense reflected below)
4,289

 
504

 
75

 
—

 
4,868

Depreciation and amortization expense
2,062

 
90

 
50

 
—

 
2,202

Total cost of sales
99,722

 
3,833

 
485

 
(494
)
 
103,546

Other operating expenses (b)
20

 
1

 
—

 
—

 
21

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

 
—

 
—

 
868

 
868

Depreciation and amortization expense
—

 
—

 
—

 
53

 
53

Operating income by segment
$
4,022

 
$
3

 
$
732

 
$
(921
)
 
$
3,836

 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2018
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Revenues from external customers
$
113,093

 
$
3,428

 
$
508

 
$
4

 
$
117,033

Intersegment revenues
25

 
210

 
170

 
(405
)
 
—

Total revenues
113,118

 
3,638

 
678

 
(401
)
 
117,033

Cost of sales:
 
 
 
 
 
 
 
 
 
Cost of materials and other (a)
101,866

 
3,008

 
262

 
(404
)
 
104,732

Operating expenses (excluding depreciation and
amortization expense reflected below)
4,154

 
470

 
66

 
—

 
4,690

Depreciation and amortization expense
1,910

 
78

 
29

 
—

 
2,017

Total cost of sales
107,930

 
3,556

 
357

 
(404
)
 
111,439

Other operating expenses (b)
45

 
—

 
—

 
—

 
45

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

 
—

 
—

 
925

 
925

Depreciation and amortization expense
—

 
—

 
—

 
52

 
52

Operating income by segment
$
5,143

 
$
82

 
$
321

 
$
(974
)
 
$
4,572



See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 16.



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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
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
$
1,060

 
$
952

 
$
2,422

 
$
3,122

Exclude adjustments:
 
 
 
 
 
 
 
Blender’s tax credit attributable to Valero Energy
Corporation stockholders (a)
192

 
(33
)
 
80

 
10

Income tax (expense) benefit related to blender’s tax credit
(5
)
 
1

 
(2
)
 
(9
)
Blender’s tax credit attributable to Valero Energy
Corporation stockholders, net of taxes
187

 
(32
)
 
78

 
1

Texas City Refinery fire expenses
—

 
(3
)
 
—

 
(17
)
Income tax benefit related to Texas City Refinery
fire expenses
—

 
1

 
—

 
4

Texas City Refinery fire expenses, net of taxes
—

 
(2
)
 
—

 
(13
)
Environmental reserve adjustments (c)
—

 
—

 
—

 
(108
)
Income tax benefit related to environmental reserve
adjustments
—

 
—

 
—

 
24

Environmental reserve adjustments, net of taxes
—

 
—

 
—

 
(84
)
Loss on early redemption of debt (d)
—

 
—

 
(22
)
 
(38
)
Income tax benefit related to loss on early
redemption of debt
—

 
—

 
5

 
9

Loss on early redemption of debt, net of taxes
—

 
—

 
(17
)
 
(29
)
Income tax benefit from Tax Reform (e)
—

 
12

 
—

 
12

Foreign tax credit (f)
—

 
42

 
—

 
—

Total adjustments
187

 
20

 
61

 
(113
)
Adjusted net income attributable to
Valero Energy Corporation stockholders
$
873

 
$
932

 
$
2,361

 
$
3,235

 
 
 
 
 
 
 
 
Reconciliation of earnings per common share – assuming
dilution to adjusted earnings per common share –
assuming dilution
 
 
 
 
 
 
 
Earnings per common share – assuming dilution
$
2.58

 
$
2.24

 
$
5.84

 
$
7.29

Exclude adjustments:
 
 
 
 
 
 
 
Blender’s tax credit attributable to Valero Energy
Corporation stockholders (a)
0.45

 
(0.07
)
 
0.18

 
—

Texas City Refinery fire expenses
—

 
(0.01
)
 
—

 
(0.02
)
Environmental reserve adjustments (c)
—

 
—

 
—

 
(0.20
)
Loss on early redemption of debt (d)
—

 
—

 
(0.04
)
 
(0.07
)
Income tax benefit from Tax Reform (e)
—

 
0.03

 
—

 
0.03

Foreign tax credit (f)
—

 
0.10

 
—

 
—

Total adjustments
0.45

 
0.05

 
0.14

 
(0.26
)
Adjusted earnings per common share – assuming dilution
$
2.13

 
$
2.19

 
$
5.70

 
$
7.55


See Notes to Earnings Release Tables beginning on Table Page 16.


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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Reconciliation of operating income by segment to segment
margin, and reconciliation of operating income by
segment to adjusted operating income by segment
 
 
 
 
 
 
 
Refining segment (g)
 
 
 
 
 
 
 
Refining operating income
$
1,419

 
$
1,468

 
$
4,022

 
$
5,143

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
15

 
—

 
2

 
8

Operating expenses (excluding depreciation and
amortization expense reflected below)
(1,092
)
 
(1,097
)
 
(4,289
)
 
(4,154
)
Depreciation and amortization expense
(523
)
 
(487
)
 
(2,062
)
 
(1,910
)
Other operating expenses (b)
(7
)
 
(4
)
 
(20
)
 
(45
)
Refining margin
$
3,026

 
$
3,056

 
$
10,391

 
$
11,244

 
 
 
 
 
 
 
 
Refining operating income
$
1,419

 
$
1,468

 
$
4,022

 
$
5,143

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
15

 
—

 
2

 
8

Other operating expenses (b)
(7
)
 
(4
)
 
(20
)
 
(45
)
Adjusted refining operating income
$
1,411

 
$
1,472

 
$
4,040

 
$
5,180

 
 
 
 
 
 
 
 
Ethanol segment
 
 
 
 
 
 
 
Ethanol operating income (loss)
$
36

 
$
(27
)
 
$
3

 
$
82

Exclude:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below)
(126
)
 
(134
)
 
(504
)
 
(470
)
Depreciation and amortization expense
(22
)
 
(21
)
 
(90
)
 
(78
)
Other operating expenses (b)
—

 
—

 
(1
)
 
—

Ethanol margin
$
184

 
$
128

 
$
598

 
$
630

 
 
 
 
 
 
 
 
Ethanol operating income (loss)
$
36

 
$
(27
)
 
$
3

 
$
82

Exclude: Other operating expenses (b)
—

 
—

 
(1
)
 
—

Adjusted ethanol operating income (loss)
$
36

 
$
(27
)
 
$
4

 
$
82

 
 
 
 
 
 
 
 
Renewable diesel segment (g)
 
 
 
 
 
 
 
Renewable diesel operating income
$
541

 
$
101

 
$
732

 
$
321

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
354

 
(66
)
 
156

 
4

Operating expenses (excluding depreciation and
amortization expense reflected below)
(21
)
 
(20
)
 
(75
)
 
(66
)
Depreciation and amortization expense
(12
)
 
(10
)
 
(50
)
 
(29
)
Renewable diesel margin
$
220

 
$
197

 
$
701

 
$
412

 
 
 
 
 
 
 
 
Renewable diesel operating income
$
541

 
$
101

 
$
732

 
$
321

Exclude: Blender’s tax credit (a)
354

 
(66
)
 
156

 
4

Adjusted renewable diesel operating income
$
187

 
$
167

 
$
576

 
$
317


See Notes to Earnings Release Tables beginning on Table Page 16.


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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
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) (i)
 
 
 
 
 
 
 
U.S. Gulf Coast region (g)
 
 
 
 
 
 
 
Refining operating income
$
706

 
$
499

 
$
1,485

 
$
2,328

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
11

 
—

 
2

 
5

Operating expenses (excluding depreciation and
amortization expense reflected below)
(610
)
 
(616
)
 
(2,436
)
 
(2,326
)
Depreciation and amortization expense
(325
)
 
(292
)
 
(1,279
)
 
(1,157
)
Other operating expenses (b)
(5
)
 
(3
)
 
(13
)
 
(42
)
Refining margin
$
1,635

 
$
1,410

 
$
5,211

 
$
5,848

 
 
 
 
 
 
 
 
Refining operating income
$
706

 
$
499

 
$
1,485

 
$
2,328

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
11

 
—

 
2

 
5

Other operating expenses (b)
(5
)
 
(3
)
 
(13
)
 
(42
)
Adjusted refining operating income
$
700

 
$
502

 
$
1,496

 
$
2,365

 
 
 
 
 
 
 
 
U.S. Mid-Continent region (g)
 
 
 
 
 
 
 
Refining operating income
$
251

 
$
416

 
$
1,242

 
$
1,488

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
3

 
—

 
—

 
2

Operating expenses (excluding depreciation and
amortization expense reflected below)
(164
)
 
(164
)
 
(632
)
 
(632
)
Depreciation and amortization expense
(82
)
 
(78
)
 
(308
)
 
(291
)
Other operating expenses (b)
—

 
—

 
(2
)
 
—

Refining margin
$
494

 
$
658

 
$
2,184

 
$
2,409

 
 
 
 
 
 
 
 
Refining operating income
$
251

 
$
416

 
$
1,242

 
$
1,488

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
3

 
—

 
—

 
2

Other operating expenses (b)
—

 
—

 
(2
)
 
—

Adjusted refining operating income
$
248

 
$
416

 
$
1,244

 
$
1,486


See Notes to Earnings Release Tables beginning on Table Page 16.


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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
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) (i) (continued)
 
 
 
 
 
 
 
North Atlantic region
 
 
 
 
 
 
 
Refining operating income
$
314

 
$
516

 
$
1,041

 
$
1,136

Exclude:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below)
(154
)
 
(163
)
 
(593
)
 
(595
)
Depreciation and amortization expense
(53
)
 
(53
)
 
(213
)
 
(220
)
Other operating expenses (b)
(2
)
 
—

 
(4
)
 
—

Refining margin
$
523

 
$
732

 
$
1,851

 
$
1,951

 
 
 
 
 
 
 
 
Refining operating income
$
314

 
$
516

 
$
1,041

 
$
1,136

Exclude: other operating expenses (b)
(2
)
 
—

 
(4
)
 
—

Adjusted refining operating income
$
316

 
$
516

 
$
1,045

 
$
1,136

 
 
 
 
 
 
 
 
U.S. West Coast region
 
 
 
 
 
 
 
Refining operating income
$
148

 
$
37

 
$
254

 
$
191

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
1

 
—

 
—

 
1

Operating expenses (excluding depreciation and
amortization expense reflected below)
(164
)
 
(154
)
 
(628
)
 
(601
)
Depreciation and amortization expense
(63
)
 
(64
)
 
(262
)
 
(242
)
Other operating expenses (b)
—

 
(1
)
 
(1
)
 
(3
)
Refining margin
$
374

 
$
256

 
$
1,145

 
$
1,036

 
 
 
 
 
 
 
 
Refining operating income
$
148

 
$
37

 
$
254

 
$
191

Exclude:
 
 
 
 
 
 
 
Blender’s tax credit (a)
1

 
—

 
—

 
1

Other operating expenses (b)
—

 
(1
)
 
(1
)
 
(3
)
Adjusted refining operating income
$
147

 
$
38

 
$
255

 
$
193


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 7


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)

 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Throughput volumes (thousand barrels per day)
 
 
 
 
 
 
 
Feedstocks:
 
 
 
 
 
 
 
Heavy sour crude oil
329

 
445

 
394

 
469

Medium/light sour crude oil
242

 
408

 
272

 
418

Sweet crude oil
1,676

 
1,464

 
1,581

 
1,410

Residuals
236

 
229

 
215

 
232

Other feedstocks
157

 
124

 
153

 
127

Total feedstocks
2,640

 
2,670

 
2,615

 
2,656

Blendstocks and other
378

 
343

 
337

 
330

Total throughput volumes
3,018

 
3,013

 
2,952

 
2,986

 
 
 
 
 
 
 
 
Yields (thousand barrels per day)
 
 
 
 
 
 
 
Gasolines and blendstocks
1,511

 
1,484

 
1,423

 
1,443

Distillates
1,136

 
1,126

 
1,126

 
1,133

Other products (j)
405

 
442

 
433

 
449

Total yields
3,052

 
3,052

 
2,982

 
3,025

 
 
 
 
 
 
 
 
Operating statistics (g) (h) (k)
 
 
 
 
 
 
 
Refining margin (from Table Page 5)
$
3,026

 
$
3,056

 
$
10,391

 
$
11,244

Adjusted refining operating income (from Table Page 5)
$
1,411

 
$
1,472

 
$
4,040

 
$
5,180

Throughput volumes (thousand barrels per day)
3,018

 
3,013

 
2,952

 
2,986

 
 
 
 
 
 
 
 
Refining margin per barrel of throughput
$
10.90

 
$
11.03

 
$
9.65

 
$
10.32

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.93

 
3.96

 
3.98

 
3.82

Depreciation and amortization expense per barrel of
throughput
1.89

 
1.76

 
1.92

 
1.75

Adjusted refining operating income per barrel of throughput
$
5.08

 
$
5.31

 
$
3.75

 
$
4.75


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 8


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

 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Operating statistics (h) (k)
 
 
 
 
 
 
 
Ethanol margin (from Table Page 5)
$
184

 
$
128

 
$
598

 
$
630

Adjusted ethanol operating income (loss) (from Table Page 5)
$
36

 
$
(27
)
 
$
4

 
$
82

Production volumes (thousand gallons per day)
4,321

 
4,251

 
4,269

 
4,109

 
 
 
 
 
 
 
 
Ethanol margin per gallon of production
$
0.46

 
$
0.33

 
$
0.38

 
$
0.42

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
0.32

 
0.34

 
0.32

 
0.31

Depreciation and amortization expense per gallon of production
0.06

 
0.06

 
0.06

 
0.06

Adjusted ethanol operating income (loss) per gallon of production
$
0.08

 
$
(0.07
)
 
$
—

 
$
0.05


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 9


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


 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Operating statistics (h) (k)
 
 
 
 
 
 
 
Renewable diesel margin (from Table Page 5)
$
220

 
$
197

 
$
701

 
$
412

Adjusted renewable diesel operating income
(from Table Page 5)
$
187

 
$
167

 
$
576

 
$
317

Sales volumes (thousand gallons per day)
844

 
720

 
760

 
431

 


 


 


 


Renewable diesel margin per gallon of sales
$
2.84

 
$
2.96

 
$
2.53

 
$
2.60

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
0.27

 
0.29

 
0.27

 
0.41

Depreciation and amortization expense per gallon of sales
0.15

 
0.16

 
0.18

 
0.18

Adjusted renewable diesel operating income per gallon
of sales
$
2.42

 
$
2.51

 
$
2.08

 
$
2.01


See Notes to Earnings Release Tables beginning on Table Page 16.


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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Operating statistics by region (i)
 
 
 
 
 
 
 
U.S. Gulf Coast region (g) (h) (k)
 
 
 
 
 
 
 
Refining margin (from Table Page 6)
$
1,635

 
$
1,410

 
$
5,211

 
$
5,848

Adjusted refining operating income (from Table Page 6)
$
700

 
$
502

 
$
1,496

 
$
2,365

Throughput volumes (thousand barrels per day)
1,762

 
1,797

 
1,740

 
1,772

 
 
 
 
 
 
 
 
Refining margin per barrel of throughput
$
10.08

 
$
8.53

 
$
8.21

 
$
9.04

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.76

 
3.73

 
3.84

 
3.60

Depreciation and amortization expense per barrel of
throughput
2.01

 
1.76

 
2.01

 
1.79

Adjusted refining operating income per barrel of throughput
$
4.31

 
$
3.04

 
$
2.36

 
$
3.65

 
 
 
 
 
 
 
 
U.S. Mid-Continent region (g) (h) (k)
 
 
 
 
 
 
 
Refining margin (from Table Page 6)
$
494

 
$
658

 
$
2,184

 
$
2,409

Adjusted refining operating income (from Table Page 6)
$
248

 
$
416

 
$
1,244

 
$
1,486

Throughput volumes (thousand barrels per day)
463

 
450

 
454

 
466

 
 
 
 
 
 
 
 
Refining margin per barrel of throughput
$
11.60

 
$
15.89

 
$
13.17

 
$
14.17

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.84

 
3.95

 
3.81

 
3.72

Depreciation and amortization expense per barrel of
throughput
1.90

 
1.89

 
1.85

 
1.71

Adjusted refining operating income per barrel of throughput
$
5.86

 
$
10.05

 
$
7.51

 
$
8.74


See Notes to Earnings Release Tables beginning on Table Page 16.


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
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Operating statistics by region (i) (continued)
 
 
 
 
 
 
 
North Atlantic region (h) (k)
 
 
 
 
 
 
 
Refining margin (from Table Page 7)
$
523

 
$
732

 
$
1,851

 
$
1,951

Adjusted refining operating income (from Table Page 7)
$
316

 
$
516

 
$
1,045

 
$
1,136

Throughput volumes (thousand barrels per day)
510

 
500

 
492

 
466

 
 
 
 
 
 
 
 
Refining margin per barrel of throughput
$
11.14

 
$
15.91

 
$
10.31

 
$
11.46

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.29

 
3.53

 
3.30

 
3.49

Depreciation and amortization expense per barrel of
throughput
1.12

 
1.15

 
1.19

 
1.29

Adjusted refining operating income per barrel of throughput
$
6.73

 
$
11.23

 
$
5.82

 
$
6.68

 
 
 
 
 
 
 
 
U.S. West Coast region (h) (k)
 
 
 
 
 
 
 
Refining margin (from Table Page 7)
$
374

 
$
256

 
$
1,145

 
$
1,036

Adjusted refining operating income (from Table Page 7)
$
147

 
$
38

 
$
255

 
$
193

Throughput volumes (thousand barrels per day)
283

 
266

 
266

 
282

 
 
 
 
 
 
 
 
Refining margin per barrel of throughput
$
14.37

 
$
10.47

 
$
11.80

 
$
10.06

Less:
 
 
 
 
 
 
 
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
6.30

 
6.30

 
6.47

 
5.84

Depreciation and amortization expense per barrel of
throughput
2.45

 
2.60

 
2.71

 
2.34

Adjusted refining operating income per barrel of throughput
$
5.62

 
$
1.57

 
$
2.62

 
$
1.88


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 12


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

 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Refining
 
 
 
 
 
 
 
Feedstocks (dollars per barrel)
 
 
 
 
 
 
 
Brent crude oil
$
62.49

 
$
68.46

 
$
64.18

 
$
71.62

Brent less West Texas Intermediate (WTI) crude oil
5.51

 
9.38

 
7.15

 
6.71

Brent less Alaska North Slope (ANS) crude oil
(1.92
)
 
(0.18
)
 
(0.86
)
 
0.31

Brent less Louisiana Light Sweet (LLS) crude oil
1.67

 
1.94

 
1.47

 
1.72

Brent less Argus Sour Crude Index (ASCI) crude oil
4.72

 
5.15

 
3.56

 
5.20

Brent less Maya crude oil
9.56

 
4.76

 
6.57

 
9.22

LLS crude oil
60.82

 
66.52

 
62.71

 
69.90

LLS less ASCI crude oil
3.05

 
3.21

 
2.09

 
3.48

LLS less Maya crude oil
7.89

 
2.82

 
5.10

 
7.50

WTI crude oil
56.98

 
59.08

 
57.03

 
64.91

 
 
 
 
 
 
 
 
Natural gas (dollars per million British Thermal Units)
2.26

 
3.86

 
2.47

 
3.23

 
 
 
 
 
 
 
 
Products (dollars per barrel, unless otherwise noted)
 
 
 
 
 
 
 
U.S. Gulf Coast:
 
 
 
 
 
 
 
Conventional Blendstock of Oxygenate Blending (CBOB)
gasoline less Brent
3.79

 
(2.60
)
 
4.37

 
4.81

Ultra-low-sulfur (ULS) diesel less Brent
15.92

 
14.91

 
14.90

 
14.02

Propylene less Brent
(24.54
)
 
(3.55
)
 
(22.31
)
 
(2.86
)
CBOB gasoline less LLS
5.46

 
(0.66
)
 
5.84

 
6.53

ULS diesel less LLS
17.59

 
16.85

 
16.37

 
15.74

Propylene less LLS
(22.87
)
 
(1.61
)
 
(20.84
)
 
(1.14
)
U.S. Mid-Continent:

 

 
 
 
 
CBOB gasoline less WTI
10.73

 
8.60

 
13.62

 
13.70

ULS diesel less WTI
22.31

 
26.66

 
22.77

 
22.82

North Atlantic:

 

 
 
 
 
CBOB gasoline less Brent
7.33

 
0.68

 
7.20

 
7.59

ULS diesel less Brent
19.42

 
18.43

 
17.22

 
16.29

U.S. West Coast:
 
 
 
 
 
 
 
California Reformulated Gasoline Blendstock of
Oxygenate Blending (CARBOB) 87 gasoline less ANS
14.84

 
7.05

 
16.28

 
13.05

California Air Resources Board (CARB) diesel less ANS
21.50

 
18.69

 
19.30

 
18.13

CARBOB 87 gasoline less WTI
22.27

 
16.61

 
24.29

 
19.45

CARB diesel less WTI
28.93

 
28.25

 
27.31

 
24.53


See Notes to Earnings Release Tables beginning on Table Page 16.



Table Page 13


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

 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Ethanol
 
 
 
 
 
 
 
Chicago Board of Trade (CBOT) corn (dollars per bushel)
$
3.81

 
$
3.70

 
$
3.84

 
$
3.68

New York Harbor ethanol (dollars per gallon)
1.62

 
1.38

 
1.53

 
1.48

 
 
 
 
 
 
 
 
Renewable diesel
 
 
 
 
 
 
 
New York Mercantile Exchange ULS diesel
(dollars per gallon)
1.95

 
2.06

 
1.94

 
2.09

Biodiesel Renewable Identification Number (RIN)
(dollars per RIN)
0.56

 
0.40

 
0.48

 
0.53

California Low-Carbon Fuel Standard (dollars per metric ton)
206.04

 
191.63

 
196.82

 
168.24

CBOT soybean oil (dollars per pound)
0.31

 
0.28

 
0.29

 
0.30


See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 14


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

 
 
 
 
 
December 31,
 
 
 
 
 
2019
 
2018
Balance sheet data
 
 
 
 
 
 
 
Current assets
 
 
 
 
$
18,969

 
$
17,675

Cash and cash equivalents included in current assets
 
2,583

 
2,982

Inventories included in current assets
 
 
 
 
7,013

 
6,532

Current liabilities
 
 
 
 
13,160

 
10,724

Current portion of debt and finance lease obligations included
in current liabilities
 
494

 
238

Debt and finance lease obligations, less current portion
 
 
 
9,178

 
8,871

Total debt and finance lease obligations
 
 
 
 
9,672

 
9,109

Valero Energy Corporation stockholders’ equity
 
 
 
21,803

 
21,667


 
 
 
 
 
 
 
 
 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Reconciliation of net cash provided by operating
activities to adjusted net cash provided by operating
activities (h)
 
 
 
 
 
 
 
Net cash provided by operating activities
$
1,708

 
$
1,678

 
$
5,531

 
$
4,371

Exclude:
 
 
 
 
 
 
 
Changes in current assets and current liabilities
(434
)
 
(123
)
 
294

 
(1,297
)
Diamond Green Diesel LLC’s (DGD) adjusted net cash
provided by operating activities attributable to our joint
venture partner’s ownership interest in DGD
277

 
56

 
390

 
175

Adjusted net cash provided by operating activities
$
1,865

 
$
1,745

 
$
4,847

 
$
5,493

 
 
 
 
 
 
 
 
Dividends per common share
$
0.90

 
$
0.80

 
$
3.60

 
$
3.20














See Notes to Earnings Release Tables beginning on Table Page 16.


Table Page 15




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES



(a)
Cost of materials and other for the three months and year ended December 31, 2019 includes a benefit of $449 million for the blender’s tax credit attributable to volumes blended during 2019 and 2018. The benefit was recognized in December 2019 because the U.S legislation authorizing the credit was passed and signed into law in that month. The $449 million pre-tax benefit is attributable to volumes blended during the two years and is reflected in our reportable segments as follows (in millions):
 
 
Refining
 
Renewable
Diesel
 
Total
Periods to which blender’s tax credit is
attributable
 
 
 
 
 
 
2019 blender’s tax credit:
 
 
 
 
 
 
Nine months ended September 30, 2019
 
$
13

 
$
198

 
$
211

Three months ended December 31, 2019
 
3

 
77

 
80

Total 2019 blender’s tax credit
 
16

 
275

 
291

2018 blender’s tax credit:
 
 
 
 
 
 
Nine months ended September 30, 2018
 
2

 
90

 
92

Three months ended December 31, 2018
 
—

 
66

 
66

Total 2018 blender’s tax credit
 
2

 
156

 
158

Total recognized in 2019
 
$
18

 
$
431

 
$
449


Of the $449 million pre-tax benefit, $215 million is attributable to noncontrolling interest and $234 million is attributable to Valero Energy Corporation stockholders.

Cost of materials and other for the year ended December 31, 2018 includes a benefit of $170 million for the blender’s tax credit attributable to volumes blended during 2017. The benefit was recognized in February 2018 because the U.S. legislation authorizing the credit was passed and signed into law in that month. Of the $170 million pre-tax benefit, $10 million and $160 million is included in our refining and renewable diesel segments, respectively, and consequently, $80 million is attributable to noncontrolling interest and $90 million is attributable to Valero Energy Corporation stockholders.

(b)
Other operating expenses reflects expenses that are not associated with our cost of sales and primarily includes costs to repair, remediate, and restore our facilities to normal operations following a non-operating event such as a natural disaster or a major unplanned outage.

(c)
General and administrative expenses (excluding depreciation and amortization expense) for the year ended December 31, 2018 includes a charge of $108 million for environmental reserve adjustments associated with certain non-operating sites.

(d)
“Other income, net” for the year ended December 31, 2019 and 2018 includes a $22 million charge from the early redemption of $850 million of our 6.125 percent senior notes due February 1, 2020 and a $38 million charge from the early redemption of $750 million of our 9.375 percent senior notes due March 15, 2019, respectively.

(e)
On December 22, 2017, the Tax Cut and Jobs Act of 2017 (Tax Reform) was enacted, and we recognized an income tax benefit in December 2017 that represented our initial estimate of the impact of Tax Reform. We finalized our estimates during the three months ended December 31, 2018 and recorded an income tax benefit of $12 million during the period.

(f)
Income tax expense for the three months and year ended December 31, 2018 includes the recognition of a foreign tax credit, resulting from rules proposed in December 2018 by the Internal Revenue Service, which provided guidance on the foreign tax credit limitation under Tax Reform. We estimate that $42 million of the foreign tax credit recognized in the fourth quarter is attributable to the nine months ended September 30, 2018.

(g)
Effective January 1, 2019, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business. Accordingly, we created a new reportable segment — renewable diesel. The results of the renewable diesel segment, which includes the operations of our consolidated joint venture, Diamond Green Diesel Holdings LLC (DGD), were transferred from the refining segment. Also effective January 1, 2019, we no longer have a VLP segment, and as a result, the operations previously included in the VLP segment


Table Page 16




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)


are included in our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation.

(h)
We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under U.S. 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 U.S. GAAP measures, they provide improved comparability between periods through the exclusion of 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 U.S. GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under U.S. 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 excluding the items noted below, along with their related income tax effect. We have excluded these items because we believe that they are not indicative of our core operating performance and that their exclusion 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 excluded item is provided below.
–
Blender’s tax credit attributable to Valero Energy Corporation stockholders - We regularly blend renewable diesel with petroleum-based diesel even when there is no U.S. federal tax credit associated with such blending activity. From time to time, the legislation authorizing the blender’s tax credit has been applied retroactively, and we recognize the credit associated with volumes blended during the retroactive period at the time the legislation is signed into law (see note (a)). Therefore, when the period in which the blender’s tax credit is recognized differs from the period in which the blending occurred, we exclude the credit associated with prior-period blending from the period in which it was recognized. Accordingly, the adjustment to reflect the blender’s tax credit attributable to Valero Energy Corporation stockholders that was recognized in 2019 and 2018 but associated with volumes blended in other periods is calculated as follows (in millions):
 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
2019 and 2018 credits recognized in 2019
$
449

 
$
—

 
$
449

 
$
—

Less:
 
 
 
 
 
 
 
Amount related to noncontrolling interest
215

 
—

 
215

 
—

Amount related to Valero Energy Corporation
stockholders properly reflected in the period
associated with volumes blended
42

 
33

 
154

 
80

Adjustment related to 2019 and 2018 blender’s
tax credits recognized in 2019
192

 
(33
)
 
80

 
(80
)
2017 credits recognized in 2018
—

 
—

 
—

 
170

Less: Amount related to noncontrolling interest
—

 
—

 
—

 
80

Adjustment related to 2017 blender’s tax credit
recognized in 2018
—

 
—

 
—

 
90

Total adjustment to reflect blender’s tax credit in
proper period
$
192

 
$
(33
)
 
$
80

 
$
10


–
Texas City Refinery fire expenses - The costs incurred to respond to and assess the damage caused by the fire that occurred at the Texas City Refinery are specific to that event and are not ongoing costs incurred in our operations.


Table Page 17




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)


–
Environmental reserve adjustments - The environmental reserve adjustments are attributable to sites that were shut down by prior owners and subsequently acquired by us (referred to by us as non-operating sites) (see note (c)).
–
Loss on early redemption of debt - The penalty and other expenses incurred in connection with the early redemption of our 6.125 percent senior notes due February 1, 2020 and 9.375 percent senior notes due March 15, 2019 (see note (d)) are not associated with the ongoing costs of our borrowing and financing activities.
–
Income tax benefit from Tax Reform - The income tax benefit from Tax Reform (see note (e)) is associated with changes in U.S. tax legislation and is not indicative of our core performance.
–
Foreign tax credit - The income tax benefit from the foreign tax credit (see note (f)) is attributable to the nine months ended September 30, 2018 and is not indicative of our core performance during the three months ended December 31, 2018.

◦
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 operating income excluding the blender’s tax credit (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.

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

◦
Renewable diesel margin is defined as renewable diesel operating income excluding the blender’s tax credit (see note (a)), 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.

◦
Adjusted refining operating income is defined as refining segment operating income excluding the blender’s tax credit (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 (loss) is defined as ethanol segment operating income (loss) excluding other operating expenses. We believe this 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 renewable diesel operating income is defined as renewable diesel segment operating income excluding the blender’s tax credit (see note (a)). We believe this is an important measure of our renewable diesel 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 our joint venture partner’s ownership interest in DGD - We are a 50/50 joint venture partner in DGD and consolidate DGD’s


Table Page 18




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)


financial statements; as a result, 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 partners 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 partner 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 our joint venture partner’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):        
 
Three Months Ended
December 31,
 
Year Ended
December 31,
 
2019
 
2018
 
2019
 
2018
DGD operating cash flow data
 
 
 
 
 
 
 
Net cash provided by operating activities
$
88

 
$
92

 
$
315

 
$
319

Less: changes in current assets and current liabilities
(465
)
 
(19
)
 
(465
)
 
(30
)
Adjusted net cash provided by operating activities
553

 
111

 
780

 
349

Our partner’s ownership interest
50%

 
50%

 
50%

 
50%

DGD’s adjusted net cash provided by operating
activities attributable to our joint venture
partner’s ownership interest in DGD
$
277

 
$
56

 
$
390

 
$
175


(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.

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

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

Throughput volumes, production volumes, and sales volumes are calculated by multiplying throughput volumes per day, production volumes per day, and sales volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, production volumes, and sales volumes for the refining segment, ethanol segment, and renewable diesel 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 19
 EX-101.SCH 3 vlo-20200130.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 vlo-20200130_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 vlo-20200130_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 6 vlo-20200130_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Cover page. Document type Document Type Document period end date Document Period End Date Entity registrant name Entity Registrant Name Entity incorporation, state or country code Entity Incorporation, State or Country Code Entity file number Entity File Number Entity tax identification number Entity Tax Identification Number Entity address, address line one Entity Address, Address Line One Entity address, city or town Entity Address, City or Town Entity address, state or province Entity Address, State or Province Entity address, postal zip code Entity Address, Postal Zip Code City area code City Area Code Local phone number Local Phone Number Written Communications Written Communications Soliciting Material Soliciting Material Pre-commencement Tender Offer Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) security Title of 12(b) Security Trading symbol Trading Symbol Security exchange name Security Exchange Name Entity emerging growth company Entity Emerging Growth Company Entity central index key Entity Central Index Key Amendment flag Amendment Flag EX-101.PRE 7 vlo-20200130_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT GRAPHIC 8 vlologo.gif GRAPHIC begin 644 vlologo.gif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�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end XML 9 R1.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Document and Entity Information
Jan. 30, 2020
Cover page.  
Document type 8-K
Document period end date Jan. 30, 2020
Entity registrant name VALERO ENERGY CORP/TX
Entity incorporation, state or country code DE
Entity file number 001-13175
Entity tax identification number 74-1828067
Entity address, address line one One Valero Way
Entity address, city or town San Antonio
Entity address, state or province TX
Entity address, postal zip code 78249
City area code 210
Local phone number 345-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) security Common stock
Trading symbol VLO
Security exchange name NYSE
Entity emerging growth company false
Entity central index key 0001035002
Amendment flag false
XML 10 vlo12312019q4form8-k_htm.xml IDEA: XBRL DOCUMENT 0001035002 2020-01-30 2020-01-30 false 0001035002 VALERO ENERGY CORP/TX 8-K 2020-01-30 DE 001-13175 74-1828067 One Valero Way San Antonio TX 78249 210 345-2000 false false false false Common stock VLO NYSE false ZIP 11 0001035002-20-000004-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001035002-20-000004-xbrl.zip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�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end XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3.a.u2 html 1 95 1 false 0 0 false 0 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.valero.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false All Reports Book All Reports vlo12312019q4form8-k.htm vlo-20200130.xsd vlo-20200130_cal.xml vlo-20200130_def.xml vlo-20200130_lab.xml vlo-20200130_pre.xml vloq42019earningsrelease.htm http://xbrl.sec.gov/dei/2019-01-31 true true EXCEL 13 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 15 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 17 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } JSON 18 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "vlo12312019q4form8-k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "calculationLink": { "local": [ "vlo-20200130_cal.xml" ] }, "definitionLink": { "local": [ "vlo-20200130_def.xml" ], "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "vlo12312019q4form8-k.htm" ] }, "labelLink": { "local": [ "vlo-20200130_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "vlo-20200130_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "vlo-20200130.xsd" ], "remote": [ "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://xbrl.sec.gov/currency/2019/currency-2019-01-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "https://xbrl.sec.gov/exch/2019/exch-2019-01-31.xsd", "http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd", "http://xbrl.sec.gov/naics/2017/naics-2017-01-31.xsd", "http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd", "https://xbrl.sec.gov/stpr/2018/stpr-2018-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 23, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 3, "total": 3 }, "keyCustom": 0, "keyStandard": 95, "memberCustom": 0, "memberStandard": 0, "nsprefix": "vlo", "nsuri": "http://www.valero.com/20200130", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "vlo12312019q4form8-k.htm", "contextRef": "D2019Q4", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "0001000 - Document - Document and Entity Information", "role": "http://www.valero.com/role/DocumentAndEntityInformation", "shortName": "Document and Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "div", "div", "body", "html" ], "baseRef": "vlo12312019q4form8-k.htm", "contextRef": "D2019Q4", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag", "terseLabel": "Amendment flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code", "terseLabel": "City area code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover page." } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date", "terseLabel": "Document period end date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type", "terseLabel": "Document type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One", "terseLabel": "Entity address, address line one" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town", "terseLabel": "Entity address, city or town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code", "terseLabel": "Entity address, postal zip code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province", "terseLabel": "Entity address, state or province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key", "terseLabel": "Entity central index key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company", "terseLabel": "Entity emerging growth company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number", "terseLabel": "Entity file number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code", "terseLabel": "Entity incorporation, state or country code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name", "terseLabel": "Entity registrant name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number", "terseLabel": "Entity tax identification number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "employerIdItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number", "terseLabel": "Local phone number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer", "terseLabel": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer", "terseLabel": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security", "terseLabel": "Title of 12(b) security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name", "terseLabel": "Security exchange name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material", "terseLabel": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol", "terseLabel": "Trading symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications", "terseLabel": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://www.valero.com/role/DocumentAndEntityInformation" ], "xbrltype": "booleanItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r5": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" }