Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

DEBT

4.    DEBT

Public Debt

On February 7, 2025, we issued $650 million of 5.150 percent Senior Notes due February 15, 2030. Proceeds from this debt issuance totaled $649 million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189 million outstanding principal balance of our 3.65 percent Senior Notes that matured on March 15, 2025 and the $251 million outstanding principal balance of our 2.850 percent Senior Notes that matured on April 15, 2025.

In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024.

Credit Facilities

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):

				March 31, 2025
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	2	$	3,998
Accounts receivable sales facility	1,300		July 2025	—		n/a		1,300
Committed facilities of VIEs (b):
DGD Revolver	400		June 2026	—		—		400
DGD Loan Agreement (c)	100		June 2026	—		n/a		100
IEnova Revolver (d)	830		February 2028	46		n/a		784
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		190		n/a
Uncommitted facility of VIE (b):
DGD letter of credit facility	n/a		n/a	n/a		15		n/a

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(a)Letters of credit issued as of March 31, 2025 expire at various times in 2025 through 2026.

(b)Creditors of the VIEs do not have recourse against us.

(c)The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.

(d)Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). The variable interest rate on the IEnova Revolver was 8.160 percent and 8.443 percent as of March 31, 2025 and December 31, 2024, respectively.

Borrowings and repayments under our credit facilities were as follows (in millions):

	Three Months Ended March 31,
	2025		2024
Borrowings:
Accounts receivable sales facility	$	1,800	$	1,250
DGD Revolver	50		—
DGD Loan Agreement	—		100
IEnova Revolver	—		20
Repayments:
Accounts receivable sales facility	(1,800)		(1,250)
DGD Revolver	(50)		(150)
DGD Loan Agreement	—		(100)
IEnova Revolver	(12)		—

Other Disclosures

“Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):

	Three Months Ended March 31,
	2025		2024
Interest and debt expense	$	142	$	147
Less: Capitalized interest	5		7
Interest and debt expense, net of capitalized interest	$	137	$	140