Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

4.    DEBT

Public Debt

On March 10, 2026, we issued $850 million of 5.150 percent Senior Notes due March 10, 2036. Proceeds from this debt issuance totaled $850 million before deducting the underwriting discount and other debt issuance costs.

In February 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.

Credit Facilities

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

				March 31, 2026
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	October 2030	$	—	$	2	$	3,998
Accounts receivable sales facility	1,300		July 2026	—		n/a		1,300
Committed facilities of VIEs (b):
DGD Revolver (c)	400		February 2029	100		39		261
DGD Loan Agreement (d)	100		June 2029	—		n/a		100
IEnova Revolver (e)	1,000		February 2028	10		n/a		990
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		6		n/a
Uncommitted facility of VIE (b):
DGD letter of credit facility	n/a		n/a	n/a		68		n/a

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(a)Letters of credit issued as of March 31, 2026 expire at various times in 2026 through 2027.

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

(c)In February 2026, DGD amended this unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) to (i) extend the maturity date to February 2029 and (ii) modify the reference interest rates from an adjusted term SOFR, a secured overnight financing rate (SOFR), to the term SOFR, and from an adjusted daily simple SOFR to the daily simple SOFR. The variable interest rate on the DGD Revolver was 6.169 percent as of March 31, 2026.

(d)In February 2026, DGD amended its unsecured revolving loan agreement with its members (the DGD Loan Agreement) to extend the maturity date to June 2029. The amounts shown for 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.

(e)Central Mexico Terminals (defined in Note 7) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 7). The variable interest rate on the IEnova Revolver was 7.511 percent and 7.835 percent as of March 31, 2026 and December 31, 2025, respectively.

Activity under our credit facilities was as follows (in millions):

	Three Months Ended March 31,
	2026		2025
Borrowings:
Accounts receivable sales facility	$	1,850	$	1,800
DGD Revolver	300		50
DGD Loan Agreement	50		—
IEnova Revolver	—		—
Repayments:
Accounts receivable sales facility	(1,850)		(1,800)
DGD Revolver	(200)		(50)
DGD Loan Agreement	(50)		—
IEnova Revolver	(14)		(12)

Other Disclosures

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

	Three Months Ended March 31,
	2026		2025
Interest and debt expense	$	146	$	142
Less: Capitalized interest	6		5
Interest and debt expense, net of capitalized interest	$	140	$	137