VALERO ENERGY CORP/TX0001035002FALSE00010350022025-01-302025-01-30


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, 2025

VALERO ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-1317574-1828067
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock,
par value $0.01 per share		VLONew 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, 2025, Valero Energy Corporation (the “Company”) issued a press release announcing the Company’s financial and operating results for the fourth quarter ended December 31, 2024. 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
104Cover Page Interactive Data File (formatted as Inline XBRL).

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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, 2025By:/s/ Jason W. Fraser
Jason W. Fraser
Executive Vice President and
Chief Financial Officer


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Exhibit 99.01


Valero Energy Reports 2024 Fourth Quarter and Full Year Results

•Reported net income attributable to Valero stockholders of $281 million, or $0.88 per share, for the fourth quarter and $2.8 billion, or $8.58 per share, for the year
•Reported adjusted net income attributable to Valero stockholders of $207 million, or $0.64 per share, for the fourth quarter and $2.7 billion, or $8.48 per share, for the year
•Returned $601 million to stockholders through dividends and stock buybacks in the fourth quarter and $4.3 billion in the year
•Increased quarterly cash dividend on common stock by 6 percent to $1.13 per share on January 16, 2025
•Progressing with a Fluid Catalytic Cracking (FCC) Unit optimization project at the St. Charles Refinery

SAN ANTONIO, January 30, 2025 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $281 million, or $0.88 per share, for the fourth quarter of 2024, compared to $1.2 billion, or $3.55 per share, for the fourth quarter of 2023. Excluding the adjustment shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $207 million, or $0.64 per share, for the fourth quarter of 2024, compared to $1.2 billion, or $3.57 per share, for the fourth quarter of 2023.

For 2024, net income attributable to Valero stockholders was $2.8 billion, or $8.58 per share, compared to $8.8 billion, or $24.92 per share, in 2023. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $2.7 billion, or $8.48 per share, in 2024, compared to $8.9 billion, or $24.96 per share, in 2023.

Refining
The Refining segment reported operating income of $437 million for the fourth quarter of 2024, compared to $1.6 billion for the fourth quarter of 2023. Refining throughput volumes averaged 3.0 million barrels per day in the fourth quarter of 2024.

“2024 was our best year for personnel and process safety and one of our best years for environmental performance,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and
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President. “This is a testament to our long-standing commitment to safe, reliable and environmentally responsible operations.”

Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $170 million of operating income for the fourth quarter of 2024, compared to $84 million for the fourth quarter of 2023. Segment sales volumes averaged 3.4 million gallons per day in the fourth quarter of 2024.

Ethanol
The Ethanol segment reported $20 million of operating income for the fourth quarter of 2024, compared to $190 million for the fourth quarter of 2023. Ethanol production volumes averaged 4.6 million gallons per day in the fourth quarter of 2024.

Corporate and Other
General and administrative expenses were $266 million in the fourth quarter of 2024 and $961 million for the year. The effective tax rate for 2024 was 19 percent.

Investing and Financing Activities
Net cash provided by operating activities was $1.1 billion in the fourth quarter of 2024. Included in this amount was $119 million of adjusted net cash provided by operating activities associated with the other joint venture member’s share of DGD. Excluding this item, adjusted net cash provided by operating activities was $951 million in the fourth quarter of 2024.

Net cash provided by operating activities in 2024 was $6.7 billion. Included in this amount was a $795 million favorable impact from working capital and $371 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 in 2024 was $5.5 billion.

Capital investments totaled $547 million in the fourth quarter of 2024, of which $452 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 $515 million in the fourth quarter of 2024 and $1.9 billion for the year.

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Valero returned $601 million to stockholders in the fourth quarter of 2024, of which $339 million was paid as dividends and $262 million was for the purchase of approximately 2.0 million shares of common stock, resulting in a payout ratio of 63 percent of adjusted net cash provided by operating activities. In 2024, Valero returned $4.3 billion to stockholders, or 78 percent of adjusted net cash provided by operating activities, consisting of $2.9 billion in stock buybacks and $1.4 billion in dividends. Valero defines payout ratio as the sum of dividends paid and the total cost of stock buybacks divided by adjusted net cash provided by operating activities.

On January 16, 2025, Valero announced an increase of its quarterly cash dividend on common stock from $1.07 per share to $1.13 per share, demonstrating its strong financial position.

“Our team continues to successfully execute a strategy underpinned by operational excellence, deploying capital with an uncompromising focus on returns, and honoring our commitment to stockholders,” said Riggs.

Liquidity and Financial Position
Valero ended 2024 with $8.1 billion of total debt, $2.4 billion of finance lease obligations, and $4.7 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 17 percent as of December 31, 2024.

Strategic Update
The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant was successfully completed in the fourth quarter of 2024 and is now fully operational, providing the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to be blended to SAF.

Valero is progressing with an FCC Unit Optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026.

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.

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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 owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 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 our 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:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
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

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” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could
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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 or restrict refining and marketing operations, or that impose taxes or penalties on profits, windfalls, or margins above a certain level, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

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, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income (loss), adjusted Ethanol operating income, 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 (d) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
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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,
2024202320242023
Statement of income data
Revenues$30,756 $35,414 $129,881 $144,766 
Cost of sales:
Cost of materials and other 
27,926 31,267 116,516 123,087 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,514 1,594 5,831 6,089 
Depreciation and amortization expense
687 679 2,729 2,658 
Total cost of sales30,127 33,540 125,076 131,834 
Other operating expenses (a)
4 15 44 33 
General and administrative expenses (excluding
depreciation and amortization expense reflected below)
266 295 961 998 
Depreciation and amortization expense 11 11 45 43 
Operating income 348 1,553 3,755 11,858 
Other income, net (b)
110 145 499 502 
Interest and debt expense, net of capitalized interest(135)(149)(556)(592)
Income before income tax expense (benefit)323 1,549 3,698 11,768 
Income tax expense (benefit) (c)
(34)331 692 2,619 
Net income357 1,218 3,006 9,149 
Less: Net income attributable to noncontrolling interests76 16 236 314 
Net income attributable to Valero Energy Corporation
stockholders
$281 $1,202 $2,770 $8,835 
Earnings per common share$0.89 $3.55 $8.58 $24.93 
Weighted-average common shares outstanding (in millions)315 337 322 353 
Earnings per common share – assuming dilution$0.88 $3.55 $8.58 $24.92 
Weighted-average common shares outstanding –
assuming dilution (in millions)
316 338 322 353 

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)
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended December 31, 2024
Revenues:
Revenues from external customers$29,334 $522 $900 $— $30,756 
Intersegment revenues2 724 214 (940)— 
Total revenues29,336 1,246 1,114 (940)30,756 
Cost of sales:
Cost of materials and other
27,010 919 933 (936)27,926 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,287 88 141 (2)1,514 
Depreciation and amortization expense
598 69 20 — 687 
Total cost of sales28,895 1,076 1,094 (938)30,127 
Other operating expenses
4 — — — 4 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 266 266 
Depreciation and amortization expense — — — 11 11 
Operating income by segment$437 $170 $20 $(279)$348 
Three months ended December 31, 2023
Revenues:
Revenues from external customers$33,546 $833 $1,035 $— $35,414 
Intersegment revenues10 801 296 (1,107)— 
Total revenues33,556 1,634 1,331 (1,107)35,414 
Cost of sales:
Cost of materials and other
30,003 1,407 973 (1,116)31,267 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,376 84 132 2 1,594 
Depreciation and amortization expense
600 59 21 (1)679 
Total cost of sales31,979 1,550 1,126 (1,115)33,540 
Other operating expenses — — 15 — 15 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 295 295 
Depreciation and amortization expense— — — 11 11 
Operating income by segment$1,577 $84 $190 $(298)$1,553 

See Operating Highlights by Segment beginning on Table Page 8.

Table Page 2


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Year ended December 31, 2024
Revenues:
Revenues from external customers$123,853 $2,410 $3,618 $— $129,881 
Intersegment revenues10 2,656 868 (3,534)— 
Total revenues123,863 5,066 4,486 (3,534)129,881 
Cost of sales:
Cost of materials and other
112,538 3,944 3,558 (3,524)116,516 
Operating expenses (excluding depreciation and
amortization expense reflected below)
4,946 350 536 (1)5,831 
Depreciation and amortization expense
2,391 265 77 (4)2,729 
Total cost of sales119,875 4,559 4,171 (3,529)125,076 
Other operating expenses (a)
17 — 27 — 44 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 961 961 
Depreciation and amortization expense— — — 45 45 
Operating income by segment$3,971 $507 $288 $(1,011)$3,755 
Year ended December 31, 2023
Revenues:
Revenues from external customers$136,470 $3,823 $4,473 $— $144,766 
Intersegment revenues18 3,168 1,086 (4,272)— 
Total revenues136,488 6,991 5,559 (4,272)144,766 
Cost of sales:
Cost of materials and other
117,401 5,550 4,395 (4,259)123,087 
Operating expenses (excluding depreciation and
amortization expense reflected below)
5,208 358 515 8 6,089 
Depreciation and amortization expense
2,351 231 80 (4)2,658 
Total cost of sales124,960 6,139 4,990 (4,255)131,834 
Other operating expenses17 — 16 — 33 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 998 998 
Depreciation and amortization expense— — — 43 43 
Operating income by segment$11,511 $852 $553 $(1,058)$11,858 

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 (d)
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
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
$281 $1,202 $2,770 $8,835 
Adjustments:
Project liability adjustment (a)
— — 29 — 
Income tax benefit related to project liability adjustment 
— — (7)— 
Project liability adjustment, net of taxes
— — 22 — 
Gain on early retirement of debt (b)
— — — (11)
Income tax expense related to gain on early retirement of debt— — — 2 
Gain on early retirement of debt, net of taxes— — — (9)
Second-generation biofuel tax credit (c)(74)6 (53)24 
Total adjustments(74)6 (31)15 
Adjusted net income attributable to
Valero Energy Corporation stockholders
$207 $1,208 $2,739 $8,850 


Reconciliation of earnings per common share –
assuming dilution to adjusted earnings per common
share – assuming dilution
Earnings per common share – assuming dilution $0.88 $3.55 $8.58 $24.92 
Adjustments:
Project liability adjustment (a)
— — 0.07 — 
Gain on early retirement of debt (b)
— — — (0.02)
Second-generation biofuel tax credit (c)(0.24)0.02 (0.17)0.06 
Total adjustments(0.24)0.02 (0.10)0.04 
Adjusted earnings per common share – assuming dilution $0.64 $3.57 $8.48 $24.96 

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 (d)
(millions of dollars)
(unaudited)

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of operating income by segment to segment
margin, and reconciliation of operating income by segment
to adjusted operating income by segment
Refining segment
Refining operating income$437 $1,577 $3,971 $11,511 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,287 1,376 4,946 5,208 
Depreciation and amortization expense 598 600 2,391 2,351 
Other operating expenses 4 — 17 17 
Refining margin$2,326 $3,553 $11,325 $19,087 
Refining operating income$437 $1,577 $3,971 $11,511 
Adjustment: Other operating expenses4 — 17 17 
Adjusted Refining operating income$441 $1,577 $3,988 $11,528 
Renewable Diesel segment
Renewable Diesel operating income$170 $84 $507 $852 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
88 84 350 358 
Depreciation and amortization expense69 59 265 231 
Renewable Diesel margin$327 $227 $1,122 $1,441 
Ethanol segment
Ethanol operating income$20 $190 $288 $553 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
141 132 536 515 
Depreciation and amortization expense
20 21 77 80 
Other operating expenses (a)
— 15 27 16 
Ethanol margin$181 $358 $928 $1,164 
Ethanol operating income$20 $190 $288 $553 
Adjustment: Other operating expenses (a)
— 15 27 16 
Adjusted Ethanol operating income$20 $205 $315 $569 

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 (d)
(millions of dollars)
(unaudited)

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
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 (loss) (by region) (e)
U.S. Gulf Coast region
Refining operating income$314 $858 $2,426 $6,853 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
719 716 2,744 2,837 
Depreciation and amortization expense375 377 1,495 1,459 
Other operating expenses 4 — 12 11 
Refining margin$1,412 $1,951 $6,677 $11,160 
Refining operating income$314 $858 $2,426 $6,853 
Adjustment: Other operating expenses4 — 12 11 
Adjusted Refining operating income$318 $858 $2,438 $6,864 
U.S. Mid-Continent region
Refining operating income $30 $120 $449 $1,627 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
194 197 753 766 
Depreciation and amortization expense79 84 333 334 
Other operating expenses— — 3 — 
Refining margin$303 $401 $1,538 $2,727 
Refining operating income$30 $120 $449 $1,627 
Adjustment: Other operating expenses— — 3 — 
Adjusted Refining operating income$30 $120 $452 $1,627 

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 (d)
(millions of dollars)
(unaudited)

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
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 (loss) (by region) (e) (continued)
North Atlantic region
Refining operating income$233 $579 $1,162 $2,131 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
169 204 698 751 
Depreciation and amortization expense70 63 268 255 
Other operating expenses— — 1 1 
Refining margin$472 $846 $2,129 $3,138 
Refining operating income$233 $579 $1,162 $2,131 
Adjustment: Other operating expenses— — 1 1 
Adjusted Refining operating income$233 $579 $1,163 $2,132 
U.S. West Coast region
Refining operating income (loss)$(140)$20 $(66)$900 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
205 259 751 854 
Depreciation and amortization expense74 76 295 303 
Other operating expenses— — 1 5 
Refining margin$139 $355 $981 $2,062 
Refining operating income (loss)$(140)$20 $(66)$900 
Adjustment: Other operating expenses— — 1 5 
Adjusted Refining operating income (loss)$(140)$20 $(65)$905 

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
December 31,		Year Ended
December 31,
2024202320242023
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil608 485 504 449 
Medium/light sour crude oil239 272 241 307 
Sweet crude oil1,508 1,517 1,501 1,496 
Residuals126 171 165 199 
Other feedstocks104 106 113 115 
Total feedstocks2,585 2,551 2,524 2,566 
Blendstocks and other410 444 388 413 
Total throughput volumes2,995 2,995 2,912 2,979 
Yields (thousand barrels per day)
Gasolines and blendstocks1,494 1,489 1,433 1,461 
Distillates1,141 1,128 1,103 1,126 
Other products (f)
393 404 406 420 
Total yields3,028 3,021 2,942 3,007 
Operating statistics (d) (g)
Refining margin (from Table Page 5)$2,326 $3,553 $11,325 $19,087 
Adjusted Refining operating income (from Table Page 5)$441 $1,577 $3,988 $11,528 
Throughput volumes (thousand barrels per day)2,995 2,995 2,912 2,979 
Refining margin per barrel of throughput$8.44 $12.89 $10.62 $17.55 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.67 4.99 4.64 4.79 
Depreciation and amortization expense per barrel of
throughput
2.17 2.18 2.24 2.16 
Adjusted Refining operating income per barrel of
throughput
$1.60 $5.72 $3.74 $10.60 

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
December 31,		Year Ended
December 31,
2024202320242023
Operating statistics (d) (g)
Renewable Diesel margin (from Table Page 5)$327 $227 $1,122 $1,441 
Renewable Diesel operating income (from Table Page 5)$170 $84 $507 $852 
Sales volumes (thousand gallons per day)3,356 3,773 3,530 3,539 
Renewable Diesel margin per gallon of sales$1.06 $0.65 $0.87 $1.12 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
0.28 0.24 0.27 0.28 
Depreciation and amortization expense per gallon of sales0.23 0.17 0.21 0.18 
Renewable Diesel operating income per gallon of sales$0.55 $0.24 $0.39 $0.66 

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
December 31,		Year Ended
December 31,
2024202320242023
Operating statistics (d) (g)
Ethanol margin (from Table Page 5)$181 $358 $928 $1,164 
Adjusted Ethanol operating income (from Table Page 5)$20 $205 $315 $569 
Production volumes (thousand gallons per day)4,627 4,510 4,538 4,367 
Ethanol margin per gallon of production$0.42 $0.86 $0.56 $0.73 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
0.33 0.32 0.32 0.32 
Depreciation and amortization expense per gallon of production
0.04 0.05 0.05 0.05 
Adjusted Ethanol operating income per gallon of production$0.05 $0.49 $0.19 $0.36 

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
December 31,		Year Ended
December 31,
2024202320242023
Operating statistics by region (e)
U.S. Gulf Coast region (d) (g)
Refining margin (from Table Page 6)$1,412 $1,951 $6,677 $11,160 
Adjusted Refining operating income (from Table Page 6)$318 $858 $2,438 $6,864 
Throughput volumes (thousand barrels per day)1,829 1,816 1,763 1,791 
Refining margin per barrel of throughput$8.39 $11.69 $10.35 $17.07 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.27 4.29 4.25 4.34 
Depreciation and amortization expense per barrel of
throughput
2.23 2.26 2.32 2.23 
Adjusted Refining operating income per barrel of
throughput
$1.89 $5.14 $3.78 $10.50 
U.S. Mid-Continent region (d) (g)
Refining margin (from Table Page 6)$303 $401 $1,538 $2,727 
Adjusted Refining operating income (from Table Page 6)$30 $120 $452 $1,627 
Throughput volumes (thousand barrels per day)473 462 445 461 
Refining margin per barrel of throughput$6.97 $9.42 $9.44 $16.20 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.47 4.62 4.62 4.55 
Depreciation and amortization expense per barrel of
throughput
1.81 1.99 2.05 1.98 
Adjusted Refining operating income per barrel of
throughput
$0.69 $2.81 $2.77 $9.67 

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
December 31,		Year Ended
December 31,
2024202320242023
Operating statistics by region (e) (continued)
North Atlantic region (d) (g)
Refining margin (from Table Page 7)$472 $846 $2,129 $3,138 
Adjusted Refining operating income (from Table Page 7)$233 $579 $1,163 $2,132 
Throughput volumes (thousand barrels per day)434 452 443 460 
Refining margin per barrel of throughput$11.85 $20.36 $13.12 $18.69 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.24 4.90 4.30 4.47 
Depreciation and amortization expense per barrel of
throughput
1.78 1.51 1.65 1.52 
Adjusted Refining operating income per barrel of
throughput
$5.83 $13.95 $7.17 $12.70 
U.S. West Coast region (d) (g)
Refining margin (from Table Page 7)$139 $355 $981 $2,062 
Adjusted Refining operating income (loss) (from Table Page 7)$(140)$20 $(65)$905 
Throughput volumes (thousand barrels per day)259 265 261 267 
Refining margin per barrel of throughput$5.80 $14.51 $10.26 $21.15 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
8.60 10.60 7.86 8.76 
Depreciation and amortization expense per barrel of
throughput
3.09 3.10 3.08 3.11 
Adjusted Refining operating income (loss) per barrel of
throughput
$(5.89)$0.81 $(0.68)$9.28 

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
December 31,		Year Ended
December 31,
2024202320242023
Refining
Feedstocks (dollars per barrel)
Brent crude oil$73.98 $82.72 $79.79 $82.27 
Brent less West Texas Intermediate (WTI) crude oil3.62 4.36 3.95 4.60 
Brent less WTI Houston crude oil2.31 3.04 2.48 3.15 
Brent less Dated Brent crude oil(0.71)(1.43)(0.91)(0.44)
Brent less Argus Sour Crude Index crude oil4.16 4.79 4.33 5.34 
Brent less Maya crude oil10.75 10.83 11.43 13.33 
Brent less Western Canadian Select Houston crude oil8.34 12.01 10.36 12.15 
WTI crude oil70.36 78.36 75.84 77.67 
Natural gas (dollars per million British thermal units)2.14 2.27 1.88 2.23 
Renewable volume obligation (RVO) (dollars per barrel) (h)
4.04 4.77 3.75 7.02 
Product margins (RVO adjusted unless otherwise noted)
(dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB)
gasoline less Brent
1.86 (2.41)6.06 8.83 
Ultra-low-sulfur (ULS) diesel less Brent12.41 24.47 15.76 25.06 
Propylene less Brent (not RVO adjusted)(29.18)(50.92)(37.42)(47.47)
U.S. Mid-Continent:
CBOB gasoline less WTI5.46 4.05 10.48 17.70 
ULS diesel less WTI14.63 33.10 17.87 32.37 
North Atlantic:
CBOB gasoline less Brent7.07 5.57 11.08 15.61 
ULS diesel less Brent15.10 33.31 18.32 29.47 
U.S. West Coast:
California Reformulated Gasoline Blendstock for
Oxygenate Blending 87 gasoline less Brent
10.94 15.13 21.58 28.45 
California Air Resources Board diesel less Brent16.61 36.88 18.89 32.79 

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
December 31,		Year Ended
December 31,
2024202320242023
Renewable Diesel
New York Mercantile Exchange ULS diesel
(dollars per gallon)
$2.23 $2.85 $2.44 $2.81 
Biodiesel Renewable Identification Number (RIN)
(dollars per RIN)
0.66 0.84 0.59 1.35 
California Low-Carbon Fuel Standard carbon credit
(dollars per metric ton)
72.27 68.71 60.19 72.42 
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)
0.45 0.47 0.43 0.58 
USGC distillers corn oil (dollars per pound)0.48 0.57 0.48 0.63 
USGC fancy bleachable tallow (dollars per pound)0.45 0.52 0.44 0.59 
Ethanol
Chicago Board of Trade corn (dollars per bushel)4.27 4.75 4.24 5.65 
New York Harbor ethanol (dollars per gallon)1.70 2.12 1.79 2.34 
Table Page 14


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars)
(unaudited)
December 31,
20242023
Balance sheet data
Current assets$23,737 $26,221 
Cash and cash equivalents included in current assets4,657 5,424 
Inventories included in current assets7,761 7,583 
Current liabilities15,495 16,802 
Valero Energy Corporation stockholders’ equity24,512 26,346 
Total equity27,521 28,524 
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))
$441 $167 
Debt, less current portion of debt (excluding VIEs)7,586 8,021 
Total debt (excluding VIEs)8,027 8,188 
Current portion of debt attributable to VIEs58 1,030 
Debt, less current portion of debt attributable to VIEs— — 
Total debt attributable to VIEs58 1,030 
Total debt8,085 9,218 
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)217 183 
Finance lease obligations, less current portion (excluding VIEs)1,492 1,428 
Total finance lease obligations (excluding VIEs)1,709 1,611 
Current portion of finance lease obligations attributable to VIEs27 26 
Finance lease obligations, less current portion attributable to VIEs642 669 
Total finance lease obligations attributable to VIEs669 695 
Total finance lease obligations 2,378 2,306 
Total debt and finance lease obligations$10,463 $11,524 


Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of net cash provided by operating activities to
adjusted net cash provided by operating activities (d)
Net cash provided by operating activities$1,070 $1,239 $6,683 $9,229
Exclude:
Changes in current assets and current liabilities— (631)795 (2,326)
Diamond Green Diesel LLC’s (DGD) adjusted net cash
provided by operating activities attributable to the other joint
venture member’s ownership interest in DGD
119 65 371 512
Adjusted net cash provided by operating activities$951 $1,805 $5,517 $11,043

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
December 31,		Year Ended
December 31,
2024202320242023
Reconciliation of capital investments to capital
investments attributable to Valero (d)
Capital expenditures (excluding VIEs)$250 $197 $649 $665 
Capital expenditures of VIEs:
DGD52 52 250 235 
Other VIEs1 7 8 11 
Deferred turnaround and catalyst cost expenditures
(excluding VIEs)
235 281 1,079 946 
Deferred turnaround and catalyst cost expenditures
of DGD
9 3 71 59 
Capital investments547 540 2,057 1,916 
Adjustments:
DGD’s capital investments attributable to the other joint
venture member
(31)(27)(161)(147)
Capital expenditures of other VIEs(1)(7)(8)(11)
Capital investments attributable to Valero$515 $506 $1,888 $1,758 
Dividends per common share$1.07 $1.02 $4.28 $4.08 


Year Ending
December 31, 2025
Reconciliation of expected capital investments to
expected capital investments attributable to Valero (d)
Expected capital investments$2,060 
Adjustment: DGD’s capital investments attributable to the
other joint venture member
(110)
Expected capital investments attributable to Valero$1,950 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 16




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES

(a)In March 2021, we announced our participation in a then-proposed large-scale carbon capture and sequestration pipeline system with Navigator Energy Services (Navigator). In October 2023, Navigator announced that it decided to cancel this project. Under the terms of the agreements associated with the project, we had some rights from and obligations to Navigator, including a portion of the aggregate project costs. As a result, we recognized a charge of $29 million in the year ended December 31, 2024 related to our obligation to Navigator.
(b)“Other income, net” includes a net gain of $11 million in the year ended December 31, 2023 related to the early retirement of $199 million aggregate principal amount of various series of our senior notes.
(c)Under current tax law, producers of second-generation biofuels that are registered with the Internal Revenue Service (IRS) are eligible for an income tax credit of up to $1.01 per gallon of qualified biofuel that was produced and sold in the U.S. through December 31, 2024. The benefit of the tax credit is recognized as a reduction of the producer’s income tax expense.

In December 2024, the IRS approved our application for registration as a producer of second-generation biofuels with respect to the cellulosic ethanol produced at our ethanol plants. As a result, “income tax expense (benefit)” for the three months and year ended December 31, 2024 includes a current income tax benefit of $79 million for the tax credit attributable to volumes of cellulosic ethanol produced and sold by us in the U.S. from 2020 through 2024. The $79 million income tax benefit recognized in December 2024 is attributable to the following periods (in millions):

Periods to which second-generation biofuel tax credit is attributable
2024 tax credit:
Nine months ended September 30, 2024$21 
Three months ended December 31, 20245 
Total 2024 tax credit26 
2023 tax credit:
Nine months ended September 30, 202318 
Three months ended December 31, 20236 
Total 2023 tax credit24 
2020 through 2022 tax credits29 
Total recognized in 2024$79 

(d)We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.

We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.

Non-GAAP measures are as follows:

◦Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect. The income tax effect for the adjustments was calculated using a combined 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 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.

Table Page 17




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
–Project liability adjustment – The project liability adjustment related to the cancellation of Navigator’s project (see note (a)) is not indicative of our ongoing operations.

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

–Second-generation biofuel tax credit – The income tax benefit from the second-generation biofuel tax credit recognized by us in December 2024 is attributable to volumes produced and sold from 2020 through 2024 (see note (c)). Therefore, the adjustment reflects the portion of the credit that is attributable to volumes produced and sold in other periods as follows (in millions):
Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
Tax credit attributable to volumes
produced and sold during the period
$5 $6 $26 $24 
Less:
Total recognized in 202479 — 79 — 
Adjustment to reflect tax credit in the
proper period
$(74)$6 $(53)$24 

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

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

◦Adjusted Refining operating income (loss) is defined as Refining segment operating income (loss) excluding other operating expenses. We believe adjusted Refining operating income (loss) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.
◦Adjusted Ethanol operating income is defined as Ethanol segment operating income excluding other operating expenses. We believe adjusted Ethanol operating income is an important measure of our Ethanol segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.
Table Page 18




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
◦Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.

–Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.

–DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.

DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only 50 percent of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):

Three Months Ended
December 31,		Year Ended
December 31,
2024202320242023
DGD operating cash flow data
Net cash provided by operating activities$352 $50 $889$537 
Exclude: Changes in current assets and current
liabilities
116 (80)148(488)
Adjusted net cash provided by operating activities 236 130 7411,025 
Other joint venture member’s ownership interest50%50%50 %50%
DGD’s adjusted net cash provided by operating
activities attributable to the other joint venture
member’s ownership interest in DGD
$119 $65 $371$512 

◦Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.
DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.

(e)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.

(f)Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
Table Page 19




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
(g)Valero uses certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.

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

Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.
(h)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 20
v3.24.4
Document and Entity Information
Jan. 30, 2025
Cover [Abstract]  
Document type 8-K
Document period end date Jan. 30, 2025
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, par value $0.01 per share
Trading symbol VLO
Security exchange name NYSE
Entity emerging growth company false
Entity central index key 0001035002
Amendment flag false
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