Valero Energy Reports First Quarter 2021 Results

  • Reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, including estimated excess energy cost of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri
  • Returned $400 million in cash to stockholders through dividends and declared a regular quarterly cash dividend of $0.98 per share
  • Announced the development of a large-scale carbon capture and storage project with BlackRock and Navigator
  • Announced the sale of a partial interest in the Pasadena marine terminal joint venture (MVP Terminalling) for $270 million

SAN ANTONIO–(BUSINESS WIRE)–Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, for the first quarter of 2021, compared to a net loss of $1.9 billion, or $4.54 per share, for the first quarter of 2020. The operating loss in the first quarter of 2021 includes estimated excess energy costs of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the first quarter of 2020 was $140 million, or $0.34 per share. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

“Winter Storm Uri impacted operations and operating costs of many facilities in the U.S. Gulf Coast and U.S. Mid-Continent regions, including our facilities,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “I am very proud of our team for safely managing the utilities curtailments and the freeze by idling or shutting down the affected facilities and resuming operations without incident.”

Refining

The refining segment reported a $592 million operating loss for the first quarter of 2021, compared to an operating loss of $2.1 billion for the first quarter of 2020. The first quarter 2021 adjusted operating loss was $554 million, compared to adjusted operating income of $329 million in the first quarter of 2020, which excludes the LCM inventory valuation adjustment. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $525 million related to impacts from Winter Storm Uri. Refinery throughput volumes averaged 2.4 million barrels per day in the first quarter of 2021, which was 414 thousand barrels per day lower than the first quarter of 2020.

“We are encouraged by the substantial increase in products demand and refining margins in the last three months,” said Gorder. “In fact, we achieved positive operating income and operating cash flow in March.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $203 million of operating income for the first quarter of 2021, compared to $198 million for the first quarter of 2020. Renewable diesel sales volumes averaged 867 thousand gallons per day in the first quarter of 2021.

“We are leveraging our global liquid fuels platform to continue expanding our long-term competitive advantage in renewables,” said Gorder. “Valero’s operational expertise and commercial strength are demonstrated by the record operating income and renewable diesel margin by this segment in the first quarter of 2021.”

Ethanol

The ethanol segment reported a $56 million operating loss for the first quarter of 2021, compared to an operating loss of $197 million for the first quarter of 2020. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $54 million related to impacts from Winter Storm Uri. First quarter 2020 adjusted operating loss was $69 million, which excludes the LCM inventory valuation adjustment. Ethanol production volumes averaged 3.6 million gallons per day in the first quarter of 2021, which was 541 thousand gallons per day lower than the first quarter of 2020.

Corporate and Other

General and administrative expenses were $208 million in the first quarter of 2021, compared to $177 million in the first quarter of 2020. The effective tax rate for the first quarter of 2021 was 19 percent.

Investing and Financing Activities

Capital investments totaled $582 million in the first quarter of 2021, of which $333 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Net cash used in operating activities was $52 million in the first quarter of 2021. Included in this amount was a $184 million favorable impact from working capital and $108 million associated with our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash used in operating activities was $344 million.

Valero returned $400 million to stockholders through dividends in the first quarter of 2021.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. 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.

Liquidity and Financial Position

Valero ended the first quarter of 2021 with $14.7 billion of total debt and finance lease obligations and $2.3 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 40 percent as of March 31, 2021.

Strategic Update

Valero continues to evaluate and pursue economic projects that lower the carbon intensity of its products. Valero announced that it is partnering with BlackRock and Navigator for a large-scale carbon capture and storage system in the U.S. Midwest that would capture and store carbon dioxide (CO2) from eight of Valero’s ethanol plants, making a lower carbon intensity ethanol product to be marketed in low carbon fuel markets. The system is expected to be capable of storing 5 million metric tonnes of CO2 per year.

In addition, Valero and its joint venture partner continue to steadily expand DGD’s capacity to produce low carbon intensity renewable diesel. The DGD plant expansion at St. Charles (DGD 2), which is expected to increase renewable diesel production by 400 million gallons per year, is on track to be completed and operational in the middle of the fourth quarter of 2021. The St. Charles expansion will also provide the capability to market 30 million gallons per year of renewable naphtha into low carbon fuel markets. The new DGD plant at Port Arthur (DGD 3), which is expected to produce 470 million gallons per year of renewable diesel, is expected to commence operations in the second half of 2023, increasing DGD’s total annual production capacity to approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce cost and improve margin capture, are progressing on schedule. The Pembroke Cogen project is on track to be completed in the third quarter of 2021 and the Port Arthur Coker project is expected to be completed in 2023.

On April 19, Valero sold a 24.99 percent membership interest in its Pasadena marine terminal joint venture for $270 million. Valero will retain a 25.01 percent interest in the joint venture.

Capital investments attributable to Valero are forecasted to be $2.0 billion in 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Over half of Valero’s 2021 growth capital is allocated to expanding the renewable diesel business.

“Continued improvement in product demand and refining margins supports a positive outlook for our refining business,” said Gorder. “Those improvements coupled with our growth strategy and operational expertise in low carbon renewable fuels, further strengthens Valero’s long-term competitive advantage.”

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 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum 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 is also a joint venture partner in Diamond Green Diesel, which owns and 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.investorvalero.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, Senior 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,” “forecast,” 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, including but not limited to the impacts of COVID-19. For more information concerning 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.

COVID-19 Disclosure

The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, the timing or effectiveness of the vaccine distribution, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

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 (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted ethanol operating income (loss), 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 reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (d) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

 

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

FINANCIAL HIGHLIGHTS

(millions of dollars, except per share amounts)

(unaudited)

 

 

Three Months Ended
March 31,

 

2021

 

 

2020

 

Statement of income data

 

 

 

Revenues

$

20,806

 

 

 

$

22,102

 

 

Cost of sales:

 

 

 

Cost of materials and other (a)

18,992

 

 

 

19,952

 

 

Lower of cost or market (LCM) inventory valuation adjustment (b)

 

 

 

2,542

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

1,656

 

 

 

1,124

 

 

Depreciation and amortization expense

566

 

 

 

569

 

 

Total cost of sales

21,214

 

 

 

24,187

 

 

Other operating expenses

38

 

 

 

2

 

 

General and administrative expenses (excluding

depreciation and amortization expense reflected below)

208

 

 

 

177

 

 

Depreciation and amortization expense

12

 

 

 

13

 

 

Operating loss

(666

)

 

 

(2,277

)

 

Other income, net

45

 

 

 

32

 

 

Interest and debt expense, net of capitalized interest

(149

)

 

 

(125

)

 

Loss before income tax benefit

(770

)

 

 

(2,370

)

 

Income tax benefit

(148

)

 

 

(616

)

 

Net loss

(622

)

 

 

(1,754

)

 

Less: Net income attributable to noncontrolling interests

82

 

 

 

97

 

 

Net loss attributable to Valero Energy Corporation stockholders

$

(704

)

 

 

$

(1,851

)

 

 

 

 

 

Loss per common share

$

(1.73

)

 

 

$

(4.54

)

 

Weighted-average common shares outstanding (in millions)

407

 

 

 

408

 

 

 

 

 

 

Loss per common share – assuming dilution

$

(1.73

)

 

 

$

(4.54

)

 

Weighted-average common shares outstanding –

assuming dilution (in millions) (c)

407

 

 

 

408

 

 

 

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

FINANCIAL HIGHLIGHTS BY SEGMENT

(millions of dollars)

(unaudited)

 

 

Refining

 

Renewable
Diesel

 

Ethanol

 

Corporate
and
Eliminations

 

Total

Three months ended March 31, 2021

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues from external customers

$

19,469

 

 

 

$

352

 

 

$

985

 

 

 

$

 

 

 

$

20,806

 

 

Intersegment revenues

3

 

 

 

79

 

 

60

 

 

 

(142

)

 

 

 

 

Total revenues

19,472

 

 

 

431

 

 

1,045

 

 

 

(142

)

 

 

20,806

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Cost of materials and other (a)

18,022

 

 

 

187

 

 

924

 

 

 

(141

)

 

 

18,992

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

1,471

 

 

 

29

 

 

156

 

 

 

 

 

 

1,656

 

 

Depreciation and amortization expense

533

 

 

 

12

 

 

21

 

 

 

 

 

 

566

 

 

Total cost of sales

20,026

 

 

 

228

 

 

1,101

 

 

 

(141

)

 

 

21,214

 

 

Other operating expenses

38

 

 

 

 

 

 

 

 

 

 

 

38

 

 

General and administrative expenses (excluding

depreciation and amortization expense reflected

below)

 

 

 

 

 

 

 

 

208

 

 

 

208

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

12

 

 

 

12

 

 

Operating income (loss) by segment

$

(592

)

 

 

$

203

 

 

$

(56

)

 

 

$

(221

)

 

 

$

(666

)

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

Revenues from external customers

$

20,985

 

 

 

$

306

 

 

$

811

 

 

 

$

 

 

 

$

22,102

 

 

Intersegment revenues

2

 

 

 

53

 

 

64

 

 

 

(119

)

 

 

 

 

Total revenues

20,987

 

 

 

359

 

 

875

 

 

 

(119

)

 

 

22,102

 

 

Cost of sales:

 

 

 

 

 

 

 

 

 

Cost of materials and other

19,127

 

 

 

130

 

 

813

 

 

 

(118

)

 

 

19,952

 

 

LCM inventory valuation adjustment (b)

2,414

 

 

 

 

 

128

 

 

 

 

 

 

2,542

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below)

995

 

 

 

20

 

 

109

 

 

 

 

 

 

1,124

 

 

Depreciation and amortization expense

536

 

 

 

11

 

 

22

 

 

 

 

 

 

569

 

 

Total cost of sales

23,072

 

 

 

161

 

 

1,072

 

 

 

(118

)

 

 

24,187

 

 

Other operating expenses

2

 

 

 

 

 

 

 

 

 

 

 

2

 

 

General and administrative expenses (excluding

depreciation and amortization expense reflected

below)

 

 

 

 

 

 

 

 

177

 

 

 

177

 

 

Depreciation and amortization expense

 

 

 

 

 

 

 

 

13

 

 

 

13

 

 

Operating income (loss) by segment

$

(2,087

)

 

 

$

198

 

 

$

(197

)

 

 

$

(191

)

 

 

$

(2,277

)

 

 

See Operating Highlights by Segment.

See Notes to Earnings Release Tables

 

.

 

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
March 31,

 

2021

 

 

2020

 

Reconciliation of net loss attributable to Valero Energy

Corporation stockholders to adjusted net income (loss)

attributable to Valero Energy Corporation stockholders

 

 

 

Net loss attributable to Valero Energy Corporation

stockholders

$

(704

)

 

 

$

(1,851

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

2,542

 

 

Income tax benefit related to the LCM inventory

valuation adjustment

 

 

 

(551

)

 

LCM inventory valuation adjustment, net of taxes

 

 

 

1,991

 

 

Adjusted net income (loss) attributable to

Valero Energy Corporation stockholders

$

(704

)

 

 

$

140

 

 

 

 

 

 

Reconciliation of loss per common share –

assuming dilution to adjusted earnings (loss) per common

share – assuming dilution

 

 

 

Loss per common share – assuming dilution (c)

$

(1.73

)

 

 

$

(4.54

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

4.88

 

 

Adjusted earnings (loss) per common share – assuming dilution (c)

$

(1.73

)

 

 

$

0.34

 

 

 

 

 

 

See Notes to Earnings Release Tables.

 

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
March 31,

 

2021

 

 

2020

 

Reconciliation of operating income (loss) by segment to

segment margin, and reconciliation of operating income (loss)

by segment to adjusted operating income (loss) by segment

 

 

 

Refining segment

 

 

 

Refining operating loss

$

(592

)

 

 

$

(2,087

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

2,414

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

1,471

 

 

 

995

 

 

Depreciation and amortization expense

533

 

 

 

536

 

 

Other operating expenses

38

 

 

 

2

 

 

Refining margin

$

1,450

 

 

 

$

1,860

 

 

 

 

 

 

Refining operating loss

$

(592

)

 

 

$

(2,087

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

2,414

 

 

Other operating expenses

38

 

 

 

2

 

 

Adjusted refining operating income (loss)

$

(554

)

 

 

$

329

 

 

 

 

 

 

Renewable diesel segment

 

 

 

Renewable diesel operating income

$

203

 

 

 

$

198

 

 

Adjustments:

 

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below)

29

 

 

 

20

 

 

Depreciation and amortization expense

12

 

 

 

11

 

 

Renewable diesel margin

$

244

 

 

 

$

229

 

 

 

 

 

 

Ethanol segment

 

 

 

Ethanol operating loss

$

(56

)

 

 

$

(197

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

128

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

156

 

 

 

109

 

 

Depreciation and amortization expense

21

 

 

 

22

 

 

Ethanol margin

$

121

 

 

 

$

62

 

 

 

 

 

 

Ethanol operating loss

$

(56

)

 

 

$

(197

)

 

Adjustment: LCM inventory valuation adjustment (b)

 

 

 

128

 

 

Adjusted ethanol operating loss

$

(56

)

 

 

$

(69

)

 

 

See Notes to Earnings Release Tables.

 

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
March 31,

 

2021

 

 

2020

 

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 loss

$

(508

)

 

 

$

(942

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

1,113

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

994

 

 

 

558

 

 

Depreciation and amortization expense

332

 

 

 

334

 

 

Other operating expenses

31

 

 

 

 

 

Refining margin

$

849

 

 

 

$

1,063

 

 

 

 

 

 

Refining operating loss

$

(508

)

 

 

$

(942

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

1,113

 

 

Other operating expenses

31

 

 

 

 

 

Adjusted refining operating income (loss)

$

(477

)

 

 

$

171

 

 

 

 

 

 

U.S. Mid-Continent region

 

 

 

Refining operating loss

$

(10

)

 

 

$

(220

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

283

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) (a)

190

 

 

 

164

 

 

Depreciation and amortization expense

84

 

 

 

83

 

 

Other operating expenses

7

 

 

 

 

 

Refining margin

$

271

 

 

 

$

310

 

 

 

 

 

 

Refining operating loss

$

(10

)

 

 

$

(220

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

283

 

 

Other operating expenses

7

 

 

 

 

 

Adjusted refining operating income (loss)

$

(3

)

 

 

$

63

 

 

 

See Notes to Earnings Release Tables.

 

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
March 31,

 

2021

 

 

2020

 

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 (loss)

$

55

 

 

 

$

(714

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

874

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below)

140

 

 

 

141

 

 

Depreciation and amortization expense

52

 

 

 

53

 

 

Other operating expenses

 

 

 

2

 

 

Refining margin

$

247

 

 

 

$

356

 

 

 

 

 

 

Refining operating income (loss)

$

55

 

 

 

$

(714

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

874

 

 

Other operating expenses

 

 

 

2

 

 

Adjusted refining operating income

$

55

 

 

 

$

162

 

 

 

 

 

 

U.S. West Coast region

 

 

 

Refining operating loss

$

(129

)

 

 

$

(211

)

 

Adjustments:

 

 

 

LCM inventory valuation adjustment (b)

 

 

 

144

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below)

147

 

 

 

132

 

 

Depreciation and amortization expense

65

 

 

 

66

 

 

Refining margin

$

83

 

 

 

$

131

 

 

 

 

 

 

Refining operating loss

$

(129

)

 

 

$

(211

)

 

Adjustment: LCM inventory valuation adjustment (b)

 

 

 

144

 

 

Adjusted refining operating loss

$

(129

)

 

 

$

(67

)

 

 

See Notes to Earnings Release Tables.

 

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

REFINING SEGMENT OPERATING HIGHLIGHTS

(millions of dollars, except per barrel amounts)

(unaudited)

 

 

Three Months Ended
March 31,

 

2021

 

 

2020

Throughput volumes (thousand barrels per day)

 

 

 

Feedstocks:

 

 

 

Heavy sour crude oil

354

 

 

 

360

 

Medium/light sour crude oil

275

 

 

 

252

 

Sweet crude oil

1,143

 

 

 

1,538

 

Residuals

192

 

 

 

235

 

Other feedstocks

102

 

 

 

100

 

Total feedstocks

2,066

 

 

 

2,485

 

Blendstocks and other

344

 

 

 

339

 

Total throughput volumes

2,410

 

 

 

2,824

 

 

 

 

 

Yields (thousand barrels per day)

 

 

 

Gasolines and blendstocks

1,191

 

 

 

1,317

 

Distillates

894

 

 

 

1,046

 

Other products (f)

352

 

 

 

478

 

Total yields

2,437

 

 

 

2,841

 

 

 

 

 

Operating statistics (a) (d) (g)

 

 

 

Refining margin

$

1,450

 

 

 

$

1,860

 

Adjusted refining operating income (loss)

$

(554

)

 

 

$

329

 

Throughput volumes (thousand barrels per day)

2,410

 

 

 

2,824

 

 

 

 

 

Refining margin per barrel of throughput

$

6.68

 

 

 

$

7.24

 

Less:

 

 

 

Operating expenses (excluding depreciation and

amortization expense reflected below) per barrel of

throughput

6.78

 

 

 

3.87

 

Depreciation and amortization expense per barrel of

throughput

2.46

 

 

 

2.09

 

Adjusted refining operating income (loss) per barrel of

throughput

$

(2.56

)

 

 

$

1.28

 

 

See Notes to Earnings Release Tables.

Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations, 210-345-1982

Eric Herbort, Senior Manager – Investor Relations, 210-345-3331

Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

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

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