Valero Energy Corp (NYSE: VLO) is a petroleum refining and marketing company that manufactures and sells petroleum-based and low-carbon liquid transportation fuels and petrochemical products. It earns revenue by processing crude oil and other feedstocks through its refinery network and selling the resulting fuels and products at a spread above input costs. Valero is headquartered in San Antonio, Texas, incorporated in Delaware in 1981 under the name Valero Refining and Marketing Company, and renamed in 1997. As of the 10-K filed 2026-02-25, the company owns 15 petroleum refineries in the U.S., Canada, and the U.K. with combined throughput capacity of approximately 3.2 million barrels per day. It also holds a joint venture interest in DGD, which operates two renewable diesel plants with combined production capacity of approximately 1.2 billion gallons per year, and owns 12 ethanol plants in the U.S. Mid-Continent region with combined capacity of approximately 1.7 billion gallons per year. Operations are organized into three segments: Refining, Renewable Diesel, and Ethanol. Primary sales markets are the U.S., Canada, the U.K., Ireland, and Latin America.

Revenue model

Transactional. Revenue is generated by selling refined petroleum products, renewable diesel, and ethanol at market prices, with profitability driven by the spread between feedstock input costs and finished product prices (crack spread economics).

Products and services

Petroleum-based liquid transportation fuels, petrochemical products, low-carbon renewable diesel (via DGD joint venture), and ethanol.

Customers and end markets

Transportation fuel consumers and industrial buyers in the U.S., Canada, the U.K., Ireland, and Latin America. End markets include road transportation, aviation, and industrial uses.

Value-chain role

Midstream-to-downstream manufacturer and marketer. Valero sits between crude oil producers and end consumers, processing feedstocks into finished fuels and petrochemical products.

Geographic exposure

Primary markets are the United States, Canada, the United Kingdom, Ireland, and Latin America, per the 10-K filed 2026-02-25. Refinery assets located in the U.S., Canada, and the U.K. Renewable diesel plants in the Gulf Coast region of the U.S. Ethanol plants in the U.S. Mid-Continent region.

Source: SEC 10-K, filed 2026-02-25

Industry: Petroleum Refining Peers: Archaea Energy Inc. CVR Energy Inc HF Sinclair Corp Marathon Petroleum Corp Phillips 66 PBF Energy Inc Renewable Energy Group, Inc. Sunoco LP