$VLO
VALERO ENERGY CORP/TX

2015 Q2 Form 10-Q Financial Statement

#000103500215000055 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $25.12B $34.91B
YoY Change -28.06% 2.59%
Cost Of Revenue $21.86B $32.58B
YoY Change -32.9% 2.04%
Gross Profit $3.258B $2.336B
YoY Change 39.47% 10.82%
Gross Profit Margin 12.97% 6.69%
Selling, General & Admin $178.0M $170.0M
YoY Change 4.71% -41.38%
% of Gross Profit 5.46% 7.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $425.0M $414.0M
YoY Change 2.66% 2.22%
% of Gross Profit 13.04% 17.72%
Operating Expenses $1.221B $170.0M
YoY Change 618.24% -41.38%
Operating Profit $2.078B $1.085B
YoY Change 91.52% 34.78%
Interest Expense $113.0M $98.00M
YoY Change 15.31% 25.64%
% of Operating Profit 5.44% 9.03%
Other Income/Expense, Net $8.000M $12.00M
YoY Change -33.33% 9.09%
Pretax Income $1.973B $999.0M
YoY Change 97.5% 35.37%
Income Tax $608.0M $343.0M
% Of Pretax Income 30.82% 34.33%
Net Earnings $1.351B $588.0M
YoY Change 129.76% 26.18%
Net Earnings / Revenue 5.38% 1.68%
Basic Earnings Per Share $2.67 $1.11
Diluted Earnings Per Share $2.66 $1.10
COMMON SHARES
Basic Shares Outstanding 505.0M shares 529.0M shares
Diluted Shares Outstanding 508.0M shares 534.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.764B $3.480B
YoY Change 65.63% 45.12%
Cash & Equivalents $5.764B $3.480B
Short-Term Investments
Other Short-Term Assets $298.0M $399.0M
YoY Change -25.31% 4.45%
Inventory $6.618B $6.526B
Prepaid Expenses
Receivables $5.799B $7.952B
Other Receivables $13.00M $93.00M
Total Short-Term Assets $18.49B $18.45B
YoY Change 0.23% 10.03%
LONG-TERM ASSETS
Property, Plant & Equipment $26.73B $26.12B
YoY Change 2.34% 2.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.373B $2.441B
YoY Change -2.79% 30.95%
Total Long-Term Assets $29.11B $28.56B
YoY Change 1.9% 4.21%
TOTAL ASSETS
Total Short-Term Assets $18.49B $18.45B
Total Long-Term Assets $29.11B $28.56B
Total Assets $47.60B $47.01B
YoY Change 1.25% 6.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.315B $9.355B
YoY Change -21.81% -1.6%
Accrued Expenses $529.0M $584.0M
YoY Change -9.42% 15.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $150.0M $601.0M
YoY Change -75.04% 98.35%
Total Short-Term Liabilities $9.865B $12.52B
YoY Change -21.22% 4.05%
LONG-TERM LIABILITIES
Long-Term Debt $7.199B $5.784B
YoY Change 24.46% -7.62%
Other Long-Term Liabilities $1.889B $1.327B
YoY Change 42.35% -21.8%
Total Long-Term Liabilities $1.889B $1.327B
YoY Change 42.35% -21.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.865B $12.52B
Total Long-Term Liabilities $1.889B $1.327B
Total Liabilities $11.75B $13.85B
YoY Change -15.13% 0.86%
SHAREHOLDERS EQUITY
Retained Earnings $23.95B $20.12B
YoY Change 19.05% 14.36%
Common Stock $7.083B $7.139B
YoY Change -0.78% -1.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.054B $7.474B
YoY Change 21.14% 9.62%
Treasury Stock Shares 173.8M shares 143.6M shares
Shareholders Equity $21.45B $20.21B
YoY Change
Total Liabilities & Shareholders Equity $47.60B $47.01B
YoY Change 1.25% 6.42%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $1.351B $588.0M
YoY Change 129.76% 26.18%
Depreciation, Depletion And Amortization $425.0M $414.0M
YoY Change 2.66% 2.22%
Cash From Operating Activities $2.329B $1.134B
YoY Change 105.38% -10.36%
INVESTING ACTIVITIES
Capital Expenditures -$370.0M -$566.0M
YoY Change -34.63% -10.73%
Acquisitions
YoY Change
Other Investing Activities -$131.0M -$242.0M
YoY Change -45.87% 28.04%
Cash From Investing Activities -$501.0M -$808.0M
YoY Change -38.0% -1.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -958.0M -515.0M
YoY Change 86.02% -572.48%
NET CHANGE
Cash From Operating Activities 2.329B 1.134B
Cash From Investing Activities -501.0M -808.0M
Cash From Financing Activities -958.0M -515.0M
Net Change In Cash 870.0M -189.0M
YoY Change -560.32% -134.3%
FREE CASH FLOW
Cash From Operating Activities $2.329B $1.134B
Capital Expenditures -$370.0M -$566.0M
Free Cash Flow $2.699B $1.700B
YoY Change 58.76% -10.48%

Facts In Submission

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us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
20000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
20677000000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
21453000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
19946000000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20720000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21244000000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22006000000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
159202872 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
173777130 shares
CY2014Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2000000 shares
CY2015Q2 vlo Ethanol Operating Costs And Expenses
EthanolOperatingCostsAndExpenses
108000000 USD
vlo Ethanol Operating Costs And Expenses
EthanolOperatingCostsAndExpenses
228000000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
8125000000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
9054000000 USD
CY2014Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
906000000 USD
CY2015Q2 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
927000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
534000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
535000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
508000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
512000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
529000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
530000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
505000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
509000000 shares
CY2014Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
195000000 USD
CY2015Q2 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
206000000 USD
CY2014Q2 vlo Ethanol Operating Costs And Expenses
EthanolOperatingCostsAndExpenses
111000000 USD
vlo Ethanol Operating Costs And Expenses
EthanolOperatingCostsAndExpenses
240000000 USD
CY2015Q2 vlo Numberof Refineries Impactedby Vlp Operations
NumberofRefineriesImpactedbyVLPOperations
7 refineries
CY2014Q2 vlo Refining Operating Costs And Expenses
RefiningOperatingCostsAndExpenses
967000000 USD
vlo Refining Operating Costs And Expenses
RefiningOperatingCostsAndExpenses
1939000000 USD
CY2015Q2 vlo Refining Operating Costs And Expenses
RefiningOperatingCostsAndExpenses
935000000 USD
vlo Refining Operating Costs And Expenses
RefiningOperatingCostsAndExpenses
1899000000 USD
vlo Treasury Stock Purchasedbut Notyet Settled
TreasuryStockPurchasedbutNotyetSettled
104000000 USD
vlo Treasury Stock Purchasedbut Notyet Settled
TreasuryStockPurchasedbutNotyetSettled
41000000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:14px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">As used in this report, the terms &#8220;Valero,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP)&#160;for interim financial information and with the instructions to Form&#160;10-Q and Article&#160;10 of Regulation&#160;S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">six</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">2014</font><font style="font-family:inherit;font-size:11pt;"> included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">six</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">June&#160;30, 2015</font><font style="font-family:inherit;font-size:11pt;"> are not necessarily indicative of the results that may be expected for the year ending December&#160;31, 2015.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The balance sheet as of </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:11pt;"> has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December&#160;31, 2014</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-bottom:14px;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2014, the Financial Accounting Standards Board (FASB) amended the ASC and issued a new accounting standard, Topic&#160;606, &#8220;Revenue from Contracts with Customers,&#8221; to clarify the principles for recognizing revenue. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires improved interim and annual disclosures that enable the users of financial statements to better understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. In July&#160;2015, the FASB deferred the effective date of the new standard by one year. As a result, the standard is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within that reporting period, and can be adopted either retrospectively to each prior reporting period presented using a practical expedient, as allowed by the standard, or retrospectively with a cumulative effect adjustment to retained earnings as of the date of initial application. Early adoption is permitted, but not before the original effective date, which was for annual reporting periods beginning after December&#160;15, 2016, including interim reporting periods within those reporting periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February&#160;2015, the provisions of ASC Topic&#160;810, &#8220;Consolidation&#8221; were amended to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in additional disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In April&#160;2015, the provisions of ASC Subtopic&#160;835-30, &#8220;Interest&#8211;Imputation of Interest&#8221; were amended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a note be reported in the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not materially affect our financial position or results of operations; however, our debt issuance costs associated with issued debt will be reported in the balance sheet as a direct deduction from &#8220;debt and capital lease obligations, less current portion&#8221; and excluded from &#8220;deferred charges and other assets, net.&#8221;</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Also in April&#160;2015, the provisions of ASC Topic&#160;715, &#8220;Compensation&#8211;Retirement Benefits&#8221; were amended to provide a practical expedient for the measurement date of an entities&#8217; defined benefit pension or other postretirement plans. For an entity with a fiscal year-end that does not coincide with a month-end, the guidance provides a practical expedient that allows the entity to measure the defined benefit plan assets and obligations using the month-end that is closest to the entity&#8217;s fiscal year-end. For an entity that has a significant event in an interim period that calls for a remeasurement, the guidance allows an entity to remeasure the defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. These provisions are effective retrospectively for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2015, the FASB amended the provisions of ASC Topic&#160;820, &#8220;Fair Value Measurements,&#8221; to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured using the net asset value per share practical expedient and limits those disclosures to investments for which the entity has elected to measure the fair value using that practical expedient. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December&#160;15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2016 will not affect our financial position or results of operations, but will result in revised disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In July&#160;2015, the provisions of ASC Topic&#160;330, &#8220;Inventory&#8221; were amended to simplify the measurement of inventory. The guidance does not apply to inventory where the cost of such inventory is measured using the last-in, first-out (LIFO) or the retail inventory methods. The guidance applies to inventory where the cost of such inventory is measured using the first-in, first-out (FIFO) or average cost methods, and it requires the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December&#160;15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January&#160;1, 2017 is not expected to affect our financial position or results of operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div></div>

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