$VLO
VALERO ENERGY CORP/TX Stock $vlo

$vlo Overview Financials Valuation SEC Filings Company Website

2016 Q1 Form 10-Q Financial Statement

#000103500216000087 Filed on May 05, 2016

Income Statement

Concept	2016 Q1	2015 Q1
Revenue	$15.71B	$21.33B
YoY Change	-26.33%	-36.64%
Cost Of Revenue	$14.83B	$18.50B
YoY Change	-19.83%	-40.42%
Gross Profit	$997.0M	$2.832B
YoY Change	-64.8%	8.17%
Gross Profit Margin	6.34%	13.28%
Selling, General & Admin	$156.0M	$147.0M
YoY Change	6.12%	-8.13%
% of Gross Profit	15.65%	5.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$485.0M	$441.0M
YoY Change	9.98%	4.75%
% of Gross Profit	48.65%	15.57%
Operating Expenses	$156.0M	$1.231B
YoY Change	-87.33%	669.38%
Operating Profit	$829.0M	$1.495B
YoY Change	-44.55%	10.66%
Interest Expense	$108.0M	$101.0M
YoY Change	6.93%	1.0%
% of Operating Profit	13.03%	6.76%
Other Income/Expense, Net	$9.000M	$24.00M
YoY Change	-62.5%	60.0%
Pretax Income	$730.0M	$1.418B
YoY Change	-48.52%	12.01%
Income Tax	$217.0M	$450.0M
% Of Pretax Income	29.73%	31.73%
Net Earnings	$495.0M	$964.0M
YoY Change	-48.65%	16.43%
Net Earnings / Revenue	3.15%	4.52%
Basic Earnings Per Share	$1.05	$1.87
Diluted Earnings Per Share	$1.05	$1.87
COMMON SHARES
Basic Shares Outstanding	469.0M shares	513.0M shares
Diluted Shares Outstanding	471.0M shares	516.0M shares

Balance Sheet

Concept	2016 Q1	2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$3.778B	$4.870B
YoY Change	-22.42%	33.53%
Cash & Equivalents	$3.778B	$4.870B
Short-Term Investments
Other Short-Term Assets	$335.0M	$275.0M
YoY Change	21.82%	-29.49%
Inventory	$6.056B	$6.666B
Prepaid Expenses
Receivables	$4.518B	$4.924B
Other Receivables	$174.0M	$53.00M
Total Short-Term Assets	$14.86B	$16.79B
YoY Change	-11.48%	-11.78%
LONG-TERM ASSETS
Property, Plant & Equipment	$26.75B	$26.60B
YoY Change	0.56%	3.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$2.653B	$2.357B
YoY Change	12.56%	2.34%
Total Long-Term Assets	$29.40B	$28.95B
YoY Change	1.54%	3.15%
TOTAL ASSETS
Total Short-Term Assets	$14.86B	$16.79B
Total Long-Term Assets	$29.40B	$28.95B
Total Assets	$44.26B	$45.74B
YoY Change	-3.24%	-2.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.980B	$6.010B
YoY Change	-17.14%	-37.51%
Accrued Expenses	$416.0M	$512.0M
YoY Change	-18.75%	4.92%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$128.0M	$200.0M
YoY Change	-36.0%	-71.59%
Total Short-Term Liabilities	$6.775B	$8.634B
YoY Change	-21.53%	-33.2%
LONG-TERM LIABILITIES
Long-Term Debt	$7.207B	$7.224B
YoY Change	-0.24%	23.28%
Other Long-Term Liabilities	$1.590B	$1.917B
YoY Change	-17.06%	48.6%
Total Long-Term Liabilities	$1.590B	$1.917B
YoY Change	-17.06%	48.6%
TOTAL LIABILITIES
Total Short-Term Liabilities	$6.775B	$8.634B
Total Long-Term Liabilities	$1.590B	$1.917B
Total Liabilities	$8.365B	$10.55B
YoY Change	-20.72%	-25.78%
SHAREHOLDERS EQUITY
Retained Earnings	$25.40B	$22.80B
YoY Change	11.39%	15.96%
Common Stock	$7.064B	$7.090B
YoY Change	-0.37%	-0.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$11.01B	$8.390B
YoY Change	31.19%	17.05%
Treasury Stock Shares	203.7M shares	163.2M shares
Shareholders Equity	$20.66B	$20.77B
YoY Change
Total Liabilities & Shareholders Equity	$44.26B	$45.74B
YoY Change	-3.24%	-2.88%

Cashflow Statement

Concept	2016 Q1	2015 Q1
OPERATING ACTIVITIES
Net Income	$495.0M	$964.0M
YoY Change	-48.65%	16.43%
Depreciation, Depletion And Amortization	$485.0M	$441.0M
YoY Change	9.98%	4.75%
Cash From Operating Activities	$640.0M	$1.433B
YoY Change	-55.34%	487.3%
INVESTING ACTIVITIES
Capital Expenditures	$316.0M	$458.0M
YoY Change	-31.0%	18.04%
Acquisitions
YoY Change
Other Investing Activities	$2.000M	$15.00M
YoY Change	-86.67%	-63.41%
Cash From Investing Activities	-$481.0M	-$713.0M
YoY Change	-32.54%	27.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net	$265.0M	$325.0M
YoY Change	-18.46%	43.81%
Debt Paid & Issued, Net		$402.0M
YoY Change
Cash From Financing Activities	-$544.0M	$526.0M
YoY Change	-203.42%	-268.59%
NET CHANGE
Cash From Operating Activities	$640.0M	$1.433B
Cash From Investing Activities	-$481.0M	-$713.0M
Cash From Financing Activities	-$544.0M	$526.0M
Net Change In Cash	-$385.0M	$1.246B
YoY Change	-130.9%	-299.04%
FREE CASH FLOW
Cash From Operating Activities	$640.0M	$1.433B
Capital Expenditures	$316.0M	$458.0M
Free Cash Flow	$324.0M	$975.0M
YoY Change	-66.77%	-777.08%

Facts In Submission

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CY2015Q1	us-gaap	Payments For Capital Improvements PaymentsForCapitalImprovements	240000000	USD
CY2016Q1	us-gaap	Payments For Capital Improvements PaymentsForCapitalImprovements	161000000	USD
CY2015Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	15000000	USD
CY2016Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	4000000	USD
CY2015Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	325000000	USD
CY2016Q1	us-gaap	Payments For Repurchase Of Common Stock PaymentsForRepurchaseOfCommonStock	265000000	USD
CY2015Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	206000000	USD
CY2016Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	282000000	USD
CY2015Q1	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	5000000	USD
CY2016Q1	us-gaap	Payments Of Dividends Minority Interest PaymentsOfDividendsMinorityInterest	7000000	USD
CY2015Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	458000000	USD
CY2016Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	316000000	USD
CY2015Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	204000000	USD
CY2016Q1	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	335000000	USD
CY2015Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	1446000000	USD
CY2016Q1	us-gaap	Proceeds From Issuance Of Long Term Debt ProceedsFromIssuanceOfLongTermDebt	0	USD
CY2015Q1	us-gaap	Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions	15000000	USD
CY2016Q1	us-gaap	Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions	3000000	USD
CY2015Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	4000000	USD
CY2016Q1	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	10000000	USD
CY2015Q1	us-gaap	Profit Loss ProfitLoss	968000000	USD
CY2016Q1	us-gaap	Profit Loss ProfitLoss	513000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	36907000000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Gross PropertyPlantAndEquipmentGross	37275000000	USD
CY2015Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	26703000000	USD
CY2016Q1	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	26745000000	USD
CY2015Q4	us-gaap	Receivables Net Current ReceivablesNetCurrent	4464000000	USD
CY2016Q1	us-gaap	Receivables Net Current ReceivablesNetCurrent	4518000000	USD
CY2015Q1	us-gaap	Refining And Marketing Costs RefiningAndMarketingCosts	18163000000	USD
CY2016Q1	us-gaap	Refining And Marketing Costs RefiningAndMarketingCosts	13507000000	USD
CY2015Q1	us-gaap	Refining And Marketing Revenue RefiningAndMarketingRevenue	21330000000	USD
CY2016Q1	us-gaap	Refining And Marketing Revenue RefiningAndMarketingRevenue	15714000000	USD
CY2015Q1	us-gaap	Repayments Of Debt And Capital Lease Obligations RepaymentsOfDebtAndCapitalLeaseObligations	403000000	USD
CY2016Q1	us-gaap	Repayments Of Debt And Capital Lease Obligations RepaymentsOfDebtAndCapitalLeaseObligations	3000000	USD
CY2015Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	25188000000	USD
CY2016Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	25401000000	USD
CY2015Q4	us-gaap	Sales And Excise Tax Payable Current SalesAndExciseTaxPayableCurrent	1069000000	USD
CY2016Q1	us-gaap	Sales And Excise Tax Payable Current SalesAndExciseTaxPayableCurrent	957000000	USD
CY2015Q1	us-gaap	Stock Issued During Period Value Share Based Compensation Gross StockIssuedDuringPeriodValueShareBasedCompensationGross	15000000	USD
CY2016Q1	us-gaap	Stock Issued During Period Value Share Based Compensation Gross StockIssuedDuringPeriodValueShareBasedCompensationGross	3000000	USD
CY2015Q4	us-gaap	Stockholders Equity StockholdersEquity	20527000000	USD
CY2016Q1	us-gaap	Stockholders Equity StockholdersEquity	20656000000	USD
CY2014Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	21244000000	USD
CY2015Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	21342000000	USD
CY2015Q4	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	21354000000	USD
CY2016Q1	us-gaap	Stockholders Equity Including Portion Attributable To Noncontrolling Interest StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest	21495000000	USD
CY2015Q4	us-gaap	Treasury Stock Shares TreasuryStockShares	200462208	shares
CY2016Q1	us-gaap	Treasury Stock Shares TreasuryStockShares	203711810	shares
CY2015Q4	us-gaap	Treasury Stock Value TreasuryStockValue	10799000000	USD
CY2016Q1	us-gaap	Treasury Stock Value TreasuryStockValue	11007000000	USD
CY2015Q4	us-gaap	Weighted Average Cost Inventory Amount WeightedAverageCostInventoryAmount	668000000	USD
CY2016Q1	us-gaap	Weighted Average Cost Inventory Amount WeightedAverageCostInventoryAmount	685000000	USD
CY2015Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	516000000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	471000000	shares
CY2015Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	513000000	shares
CY2016Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	469000000	shares
CY2015Q4	vlo	Ethanol Feedstocks And Products EthanolFeedstocksAndProducts	242000000	USD
CY2016Q1	vlo	Ethanol Feedstocks And Products EthanolFeedstocksAndProducts	264000000	USD
CY2015Q4	vlo	Inventory Before Valuation Reserve InventoryBeforeValuationReserve	6664000000	USD
CY2016Q1	vlo	Inventory Before Valuation Reserve InventoryBeforeValuationReserve	6511000000	USD
CY2016Q1	vlo	Numberof Refineries Impactedby Vlp Operations NumberofRefineriesImpactedbyVLPOperations	9	refineries
CY2016Q1	us-gaap	Basis Of Accounting BasisOfAccounting	<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;">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 “Valero,” “we,” “us,” or “our” 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) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation 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 </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">three</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;">March 31, 2016</font><font style="font-family:inherit;font-size:11pt;"> and </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">2015</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 </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">three</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;">March 31, 2016</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 31, 2016.</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 31, 2015</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 10-K for the year ended </font><font style="font-family:inherit;font-size:11pt;color:#000000;text-decoration:none;">December 31, 2015</font><font style="font-family:inherit;font-size:11pt;">.</font></div></div>
CY2016Q1	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;">Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May 2014, the ASC was amended and a new accounting standard, ASC Topic 606, “Revenue from Contracts with Customers,” was issued to clarify the principles for recognizing revenue. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual 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%;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 2015, the provisions of ASC Topic 330, “Inventory” were amended to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2017 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;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 January 2016, the provisions of ASC Subtopic 825-10, “Financial Instruments–Overall,” were amended to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual 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;"><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 February 2016, the ASC was amended and a new accounting standard, ASC Topic 842, “Leases,” was issued to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. 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;"><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 March 2016, the provisions of ASC Topic 718, “Compensation–Stock Compensation,” were amended to simplify the accounting and reporting for employee share-based payments. These amendments involve several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid on the statement of cash flows. These provisions are effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.</font></div></div>
CY2016Q1	us-gaap	Reclassifications Reclassifications	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain amounts reported as of </font><font style="font-family:inherit;font-size:11pt;">December 31, 2015</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified in order to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January 1, 2016. The adoption of the amendments to ASC Subtopic 835-30, “Interest–Imputation of Interest,” resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and capital lease obligations, less current portion.” The adoption of the amendments to ASC Topic 740, “Income Taxes” resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions):</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:88.88888888888889%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:52%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Previously</font></div><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reported</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Currently<br clear="none"/>Reported</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(74</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">—</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred charges and other assets, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">—</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Debt and capital lease obligations,</font></div><div style="text-align:justify;padding-left:12px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">less current portion</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,208</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,768</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
CY2016Q1	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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0001035002-16-000087.txt	Edgar Link	pending
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FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xlsx	Edgar Link	pending
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vlo-20160331_def.xml	Edgar Link	unprocessable
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vlo-20160331_pre.xml	Edgar Link	unprocessable
vloexh1201-3312016.htm	Edgar Link	pending
vloexh3101-3312016.htm	Edgar Link	pending
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VALERO ENERGY CORP/TX Stock $vlo

2016 Q1 Form 10-Q Financial Statement

#000103500216000087 Filed on May 05, 2016

Income Statement

Balance Sheet

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Facts In Submission

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$VLO VALERO ENERGY CORP/TX Stock $vlo

2016 Q1 Form 10-Q Financial Statement

#000103500216000087 Filed on May 05, 2016

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$VLO
VALERO ENERGY CORP/TX Stock $vlo