$VLO
VALERO ENERGY CORP/TX

2017 Q2 Form 10-Q Financial Statement

#000103500217000044 Filed on August 07, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $22.25B $19.58B
YoY Change 13.63% -22.03%
Cost Of Revenue $21.21B $18.25B
YoY Change 16.19% -16.51%
Gross Profit $1.049B $1.457B
YoY Change -28.0% -55.28%
Gross Profit Margin 4.71% 7.44%
Selling, General & Admin $175.0M $159.0M
YoY Change 10.06% -10.67%
% of Gross Profit 16.68% 10.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $499.0M $471.0M
YoY Change 5.94% 10.82%
% of Gross Profit 47.57% 32.33%
Operating Expenses $189.0M $159.0M
YoY Change 18.87% -86.98%
Operating Profit $860.0M $1.231B
YoY Change -30.14% -40.76%
Interest Expense $119.0M $111.0M
YoY Change 7.21% -1.77%
% of Operating Profit 13.84% 9.02%
Other Income/Expense, Net $27.00M $14.00M
YoY Change 92.86% 75.0%
Pretax Income $768.0M $1.134B
YoY Change -32.28% -42.52%
Income Tax $196.0M $291.0M
% Of Pretax Income 25.52% 25.66%
Net Earnings $548.0M $814.0M
YoY Change -32.68% -39.75%
Net Earnings / Revenue 2.46% 4.16%
Basic Earnings Per Share $1.23 $1.74
Diluted Earnings Per Share $1.23 $1.73
COMMON SHARES
Basic Shares Outstanding 444.0M shares 467.0M shares
Diluted Shares Outstanding 446.0M shares 470.0M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.207B $4.925B
YoY Change 5.73% -14.56%
Cash & Equivalents $5.207B $4.925B
Short-Term Investments
Other Short-Term Assets $939.0M $190.0M
YoY Change 394.21% -36.24%
Inventory $5.674B $6.137B
Prepaid Expenses
Receivables $3.911B $4.880B
Other Receivables $0.00 $48.00M
Total Short-Term Assets $15.73B $16.18B
YoY Change -2.78% -12.5%
LONG-TERM ASSETS
Property, Plant & Equipment $27.05B $26.59B
YoY Change 1.75% -0.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.189B $2.683B
YoY Change 18.86% 13.06%
Total Long-Term Assets $30.24B $29.27B
YoY Change 3.32% 0.57%
TOTAL ASSETS
Total Short-Term Assets $15.73B $16.18B
Total Long-Term Assets $30.24B $29.27B
Total Assets $45.97B $45.45B
YoY Change 1.15% -4.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.456B $5.943B
YoY Change -8.19% -18.76%
Accrued Expenses $955.0M $439.0M
YoY Change 117.54% -17.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $121.0M $864.0M
YoY Change -86.0% 476.0%
Total Short-Term Liabilities $7.683B $8.652B
YoY Change -11.2% -12.3%
LONG-TERM LIABILITIES
Long-Term Debt $8.366B $6.646B
YoY Change 25.88% -7.68%
Other Long-Term Liabilities $1.906B $1.471B
YoY Change 29.57% -22.13%
Total Long-Term Liabilities $1.906B $1.471B
YoY Change 29.57% -22.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.683B $8.652B
Total Long-Term Liabilities $1.906B $1.471B
Total Liabilities $9.589B $10.12B
YoY Change -5.28% -13.88%
SHAREHOLDERS EQUITY
Retained Earnings $26.60B $25.93B
YoY Change 2.58% 8.27%
Common Stock $7.103B $7.062B
YoY Change 0.58% -0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.66B $11.42B
YoY Change 10.89% 26.1%
Treasury Stock Shares 231.5M shares 211.2M shares
Shareholders Equity $19.92B $20.58B
YoY Change
Total Liabilities & Shareholders Equity $45.97B $45.45B
YoY Change 1.15% -4.51%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $548.0M $814.0M
YoY Change -32.68% -39.75%
Depreciation, Depletion And Amortization $499.0M $471.0M
YoY Change 5.94% 10.82%
Cash From Operating Activities $1.797B $2.319B
YoY Change -22.51% -0.43%
INVESTING ACTIVITIES
Capital Expenditures -$293.0M -$294.0M
YoY Change -0.34% -20.54%
Acquisitions
YoY Change
Other Investing Activities -$167.0M -$156.0M
YoY Change 7.05% 19.08%
Cash From Investing Activities -$460.0M -$450.0M
YoY Change 2.22% -10.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -676.0M -693.0M
YoY Change -2.45% -27.66%
NET CHANGE
Cash From Operating Activities 1.797B 2.319B
Cash From Investing Activities -460.0M -450.0M
Cash From Financing Activities -676.0M -693.0M
Net Change In Cash 661.0M 1.176B
YoY Change -43.79% 35.17%
FREE CASH FLOW
Cash From Operating Activities $1.797B $2.319B
Capital Expenditures -$293.0M -$294.0M
Free Cash Flow $2.090B $2.613B
YoY Change -20.02% -3.19%

Facts In Submission

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OperatingCostsAndExpenses
2031000000 USD
CY2017Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
1097000000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
2214000000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
1231000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2060000000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
871000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1408000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2901000000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
3189000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-202000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-80000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
208000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
282000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-199000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-74000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
212000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
289000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-200000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-68000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
211000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
287000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-3000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-6000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-4000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-7000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-6000000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
1000000 USD
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
2000000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1744000000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1906000000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
14000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
23000000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
16000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
33000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
325000000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
308000000 USD
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
0 USD
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
222000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
665000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
660000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
33000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
27000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
564000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
627000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
14000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
18000000 USD
us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
72000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
610000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
572000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26472000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27054000000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
374000000 USD
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
277000000 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
36000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
197000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-134000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-21000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
843000000 USD
us-gaap Profit Loss
ProfitLoss
1356000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
572000000 USD
us-gaap Profit Loss
ProfitLoss
893000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37733000000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
38979000000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
5901000000 USD
CY2017Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
4573000000 USD
CY2016Q2 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
17120000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
30627000000 USD
CY2017Q2 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
19609000000 USD
us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
39037000000 USD
CY2016Q2 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
19584000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
35298000000 USD
CY2017Q2 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
22254000000 USD
us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
44026000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
24000000 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
11000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
26366000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
26603000000 USD
CY2016Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1084000000 USD
CY2017Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1076000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
20024000000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
19923000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21354000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21404000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20854000000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20765000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-3000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-40000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
222000024 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
231498415 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
12027000000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
12660000000 USD
CY2016Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
641000000 USD
CY2017Q2 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
421000000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
470000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
471000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
446000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
448000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
467000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
468000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
444000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
446000000 shares
CY2016Q4 vlo Ethanol Feedstocks And Products
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238000000 USD
CY2017Q2 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
227000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Effective January&#160;1, 2017, we revised our reportable segments to reflect a new reportable segment&#160;&#8212;&#160;VLP. The results of the VLP segment include the results of Valero Energy Partners LP (VLP), our majority-owned master limited partnership. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See </font><font style="font-family:inherit;font-size:11pt;">Note&#160;10</font><font style="font-family:inherit;font-size:11pt;"> for additional information.</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;">Certain amounts reported for the </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;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified to conform with the 2017 presentation.</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.</font><font style="font-family:inherit;font-size:11pt;font-style:italic;">&#160;</font><font style="font-family:inherit;font-size:11pt;">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>

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