$VLO
VALERO ENERGY CORP/TX

2018 Q1 Form 10-Q Financial Statement

#000103500218000015 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $26.44B $21.77B
YoY Change 21.44% 38.55%
Cost Of Revenue $25.38B $21.04B
YoY Change 20.61% 41.87%
Gross Profit $1.062B $732.0M
YoY Change 45.08% -26.58%
Gross Profit Margin 4.02% 3.36%
Selling, General & Admin $238.0M $192.0M
YoY Change 23.96% 23.08%
% of Gross Profit 22.41% 26.23%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $498.0M $500.0M
YoY Change -0.4% 3.09%
% of Gross Profit 46.89% 68.31%
Operating Expenses $261.0M $204.0M
YoY Change 27.94% 30.77%
Operating Profit $801.0M $528.0M
YoY Change 51.7% -36.31%
Interest Expense $121.0M $121.0M
YoY Change 0.0% 12.04%
% of Operating Profit 15.11% 22.92%
Other Income/Expense, Net $51.00M $26.00M
YoY Change 96.15% 188.89%
Pretax Income $731.0M $433.0M
YoY Change 68.82% -40.68%
Income Tax $149.0M $112.0M
% Of Pretax Income 20.38% 25.87%
Net Earnings $469.0M $305.0M
YoY Change 53.77% -38.38%
Net Earnings / Revenue 1.77% 1.4%
Basic Earnings Per Share $1.09 $0.68
Diluted Earnings Per Share $1.09 $0.68
COMMON SHARES
Basic Shares Outstanding 431.0M shares 448.0M shares
Diluted Shares Outstanding 432.0M shares 451.0M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.658B $4.463B
YoY Change 4.37% 18.13%
Cash & Equivalents $4.658B $4.463B
Short-Term Investments
Other Short-Term Assets $1.262B $989.0M
YoY Change 27.6% 195.22%
Inventory $6.555B $6.025B
Prepaid Expenses
Receivables $5.787B $4.431B
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.26B $15.91B
YoY Change 14.79% 7.05%
LONG-TERM ASSETS
Property, Plant & Equipment $27.73B $26.99B
YoY Change 2.74% 0.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.385B $3.148B
YoY Change 7.53% 18.66%
Total Long-Term Assets $31.12B $30.14B
YoY Change 3.24% 2.52%
TOTAL ASSETS
Total Short-Term Assets $18.26B $15.91B
Total Long-Term Assets $31.12B $30.14B
Total Assets $49.38B $46.05B
YoY Change 7.23% 4.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.966B $6.037B
YoY Change 31.95% 21.22%
Accrued Expenses $590.0M $707.0M
YoY Change -16.55% 69.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $871.0M $120.0M
YoY Change 625.83% -6.25%
Total Short-Term Liabilities $10.75B $7.899B
YoY Change 36.12% 16.59%
LONG-TERM LIABILITIES
Long-Term Debt $8.086B $8.369B
YoY Change -3.38% 16.12%
Other Long-Term Liabilities $2.902B $1.932B
YoY Change 50.21% 21.51%
Total Long-Term Liabilities $2.902B $1.932B
YoY Change 50.21% 21.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.75B $7.899B
Total Long-Term Liabilities $2.902B $1.932B
Total Liabilities $13.65B $9.831B
YoY Change 38.89% 17.53%
SHAREHOLDERS EQUITY
Retained Earnings $29.42B $26.37B
YoY Change 11.56% 3.8%
Common Stock $7.033B $7.103B
YoY Change -0.99% 0.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.59B $12.31B
YoY Change 10.38% 11.84%
Treasury Stock Shares 242.6M shares 226.3M shares
Shareholders Equity $21.88B $19.83B
YoY Change
Total Liabilities & Shareholders Equity $49.38B $46.05B
YoY Change 7.23% 4.04%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $469.0M $305.0M
YoY Change 53.77% -38.38%
Depreciation, Depletion And Amortization $498.0M $500.0M
YoY Change -0.4% 3.09%
Cash From Operating Activities $138.0M $988.0M
YoY Change -86.03% 54.38%
INVESTING ACTIVITIES
Capital Expenditures $356.0M $279.0M
YoY Change 27.6% -11.71%
Acquisitions
YoY Change
Other Investing Activities $8.000M $1.000M
YoY Change 700.0% -50.0%
Cash From Investing Activities -$752.0M -$714.0M
YoY Change 5.32% 48.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $320.0M $314.0M
YoY Change 1.91% 18.49%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$573.0M -$652.0M
YoY Change -12.12% 19.85%
NET CHANGE
Cash From Operating Activities $138.0M $988.0M
Cash From Investing Activities -$752.0M -$714.0M
Cash From Financing Activities -$573.0M -$652.0M
Net Change In Cash -$1.192B -$378.0M
YoY Change 215.34% -1.82%
FREE CASH FLOW
Cash From Operating Activities $138.0M $988.0M
Capital Expenditures $356.0M $279.0M
Free Cash Flow -$218.0M $709.0M
YoY Change -130.75% 118.83%

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PaymentsToAcquireOilAndGasPropertyAndEquipment
72000000 USD
CY2018Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
85000000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
279000000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
356000000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
156000000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
233000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
35000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Common Limited Partners Units
ProceedsFromIssuanceOfCommonLimitedPartnersUnits
0 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
498000000 USD
CY2017Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
32000000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-19000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12000000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
321000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
582000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40010000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40543000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27480000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27731000000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
6922000000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
6814000000 USD
CY2017Q1 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
19428000000 USD
CY2018Q1 us-gaap Refining And Marketing Costs
RefiningAndMarketingCosts
23756000000 USD
CY2017Q1 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
21772000000 USD
CY2018Q1 us-gaap Refining And Marketing Revenue
RefiningAndMarketingRevenue
26439000000 USD
CY2017Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
5000000 USD
CY2018Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
415000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29200000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
29415000000 USD
CY2017Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1321000000 USD
CY2018Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
1226000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-10000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-46000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
21991000000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
21877000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20854000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
20651000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22900000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
22925000000 USD
CY2017Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-38000000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-6000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
239603534 shares
CY2018Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
242573833 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
13315000000 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
13588000000 USD
CY2017Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
292000000 USD
CY2018Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
256000000 USD
CY2017Q4 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
1000000000 USD
CY2018Q1 us-gaap Weighted Average Cost Inventory Amount
WeightedAverageCostInventoryAmount
905000000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
451000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
432000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
448000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
431000000 shares
CY2017Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
242000000 USD
CY2018Q1 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
258000000 USD
CY2018Q1 vlo Number Of Ethanol Plants Owned By Company
NumberOfEthanolPlantsOwnedByCompany
11 ethanol_plant
CY2018Q1 vlo Number Of Refineries Owned By Company
NumberOfRefineriesOwnedByCompany
15 refinery
CY2018Q1 vlo Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
-1900000000 USD
CY2017Q1 vlo Variable Interest Entity Consolidated Paymentsfor Capital Expenditures
VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures
0 USD
CY2018Q1 vlo Variable Interest Entity Consolidated Paymentsfor Capital Expenditures
VariableInterestEntityConsolidatedPaymentsforCapitalExpenditures
28000000 USD
CY2018Q1 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;">Certain amounts reported for the </font><font style="font-family:inherit;font-size:11pt;">three</font><font style="font-family:inherit;font-size:11pt;"> months ended </font><font style="font-family:inherit;font-size:11pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified in order to conform to the 2018 presentation.</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>
CY2018Q1 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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