$VLO
VALERO ENERGY CORP/TX

2019 Q1 Form 10-Q Financial Statement

#000103500219000025 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $24.26B $26.44B
YoY Change -8.23% 21.44%
Cost Of Revenue $23.73B $25.38B
YoY Change -6.49% 20.61%
Gross Profit $533.0M $1.062B
YoY Change -49.81% 45.08%
Gross Profit Margin 2.2% 4.02%
Selling, General & Admin $209.0M $238.0M
YoY Change -12.18% 23.96%
% of Gross Profit 39.21% 22.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $551.0M $498.0M
YoY Change 10.64% -0.4%
% of Gross Profit 103.38% 46.89%
Operating Expenses $225.0M $261.0M
YoY Change -13.79% 27.94%
Operating Profit $308.0M $801.0M
YoY Change -61.55% 51.7%
Interest Expense $112.0M $121.0M
YoY Change -7.44% 0.0%
% of Operating Profit 36.36% 15.11%
Other Income/Expense, Net $22.00M $51.00M
YoY Change -56.86% 96.15%
Pretax Income $218.0M $731.0M
YoY Change -70.18% 68.82%
Income Tax $51.00M $149.0M
% Of Pretax Income 23.39% 20.38%
Net Earnings $141.0M $469.0M
YoY Change -69.94% 53.77%
Net Earnings / Revenue 0.58% 1.77%
Basic Earnings Per Share $0.34 $1.09
Diluted Earnings Per Share $0.34 $1.09
COMMON SHARES
Basic Shares Outstanding 416.0M shares 431.0M shares
Diluted Shares Outstanding 418.0M shares 432.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.777B $4.658B
YoY Change -40.38% 4.37%
Cash & Equivalents $2.777B $4.658B
Short-Term Investments
Other Short-Term Assets $1.501B $1.262B
YoY Change 18.94% 27.6%
Inventory $6.554B $6.555B
Prepaid Expenses
Receivables $7.648B $5.787B
Other Receivables $0.00 $0.00
Total Short-Term Assets $18.48B $18.26B
YoY Change 1.2% 14.79%
LONG-TERM ASSETS
Property, Plant & Equipment $28.41B $27.73B
YoY Change 2.44% 2.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.207B $3.385B
YoY Change 53.83% 7.53%
Total Long-Term Assets $33.62B $31.12B
YoY Change 8.03% 3.24%
TOTAL ASSETS
Total Short-Term Assets $18.48B $18.26B
Total Long-Term Assets $33.62B $31.12B
Total Assets $52.10B $49.38B
YoY Change 5.51% 7.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.01B $7.966B
YoY Change 25.6% 31.95%
Accrued Expenses $772.0M $590.0M
YoY Change 30.85% -16.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.110B $871.0M
YoY Change 27.44% 625.83%
Total Short-Term Liabilities $12.91B $10.75B
YoY Change 20.1% 36.12%
LONG-TERM LIABILITIES
Long-Term Debt $9.006B $8.086B
YoY Change 11.38% -3.38%
Other Long-Term Liabilities $3.530B $2.902B
YoY Change 21.64% 50.21%
Total Long-Term Liabilities $3.530B $2.902B
YoY Change 21.64% 50.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.91B $10.75B
Total Long-Term Liabilities $3.530B $2.902B
Total Liabilities $16.44B $13.65B
YoY Change 20.43% 38.89%
SHAREHOLDERS EQUITY
Retained Earnings $30.81B $29.42B
YoY Change 4.74% 11.56%
Common Stock $6.809B $7.033B
YoY Change -3.18% -0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.96B $13.59B
YoY Change 10.08% 10.38%
Treasury Stock Shares 256.3M shares 242.6M shares
Shareholders Equity $21.31B $21.88B
YoY Change
Total Liabilities & Shareholders Equity $52.10B $49.38B
YoY Change 5.51% 7.23%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $141.0M $469.0M
YoY Change -69.94% 53.77%
Depreciation, Depletion And Amortization $551.0M $498.0M
YoY Change 10.64% -0.4%
Cash From Operating Activities $877.0M $138.0M
YoY Change 535.51% -86.03%
INVESTING ACTIVITIES
Capital Expenditures -$463.0M $356.0M
YoY Change -230.06% 27.6%
Acquisitions
YoY Change
Other Investing Activities $2.000M $8.000M
YoY Change -75.0% 700.0%
Cash From Investing Activities -$747.0M -$752.0M
YoY Change -0.66% 5.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $36.00M $320.0M
YoY Change -88.75% 1.91%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$378.0M -$573.0M
YoY Change -34.03% -12.12%
NET CHANGE
Cash From Operating Activities $877.0M $138.0M
Cash From Investing Activities -$747.0M -$752.0M
Cash From Financing Activities -$378.0M -$573.0M
Net Change In Cash -$205.0M -$1.192B
YoY Change -82.8% 215.34%
FREE CASH FLOW
Cash From Operating Activities $877.0M $138.0M
Capital Expenditures -$463.0M $356.0M
Free Cash Flow $1.340B -$218.0M
YoY Change -714.68% -130.75%

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CY2019Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
219000000 USD
CY2018Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
220000000 USD
CY2019Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
63000000 USD
CY2018Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
55000000 USD
CY2019Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
1000000 USD
CY2018Q1 us-gaap Payments To Acquire Oil And Gas Property And Equipment
PaymentsToAcquireOilAndGasPropertyAndEquipment
85000000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1000000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8000000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-747000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-752000000 USD
CY2019Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
907000000 USD
CY2018Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
415000000 USD
CY2019Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
36000000 USD
CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
320000000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
375000000 USD
CY2018Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
345000000 USD
CY2019Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
950000000 USD
CY2018Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0 USD
CY2019Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
0 USD
CY2018Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
32000000 USD
CY2019Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
CY2018Q1 us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
11000000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-25000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12000000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-378000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-573000000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43000000 USD
CY2018Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-5000000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-205000000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1192000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2982000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5850000000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2777000000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4658000000 USD
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
Reclassifications<span style="font-family:inherit;font-size:11pt;">Effective January 1, 2019, we revised our reportable segments to reflect a new reportable segment — renewable diesel. The renewable diesel segment includes the operations of Diamond Green Diesel Holdings LLC (DGD), our consolidated joint venture as discussed in </span><span style="font-size:11pt;">Note 8</span><span style="font-family:inherit;font-size:11pt;">, which were transferred from the refining segment. Also effective January 1, 2019, we no longer have a VLP segment, and we now include the operations of Valero Energy Partners LP and its consolidated subsidiaries (VLP) in our refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See </span><span style="font-size:11pt;">Note 2</span><span style="font-family:inherit;font-size:11pt;"> regarding our merger with VLP, which occurred on January 10, 2019, and </span><span style="font-size:11pt;">Note 11</span> for segment information.
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates<span style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S.</span><span style="font-family:inherit;font-size:11pt;font-style:italic;"> </span>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.
CY2019Q1 us-gaap Crude Oil And Natural Gas Liquids
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2338000000 USD
CY2018Q4 us-gaap Crude Oil And Natural Gas Liquids
CrudeOilAndNaturalGasLiquids
2265000000 USD
CY2019Q1 us-gaap Inventory Crude Oil Products And Merchandise
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3572000000 USD
CY2018Q4 us-gaap Inventory Crude Oil Products And Merchandise
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3653000000 USD
CY2019Q1 vlo Ethanol Feedstocks And Products
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328000000 USD
CY2018Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
298000000 USD
CY2019Q1 vlo Renewable Diesel Feedstocksand Products
RenewableDieselFeedstocksandProducts
50000000 USD
CY2018Q4 vlo Renewable Diesel Feedstocksand Products
RenewableDieselFeedstocksandProducts
52000000 USD
CY2019Q1 us-gaap Inventory Raw Materials And Supplies
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266000000 USD
CY2018Q4 us-gaap Inventory Raw Materials And Supplies
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264000000 USD
CY2019Q1 us-gaap Inventory Net
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6554000000 USD
CY2018Q4 us-gaap Inventory Net
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6532000000 USD
CY2019Q1 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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3500000000 USD
CY2018Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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1500000000 USD
CY2019Q1 us-gaap Weighted Average Cost Inventory Amount
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1100000000 USD
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10000000 USD
CY2019Q1 us-gaap Finance Lease Interest Expense
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CY2019Q1 us-gaap Operating Lease Cost
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CY2019Q1 us-gaap Variable Lease Cost
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CY2019Q1 us-gaap Short Term Lease Cost
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CY2019Q1 us-gaap Sublease Income
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CY2019Q1 us-gaap Lease Cost
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CY2018Q1 us-gaap Lease And Rental Expense
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10000000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
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125000000 USD
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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1303000000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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1303000000 USD
CY2019Q1 us-gaap Finance Lease Right Of Use Asset
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CY2019Q1 us-gaap Finance Lease Liability Current
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CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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956000000 USD
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1260000000 USD
CY2019Q1 us-gaap Finance Lease Liability
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606000000 USD
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CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P23Y3M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.055
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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273000000 USD
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51000000 USD
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267000000 USD
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191000000 USD
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335000000 USD
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641000000 USD
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676000000 USD
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1260000000 USD
CY2019Q1 us-gaap Finance Lease Liability
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606000000 USD
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24000000 USD
CY2018Q1 us-gaap Interest Costs Capitalized Adjustment
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18000000 USD
CY2019Q1 us-gaap Interest Expense
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CY2018Q1 us-gaap Interest Expense
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153000000 USD
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42000000 USD
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155000000 USD
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48000000 USD
CY2019Q1 us-gaap Net Income Loss
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141000000 USD
CY2018Q1 us-gaap Net Income Loss
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469000000 USD
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1000000 USD
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1000000 USD
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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140000000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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468000000 USD
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416000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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431000000 shares
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0.34
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1.09
CY2019Q1 us-gaap Net Income Loss
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141000000 USD
CY2018Q1 us-gaap Net Income Loss
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469000000 USD
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416000000 shares
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26439000000 USD
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CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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431000000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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418000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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432000000 shares
CY2019Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.34
CY2018Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.09
CY2019Q1 us-gaap Number Of Reportable Segments
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3 segment
CY2019Q1 vlo Number Of Refineries Owned By Company
NumberOfRefineriesOwnedByCompany
15 refinery
CY2019Q1 vlo Number Of Ethanol Plants Owned By Company
NumberOfEthanolPlantsOwnedByCompany
14 ethanol_plant
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24263000000 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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24263000000 USD
CY2019Q1 us-gaap Cost Direct Material
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21978000000 USD
CY2019Q1 us-gaap Cost Of Goods And Services Sold Overhead
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1215000000 USD
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537000000 USD
CY2019Q1 us-gaap Cost Of Revenue
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23730000000 USD
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209000000 USD
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14000000 USD
CY2019Q1 us-gaap Operating Income Loss
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308000000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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26439000000 USD
CY2018Q1 us-gaap Cost Direct Material
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23756000000 USD
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1136000000 USD
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485000000 USD
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25377000000 USD
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10000000 USD
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238000000 USD
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13000000 USD
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801000000 USD
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24263000000 USD
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26439000000 USD
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CY2018Q4 us-gaap Assets
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895000000 USD
CY2018Q1 us-gaap Increase Decrease In Receivables
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11000000 USD
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107000000 USD
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79000000 USD
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1400000000 USD
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11000000 USD
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CY2018Q1 us-gaap Increase Decrease In Other Current Assets And Liabilities Net
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1026000000 USD
CY2019Q1 us-gaap Interest Paid Net
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59000000 USD
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552000000 USD
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1430000000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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2000000 USD
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2777000000 USD
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2982000000 USD
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2777000000 USD
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8289000000 USD
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0 USD
CY2019Q1 us-gaap Inventory Net
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6554000000 USD
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860000000 USD
CY2019Q1 us-gaap Assets Current
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18480000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
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42388000000 USD
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13980000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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28408000000 USD
CY2019Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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0 USD
CY2019Q1 us-gaap Other Assets Noncurrent
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5207000000 USD
CY2019Q1 us-gaap Assets
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52095000000 USD
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1110000000 USD
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