$VLO
VALERO ENERGY CORP/TX

2019 Q2 Form 10-Q Financial Statement

#000103500219000040 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $28.93B $31.02B
YoY Change -6.71% 39.37%
Cost Of Revenue $27.81B $29.48B
YoY Change -5.66% 39.02%
Gross Profit $1.123B $1.535B
YoY Change -26.84% 46.33%
Gross Profit Margin 3.88% 4.95%
Selling, General & Admin $199.0M $248.0M
YoY Change -19.76% 41.71%
% of Gross Profit 17.72% 16.16%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $566.0M $523.0M
YoY Change 8.22% 4.81%
% of Gross Profit 50.4% 34.07%
Operating Expenses $215.0M $282.0M
YoY Change -23.76% 49.21%
Operating Profit $908.0M $1.253B
YoY Change -27.53% 45.7%
Interest Expense $112.0M $124.0M
YoY Change -9.68% 4.2%
% of Operating Profit 12.33% 9.9%
Other Income/Expense, Net $12.00M -$5.000M
YoY Change -340.0% -118.52%
Pretax Income $808.0M $1.124B
YoY Change -28.11% 46.35%
Income Tax $160.0M $249.0M
% Of Pretax Income 19.8% 22.15%
Net Earnings $612.0M $845.0M
YoY Change -27.57% 54.2%
Net Earnings / Revenue 2.12% 2.72%
Basic Earnings Per Share $1.47 $1.96
Diluted Earnings Per Share $1.47 $1.96
COMMON SHARES
Basic Shares Outstanding 415.0M shares 429.0M shares
Diluted Shares Outstanding 417.0M shares 431.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.033B $4.451B
YoY Change -54.32% -14.52%
Cash & Equivalents $2.033B $4.451B
Short-Term Investments
Other Short-Term Assets $1.343B $1.980B
YoY Change -32.17% 110.86%
Inventory $6.281B $6.420B
Prepaid Expenses
Receivables $8.154B $6.097B
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.81B $18.95B
YoY Change -6.0% 20.45%
LONG-TERM ASSETS
Property, Plant & Equipment $28.78B $28.18B
YoY Change 2.14% 4.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.427B $3.550B
YoY Change 52.87% 11.32%
Total Long-Term Assets $34.21B $31.73B
YoY Change 7.82% 4.92%
TOTAL ASSETS
Total Short-Term Assets $17.81B $18.95B
Total Long-Term Assets $34.21B $31.73B
Total Assets $52.02B $50.68B
YoY Change 2.65% 10.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.14B $8.963B
YoY Change 13.08% 64.28%
Accrued Expenses $764.0M $641.0M
YoY Change 19.19% -32.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $323.0M $183.0M
YoY Change 76.5% 51.24%
Total Short-Term Liabilities $12.55B $11.34B
YoY Change 10.64% 47.61%
LONG-TERM LIABILITIES
Long-Term Debt $9.167B $8.876B
YoY Change 3.28% 6.1%
Other Long-Term Liabilities $3.571B $2.897B
YoY Change 23.27% 51.99%
Total Long-Term Liabilities $3.571B $2.897B
YoY Change 23.27% 51.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.55B $11.34B
Total Long-Term Liabilities $3.571B $2.897B
Total Liabilities $16.12B $14.24B
YoY Change 13.21% 48.48%
SHAREHOLDERS EQUITY
Retained Earnings $31.05B $29.92B
YoY Change 3.78% 12.45%
Common Stock $6.819B $7.039B
YoY Change -3.13% -0.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.17B $13.92B
YoY Change 8.96% 9.98%
Treasury Stock Shares 258.9M shares 245.1M shares
Shareholders Equity $21.35B $21.77B
YoY Change
Total Liabilities & Shareholders Equity $52.02B $50.68B
YoY Change 2.65% 10.23%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $612.0M $845.0M
YoY Change -27.57% 54.2%
Depreciation, Depletion And Amortization $566.0M $523.0M
YoY Change 8.22% 4.81%
Cash From Operating Activities $1.517B $2.059B
YoY Change -26.32% 14.58%
INVESTING ACTIVITIES
Capital Expenditures -$511.0M -$434.0M
YoY Change 17.74% 48.12%
Acquisitions
YoY Change
Other Investing Activities -$297.0M -$946.0M
YoY Change -68.6% 466.47%
Cash From Investing Activities -$808.0M -$1.380B
YoY Change -41.45% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.447B -829.0M
YoY Change 74.55% 22.63%
NET CHANGE
Cash From Operating Activities 1.517B 2.059B
Cash From Investing Activities -808.0M -1.380B
Cash From Financing Activities -1.447B -829.0M
Net Change In Cash -738.0M -150.0M
YoY Change 392.0% -122.69%
FREE CASH FLOW
Cash From Operating Activities $1.517B $2.059B
Capital Expenditures -$511.0M -$434.0M
Free Cash Flow $2.028B $2.493B
YoY Change -18.65% 19.28%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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25000000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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141000000 USD
CY2019Q2 us-gaap Comprehensive Income Net Of Tax
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CY2018Q2 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Tax Cuts And Jobs Act Of2017 Reclassification From Aoci To Retained Earnings Tax Effect
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us-gaap Depreciation Amortization And Accretion Net
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Minority Shareholders
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="line-height:120%;text-indent:24px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><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><span style="font-family:inherit;font-size:11pt;"> for segment information.</span></div>
us-gaap Use Of Estimates
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<div style="line-height:120%;text-indent:24px;font-size:11pt;"><span style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><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><span 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.</span></div>
CY2018Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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CY2019Q2 vlo Ethanol Feedstocks And Products
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298000000 USD
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671000000 USD
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