$VLO
VALERO ENERGY CORP/TX

2023 Q2 Form 10-Q Financial Statement

#000103500223000054 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $34.51B $36.44B
YoY Change -33.18% -5.46%
Cost Of Revenue $31.53B $32.13B
YoY Change -30.19% -12.98%
Gross Profit $2.981B $4.307B
YoY Change -53.99% 166.03%
Gross Profit Margin 8.64% 11.82%
Selling, General & Admin $209.0M $244.0M
YoY Change -1.88% 19.02%
% of Gross Profit 7.01% 5.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $669.0M $660.0M
YoY Change 11.13% 8.91%
% of Gross Profit 22.44% 15.32%
Operating Expenses $222.0M $264.0M
YoY Change -7.5% 12.34%
Operating Profit $2.759B $4.043B
YoY Change -55.64% 192.12%
Interest Expense -$86.00M $146.0M
YoY Change -160.56% 0.69%
% of Operating Profit -3.12% 3.61%
Other Income/Expense, Net $44.00M $129.0M
YoY Change 33.33% -745.0%
Pretax Income $2.717B $4.026B
YoY Change -55.53% 230.27%
Income Tax $595.0M $880.0M
% Of Pretax Income 21.9% 21.86%
Net Earnings $1.938B $3.067B
YoY Change -58.7% 238.9%
Net Earnings / Revenue 5.62% 8.42%
Basic Earnings Per Share $5.41 $8.30
Diluted Earnings Per Share $5.41 $8.29
COMMON SHARES
Basic Shares Outstanding 361.5M shares 371.2M shares
Diluted Shares Outstanding 358.0M shares 369.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.075B $5.521B
YoY Change -5.88% 109.29%
Cash & Equivalents $5.075B $5.521B
Short-Term Investments
Other Short-Term Assets $771.0M $671.0M
YoY Change 78.89% 59.38%
Inventory $6.961B $7.455B
Prepaid Expenses
Receivables $10.89B $9.688B
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.70B $23.34B
YoY Change -13.55% 0.09%
LONG-TERM ASSETS
Property, Plant & Equipment $30.57B $30.78B
YoY Change -0.6% -0.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.402B $6.062B
YoY Change 3.56% -2.43%
Total Long-Term Assets $36.97B $36.84B
YoY Change 0.1% -0.67%
TOTAL ASSETS
Total Short-Term Assets $23.70B $23.34B
Total Long-Term Assets $36.97B $36.84B
Total Assets $60.67B $60.18B
YoY Change -5.72% -0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.83B $10.50B
YoY Change -34.96% -31.1%
Accrued Expenses $2.523B $1.168B
YoY Change 126.89% 2.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.193B $1.258B
YoY Change 16.73% -2.86%
Total Short-Term Liabilities $14.95B $15.37B
YoY Change -31.96% -22.34%
LONG-TERM LIABILITIES
Long-Term Debt $10.13B $10.17B
YoY Change -14.57% -14.27%
Other Long-Term Liabilities $2.213B $2.292B
YoY Change -26.06% -31.99%
Total Long-Term Liabilities $12.34B $2.292B
YoY Change 312.4% -31.99%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.95B $15.37B
Total Long-Term Liabilities $12.34B $2.292B
Total Liabilities $34.82B $17.66B
YoY Change 39.48% -23.74%
SHAREHOLDERS EQUITY
Retained Earnings $42.51B $40.94B
YoY Change 28.52% 42.21%
Common Stock $6.896B $6.884B
YoY Change 0.64% 0.66%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.59B $21.64B
YoY Change 28.79% 37.0%
Treasury Stock Shares 312.0M shares
Shareholders Equity $25.85B $24.98B
YoY Change
Total Liabilities & Shareholders Equity $60.67B $60.18B
YoY Change -5.72% -0.37%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $1.938B $3.067B
YoY Change -58.7% 238.9%
Depreciation, Depletion And Amortization $669.0M $660.0M
YoY Change 11.13% 8.91%
Cash From Operating Activities $1.512B $3.170B
YoY Change -74.13% 439.12%
INVESTING ACTIVITIES
Capital Expenditures $170.0M $265.0M
YoY Change -140.77% -169.01%
Acquisitions
YoY Change
Other Investing Activities -$359.0M -$4.000M
YoY Change 77.72% 100.0%
Cash From Investing Activities -$529.0M -$549.0M
YoY Change -14.54% -34.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.522B -$1.998B
YoY Change -36.95% 62.7%
NET CHANGE
Cash From Operating Activities 1.512B $3.170B
Cash From Investing Activities -529.0M -$549.0M
Cash From Financing Activities -1.522B -$1.998B
Net Change In Cash -539.0M $659.0M
YoY Change -119.17% -144.41%
FREE CASH FLOW
Cash From Operating Activities $1.512B $3.170B
Capital Expenditures $170.0M $265.0M
Free Cash Flow $1.342B $2.905B
YoY Change -78.57% 198.87%

Facts In Submission

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VALERO ENERGY CORP/TX
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<div style="padding-left:18pt"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these interim unaudited 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>
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<div style="padding-left:18pt;text-indent:-18pt"><span style="color:#0070ab;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">2.    UNCERTAINTY</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In September 2022, California adopted Senate Bill No. 1322 (SB 1322), which requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information. The provisions of SB 1322 were effective January 2023, and we began the required monthly reporting for our two California refineries at that time.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">In March 2023, California adopted Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2), which, among other things, (i) authorizes the establishment of a maximum gross gasoline refining margin (max margin) and the imposition of a financial penalty for profits above a max margin, (ii) significantly expands the reporting obligations under SB 1322 and the </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to the California Energy Commission (CEC) for all participants in the petroleum industry supply chain in California (e.g., refiners, marketers, importers, transporters, terminals, producers, renewables producers, pipelines, and ports), (iii) creates the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorizes the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. The provisions of SBx 1-2 are expected to become effective June 26, 2023. The CEC has not yet undertaken rulemaking with respect to SBx 1-2, including the establishment of any max margin, the imposition of a financial penalty, restrictions on turnaround and maintenance activities, or determining the format and manner in which the increased data is to be reported, and it is uncertain when or whether any such rulemaking will occur. The increased reporting is substantial, requiring daily, weekly, monthly, and annual reporting of detailed operational and financial data on all aspects of our operations in California, much of it at the transaction level. In addition, the required operational data will include our plans for turnaround and maintenance activities at our two California refineries and how we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We are reviewing and analyzing the provisions of SBx 1-2 and the possible impacts to our refining and marketing operations in California. While the CEC has not yet established a max margin, imposed a financial penalty for profits above a max margin, or imposed restrictions on turnaround and maintenance activities, the potential implementation of a financial penalty or any restrictions or delays on our ability to undertake turnaround or maintenance activities creates uncertainty due to the potential adverse effects on us. Any adverse effects on our operations or financial performance in California could indicate that the carrying value of our assets in California is not recoverable, which would result in an impairment loss that could be material. In addition, if the circumstances that trigger an impairment loss result in a reduction in the estimated useful lives of the assets, we may be required to recognize an asset retirement obligation that could be material. Other jurisdictions are contemplating similarly focused legislation or actions. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The ultimate timing and impacts of SBx 1-2 and any other similarly focused legislation or actions are subject to considerable uncertainty due to a number of factors, including technological and economic feasibility, legal challenges, and potential changes in law, regulation, or policy, and it is not currently possible to predict the ultimate effects of these matters and developments on us.</span></div>
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We do not require any collateral or other security to support derivative instruments into which we enter.

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vlo-20230331_cal.xml Edgar Link unprocessable
vlo-20230331_def.xml Edgar Link unprocessable
vlo-20230331_lab.xml Edgar Link unprocessable
vlo-20230331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable