$VLO
VALERO ENERGY CORP/TX

2023 Q3 Form 10-Q Financial Statement

#000103500223000103 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $38.40B $34.51B
YoY Change -13.61% -33.18%
Cost Of Revenue $34.63B $31.53B
YoY Change -14.34% -30.19%
Gross Profit $3.770B $2.981B
YoY Change -6.29% -53.99%
Gross Profit Margin 9.82% 8.64%
Selling, General & Admin $250.0M $209.0M
YoY Change 16.82% -1.88%
% of Gross Profit 6.63% 7.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $682.0M $669.0M
YoY Change 6100.0% 11.13%
% of Gross Profit 18.09% 22.44%
Operating Expenses $267.0M $222.0M
YoY Change 15.58% -7.5%
Operating Profit $3.503B $2.759B
YoY Change -7.62% -55.64%
Interest Expense $149.0M -$86.00M
YoY Change 7.97% -160.56%
% of Operating Profit 4.25% -3.12%
Other Income/Expense, Net $122.0M $44.00M
YoY Change 64.86% 33.33%
Pretax Income $3.476B $2.717B
YoY Change -6.76% -55.53%
Income Tax $813.0M $595.0M
% Of Pretax Income 23.39% 21.9%
Net Earnings $2.622B $1.938B
YoY Change -6.92% -58.7%
Net Earnings / Revenue 6.83% 5.62%
Basic Earnings Per Share $7.49 $5.41
Diluted Earnings Per Share $7.49 $5.41
COMMON SHARES
Basic Shares Outstanding 353.1M shares 361.5M shares
Diluted Shares Outstanding 349.0M shares 358.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.831B $5.075B
YoY Change 46.91% -5.88%
Cash & Equivalents $5.831B $5.075B
Short-Term Investments
Other Short-Term Assets $667.0M $771.0M
YoY Change 28.76% 78.89%
Inventory $7.513B $6.961B
Prepaid Expenses
Receivables $12.57B $10.89B
Other Receivables $0.00 $0.00
Total Short-Term Assets $26.58B $23.70B
YoY Change 17.1% -13.55%
LONG-TERM ASSETS
Property, Plant & Equipment $30.25B $30.57B
YoY Change -0.84% -0.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.345B $6.402B
YoY Change 3.59% 3.56%
Total Long-Term Assets $36.60B $36.97B
YoY Change -0.1% 0.1%
TOTAL ASSETS
Total Short-Term Assets $26.58B $23.70B
Total Long-Term Assets $36.60B $36.97B
Total Assets $63.18B $60.67B
YoY Change 6.48% -5.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.34B $10.83B
YoY Change 2.61% -34.96%
Accrued Expenses $1.219B $2.523B
YoY Change -3.64% 126.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.334B $1.193B
YoY Change 32.6% 16.73%
Total Short-Term Liabilities $17.59B $14.95B
YoY Change 2.06% -31.96%
LONG-TERM LIABILITIES
Long-Term Debt $10.11B $10.13B
YoY Change -4.38% -14.57%
Other Long-Term Liabilities $2.188B $2.213B
YoY Change -23.74% -26.06%
Total Long-Term Liabilities $2.188B $12.34B
YoY Change -23.74% 312.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.59B $14.95B
Total Long-Term Liabilities $2.188B $12.34B
Total Liabilities $19.78B $34.82B
YoY Change -1.62% 39.48%
SHAREHOLDERS EQUITY
Retained Earnings $44.77B $42.51B
YoY Change 26.09% 28.52%
Common Stock $6.907B $6.896B
YoY Change 0.61% 0.64%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.38B $22.59B
YoY Change 32.03% 28.79%
Treasury Stock Shares
Shareholders Equity $25.98B $25.85B
YoY Change
Total Liabilities & Shareholders Equity $63.18B $60.67B
YoY Change 6.48% -5.72%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $2.622B $1.938B
YoY Change -6.92% -58.7%
Depreciation, Depletion And Amortization $682.0M $669.0M
YoY Change 6100.0% 11.13%
Cash From Operating Activities $3.308B $1.512B
YoY Change 61.76% -74.13%
INVESTING ACTIVITIES
Capital Expenditures $220.0M $170.0M
YoY Change -147.52% -140.77%
Acquisitions
YoY Change
Other Investing Activities -$84.00M -$359.0M
YoY Change -42.86% 77.72%
Cash From Investing Activities -$304.0M -$529.0M
YoY Change -50.16% -14.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.125B -1.522B
YoY Change -19.11% -36.95%
NET CHANGE
Cash From Operating Activities 3.308B 1.512B
Cash From Investing Activities -304.0M -529.0M
Cash From Financing Activities -2.125B -1.522B
Net Change In Cash 879.0M -539.0M
YoY Change -173.74% -119.17%
FREE CASH FLOW
Cash From Operating Activities $3.308B $1.512B
Capital Expenditures $220.0M $170.0M
Free Cash Flow $3.088B $1.342B
YoY Change 23.13% -78.57%

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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 became 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, or restrictions on turnaround and maintenance activities, and it is uncertain when or whether any such rulemaking will occur. SBx 1-2 imposes increased and substantial reporting requirements, which include 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. The operational data includes our plans for turnaround and maintenance activities at our two California refineries and the manner in which 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 continue to review and analyze 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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