$VLO
VALERO ENERGY CORP/TX

2023 Q4 Form 10-Q Financial Statement

#000103500223000110 Filed on October 26, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $35.41B $38.40B
YoY Change -15.17% -13.61%
Cost Of Revenue $33.54B $34.63B
YoY Change -9.52% -14.34%
Gross Profit $1.874B $3.770B
YoY Change -59.91% -6.29%
Gross Profit Margin 5.29% 9.82%
Selling, General & Admin $295.0M $250.0M
YoY Change 4.61% 16.82%
% of Gross Profit 15.74% 6.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $690.0M $682.0M
YoY Change 9.0% 6100.0%
% of Gross Profit 36.82% 18.09%
Operating Expenses $321.0M $267.0M
YoY Change 0.63% 15.58%
Operating Profit $1.553B $3.503B
YoY Change -64.35% -7.62%
Interest Expense -$4.000M $149.0M
YoY Change -97.08% 7.97%
% of Operating Profit -0.26% 4.25%
Other Income/Expense, Net $122.0M
YoY Change 64.86%
Pretax Income $1.549B $3.476B
YoY Change -63.55% -6.76%
Income Tax $331.0M $813.0M
% Of Pretax Income 21.37% 23.39%
Net Earnings $1.199B $2.622B
YoY Change -61.34% -6.92%
Net Earnings / Revenue 3.39% 6.83%
Basic Earnings Per Share $7.49
Diluted Earnings Per Share $3.58 $7.49
COMMON SHARES
Basic Shares Outstanding 340.5M shares 353.1M shares
Diluted Shares Outstanding 349.0M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.424B $5.831B
YoY Change 11.56% 46.91%
Cash & Equivalents $5.424B $5.831B
Short-Term Investments
Other Short-Term Assets $689.0M $667.0M
YoY Change 14.83% 28.76%
Inventory $7.583B $7.513B
Prepaid Expenses
Receivables $11.04B $12.57B
Other Receivables $1.078B $0.00
Total Short-Term Assets $26.22B $26.58B
YoY Change 8.65% 17.1%
LONG-TERM ASSETS
Property, Plant & Equipment $30.21B $30.25B
YoY Change -5.87% -0.84%
Goodwill $260.0M
YoY Change 0.0%
Intangibles $183.0M
YoY Change -9.41%
Long-Term Investments $713.0M
YoY Change -1.52%
Other Assets $6.626B $6.345B
YoY Change 12.86% 3.59%
Total Long-Term Assets $36.84B $36.60B
YoY Change -0.04% -0.1%
TOTAL ASSETS
Total Short-Term Assets $26.22B $26.58B
Total Long-Term Assets $36.84B $36.60B
Total Assets $63.06B $63.18B
YoY Change 3.4% 6.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.57B $13.34B
YoY Change -1.26% 2.61%
Accrued Expenses $1.240B $1.219B
YoY Change 2.06% -3.64%
Deferred Revenue $40.00M
YoY Change -68.99%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.406B $1.334B
YoY Change 26.78% 32.6%
Total Short-Term Liabilities $16.80B $17.59B
YoY Change -3.77% 2.06%
LONG-TERM LIABILITIES
Long-Term Debt $10.12B $10.11B
YoY Change -3.88% -4.38%
Other Long-Term Liabilities $2.263B $2.188B
YoY Change -2.03% -23.74%
Total Long-Term Liabilities $2.263B $2.188B
YoY Change -2.03% -23.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.80B $17.59B
Total Long-Term Liabilities $2.263B $2.188B
Total Liabilities $19.07B $19.78B
YoY Change -3.57% -1.62%
SHAREHOLDERS EQUITY
Retained Earnings $45.63B $44.77B
YoY Change 19.3% 26.09%
Common Stock $6.908B $6.907B
YoY Change 0.55% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.38B
YoY Change 32.03%
Treasury Stock Shares
Shareholders Equity $26.35B $25.98B
YoY Change
Total Liabilities & Shareholders Equity $63.06B $63.18B
YoY Change 3.4% 6.48%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $1.199B $2.622B
YoY Change -61.34% -6.92%
Depreciation, Depletion And Amortization $690.0M $682.0M
YoY Change 9.0% 6100.0%
Cash From Operating Activities $1.239B $3.308B
YoY Change -69.75% 61.76%
INVESTING ACTIVITIES
Capital Expenditures $256.0M $220.0M
YoY Change -38.61% -147.52%
Acquisitions
YoY Change
Other Investing Activities -$227.0M -$84.00M
YoY Change -28.62% -42.86%
Cash From Investing Activities -$483.0M -$304.0M
YoY Change -34.29% -50.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.296B -2.125B
YoY Change -49.77% -19.11%
NET CHANGE
Cash From Operating Activities 1.239B 3.308B
Cash From Investing Activities -483.0M -304.0M
Cash From Financing Activities -1.296B -2.125B
Net Change In Cash -540.0M 879.0M
YoY Change -169.14% -173.74%
FREE CASH FLOW
Cash From Operating Activities $1.239B $3.308B
Capital Expenditures $256.0M $220.0M
Free Cash Flow $983.0M $3.088B
YoY Change -73.28% 23.13%

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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.</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) authorized 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 expanded the reporting obligations under SB 1322 and the Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to 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%">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) created the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorized the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. 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. The provisions of SBx 1-2 became effective June 26, 2023.</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 2023, Governor Newsom directed the CEC to immediately begin the regulatory processes concerning the potential imposition of a penalty for exceeding a max margin and the timing of refinery turnarounds and maintenance. Consequently, the CEC adopted an order instituting an informational proceeding on a max margin and penalty under SBx 1-2, as well as an order initiating rulemaking activity under SBx 1-2. The CEC indicated the latter rulemaking process will be focused on refinery maintenance and turnarounds; however, it remains uncertain as to whether, when, and to what extent any regulations will address the remaining reporting requirements under SBx 1-2.</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, Governor Newsom’s direction to the CEC to begin the regulatory processes related to each of those matters, as described above, and 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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CY2023Q3 us-gaap Assets
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us-gaap Increase Decrease In Receivables
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CY2022Q3 us-gaap Available For Sale Securities Debt Securities
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us-gaap Concentration Risk Credit Risk
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We do not require any collateral or other security to support derivative instruments into which we enter.
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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