Valero Energy Corporation is a multinational company engaged in the manufacturing and marketing of petroleum-based and low-carbon liquid transportation fuels and petrochemical products . The company operates through three main segments: Refining, Renewable Diesel, and Ethanol, with a strong emphasis on petroleum-based products while also expanding into low-carbon fuel markets . Valero's product offerings include gasolines, blendstocks, distillates, renewable diesel, renewable naphtha, ethanol, and distillers grains .
- Refining Segment - Operates petroleum refineries that produce gasolines, blendstocks, distillates, and other products, serving as the largest contributor to Valero's revenues.
- Ethanol Segment - Operates ethanol plants that produce ethanol and distillers grains, contributing significantly to the company's revenue.
- Renewable Diesel Segment - Involves the operations of Diamond Green Diesel (DGD), a joint venture, producing renewable diesel and renewable naphtha.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
R. Lane Riggs ExecutiveBoard | CEO and President | None | Joined Valero in 2011. Became CEO and President on July 1, 2023. Previously served as COO and EVP. Key achievements include leading renewable diesel expansion projects and improving safety, reliability, and cost management. | View Report → |
Gary K. Simmons Executive | EVP and COO | None | Joined Valero in 2011. Became COO on July 20, 2023. Previously served as Chief Commercial Officer and held leadership roles in supply chain optimization and feedstock trading. | |
Jason W. Fraser Executive | EVP and CFO | None | Joined Valero in 2015. Became CFO on July 15, 2020. Previously served as General Counsel and VP of Europe. Key achievements include managing strategic planning, public policy, and investor relations. | |
Richard J. Walsh Executive | SVP, General Counsel, and Secretary | None | Joined Valero in 1999. Became General Counsel and Secretary on April 22, 2021. Oversees legal, compliance, ESG, and risk management functions. | |
Fred M. Diaz Board | Director | Board member at SiteOne Landscape Supply, Smith & Wesson Brands, and Archer Aviation | Joined Valero's board in 2021. Former CEO of Mitsubishi Motors North America and held leadership roles at Nissan and Fiat Chrysler. Expertise in governance, ESG, and global business leadership. | |
H. Paulett Eberhart Board | Director | Board Chair and CEO of HMS Ventures; board member at LPL Financial, Fluor Corporation, and KORE Group Holdings | Joined Valero's board in 2016. Former CEO of CDI Corp. and Invensys Process Systems. Expertise in IT, cybersecurity, finance, and accounting. Chairs Valero's Audit Committee. |
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Given the increasing regulatory pressures in California and the mention of considering "all options are on the table," can you elaborate on the specific strategic alternatives Valero is evaluating for its West Coast operations, and what factors would trigger a potential exit from the California refining market?
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With inflation impacting maintenance costs and challenges in controlling operating expenses, how sustainable is your current cost structure, and what additional measures are you implementing to mitigate these cost pressures, especially if energy costs like natural gas begin to rise?
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Considering the expected net refining capacity additions and closures in 2025 and uncertainties around demand recovery, how confident are you in your forecast of tightening balances and improved refining margins, and what contingencies are in place if supply-demand dynamics do not materialize as anticipated?
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Despite reports that ethanol margins are "really crumbling on paper," Valero is guiding to record ethanol production volumes; can you explain how you justify increasing production in a low-margin environment, and what risks do you foresee if export markets do not absorb this additional volume as expected?
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In light of strong product exports appearing to be more of a push from the U.S. rather than a pull from international markets, and with falling frac spreads, how do you assess the sustainability of export premiums, and what strategies do you have if export markets become less favorable and domestic inventories begin to rise?
Research analysts who have asked questions during VALERO ENERGY CORP/TX earnings calls.
Jason Gabelman
TD Cowen
6 questions for VLO
Manav Gupta
UBS Group
6 questions for VLO
Matthew Blair
Tudor, Pickering, Holt & Co.
6 questions for VLO
Neil Mehta
Goldman Sachs
6 questions for VLO
Paul Cheng
Scotiabank
6 questions for VLO
Ryan Todd
Simmons Energy
6 questions for VLO
Theresa Chen
Barclays PLC
6 questions for VLO
John Royall
JPMorgan Chase & Co.
4 questions for VLO
Joseph Laetsch
Morgan Stanley
4 questions for VLO
Roger Read
Wells Fargo & Company
4 questions for VLO
Doug Leggate
Wolfe Research
3 questions for VLO
Paul Sankey
Sankey Research
3 questions for VLO
Douglas Leggate
Wolfe Research
2 questions for VLO
Jean Salisbury
Bank of America
2 questions for VLO
Joe Laetsch
Morgan Stanley
2 questions for VLO
Phillip Jungwirth
BMO Capital Markets
2 questions for VLO
Douglas George Blyth Leggate
Wolfe Research
1 question for VLO
Jean Ann Salisbury
Bank of America
1 question for VLO
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company was added to the peer group because of its similarities to Valero Energy Corporation in size, complexity, and exposure to commodity pricing volatility for both its products and feedstocks. It helps balance the full portfolio of peers by ensuring accountability of performance both within the core downstream segment of the oil and gas industry, and also in adjacent segments that face similar challenges and opportunities. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. | |
The company is part of the selected peer group used for performance comparisons in a competitive operating environment characterized by U.S.-based companies with business models predominantly consisting of downstream refining operations, together with similarly sized energy companies that share operating similarities to Valero Energy Corporation. |
Recent press releases and 8-K filings for VLO.
- On October 16, 2025, Valero Energy amended and restated its revolving credit agreement, extending the maturity from November 22, 2027 to October 16, 2030.
- The facility provides a $4.0 billion revolving credit line with a $2.4 billion letter of credit subfacility and can be increased by $1.5 billion to a total of $5.5 billion.
- Borrowings bear interest at either Term SOFR + 0.9–1.5% or Alternate Base Rate + 0.0–0.5%, and the Company pays commitment fees of 0.1–0.25% on used and unused commitments, all payable quarterly.
- The agreement includes customary affirmative and negative covenants, events of default, and allows use of proceeds for general corporate purposes.
- Reported record Q2 refining throughput in the U.S. Gulf Coast; diesel sales volumes up 10% and gasoline flat year-over-year on strong demand and low inventories
- Maintained 52% payout ratio in Q2, declared $1.13 per share quarterly dividend and will deploy excess free cash flow to share buybacks
- Q3 guidance: refining throughput of 1.76–1.81 million bpd Gulf Coast, 0.43–0.45 million bpd Mid-Continent, 0.24–0.26 million bpd West Coast, 0.465–0.485 million bpd North Atlantic; cash OpEx $4.8/bbl; renewable diesel sales ~1.1 billion gal at $0.53/gal; ethanol production 4.6 million gal/day at $0.40/gal
- Investing $230 million in FCC optimization at St. Charles for 2026 start-up and expecting sour crude differentials to widen in H2 2025
- Valero reported a Q1 2025 net loss of $595 million (or $1.90 per share) with adjusted net income of $282 million (or $0.89 per share), compared to Q1 2024 performance .
- Shareholder returns remained robust, returning $633 million via dividends and buybacks, with a 6% increase in the quarterly cash dividend to $1.13 per share .
- Operating segments faced significant challenges: the refining segment incurred a loss of $530 million and the renewable diesel segment $141 million, while the ethanol segment posted modest gains .
- Capital investments of $660 million were made in Q1, with full-year 2025 CapEx guidance of approximately $2 billion to support sustaining and growth projects .
- Liquidity was bolstered through a debt issuance of $650 million of 5.15% Senior Notes due 2030 and the repayment of matured senior notes totaling $440 million .
- Valero Refining Company-California announced its intent to idle, restructure, or cease operations at the Benicia Refinery by the end of April 2026.
- The company recorded a combined pre-tax impairment charge of $1.1 billion for the Benicia and Wilmington refineries, which includes $337 million in asset retirement obligations.
- The 8-K filing, signed by Executive Vice President and CFO Jason W. Fraser on April 16, 2025, incorporates detailed financial statements and exhibits.
- Capital Projects & Investments: The presentation highlights key strategic projects, including FCC optimization and low-carbon initiatives such as the SAF upgrade at the DGD Port Arthur plant with a project cost of $315 million, aimed at enhancing margin capabilities and expanding renewable fuel production.
- Sustainable & Emissions Reduction Initiatives: It details a comprehensive roadmap to reduce GHG emissions through carbon capture, ethanol-to-jet technology exploration, and investments in renewable diesel, supporting Valero’s long-term environmental goals.
- Disciplined Capital Allocation & Shareholder Returns: The update emphasizes robust capital discipline through sustaining and growth investments with a focus on maintaining strong free cash flow, dividend growth, and share buybacks as part of its overall financial strategy.