Earnings summaries and quarterly performance for VALERO ENERGY CORP/TX.
Executive leadership at VALERO ENERGY CORP/TX.
R. Lane Riggs
Chief Executive Officer and President
Eric A. Fisher
Senior Vice President, Product Supply, Trading and Wholesale
Gary K. Simmons
Executive Vice President and Chief Operating Officer
Homer Bhullar
Senior Vice President and Chief Financial Officer
Jason W. Fraser
Executive Vice President and Chief Financial Officer
Richard J. Walsh
Executive Vice President and General Counsel
Board of directors at VALERO ENERGY CORP/TX.
Deborah P. Majoras
Director
Eric D. Mullins
Director
Fred M. Diaz
Director
H. Paulett Eberhart
Lead Independent Director
Kimberly S. Greene
Director
Marie A. Ffolkes
Director
Randall J. Weisenburger
Director
Rayford Wilkins, Jr.
Director
Robert L. Reymond
Director
Research analysts who have asked questions during VALERO ENERGY CORP/TX earnings calls.
Manav Gupta
UBS Group
8 questions for VLO
Matthew Blair
Tudor, Pickering, Holt & Co.
8 questions for VLO
Ryan Todd
Simmons Energy
8 questions for VLO
Theresa Chen
Barclays PLC
8 questions for VLO
Neil Mehta
Goldman Sachs
7 questions for VLO
Paul Cheng
Scotiabank
7 questions for VLO
Jason Gabelman
TD Cowen
6 questions for VLO
John Royall
JPMorgan Chase & Co.
4 questions for VLO
Joseph Laetsch
Morgan Stanley
4 questions for VLO
Phillip Jungwirth
BMO Capital Markets
4 questions for VLO
Roger Read
Wells Fargo & Company
4 questions for VLO
Douglas Leggate
Wolfe Research
3 questions for VLO
Doug Leggate
Wolfe Research
3 questions for VLO
Jean Ann Salisbury
Bank of America
3 questions for VLO
Paul Sankey
Sankey Research
3 questions for VLO
Douglas George Blyth Leggate
Wolfe Research
2 questions for VLO
Jason Daniel Gabelman
TD Securities
2 questions for VLO
Joe Laetsch
Morgan Stanley
2 questions for VLO
Nitin Kumar
Mizuho Securities USA
2 questions for VLO
Sam Margolin
Wells Fargo & Company
2 questions for VLO
Neil Singhvi Mehta
Goldman Sachs Group
1 question for VLO
Paul Chang
Scotiabank
1 question for VLO
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.
Quarterly earnings call transcripts for VALERO ENERGY CORP/TX.
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