Valero Energy Corporation

NYSE-VLO

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	123,071	129,881	144,766	176,383	113,977	64,912	108,324	117,033	93,980	75,659	87,804
Total Revenues %Chg	-8.5%	-10.3%	-17.9%	54.8%	75.6%	-40.1%	-7.4%	24.5%	24.2%	-13.8%	-32.9%
Revenues
Cost of Sales	115,937	122,347	129,176	157,159	108,490	63,349	101,344	109,422	87,541	69,466	78,894
Cost of Materials and Other
Cost of Sales (Excluding the Lower of Cost or Market Inventory Valuation Adjustment)
Lower of Cost or Market Inventory Valuation Adjustment
Operating Expenses
Cost of Sales
Gross Profit	7,134	7,534	15,590	19,224	5,487	1,563	6,980	7,611	6,439	6,193	8,910
Gross Profit Margin	5.8%	5.8%	10.8%	10.9%	4.8%	2.4%	6.4%	6.5%	6.9%	8.2%	10.1%
Selling, General & Administrative Expenses	993	961	998	934	865	756	868	925	829	709	710
General and Administrative Expenses
General and Administrative Expenses
Retail Selling Expenses
Depreciation & Amortization Expenses	3,039	2,774	2,701	2,473	2,405	2,351	2,255	2,069	1,986	1,894	1,842
Depreciation and Amortization Expense
Depreciation and Amortization Expense
Depreciation and Amortization Expense
Depreciation and Amortization Expense
Other Operating Expenses	17	44	33	127	87	35	21	45	61	56	—
Other Operating Expenses
Refining Operating Expenses
Refining
Retail
Ethanol
Asset Impairment Loss
Goodwill Impairment Loss
Gain on Sale of Krotz Springs Refinery (Negative)
Operating Profit	1,954	3,755	11,858	15,690	2,130	-1,579	3,836	4,572	3,563	3,534	6,358
Operating Income
Operating Margin	1.6%	2.9%	8.2%	8.9%	1.9%	-2.4%	3.5%	3.9%	3.8%	4.7%	7.2%
Interest and Investment Income	—	—	—	—	—	—	—	—	—	—	—
Equity in Earnings of NuStar Energy L.P.
Interest Expense	-552	-556	-592	-562	-603	-563	-454	-470	-468	-446	-433
Incurred
Capitalized
Non-Operating Income	402	499	502	179	16	132	104	130	112	94	46
Other Income, Net
Gain on Disposition of Retained Interest in CST Brands, Inc.
Total Non-Operating Income	-150	-57	-90	-383	-587	-431	-350	-340	-356	-352	-387
Income Before Provision for Income Taxes	1,804	3,698	11,768	15,307	1,543	-2,010	3,486	4,232	3,207	3,182	5,971
Income Before Income Tax Expense
Provision for Income Taxes	370	692	2,619	3,428	255	-903	702	879	-949	765	1,870
Income Tax Expense
Consolidated Net Income	1,434	3,006	9,149	11,879	1,288	-1,107	2,784	3,353	4,156	2,417	4,101
Income from Continuing Operations
Net Income Attributable to Minority Interests and Other	-61	236	314	351	358	314	362	231	91	128	111
Less: Net Income Attributable to Noncontrolling Interests
Minority Interest in Net Income of NuStar GP Holdings, LLC
Net Income Attributable to Preferred Dividends	—	—	—	—	—	—	—	—	—	—	—
Preferred Stock Dividends
Net Income Attributable to Discontinued Operations	—	—	—	—	—	—	—	—	—	—	—
Income from Discontinued Operations
Net Income Attributable to Common Shareholders	1,495	2,770	8,835	11,528	930	-1,421	2,422	3,122	4,065	2,289	3,990
Net Income Attributable to Valero Energy Corporation Stockholders
Basic EPS	4.8	8.6	24.9	29.1	2.3	-3.5	5.8	7.3	9.2	4.9	8
Diluted EPS	4.8	8.6	24.9	29	2.3	-3.5	5.8	7.3	9.2	4.9	8
Basic Weighted Average Shares Outstanding	312.5	322	353	395	407	407	413	426	442	461	497
Total Shares Outstanding	305	314.9	333.3	372.1	409.2	408.4	409.3	417.6	433.9	451.5	473
Diluted Weighted Average Shares Outstanding	312.8	322	353	396	407	407	414	428	444	464	500
EBITDA	4,993	6,529	14,559	18,163	4,535	772	6,091	6,641	5,549	5,428	8,200
Effective Tax Rate	20.5%	18.7%	22.3%	22.4%	16.5%	44.9%	20.1%	20.8%	-29.6%	24%	31.3%