AG真人官方

Valero Energy Reports Second Quarter 2025 Results

• Reported net income attributable to Valero stockholders of $714 million, or $2.28 per share
• Repaid the outstanding principal balance of $251 million of 2.85% Senior Notes that matured in April
• Declared a regular quarterly cash dividend on common stock of $1.13 per share on July 17
• Returned $695 million to stockholders through dividends and stock buybacks

听

SAN ANTONIO--(BUSINESS WIRE)-- Valero Energy Corporation (NYSE: VLO, 鈥淰alero鈥�) today reported net income attributable to Valero stockholders of $714 million, or $2.28 per share, for the second quarter of 2025, compared to net income of $880 million, or $2.71 per share, for the second quarter of 2024.

Refining

The Refining segment reported operating income of $1.3 billion for the second quarter of 2025, compared to operating income of $1.2 billion for the second quarter of 2024. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025.

鈥淲e delivered solid financial results for the second quarter, driven by our strong operational and commercial execution,鈥� said Lane Riggs, Valero鈥檚 Chairman, Chief Executive Officer and President. 鈥淚n fact, we set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects.鈥�

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $79 million for the second quarter of 2025, compared to operating income of $112 million for the second quarter of 2024. Segment sales volumes averaged 2.7 million gallons per day in the second quarter of 2025.

Ethanol

The Ethanol segment reported $54 million of operating income for the second quarter of 2025, compared to $105 million for the second quarter of 2024. Ethanol production volumes averaged 4.6 million gallons per day in the second quarter of 2025.

Corporate and Other

General and administrative expenses were $220 million in the second quarter of 2025, compared to $203 million in the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 30 percent.

Investing and Financing Activities

Net cash provided by operating activities was $936 million in the second quarter of 2025. Included in this amount was a $325 million unfavorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member鈥檚 share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.3 billion in the second quarter of 2025.

Capital investments totaled $407 million in the second quarter of 2025, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member鈥檚 share of DGD and other variable interest entities, capital investments attributable to Valero were $399 million in the second quarter of 2025.

Valero returned $695 million to stockholders in the second quarter of 2025, of which $354 million was paid as dividends and $341 million was for the purchase of approximately 2.6 million shares of common stock, resulting in a payout ratio of 52 percent of adjusted net cash provided by operating activities.

On July 17, Valero announced a quarterly cash dividend on common stock of $1.13 per share, payable on September 2, 2025 to holders of record at the close of business on July 31, 2025.

鈥淲e remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero鈥檚 strategy for over a decade,鈥� said Riggs. 鈥淥ur commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility.鈥�

Liquidity and Financial Position

Valero repaid the $251 million outstanding principal balance of its 2.85% Senior Notes that matured in April, ending the second quarter of 2025 with $8.4 billion of total debt, $2.3 billion of total finance lease obligations, and $4.5 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 19 percent as of June 30, 2025.

Strategic Update

Valero is progressing with an FCC Unit optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026.

Conference Call

Valero鈥檚 senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts

Investors:
Homer Bhullar, Vice President 鈥� Investor Relations and Finance, 210-345-1982
Eric Herbort, Director 鈥� Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director 鈥� Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director 鈥� Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero鈥檚 or management鈥檚 expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� 鈥渆stimates,鈥� 鈥渋ntend,鈥� 鈥渢arget,鈥� 鈥渃ommitment,鈥� 鈥減lans,鈥� 鈥渇orecast, 鈥済uidance鈥� and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero鈥檚 low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero鈥檚 control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero鈥檚 operations and financial performance or the demand for Valero鈥檚 products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero鈥檚 business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero鈥檚 annual report on Form 10-K, quarterly reports on Form 10鈥慟, and other reports filed with the Securities and Exchange Commission and available on Valero鈥檚 website at .

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero stockholders, adjusted earnings per common share 鈥� assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (e) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.