Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Statement of income data | ||||||||
Revenues | $ | 35,903 | $ | 16,604 | $ | 113,977 | $ | 64,912 |
Cost of sales: | ||||||||
Cost of materials and other (a) (b) (c) | 31,849 | 15,101 | 102,714 | 58,933 | ||||
Lower of cost or market (LCM) inventory valuation adjustment | - | - | - | (19) | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 1,558 | 1,167 | 5,776 | 4,435 | ||||
Depreciation and amortization expense | 586 | 566 | 2,358 | 2,303 | ||||
Total cost of sales | 33,993 | 16,834 | 110,848 | 65,652 | ||||
Other operating expenses | 18 | 5 | 87 | 35 | ||||
General and administrative expenses (excluding
depreciation and amortization expense reflected below)
| 286 | 224 | 865 | 756 | ||||
Depreciation and amortization expense | 12 | 11 | 47 | 48 | ||||
Operating income (loss) | 1,594 | (470) | 2,130 | (1,579) | ||||
Other income (loss), net (d) | (163) | 25 | 16 | 132 | ||||
Interest and debt expense, net of capitalized interest | (152) | (153) | (603) | (563) | ||||
Income (loss) before income tax expense (benefit) | 1,279 | (598) | 1,543 | (2,010) | ||||
Income tax expense (benefit) (e) | 169 | (289) | 255 | (903) | ||||
Net income (loss) | 1,110 | (309) | 1,288 | (1,107) | ||||
Less: Net income attributable to noncontrolling interests | 101 | 50 | 358 | 314 | ||||
Net income (loss) attributable to Valero Energy Corporation
stockholders
| $ | 1,009 | $ | (359) | $ | 930 | $ | (1,421) |
Earnings (loss) per common share | $ | 2.47 | $ | (0.88) | $ | 2.27 | $ | (3.50) |
Weighted-average common shares outstanding (in millions) | 408 | 407 | 407 | 407 | ||||
Earnings (loss) per common share - assuming dilution | $ | 2.46 | $ | (0.88) | $ | 2.27 | $ | (3.50) |
Weighted-average common shares outstanding -
assuming dilution (in millions) (f)
| 408 | 407 | 407 | 407 |
Refining |
Renewable Diesel | Ethanol |
Corporate and Eliminations | Total | ||||||
Three months ended December 31, 2021 | ||||||||||
Revenues: | ||||||||||
Revenues from external customers | $ | 33,521 | $ | 684 | $ | 1,698 | $ | - | $ | 35,903 |
Intersegment revenues | 7 | 253 | 174 | (434) | - | |||||
Total revenues | 33,528 | 937 | 1,872 | (434) | 35,903 | |||||
Cost of sales: | ||||||||||
Cost of materials and other (c) | 30,342 | 714 | 1,224 | (431) | 31,849 | |||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 1,358 | 48 | 153 | (1) | 1,558 | |||||
Depreciation and amortization expense | 543 | 23 | 20 | - | 586 | |||||
Total cost of sales | 32,243 | 785 | 1,397 | (432) | 33,993 | |||||
Other operating expenses | 15 | 2 | 1 | - | 18 | |||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
| - | - | - | 286 | 286 | |||||
Depreciation and amortization expense | - | - | - | 12 | 12 | |||||
Operating income by segment | $ | 1,270 | $ | 150 | $ | 474 | $ | (300) | $ | 1,594 |
Three months ended December 31, 2020 | ||||||||||
Revenues: | ||||||||||
Revenues from external customers
| $ | 15,513 | $ | 205 | $ | 886 | $ | - | $ | 16,604 |
Intersegment revenues
| 2 | 62 | 66 | (130) | - | |||||
Total revenues
| 15,515 | 267 | 952 | (130) | 16,604 | |||||
Cost of sales: | ||||||||||
Cost of materials and other (b) | 14,324 | 107 | 800 | (130) | 15,101 | |||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 1,032 | 22 | 113 | - | 1,167 | |||||
Depreciation and amortization expense | 531 | 11 | 24 | - | 566 | |||||
Total cost of sales
| 15,887 | 140 | 937 | (130) | 16,834 | |||||
Other operating expenses | 5 | - | - | - | 5 | |||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
| - | - | - | 224 | 224 | |||||
Depreciation and amortization expense | - | - | - | 11 | 11 | |||||
Operating income (loss) by segment | $ | (377) | $ | 127 | $ | 15 | $ | (235) | $ | (470) |
Refining |
Renewable Diesel | Ethanol |
Corporate and Eliminations | Total | ||||||
Year ended December 31, 2021 | ||||||||||
Revenues: | ||||||||||
Revenues from external customers | $ | 106,947 | $ | 1,874 | $ | 5,156 | $ | - | $ | 113,977 |
Intersegment revenues | 14 | 468 | 433 | (915) | - | |||||
Total revenues | 106,961 | 2,342 | 5,589 | (915) | 113,977 | |||||
Cost of sales: | ||||||||||
Cost of materials and other (a) (c) | 97,759 | 1,438 | 4,428 | (911) | 102,714 | |||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 5,088 | 134 | 556 | (2) | 5,776 | |||||
Depreciation and amortization expense | 2,169 | 58 | 131 | - | 2,358 | |||||
Total cost of sales | 105,016 | 1,630 | 5,115 | (913) | 110,848 | |||||
Other operating expenses | 83 | 3 | 1 | - | 87 | |||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
| - | - | - | 865 | 865 | |||||
Depreciation and amortization expense | - | - | - | 47 | 47 | |||||
Operating income by segment | $ | 1,862 | $ | 709 | $ | 473 | $ | (914) | $ | 2,130 |
Year ended December 31, 2020 | ||||||||||
Revenues: | ||||||||||
Revenues from external customers
| $ | 60,840 | $ | 1,055 | $ | 3,017 | $ | - | $ | 64,912 |
Intersegment revenues
| 8 | 212 | 226 | (446) | - | |||||
Total revenues
| 60,848 | 1,267 | 3,243 | (446) | 64,912 | |||||
Cost of sales: | ||||||||||
Cost of materials and other (b) | 56,093 | 500 | 2,784 | (444) | 58,933 | |||||
LCM inventory valuation adjustment | (19) | - | - | - | (19) | |||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 3,944 | 85 | 406 | - | 4,435 | |||||
Depreciation and amortization expense | 2,138 | 44 | 121 | - | 2,303 | |||||
Total cost of sales
| 62,156 | 629 | 3,311 | (444) | 65,652 | |||||
Other operating expenses | 34 | - | 1 | - | 35 | |||||
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
| - | - | - | 756 | 756 | |||||
Depreciation and amortization expense | - | - | - | 48 | 48 | |||||
Operating income (loss) by segment | $ | (1,342) | $ | 638 | $ | (69) | $ | (806) | $ | (1,579) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of net income (loss) attributable to Valero
Energy Corporation stockholders to adjusted net income
(loss) attributable to Valero Energy Corporation
stockholders
| ||||||||
Net income (loss) attributable to Valero Energy Corporation
stockholders
| $ | 1,009 | $ | (359) | $ | 930 | $ | (1,421) |
Adjustments:
| ||||||||
Modification of renewable volume obligation (RVO) (c)
| (190) | - | - | - | ||||
Income tax expense related to modification of RVO | 43 | - | - | - | ||||
Modification of RVO, net of taxes
| (147) | - | - | - | ||||
Changes in estimated useful lives of two ethanol plants | - | - | 48 | 30 | ||||
Income tax benefit related to the changes in estimated
useful lives of two ethanol plants
| - | - | (11) | (6) | ||||
Changes in estimated useful lives of two ethanol plants,
net of taxes
| - | - | 37 | 24 | ||||
Gain on sale of MVP interest (d) | - | - | (62) | - | ||||
Income tax expense related to gain on sale of MVP interest | - | - | 14 | - | ||||
Gain on sale of MVP interest, net of taxes | - | - | (48) | - | ||||
Diamond Pipeline asset impairment (d) | - | - | 24 | - | ||||
Income tax benefit related to Diamond Pipeline asset
impairment
| - | - | (5) | - | ||||
Diamond Pipeline asset impairment, net of taxes | - | - | 19 | - | ||||
Loss on early redemption and retirement of debt (d) | 193 | - | 193 | - | ||||
Income tax benefit related to loss on early redemption and
retirement of debt
| (43) | - | (43) | - | ||||
Loss on early redemption and retirement of debt, net of taxes | 150 | - | 150 | - | ||||
Income tax expense related to changes in statutory tax rates (e)
| - | - | 64 | - | ||||
Last-in, first-out (LIFO) liquidation adjustment (b) | - | (102) | - | 224 | ||||
Income tax expense (benefit) related to the LIFO liquidation
adjustment
| - | 32 | - | (76) | ||||
LIFO liquidation adjustment, net of taxes | - | (70) | - | 148 | ||||
LCM inventory valuation adjustment | - | - | - | (19) | ||||
Income tax expense related to the LCM inventory
valuation adjustment
| - | - | - | 3 | ||||
LCM inventory valuation adjustment, net of taxes | - | - | - | (16) | ||||
Total adjustments | 3 | (70) | 222 | 156 | ||||
Adjusted net income (loss) attributable to
Valero Energy Corporation stockholders
| $ | 1,012 | $ | (429) | $ | 1,152 | $ | (1,265) |
See Notes to Earnings Release Tables beginning on Table Page 19.
|
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of earnings (loss) per common share -
assuming dilution to adjusted earnings (loss) per common
share - assuming dilution
| ||||||||
Earnings (loss) per common share - assuming dilution (f) | $ | 2.46 | $ | (0.88) | $ | 2.27 | $ | (3.50) |
Adjustments:
| ||||||||
Modification of RVO (c)
| (0.36) | - | - | - | ||||
Changes in estimated useful lives of two ethanol plants | - | - | 0.09 | 0.06 | ||||
Gain on sale of MVP interest (d) | - | - | (0.12) | - | ||||
Diamond Pipeline asset impairment (d) | - | - | 0.04 | - | ||||
Loss on early redemption and retirement of debt (d) | 0.37 | - | 0.37 | - | ||||
Income tax expense related to changes in statutory tax rates (e)
| - | - | 0.16 | - | ||||
LIFO liquidation adjustment (b) | - | (0.18) | - | 0.36 | ||||
LCM inventory valuation adjustment | - | - | - | (0.04) | ||||
Total adjustments | 0.01 | (0.18) | 0.54 | 0.38 | ||||
Adjusted earnings (loss) per common share -
assuming dilution (f)
| $ | 2.47 | $ | (1.06) | $ | 2.81 | $ | (3.12) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of operating income (loss) by segment to
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment
| ||||||||
Refining segment | ||||||||
Refining operating income (loss) | $ | 1,270 | $ | (377) | $ | 1,862 | $ | (1,342) |
Adjustments: | ||||||||
Modification of RVO (c)
| (190) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (104) | - | 222 | ||||
LCM inventory valuation adjustment | - | - | - | (19) | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 1,358 | 1,032 | 5,088 | 3,944 | ||||
Depreciation and amortization expense | 543 | 531 | 2,169 | 2,138 | ||||
Other operating expenses | 15 | 5 | 83 | 34 | ||||
Refining margin | $ | 2,996 | $ | 1,087 | $ | 9,202 | $ | 4,977 |
Refining operating income (loss) | $ | 1,270 | $ | (377) | $ | 1,862 | $ | (1,342) |
Adjustments: | ||||||||
Modification of RVO (c)
| (190) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (104) | - | 222 | ||||
LCM inventory valuation adjustment | - | - | - | (19) | ||||
Other operating expenses | 15 | 5 | 83 | 34 | ||||
Adjusted refining operating income (loss) | $ | 1,095 | $ | (476) | $ | 1,945 | $ | (1,105) |
Renewable diesel segment | ||||||||
Renewable diesel operating income | $ | 150 | $ | 127 | $ | 709 | $ | 638 |
Adjustments: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 48 | 22 | 134 | 85 | ||||
Depreciation and amortization expense | 23 | 11 | 58 | 44 | ||||
Other operating expenses | 2 | - | 3 | - | ||||
Renewable diesel margin | $ | 223 | $ | 160 | $ | 904 | $ | 767 |
Renewable diesel operating income | $ | 150 | $ | 127 | $ | 709 | $ | 638 |
Adjustment: Other operating expenses | 2 | - | 3 | - | ||||
Adjusted renewable diesel operating income | $ | 152 | $ | 127 | $ | 712 | $ | 638 |
See Notes to Earnings Release Tables beginning on Table Page 19.
|
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of operating income (loss) by segment to
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment (continued)
| ||||||||
Ethanol segment | ||||||||
Ethanol operating income (loss) | $ | 474 | $ | 15 | $ | 473 | $ | (69) |
Adjustments: | ||||||||
LIFO liquidation adjustment (b) | - | 2 | - | 2 | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 153 | 113 | 556 | 406 | ||||
Depreciation and amortization expense | 20 | 24 | 131 | 121 | ||||
Other operating expenses | 1 | - | 1 | 1 | ||||
Ethanol margin | $ | 648 | $ | 154 | $ | 1,161 | $ | 461 |
Ethanol operating income (loss) | $ | 474 | $ | 15 | $ | 473 | $ | (69) |
Adjustments: | ||||||||
Changes in estimated useful lives of two ethanol plants | - | - | 48 | 30 | ||||
LIFO liquidation adjustment (b) | - | 2 | - | 2 | ||||
Other operating expenses | 1 | - | 1 | 1 | ||||
Adjusted ethanol operating income (loss) | $ | 475 | $ | 17 | $ | 522 | $ | (36) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of refining segment operating income (loss) to
refining margin (by region), and reconciliation of refining
segment operating income (loss) to adjusted refining
segment operating income (loss) (by region) (j)
| ||||||||
U.S. Gulf Coast region | ||||||||
Refining operating income (loss) | $ | 843 | $ | (276) | $ | 831 | $ | (979) |
Adjustments: | ||||||||
Modification of RVO (c)
| (137) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (68) | - | 132 | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 748 | 571 | 3,027 | 2,220 | ||||
Depreciation and amortization expense | 328 | 327 | 1,326 | 1,317 | ||||
Other operating expenses | 12 | - | 70 | 20 | ||||
Refining margin | $ | 1,794 | $ | 554 | $ | 5,254 | $ | 2,710 |
Refining operating income (loss) | $ | 843 | $ | (276) | $ | 831 | $ | (979) |
Adjustments: | ||||||||
Modification of RVO (c)
| (137) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (68) | - | 132 | ||||
Other operating expenses | 12 | - | 70 | 20 | ||||
Adjusted refining operating income (loss) | $ | 718 | $ | (344) | $ | 901 | $ | (827) |
U.S. Mid-Continent region | ||||||||
Refining operating income (loss) | $ | 204 | $ | (61) | $ | 528 | $ | (128) |
Adjustments: | ||||||||
Modification of RVO (c)
| (34) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (18) | - | 40 | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below) (a)
| 190 | 163 | 713 | 628 | ||||
Depreciation and amortization expense | 82 | 83 | 335 | 333 | ||||
Other operating expenses | 1 | 1 | 11 | 1 | ||||
Refining margin | $ | 443 | $ | 168 | $ | 1,587 | $ | 874 |
Refining operating income (loss) | $ | 204 | $ | (61) | $ | 528 | $ | (128) |
Adjustments: | ||||||||
Modification of RVO (c)
| (34) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (18) | - | 40 | ||||
Other operating expenses | 1 | 1 | 11 | 1 | ||||
Adjusted refining operating income (loss) | $ | 171 | $ | (78) | $ | 539 | $ | (87) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of refining segment operating income (loss) to
refining margin (by region), and reconciliation of refining
segment operating income (loss) to adjusted refining
segment operating income (loss) (by region) (j) (continued)
| ||||||||
North Atlantic region | ||||||||
Refining operating income | $ | 265 | $ | 31 | $ | 558 | $ | 115 |
Adjustments: | ||||||||
LIFO liquidation adjustment (b) | - | (8) | - | 25 | ||||
LCM inventory valuation adjustment | - | - | - | (19) | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 195 | 153 | 671 | 536 | ||||
Depreciation and amortization expense | 68 | 53 | 247 | 211 | ||||
Other operating expenses | 1 | - | 1 | 8 | ||||
Refining margin | $ | 529 | $ | 229 | $ | 1,477 | $ | 876 |
Refining operating income | $ | 265 | $ | 31 | $ | 558 | $ | 115 |
Adjustments: | ||||||||
LIFO liquidation adjustment (b) | - | (8) | - | 25 | ||||
LCM inventory valuation adjustment | - | - | - | (19) | ||||
Other operating expenses | 1 | - | 1 | 8 | ||||
Adjusted refining operating income | $ | 266 | $ | 23 | $ | 559 | $ | 129 |
U.S. West Coast region | ||||||||
Refining operating loss | $ | (42) | $ | (71) | $ | (55) | $ | (350) |
Adjustments: | ||||||||
Modification of RVO (c)
| (19) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (10) | - | 25 | ||||
Operating expenses (excluding depreciation and
amortization expense reflected below)
| 225 | 145 | 677 | 560 | ||||
Depreciation and amortization expense | 65 | 68 | 261 | 277 | ||||
Other operating expenses | 1 | 4 | 1 | 5 | ||||
Refining margin | $ | 230 | $ | 136 | $ | 884 | $ | 517 |
Refining operating loss | $ | (42) | $ | (71) | $ | (55) | $ | (350) |
Adjustments: | ||||||||
Modification of RVO (c)
| (19) | - | - | - | ||||
LIFO liquidation adjustment (b) | - | (10) | - | 25 | ||||
Other operating expenses | 1 | 4 | 1 | 5 | ||||
Adjusted refining operating loss | $ | (60) | $ | (77) | $ | (54) | $ | (320) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Throughput volumes (thousand barrels per day) | ||||||||
Feedstocks: | ||||||||
Heavy sour crude oil | 340 | 368 | 338 | 356 | ||||
Medium/light sour crude oil | 300 | 317 | 296 | 347 | ||||
Sweet crude oil | 1,621 | 1,258 | 1,448 | 1,245 | ||||
Residuals | 241 | 184 | 240 | 202 | ||||
Other feedstocks | 138 | 82 | 123 | 81 | ||||
Total feedstocks | 2,640 | 2,209 | 2,445 | 2,231 | ||||
Blendstocks and other | 393 | 341 | 342 | 324 | ||||
Total throughput volumes | 3,033 | 2,550 | 2,787 | 2,555 | ||||
Yields (thousand barrels per day) | ||||||||
Gasolines and blendstocks | 1,533 | 1,338 | 1,403 | 1,248 | ||||
Distillates | 1,126 | 886 | 1,028 | 928 | ||||
Other products (i) | 403 | 351 | 387 | 397 | ||||
Total yields | 3,062 | 2,575 | 2,818 | 2,573 | ||||
Operating statistics (a) (g) (j) | ||||||||
Refining margin (from Table Page 6) | $ | 2,996 | $ | 1,087 | $ | 9,202 | $ | 4,977 |
Adjusted refining operating income (loss) (from Table Page 6) | $ | 1,095 | $ | (476) | $ | 1,945 | $ | (1,105) |
Throughput volumes (thousand barrels per day) | 3,033 | 2,550 | 2,787 | 2,555 | ||||
Refining margin per barrel of throughput | $ | 10.73 | $ | 4.64 | $ | 9.04 | $ | 5.32 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
| 4.86 | 4.40 | 5.00 | 4.22 | ||||
Depreciation and amortization expense per barrel of
throughput
| 1.95 | 2.27 | 2.13 | 2.28 | ||||
Adjusted refining operating income (loss) per barrel of
throughput
| $ | 3.92 | $ | (2.03) | $ | 1.91 | $ | (1.18) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating statistics (g) (j) | ||||||||
Renewable diesel margin (from Table Page 6) | $ | 223 | $ | 160 | $ | 904 | $ | 767 |
Adjusted renewable diesel operating income (from Table Page 6) | $ | 152 | $ | 127 | $ | 712 | $ | 638 |
Sales volumes (thousand gallons per day) | 1,592 | 618 | 1,014 | 787 | ||||
Renewable diesel margin per gallon of sales | $ | 1.52 | $ | 2.82 | $ | 2.44 | $ | 2.66 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
| 0.33 | 0.38 | 0.36 | 0.29 | ||||
Depreciation and amortization expense per gallon of sales | 0.15 | 0.20 | 0.16 | 0.15 | ||||
Adjusted renewable diesel operating income per gallon of sales | $ | 1.04 | $ | 2.24 | $ | 1.92 | $ | 2.22 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating statistics (a) (g) (j) | ||||||||
Ethanol margin (from Table Page 7) | $ | 648 | $ | 154 | $ | 1,161 | $ | 461 |
Adjusted ethanol operating income (loss) (from Table Page 7) | $ | 475 | $ | 17 | $ | 522 | $ | (36) |
Production volumes (thousand gallons per day) | 4,402 | 4,124 | 3,949 | 3,588 | ||||
Ethanol margin per gallon of production | $ | 1.60 | $ | 0.41 | $ | 0.81 | $ | 0.35 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
| 0.38 | 0.30 | 0.39 | 0.31 | ||||
Depreciation and amortization expense per gallon of production (e) | 0.05 | 0.06 | 0.09 | 0.09 | ||||
Changes in estimated useful lives of two ethanol plants per gallon
of production
| - | - | (0.03) | (0.02) | ||||
Adjusted ethanol operating income (loss) per gallon of production | $ | 1.17 | $ | 0.05 | $ | 0.36 | $ | (0.03) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating statistics by region (h) | ||||||||
U.S. Gulf Coast region (a) (g) (j) | ||||||||
Refining margin (from Table Page 8) | $ | 1,794 | $ | 554 | $ | 5,254 | $ | 2,710 |
Adjusted refining operating income (loss) (from Table Page 8) | $ | 718 | $ | (344) | $ | 901 | $ | (827) |
Throughput volumes (thousand barrels per day) | 1,796 | 1,471 | 1,673 | 1,493 | ||||
Refining margin per barrel of throughput | $ | 10.86 | $ | 4.09 | $ | 8.60 | $ | 4.96 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
| 4.53 | 4.22 | 4.96 | 4.06 | ||||
Depreciation and amortization expense per barrel of
throughput
| 1.98 | 2.40 | 2.16 | 2.41 | ||||
Adjusted refining operating income (loss) per barrel of
throughput
| $ | 4.35 | $ | (2.53) | $ | 1.48 | $ | (1.51) |
U.S. Mid-Continent region (a) (g) (j) | ||||||||
Refining margin (from Table Page 8) | $ | 443 | $ | 168 | $ | 1,587 | $ | 874 |
Adjusted refining operating income (loss) (from Table Page 8) | $ | 171 | $ | (78) | $ | 539 | $ | (87) |
Throughput volumes (thousand barrels per day) | 486 | 404 | 453 | 404 | ||||
Refining margin per barrel of throughput | $ | 9.90 | $ | 4.52 | $ | 9.59 | $ | 5.91 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
| 4.25 | 4.38 | 4.31 | 4.25 | ||||
Depreciation and amortization expense per barrel of
throughput
| 1.84 | 2.23 | 2.03 | 2.25 | ||||
Adjusted refining operating income (loss) per barrel of
throughput
| $ | 3.81 | $ | (2.09) | $ | 3.25 | $ | (0.59) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Operating statistics by region (h) (continued) | ||||||||
North Atlantic region (g) (j) | ||||||||
Refining margin (from Table Page 9) | $ | 529 | $ | 229 | $ | 1,477 | $ | 876 |
Adjusted refining operating income (from Table Page 9) | $ | 266 | $ | 23 | $ | 559 | $ | 129 |
Throughput volumes (thousand barrels per day) | 492 | 418 | 413 | 413 | ||||
Refining margin per barrel of throughput | $ | 11.69 | $ | 5.94 | $ | 9.81 | $ | 5.79 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
| 4.29 | 3.99 | 4.46 | 3.54 | ||||
Depreciation and amortization expense per barrel of
throughput
| 1.51 | 1.37 | 1.64 | 1.40 | ||||
Adjusted refining operating income per barrel of
throughput
| $ | 5.89 | $ | 0.58 | $ | 3.71 | $ | 0.85 |
U.S. West Coast region (g) (j) | ||||||||
Refining margin (from Table Page 9) | $ | 230 | $ | 136 | $ | 884 | $ | 517 |
Adjusted refining operating loss (from Table Page 9)
| $ | (60) | $ | (77) | $ | (54) | $ | (320) |
Throughput volumes (thousand barrels per day) | 259 | 257 | 248 | 245 | ||||
Refining margin per barrel of throughput | $ | 9.65 | $ | 5.78 | $ | 9.75 | $ | 5.77 |
Less: | ||||||||
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
| 9.45 | 6.15 | 7.46 | 6.25 | ||||
Depreciation and amortization expense per barrel of
throughput
| 2.73 | 2.90 | 2.89 | 3.10 | ||||
Adjusted refining operating loss per barrel of
throughput
| $ | (2.53) | $ | (3.27) | $ | (0.60) | $ | (3.58) |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Refining | ||||||||
Feedstocks (dollars per barrel) | ||||||||
Brent crude oil | $ | 79.85 | $ | 45.10 | $ | 70.79 | $ | 43.15 |
Brent less West Texas Intermediate (WTI) crude oil | 2.49 | 2.54 | 2.83 | 3.84 | ||||
Brent less Alaska North Slope (ANS) crude oil | 0.03 | 0.27 | 0.35 | 0.82 | ||||
Brent less Louisiana Light Sweet (LLS) crude oil | 1.44 | 1.04 | 1.33 | 1.91 | ||||
Brent less Argus Sour Crude Index (ASCI) crude oil | 4.83 | 2.18 | 3.92 | 3.26 | ||||
Brent less Maya crude oil | 8.07 | 4.56 | 6.48 | 6.89 | ||||
LLS crude oil | 78.40 | 44.06 | 69.46 | 41.24 | ||||
LLS less ASCI crude oil | 3.38 | 1.14 | 2.59 | 1.35 | ||||
LLS less Maya crude oil | 6.62 | 3.52 | 5.15 | 4.98 | ||||
WTI crude oil | 77.36 | 42.56 | 67.97 | 39.31 | ||||
Natural gas (dollars per million British Thermal Units) | 4.54 | 2.55 | 7.85 | 2.00 | ||||
Products (dollars per barrel) | ||||||||
U.S. Gulf Coast: | ||||||||
Conventional Blendstock of Oxygenate Blending (CBOB)
gasoline less Brent
| 13.20 | 4.05 | 13.66 | 2.97 | ||||
Ultra-low-sulfur (ULS) diesel less Brent | 17.68 | 7.09 | 13.75 | 7.11 | ||||
Propylene less Brent | (18.59) | (2.05) | (6.43) | (12.12) | ||||
CBOB gasoline less LLS | 14.65 | 5.09 | 14.99 | 4.88 | ||||
ULS diesel less LLS | 19.13 | 8.13 | 15.08 | 9.02 | ||||
Propylene less LLS | (17.14) | (1.01) | (5.10) | (10.22) | ||||
U.S. Mid-Continent: | ||||||||
CBOB gasoline less WTI | 13.86 | 5.77 | 17.36 | 6.96 | ||||
ULS diesel less WTI | 19.79 | 11.20 | 18.70 | 12.11 | ||||
North Atlantic: | ||||||||
CBOB gasoline less Brent | 17.80 | 6.61 | 16.89 | 5.50 | ||||
ULS diesel less Brent | 20.36 | 8.64 | 15.91 | 9.17 | ||||
U.S. West Coast: | ||||||||
California Reformulated Gasoline Blendstock of
Oxygenate Blending (CARBOB) 87 gasoline less ANS
| 27.44 | 10.89 | 24.17 | 10.33 | ||||
California Air Resources Board (CARB) diesel less ANS | 22.44 | 12.76 | 17.60 | 12.42 | ||||
CARBOB 87 gasoline less WTI | 29.90 | 13.16 | 26.64 | 13.36 | ||||
CARB diesel less WTI | 24.90 | 15.03 | 20.08 | 15.44 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Renewable diesel | ||||||||
New York Mercantile Exchange ULS diesel
(dollars per gallon)
| $ | 2.39 | $ | 1.28 | $ | 2.07 | $ | 1.25 |
Biodiesel Renewable Identification Number (RIN)
(dollars per RIN)
| 1.49 | 0.88 | 1.49 | 0.64 | ||||
California Low-Carbon Fuel Standard (dollars per metric ton) | 155.24 | 197.83 | 177.78 | 200.12 | ||||
Chicago Board of Trade (CBOT) soybean oil (dollars per
pound)
| 0.58 | 0.37 | 0.58 | 0.32 | ||||
Ethanol | ||||||||
CBOT corn (dollars per bushel) | 5.67 | 4.17 | 5.80 | 3.64 | ||||
New York Harbor ethanol (dollars per gallon) | 3.43 | 1.49 | 2.49 | 1.36 |
December 31, | ||||
2021 | 2020 | |||
Balance sheet data | ||||
Current assets | $ | 21,165 | $ | 15,844 |
Cash and cash equivalents included in current assets | 4,122 | 3,313 | ||
Inventories included in current assets | 6,265 | 6,038 | ||
Current liabilities | 16,851 | 9,283 | ||
Valero Energy Corporation stockholders' equity | 18,430 | 18,801 | ||
Debt and finance lease obligations: | ||||
Debt - | ||||
Current portion of debt (excluding variable interest entities (VIEs)) | $ | 300 | $ | - |
Debt, less current portion of debt (excluding VIEs) | 10,820 | 12,384 | ||
Total debt (excluding VIEs) | 11,120 | 12,384 | ||
Current portion of debt attributable to VIEs | 810 | 603 | ||
Debt, less current portion of debt attributable to VIEs | 20 | 26 | ||
Total debt attributable to VIEs | 830 | 629 | ||
Total debt | 11,950 | 13,013 | ||
Finance lease obligations - | ||||
Current portion of finance lease obligations (excluding VIEs) | 141 | 120 | ||
Finance lease obligations, less current portion (excluding VIEs) | 1,502 | 1,543 | ||
Total finance lease obligations (excluding VIEs) | 1,643 | 1,663 | ||
Current portion of finance lease obligations attributable to VIEs | 13 | - | ||
Finance lease obligations, less current portion attributable to VIEs | 264 | 1 | ||
Total finance lease obligations attributable to VIEs | 277 | 1 | ||
Total finance lease obligations | 1,920 | 1,664 | ||
Total debt and finance lease obligations | $ | 13,870 | $ | 14,677 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of net cash provided by operating activities to
adjusted net cash provided by operating activities (g)
| ||||||||
Net cash provided by operating activities | $ | 2,454 | $ | 96 | $ | 5,859 | $ | 948 |
Exclude: | ||||||||
Changes in current assets and current liabilities | 595 | (113) | 2,225 | (345) | ||||
Diamond Green Diesel LLC's (DGD) adjusted net cash
provided by operating activities attributable to the other joint
venture member's ownership interest in DGD
| 82 | 69 | 381 | 338 | ||||
Adjusted net cash provided by operating activities | $ | 1,777 | $ | 140 | $ | 3,253 | $ | 955 |
Dividends per common share | $ | 0.98 | $ | 0.98 | $ | 3.92 | $ | 3.92 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Reconciliation of total capital investments to capital
investments attributable to Valero (g)
| ||||||||
Capital expenditures (excluding VIEs) | $ | 145 | $ | 239 | $ | 513 | $ | 1,014 |
Capital expenditures of VIEs: | ||||||||
DGD | 312 | 212 | 1,042 | 523 | ||||
Other VIEs | 51 | 55 | 110 | 251 | ||||
Deferred turnaround and catalyst cost expenditures
(excluding VIEs)
| 243 | 94 | 787 | 623 | ||||
Deferred turnaround and catalyst cost expenditures
of DGD
| - | 7 | 6 | 25 | ||||
Investments in unconsolidated joint ventures | 1 | 15 | 9 | 54 | ||||
Total capital investments | 752 | 622 | 2,467 | 2,490 | ||||
Adjustments: | ||||||||
DGD's capital investments attributable to the other joint
venture member
| (156) | (109) | (524) | (274) | ||||
Capital expenditures of other VIEs | (51) | (55) | (110) | (251) | ||||
Capital investments attributable to Valero | $ | 545 | $ | 458 | $ | 1,833 | $ | 1,965 |
Year Ending December 31, 2022 | ||
Reconciliation of expected total capital investments to
expected capital investments attributable to Valero by
segment (g)
| ||
Refining | $ | 1,540 |
Renewable Diesel | 780 | |
Ethanol | 40 | |
Corporate | 30 | |
Expected total capital investments | 2,390 | |
Adjustment: | ||
DGD's capital investments attributable to the other joint
venture member
| (390) | |
Expected capital investments attributable to Valero | $ | 2,000 |
Refining |
Renewable Diesel | Ethanol | Total | |||||
Cost of materials and other | $ | 47 | $ | - | $ | - | $ | 47 |
Operating expenses (excluding depreciation
and amortization expense)
| 478 | - | 54 | 532 | ||||
Total estimated excess energy costs | $ | 525 | $ | - | $ | 54 | $ | 579 |
U.S. Gulf Coast |
U.S. Mid- Continent |
Other Regions Combined |
Refining Segment | |||||
Cost of materials and other | $ | 45 | $ | 2 | $ | - | $ | 47 |
Operating expenses (excluding depreciation
and amortization expense)
| 437 | 38 | 3 | 478 | ||||
Total estimated excess energy costs | $ | 482 | $ | 40 | $ | 3 | $ | 525 |
Effect of estimated excess energy costs
on operating statistics (j)
| ||||||||
Refining margin per barrel of throughput (g)
| $ | 0.07 | $ | 0.01 | n/a | $ | 0.05 | |
Operating expenses (excluding depreciation
and amortization expense) per barrel of
throughput
| 0.72 | 0.23 | n/a | 0.47 | ||||
Adjusted refining operating income (loss)
per barrel of throughput (g)
| $ | 0.79 | $ | 0.24 | n/a | $ | 0.52 |
Three Months Ended December 31, |
Year Ended December 31, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
DGD operating cash flow data | ||||||||
Net cash provided by (used in) operating activities | $ | (199) | $ | 141 | $ | 439 | $ | 1,018 |
Exclude: Changes in current assets and
current liabilities
| (362) | 4 | (323) | 343 | ||||
Adjusted net cash provided by operating activities | 163 | 137 | 762 | 675 | ||||
Other member's ownership interest | 50 | % | 50% | 50 | % | 50% | ||
DGD's adjusted net cash provided by
operating activities attributable to the other joint
venture member's ownership interest in DGD
| $ | 82 | $ | 69 | $ | 381 | $ | 338 |
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Valero Energy Corporation published this content on 27 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2022 13:28:01 UTC.