Company Quick10K Filing
Valero Energy
Price83.66 EPS6
Shares416 P/E14
MCap34,803 P/FCF9
Net Debt7,033 EBIT3,195
TEV41,836 TEV/EBIT13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-06
10-Q 2019-03-31 Filed 2019-05-07
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-06
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-07
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-09-08 Other Events, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-18
8-K 2020-06-03
8-K 2020-04-30
8-K 2020-04-29
8-K 2020-04-14
8-K 2020-04-13
8-K 2020-04-13
8-K 2020-03-02
8-K 2020-02-26
8-K 2020-01-30
8-K 2020-01-23
8-K 2019-12-18
8-K 2019-10-24
8-K 2019-08-22
8-K 2019-07-25
8-K 2019-05-14
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-03-21
8-K 2019-03-19
8-K 2019-02-08
8-K 2019-01-31
8-K 2019-01-10
8-K 2018-10-31
8-K 2018-10-25
8-K 2018-10-18
8-K 2018-10-05
8-K 2018-09-05
8-K 2018-07-26
8-K 2018-06-01
8-K 2018-05-17
8-K 2018-05-08
8-K 2018-05-03
8-K 2018-04-26
8-K 2018-02-28
8-K 2018-02-14
8-K 2018-02-07
8-K 2018-02-01
8-K 2018-01-03

VLO 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.01 vloexh3101-6302020.htm
EX-31.02 vloexh3102-6302020.htm
EX-32.01 vloexh3201-6302020.htm

Valero Energy Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
554433221102012201420172020
Assets, Equity
35282114702016201720182020
Rev, G Profit, Net Income
2.61.81.00.1-0.7-1.52012201420172020
Ops, Inv, Fin

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to _______________
Commission File Number 001-13175
VALERO ENERGY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
74-1828067
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
One Valero Way
San Antonio, Texas
(Address of principal executive offices)
78249
(Zip Code)
(210345-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock
 
VLO
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  No 
The number of shares of the registrant’s only class of common stock, $0.01 par value, outstanding as of July 20, 2020 was 407,757,274.
 
 
 
 
 



VALERO ENERGY CORPORATION
TABLE OF CONTENTS
 
 
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 




i



PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

VALERO ENERGY CORPORATION
CONSOLIDATED BALANCE SHEETS
(millions of dollars, except par value)
 
June 30,
2020
 
December 31,
2019
 
(unaudited)
 
 
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2,319

 
$
2,583

Receivables, net
4,152

 
8,904

Inventories
5,420

 
7,013

Prepaid expenses and other
871

 
469

Total current assets
12,762

 
18,969

Property, plant, and equipment, at cost
46,335

 
44,294

Accumulated depreciation
(15,682
)
 
(15,030
)
Property, plant, and equipment, net
30,653

 
29,264

Deferred charges and other assets, net
5,684

 
5,631

Total assets
$
49,099

 
$
53,864

LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Current portion of debt and finance lease obligations
$
587

 
$
494

Accounts payable
4,652

 
10,205

Accrued expenses
861

 
949

Taxes other than income taxes payable
1,083

 
1,304

Income taxes payable
117

 
208

Total current liabilities
7,300

 
13,160

Debt and finance lease obligations, less current portion
12,090

 
9,178

Deferred income tax liabilities
5,305

 
5,103

Other long-term liabilities
3,770

 
3,887

Commitments and contingencies

 

Equity:
 
 
 
Valero Energy Corporation stockholders’ equity:
 
 
 
Common stock, $0.01 par value; 1,200,000,000 shares authorized;
673,501,593 and 673,501,593 shares issued
7

 
7

Additional paid-in capital
6,824

 
6,821

Treasury stock, at cost;
265,748,331 and 264,209,742 common shares
(15,760
)
 
(15,648
)
Retained earnings
30,575

 
31,974

Accumulated other comprehensive loss
(1,799
)
 
(1,351
)
Total Valero Energy Corporation stockholders’ equity
19,847


21,803

Noncontrolling interests
787

 
733

Total equity
20,634

 
22,536

Total liabilities and equity
$
49,099

 
$
53,864

See Condensed Notes to Consolidated Financial Statements.


1



VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(millions of dollars, except per share amounts)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Revenues (a)
$
10,397

 
$
28,933

 
$
32,499

 
$
53,196

Cost of sales:
 
 
 
 
 
 
 
Cost of materials and other
9,079

 
26,083

 
29,031

 
48,061

Lower of cost or market (LCM) inventory valuation adjustment
(2,248
)
 

 
294

 

Operating expenses (excluding depreciation and amortization
expense reflected below)
1,027

 
1,175

 
2,151

 
2,390

Depreciation and amortization expense
566

 
552

 
1,135

 
1,089

Total cost of sales
8,424

 
27,810

 
32,611

 
51,540

Other operating expenses
3

 
2

 
5

 
4

General and administrative expenses (excluding depreciation and
amortization expense reflected below)
169

 
199

 
346

 
408

Depreciation and amortization expense
12

 
14

 
25

 
28

Operating income (loss)
1,789

 
908

 
(488
)
 
1,216

Other income, net
27

 
12

 
59

 
34

Interest and debt expense, net of capitalized interest
(142
)
 
(112
)
 
(267
)
 
(224
)
Income (loss) before income tax expense (benefit)
1,674

 
808

 
(696
)
 
1,026

Income tax expense (benefit)
339

 
160

 
(277
)
 
211

Net income (loss)
1,335

 
648

 
(419
)
 
815

Less: Net income attributable to noncontrolling interests
82

 
36

 
179

 
62

Net income (loss) attributable to Valero Energy Corporation
stockholders
$
1,253

 
$
612

 
$
(598
)
 
$
753

 
 
 
 
 
 
 
 
Earnings (loss) per common share
$
3.07

 
$
1.47

 
$
(1.48
)
 
$
1.80

Weighted-average common shares outstanding (in millions)
406

 
415

 
407

 
416

 
 
 
 
 
 
 
 
Earnings (loss) per common share – assuming dilution
$
3.07

 
$
1.47

 
$
(1.48
)
 
$
1.80

Weighted-average common shares outstanding –
assuming dilution (in millions)
407

 
417

 
407

 
417

_______________________________________________
 
 
 
 
 
 
 
Supplemental information:
 
 
 
 
 
 
 
(a)    Includes excise taxes on sales by certain of our international
operations
$
784

 
$
1,410

 
$
2,152

 
$
2,740


See Condensed Notes to Consolidated Financial Statements.


2



VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(millions of dollars)
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2020
 
2019
 
2020
 
2019
Net income (loss)
$
1,335

 
$
648

 
$
(419
)
 
$
815

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustment
138

 

 
(469
)
 
155

Net gain on pension and other postretirement
benefits
12

 
2

 
24

 
5

Net gain (loss) on cash flow hedges
(25
)
 
5

 
4

 
5

Other comprehensive income (loss) before
income tax expense (benefit)
125

 
7

 
(441
)
 
165

Income tax expense (benefit) related to items of
other comprehensive income (loss)
(1
)
 
1

 
5

 
2

Other comprehensive income (loss)
126

 
6

 
(446
)
 
163

Comprehensive income (loss)
1,461

 
654

 
(865
)
 
978

Less: Comprehensive income attributable
to noncontrolling interests
70

 
40

 
181

 
68

Comprehensive income (loss) attributable to
Valero Energy Corporation stockholders
$
1,391

 
$
614

 
$
(1,046
)
 
$
910


See Condensed Notes to Consolidated Financial Statements.


3



VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY
(millions of dollars)
(unaudited)
 
Valero Energy Corporation Stockholders’ Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
 
Non-
controlling
Interests
 
Total
Equity
Balance as of March 31, 2020
$
7

 
$
6,814

 
$
(15,764
)
 
$
29,722

 
$
(1,937
)
 
$
18,842

 
$
843

 
$
19,685

Net income

 

 

 
1,253

 

 
1,253

 
82

 
1,335

Dividends on common stock
($0.98 per share)

 

 

 
(400
)
 

 
(400
)
 

 
(400
)
Stock-based compensation
expense

 
12

 

 

 

 
12

 

 
12

Transactions in connection
with stock-based
compensation plans

 
(2
)
 
4

 

 

 
2

 

 
2

Distributions to noncontrolling
interests

 

 

 

 

 

 
(126
)
 
(126
)
Other comprehensive
income (loss)

 

 

 

 
138

 
138

 
(12
)
 
126

Balance as of June 30, 2020
$
7

 
$
6,824

 
$
(15,760
)
 
$
30,575


$
(1,799
)

$
19,847


$
787


$
20,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2019
$
7

 
$
6,802

 
$
(14,958
)
 
$
30,810

 
$
(1,352
)
 
$
21,309

 
$
470

 
$
21,779

Net income

 

 

 
612

 

 
612

 
36

 
648

Dividends on common stock
($0.90 per share)

 

 

 
(376
)
 

 
(376
)
 

 
(376
)
Stock-based compensation
expense

 
11

 

 

 

 
11

 

 
11

Transactions in connection
with stock-based
compensation plans

 
(1
)
 

 

 

 
(1
)
 

 
(1
)
Open market stock purchases

 

 
(212
)
 

 

 
(212
)
 

 
(212
)
Distributions to noncontrolling
interests

 

 

 

 

 

 
(18
)
 
(18
)
Other comprehensive income

 

 

 

 
2

 
2

 
4

 
6

Balance as of June 30, 2019
$
7

 
$
6,812


$
(15,170
)

$
31,046


$
(1,350
)

$
21,345


$
492


$
21,837


See Condensed Notes to Consolidated Financial Statements.



4



VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(millions of dollars)
(unaudited)
 
Valero Energy Corporation Stockholders’ Equity
 
 
 
 
 
Common
Stock
 
Additional
Paid-in
Capital
 
Treasury
Stock
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Total
 
Non-
controlling
Interests
 
Total
Equity
Balance as of December 31, 2019
$
7

 
$
6,821

 
$
(15,648
)
 
$
31,974

 
$
(1,351
)
 
$
21,803

 
$
733

 
$
22,536

Net income (loss)

 

 

 
(598
)
 

 
(598
)
 
179

 
(419
)
Dividends on common stock
($1.96 per share)

 

 

 
(801
)
 

 
(801
)
 

 
(801
)
Stock-based compensation
expense

 
36

 

 

 

 
36

 

 
36

Transactions in connection
with stock-based
compensation plans

 
(33
)
 
18

 

 

 
(15
)
 

 
(15
)
Open market stock purchases

 

 
(130
)
 

 

 
(130
)
 

 
(130
)
Distributions to noncontrolling
interests

 

 

 

 

 

 
(127
)
 
(127
)
Other comprehensive
income (loss)

 

 

 

 
(448
)
 
(448
)
 
2

 
(446
)
Balance as of June 30, 2020
$
7

 
$
6,824


$
(15,760
)

$
30,575


$
(1,799
)

$
19,847


$
787


$
20,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
$
7

 
$
7,048

 
$
(14,925
)
 
$
31,044

 
$
(1,507
)
 
$
21,667

 
$
1,064

 
$
22,731

Net income

 

 

 
753

 

 
753

 
62

 
815

Dividends on common stock
($1.80 per share)

 

 

 
(751
)
 

 
(751
)
 

 
(751
)
Stock-based compensation
expense

 
21

 

 

 

 
21

 

 
21

Transactions in connection
with stock-based
compensation plans

 
(3
)
 
1

 

 

 
(2
)
 

 
(2
)
Open market stock purchases

 

 
(246
)
 

 

 
(246
)
 

 
(246
)
Acquisition of Valero Energy
Partners LP (VLP) publicly
held common units

 
(328
)
 

 

 

 
(328
)
 
(622
)
 
(950
)
Distributions to noncontrolling
interests

 

 

 

 

 

 
(18
)
 
(18
)
Other

 
74

 

 

 

 
74

 

 
74

Other comprehensive income

 

 

 

 
157

 
157

 
6

 
163

Balance as of June 30, 2019
$
7

 
$
6,812


$
(15,170
)

$
31,046


$
(1,350
)

$
21,345


$
492


$
21,837


See Condensed Notes to Consolidated Financial Statements.


5



VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions of dollars)
(unaudited)
 
Six Months Ended
June 30,
 
2020
 
2019
Cash flows from operating activities:
 
 
 
Net income (loss)
$
(419
)
 
$
815

Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
 
 
 
Depreciation and amortization expense
1,160

 
1,117

LCM inventory valuation adjustment
294

 

Deferred income tax expense (benefit)
223

 
(12
)
Changes in current assets and current liabilities
(478
)
 
413

Changes in deferred charges and credits and
other operating activities, net
(93
)
 
61

Net cash provided by operating activities
687

 
2,394

Cash flows from investing activities:
 
 
 
Capital expenditures (excluding variable interest entities (VIEs))
(555
)
 
(854
)
Capital expenditures of VIEs:
 
 
 
Diamond Green Diesel Holdings LLC (DGD)
(177
)
 
(51
)
Other VIEs
(143
)
 
(69
)
Deferred turnaround and catalyst cost expenditures (excluding VIEs)
(437
)
 
(470