Valero Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Valero Energy Corp. has filed its 2023 annual report (10-K) detailing its financial performance and operations for the fiscal year ending December 31, 2023.</b>

AI Summary

VALERO ENERGY CORP/TX (VLO) filed a Annual Report (10-K) with the SEC on February 22, 2024. Valero Energy Corp. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ended December 31, 2023. Excise taxes on sales from foreign operations totaled $5,765 million in 2023. The company's fiscal year ends on December 31st. Valero Energy Corp. is incorporated in Delaware.

Why It Matters

For investors and stakeholders tracking VALERO ENERGY CORP/TX, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Valero's financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's standing. The inclusion of specific figures for excise taxes on foreign operations ($5,765 million in 2023) offers insight into the company's cost structure and international business impact.

Risk Assessment

Risk Level: medium — VALERO ENERGY CORP/TX shows moderate risk based on this filing. The filing is a standard annual report, but the energy sector is inherently volatile due to commodity prices and geopolitical factors, which can significantly impact Valero's financial performance and outlook.

Analyst Insight

Review Valero's detailed financial statements and risk factors in the 10-K to understand its performance drivers and potential challenges in the current energy market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K)
• 2024-02-22 — Filing Date (Date the 10-K was filed)
• 5,765 million — Foreign Excise Taxes (2023) (Excise taxes on sales by certain foreign operations)
• 5,194 million — Foreign Excise Taxes (2022) (Excise taxes on sales by certain foreign operations)
• 5,645 million — Foreign Excise Taxes (2021) (Excise taxes on sales by certain foreign operations)

Key Players & Entities

• VALERO ENERGY CORP/TX (company) — Filer
• 2023 (date) — Fiscal year end
• 2024-02-22 (date) — Filing date
• DE (jurisdiction) — State of incorporation
• SAN ANTONIO (location) — Business address city
• TX (location) — Business address state
• 20231231 (date) — Period of report
• 5,765 million (dollar_amount) — Excise taxes on sales by certain foreign operations for 2023

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-22: 10-K Filing Date — Date Valero Energy Corp. submitted its annual report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VLO New York Stock Exchange
• $5.4 billion — of December 31, 2023, we have invested $5.4 billion 3 in our low-carbon fuels businesses, a
• $315 m — rst quarter of 2025 for a total cost of $315 million, with half of 2 DGD expects to
• $3.6 billion — low-carbon fuels businesses consists of $3.6 billion in capital investments to build our ren
• $1.8 billion — le diesel business (including SAF), and $1.8 billion to build our ethanol business. Capital

Filing Documents

• vlo-20231231.htm (10-K) — 3900KB
• a12312023exh2101.htm (EX-21.01) — 70KB
• a12312023exh2301.htm (EX-23.01) — 2KB
• a12312023exh3101.htm (EX-31.01) — 11KB
• a12312023exh3102.htm (EX-31.02) — 11KB
• a12312023exh3201.htm (EX-32.01) — 10KB
• a12312023exh9701.htm (EX-97.01) — 43KB
• vlo-20231231_g1.jpg (GRAPHIC) — 9KB
• vlo-20231231_g2.jpg (GRAPHIC) — 84KB
• 0001035002-24-000007.txt (&nbsp;) — 20795KB
• vlo-20231231.xsd (EX-101.SCH) — 87KB
• vlo-20231231_cal.xml (EX-101.CAL) — 183KB
• vlo-20231231_def.xml (EX-101.DEF) — 621KB
• vlo-20231231_lab.xml (EX-101.LAB) — 1397KB
• vlo-20231231_pre.xml (EX-101.PRE) — 948KB
• vlo-20231231_htm.xml (XML) — 4495KB

Properties

Properties 17 Available Information 17 Item 1A.

Risk Factors

Risk Factors 18 Item 1B. Unresolved Staff Comments 33

C

Item 1 C . Cybersecurity 33 Item 3.

Legal Proceedings

Legal Proceedings 35 Item 4. Mine Safety Disclosures 35 Information About Our Executive Officers 36 PART II 37 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 39 Item 7.

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 67 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 141 Item 9A.

Controls and Procedures

Controls and Procedures 141 Item 9B. Other Information 141 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 141 PART III 142 Item 10. Directors, Executive Officers and Corporate Governance 142 Item 11.

Executive Compensation

Executive Compensation 142 Item 12.

Security Ownership of Certain Beneficial Owners and Management and

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 143 Item 13. Certain Relationships and Related Transactions, and Director Independence 143 Item 14. Principal Accountant Fees and Services 143 PART IV 144 Item 15. Exhibits and Financial Statement Schedules 144 Item 16. Form 10-K Summary 147 Signature 148 i Table of Contents The terms "Valero," "we," "our," and "us," as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term "DGD," as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. In this Form 10-K, we make certain forward-looking statements, including statements regarding our plans, strategies, objectives, expectations, intentions, and resources under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You should read our forward-looking statements together with our disclosures beginning on page 39 of this report under the heading "CAUTIONARY STATEMENT FOR THE PURPOSE OF SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995." Note references in this report to Notes to Consolidated Financial Statements can be found beginning on page 77 , under "ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA." PART I ITEMS 1. and 2. BUSINESS AND PROPERTIES OUR BUSINESS We are a Fortune 500 company based in San Antonio, Texas. Our corporate offices are at One Valero Way, San Antonio, Texas, 78249, and our telephone number is (210) 345-2000. We were incorporated in Delaware in 1981 under the name Valero Refining and Marketing Company. We changed our name to Valero Energy Corporation in 1997. Our common stock trades on the New York Stock Exchange (NYSE) under the trading symbol "VLO." We are a multinational manufacturer and marketer of petroleum-based and

View Full Filing

View this 10-K filing on SEC EDGAR