Valero Energy Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Valero Energy Corp. has submitted its Q1 2024 10-Q filing, detailing financial performance and excise taxes on foreign sales.</b>

AI Summary

VALERO ENERGY CORP/TX (VLO) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Valero Energy Corp. filed its 10-Q report for the period ending March 31, 2024. The filing includes excise taxes on sales by certain foreign operations amounting to $1,387 million for Q1 2024 and $1,422 million for Q1 2023. The report covers financial data for the period from January 1, 2024, to March 31, 2024. Key financial statement components such as common stock, additional paid-in capital, retained earnings, and treasury stock are detailed for various periods. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking VALERO ENERGY CORP/TX, this filing contains several important signals. This filing provides investors with the latest financial snapshot of Valero Energy Corp., crucial for understanding its performance in the first quarter of 2024. The specific mention of excise taxes on foreign sales highlights potential impacts on profitability and operational costs in international markets.

Risk Assessment

Risk Level: low — VALERO ENERGY CORP/TX shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain significant new information or unusual events that would elevate the risk assessment.

Analyst Insight

Monitor Valero Energy's subsequent filings for trends in excise tax impacts and overall financial performance in the refining sector.

Key Numbers

• 1,387 — Excise Taxes (Q1 2024) (million USD on sales by certain foreign operations)
• 1,422 — Excise Taxes (Q1 2023) (million USD on sales by certain foreign operations)
• 2024-03-31 — Report Period End Date (Quarterly filing)
• 2024-04-25 — Filing Date (10-Q submission)

Key Players & Entities

• VALERO ENERGY CORP/TX (company) — Filer
• 2024-03-31 (date) — Period of report
• 2024-04-25 (date) — Filed as of date
• 1,387 million (dollar_amount) — Excise taxes on sales by certain foreign operations for the three months ended March 31, 2024
• 1,422 million (dollar_amount) — Excise taxes on sales by certain foreign operations for the three months ended March 31, 2023

FAQ

Industry Context

Valero Energy operates in the petroleum refining industry, a sector sensitive to global energy prices, geopolitical events, and regulatory changes.

Regulatory Implications

The filing mentions excise taxes on foreign sales, indicating potential regulatory or tax considerations in international markets where Valero operates.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and management's discussion and analysis.
2. Analyze the impact of excise taxes on Valero's international segment profitability.
3. Compare Q1 2024 performance against Q1 2023 and prior periods to identify trends.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q
• 2024-04-25: Filing Date — Date the 10-Q was submitted to the SEC

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarterly update after the year-end report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share VLO New York Stock Exchange

Filing Documents

• vlo-20240331.htm (10-Q) — 1643KB
• a3312024exh3101.htm (EX-31.01) — 11KB
• a3312024exh3102.htm (EX-31.02) — 11KB
• a3312024exh3201.htm (EX-32.01) — 10KB
• vlo-20240331_g1.jpg (GRAPHIC) — 9KB
• 0001035002-24-000022.txt (&nbsp;) — 8402KB
• vlo-20240331.xsd (EX-101.SCH) — 40KB
• vlo-20240331_cal.xml (EX-101.CAL) — 85KB
• vlo-20240331_def.xml (EX-101.DEF) — 292KB
• vlo-20240331_lab.xml (EX-101.LAB) — 608KB
• vlo-20240331_pre.xml (EX-101.PRE) — 446KB
• vlo-20240331_htm.xml (XML) — 1527KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 3 Consolidated Statements of Equity for the Three Months Ended March 31, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Condensed Notes to Consolidated Financial Statements 6

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 48

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 49

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 49

RISK FACTORS

ITEM 1A. RISK FACTORS 49

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 50

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 50

EXHIBITS

ITEM 6. EXHIBITS 51 SIGNATURE 52 i Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS VALERO ENERGY CORPORATION CONSOLIDATED BALANCE SHEETS (millions of dollars, except par value) March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 4,917 $ 5,424 Receivables, net 12,150 12,525 Inventories 7,912 7,583 Prepaid expenses and other 695 689 Total current assets 25,674 26,221 Property, plant, and equipment, at cost 51,943 51,668 Accumulated depreciation ( 21,871 ) ( 21,459 ) Property, plant, and equipment, net 30,072 30,209 Deferred charges and other assets, net 6,828 6,626 Total assets $ 62,574 $ 63,056 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ 853 $ 1,406 Accounts payable 12,458 12,567 Accrued expenses 1,097 1,240 Taxes other than income taxes payable 1,353 1,452 Income taxes payable 388 137 Total current liabilities 16,149 16,802 Debt and finance lease obligations, less current portion 10,044 10,118 Deferred income tax liabilities 5,260 5,349 Other long-term liabilities 2,297 2,263 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 6,916 6,901 Treasury stock, at cost; 346,505,037 and 340,199,677 common shares ( 26,330 ) ( 25,322 ) Retained earnings 46,519 45,630 Accumulated other comprehensive loss ( 1,055 ) ( 870 ) Total Valero Energy Corporation stockholders' equity 26,057 26,346 Noncontrolling interests 2,767 2,178 Total equity 28,824 28,524 Total liabilities and equity $ 62,574 $ 63,056 See Condensed Notes to Consolidated Financial Statements. 1 Table of Contents VALERO ENERGY CORPORATION CONSOLIDATED STATEMENTS OF INCOME (millions of dollars, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 Revenues (a) $ 31,759 $ 36,439 Cost of sales: Cost of materials and othe

View Full Filing

View this 10-Q filing on SEC EDGAR