Valero Energy Q2 2024 10-Q Filed

TL;DR

Valero Energy's Q2 10-Q is in, showing $1.46B in foreign excise taxes for the quarter.

AI Summary

Valero Energy Corp/TX filed its 10-Q for the period ending June 30, 2024. The filing includes excise taxes on sales by certain foreign operations, amounting to $1,456 million for the three months ended June 30, 2024, and $2,843 million for the six months ended June 30, 2024.

Why It Matters

This filing provides a financial snapshot of Valero Energy's performance and operational details for the second quarter of 2024, impacting investors and industry analysts.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial and operational data.

Key Numbers

• $1,456 million — Foreign Excise Taxes (3 months) (For the three months ended June 30, 2024)
• $1,449 million — Foreign Excise Taxes (3 months prior year) (For the three months ended June 30, 2023)
• $2,843 million — Foreign Excise Taxes (6 months) (For the six months ended June 30, 2024)
• $2,871 million — Foreign Excise Taxes (6 months prior year) (For the six months ended June 30, 2023)

Key Players & Entities

• VALERO ENERGY CORP/TX (company) — Filer
• 20240630 (date) — Period of Report
• $1,456 million (dollar_amount) — Excise taxes for three months ended June 30, 2024
• $2,843 million (dollar_amount) — Excise taxes for six months ended June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• vlo-20240630.htm (10-Q) — 2268KB
• a6302024exh3101.htm (EX-31.01) — 11KB
• a6302024exh3102.htm (EX-31.02) — 11KB
• a6302024exh3201.htm (EX-32.01) — 10KB
• vlo-20240630_g1.jpg (GRAPHIC) — 9KB
• 0001035002-24-000051.txt ( ) — 10057KB
• vlo-20240630.xsd (EX-101.SCH) — 40KB
• vlo-20240630_cal.xml (EX-101.CAL) — 85KB
• vlo-20240630_def.xml (EX-101.DEF) — 297KB
• vlo-20240630_lab.xml (EX-101.LAB) — 636KB
• vlo-20240630_pre.xml (EX-101.PRE) — 460KB
• vlo-20240630_htm.xml (XML) — 1982KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of June 3 0 , 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 3 Consolidated Statements of Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 6 Condensed Notes to Consolidated Financial Statements 7

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 34

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 63

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 64

– OTHER INFORMATION

PART II – OTHER INFORMATION

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 64

RISK FACTORS

ITEM 1A. RISK FACTORS 64

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 65

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 65

EXHIBITS

ITEM 6. EXHIBITS 66 SIGNATURE 67 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) June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,246 $ 5,424 Receivables, net 13,145 12,525 Inventories 8,028 7,583 Prepaid expenses and other 696 689 Total current assets 27,115 26,221 Property, plant, and equipment, at cost 52,074 51,668 Accumulated depreciation ( 22,305 ) ( 21,459 ) Property, plant, and equipment, net 29,769 30,209 Deferred charges and other assets, net 6,731 6,626 Total assets $ 63,615 $ 63,056 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ 995 $ 1,406 Accounts payable 14,565 12,567 Accrued expenses 1,065 1,240 Taxes other than income taxes payable 1,490 1,452 Income taxes payable 203 137 Total current liabilities 18,318 16,802 Debt and finance lease obligations, less current portion 9,746 10,118 Deferred income tax liabilities 5,224 5,349 Other long-term liabilities 2,077 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 6,929 6,901 Treasury stock, at cost; 353,118,736 and 340,199,677 common shares ( 27,373 ) ( 25,322 ) Retained earnings 47,052 45,630 Accumulated other comprehensive loss ( 1,172 ) ( 870 ) Total Valero Energy Corporation stockholders' equity 25,443 26,346 Noncontrolling interests 2,807 2,178 Total equity 28,250 28,524 Total liabilities and equity $ 63,615 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenues (a) $ 34,490 $ 34,509 $ 66,249

View Full Filing

View this 10-Q filing on SEC EDGAR