Valero Energy Q3 2024: Foreign Excise Taxes Highlighted

TL;DR

Valero's Q3 foreign excise taxes hit $1.5B, with YTD at $4.4B. Keep an eye on those international costs.

AI Summary

Valero Energy Corp. reported its third-quarter 2024 results, with excise taxes on sales by certain foreign operations amounting to $1,539 million for the three months ended September 30, 2024. For the nine-month period ending September 30, 2024, these excise taxes totaled $4,382 million. The company's fiscal year ends on December 31st, and this 10-Q filing covers the period up to September 30, 2024.

Why It Matters

This filing provides insight into Valero's operational costs and tax liabilities in its foreign markets, which can impact overall profitability and financial performance.

Risk Assessment

Risk Level: medium — The filing details significant excise taxes on foreign sales, which could indicate exposure to international regulatory environments and currency fluctuations.

Key Numbers

• $1,539M — Foreign Excise Taxes (Q3 2024) (Represents a significant cost component for foreign operations.)
• $4,382M — Foreign Excise Taxes (YTD 2024) (Indicates the cumulative impact of these taxes over the first nine months.)

Key Players & Entities

• Valero Energy Corp. (company) — Filer
• $1,539 million (dollar_amount) — Excise taxes for Q3 2024
• $1,468 million (dollar_amount) — Excise taxes for Q3 2023
• $4,382 million (dollar_amount) — Excise taxes for nine months ended Sep 30, 2024
• $4,339 million (dollar_amount) — Excise taxes for nine months ended Sep 30, 2023
• September 30, 2024 (date) — End of reporting period
• December 31 (date) — Fiscal year end

FAQ

Key Financial Figures

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

Filing Documents

• vlo-20240930.htm (10-Q) — 2270KB
• a9302024exh3101.htm (EX-31.01) — 11KB
• a9302024exh3102.htm (EX-31.02) — 11KB
• a9302024exh3201.htm (EX-32.01) — 10KB
• vlo-20240930_g1.jpg (GRAPHIC) — 9KB
• 0001035002-24-000056.txt ( ) — 10071KB
• vlo-20240930.xsd (EX-101.SCH) — 40KB
• vlo-20240930_cal.xml (EX-101.CAL) — 86KB
• vlo-20240930_def.xml (EX-101.DEF) — 297KB
• vlo-20240930_lab.xml (EX-101.LAB) — 635KB
• vlo-20240930_pre.xml (EX-101.PRE) — 460KB
• vlo-20240930_htm.xml (XML) — 1989KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 2 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 3 Consolidated Statements of Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Consolidated Statements of Cash Flows for the Nine Months Ended September 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) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 5,184 $ 5,424 Receivables, net 11,073 12,525 Inventories 7,048 7,583 Prepaid expenses and other 671 689 Total current assets 23,976 26,221 Property, plant, and equipment, at cost 52,424 51,668 Accumulated depreciation ( 22,743 ) ( 21,459 ) Property, plant, and equipment, net 29,681 30,209 Deferred charges and other assets, net 6,725 6,626 Total assets $ 60,382 $ 63,056 LIABILITIES AND EQUITY Current liabilities: Current portion of debt and finance lease obligations $ 1,016 $ 1,406 Accounts payable 11,516 12,567 Accrued expenses 1,190 1,240 Taxes other than income taxes payable 1,400 1,452 Income taxes payable 176 137 Total current liabilities 15,298 16,802 Debt and finance lease obligations, less current portion 9,790 10,118 Deferred income tax liabilities 5,263 5,349 Other long-term liabilities 2,031 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 6,940 6,901 Treasury stock, at cost; 356,916,683 and 340,199,677 common shares ( 27,938 ) ( 25,322 ) Retained earnings 47,074 45,630 Accumulated other comprehensive loss ( 830 ) ( 870 ) Total Valero Energy Corporation stockholders' equity 25,253 26,346 Noncontrolling interests 2,747 2,178 Total equity 28,000 28,524 Total liabilities and equity $ 60,382 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Revenues (a) $ 32,876 $

View Full Filing

View this 10-Q filing on SEC EDGAR