Valero Energy Q3 2024: Foreign Excise Taxes Highlighted

Ticker: VLO · Form: 10-Q · Filed: 2024-10-30T00:00:00.000Z

Sentiment: neutral

Topics: taxes, international-operations, quarterly-report

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

Key Players & Entities

FAQ

What is the primary reason for the excise taxes on sales by Valero's foreign operations?

The filing does not specify the primary reason but lists the amounts for the periods ending September 30, 2024, and 2023.

How do the excise taxes for the nine months ended September 30, 2024, compare to the same period in 2023?

Excise taxes increased from $4,339 million for the nine months ended September 30, 2023, to $4,382 million for the same period in 2024.

What is Valero Energy Corp.'s fiscal year end?

Valero Energy Corp.'s fiscal year ends on December 31.

What period does this 10-Q filing cover?

This 10-Q filing covers the period ending September 30, 2024.

Are there any specific details about the nature of Valero's foreign operations mentioned in relation to these excise taxes?

The filing mentions 'certain of our foreign operations' but does not provide further specifics on the nature of these operations or the exact jurisdictions.

From the Filing

0001035002-24-000056.txt : 20241030 0001035002-24-000056.hdr.sgml : 20241030 20241029192029 ACCESSION NUMBER: 0001035002-24-000056 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 76 CONFORMED PERIOD OF REPORT: 20240930 FILED AS OF DATE: 20241030 DATE AS OF CHANGE: 20241029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VALERO ENERGY CORP/TX CENTRAL INDEX KEY: 0001035002 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 741828067 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-13175 FILM NUMBER: 241407066 BUSINESS ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 BUSINESS PHONE: 2103454524 MAIL ADDRESS: STREET 1: P.O. BOX 696000 CITY: SAN ANTONIO STATE: TX ZIP: 78269-6000 10-Q 1 vlo-20240930.htm 10-Q vlo-20240930 VALERO ENERGY CORP/TX 0001035002 FALSE 2024 Q3 --12-31 http://fasb.org/us-gaap/2024#CostDirectMaterial http://fasb.org/us-gaap/2024#CostDirectMaterial http://fasb.org/us-gaap/2024#CostDirectMaterial http://fasb.org/us-gaap/2024#CostDirectMaterial Includes excise taxes on sales by certain of our foreign operations of $1,539 million and $1,468 million for the three months ended September 30, 2024 and 2023, respectively, and $4,382 million and $4,339 million for the nine months ended September 30, 2024 and 2023, respectively. xbrli:shares iso4217:USD iso4217:USD xbrli:shares vlo:refinery xbrli:pure vlo:plant vlo:subsidiary vlo:segment utr:MBbls utr:bu 0001035002 2024-01-01 2024-09-30 0001035002 2024-10-25 0001035002 2024-09-30 0001035002 2023-12-31 0001035002 2024-07-01 2024-09-30 0001035002 2023-07-01 2023-09-30 0001035002 2023-01-01 2023-09-30 0001035002 us-gaap:CommonStockMember 2024-06-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2024-06-30 0001035002 us-gaap:TreasuryStockCommonMember 2024-06-30 0001035002 us-gaap:RetainedEarningsMember 2024-06-30 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0001035002 us-gaap:ParentMember 2024-06-30 0001035002 us-gaap:NoncontrollingInterestMember 2024-06-30 0001035002 2024-06-30 0001035002 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 0001035002 us-gaap:ParentMember 2024-07-01 2024-09-30 0001035002 us-gaap:NoncontrollingInterestMember 2024-07-01 2024-09-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0001035002 us-gaap:TreasuryStockCommonMember 2024-07-01 2024-09-30 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-01 2024-09-30 0001035002 us-gaap:CommonStockMember 2024-09-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2024-09-30 0001035002 us-gaap:TreasuryStockCommonMember 2024-09-30 0001035002 us-gaap:RetainedEarningsMember 2024-09-30 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-09-30 0001035002 us-gaap:ParentMember 2024-09-30 0001035002 us-gaap:NoncontrollingInterestMember 2024-09-30 0001035002 us-gaap:CommonStockMember 2023-06-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2023-06-30 0001035002 us-gaap:TreasuryStockCommonMember 2023-06-30 0001035002 us-gaap:RetainedEarningsMember 2023-06-30 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-06-30 0001035002 us-gaap:ParentMember 2023-06-30 0001035002 us-gaap:NoncontrollingInterestMember 2023-06-30 0001035002 2023-06-30 0001035002 us-gaap:RetainedEarningsMember 2023-07-01 2023-09-30 0001035002 us-gaap:ParentMember 2023-07-01 2023-09-30 0001035002 us-gaap:NoncontrollingInterestMember 2023-07-01 2023-09-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2023-07-01 2023-09-30 0001035002 us-gaap:TreasuryStockCommonMember 2023-07-01 2023-09-30 0001035002 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-07-01 2023-09-30 0001035002 us-gaap:CommonStockMember 2023-09-30 0001035002 us-gaap:AdditionalPaidInCapitalMember 2023-09-30 0001035002 us-gaap:TreasuryStockCommonMember 2023-09-30 0001035002 us-

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