VLO
Valero Energy Corporation162.82
-5.08-3.03%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Heavies boost, renewables tailwinds eyed
Q&A sharpened the refining outlook, with Gary attributing Q4 inventory builds to sky-high utilization rather than weak demand, while forecasting 2026 light product tightness as demand grows 500kb/d faster than adds. Randy touted post-coker capacity for far more Venezuelan heavy—north of prior 240kb/d peaks—amid $4-5 wider sour discounts from freight spikes, Canada, and OPEC. Eric sees renewables rebounding in 2026 on PTC mastery and rivals idled by policy fog. Homer recommitted to aggressive buybacks, balance sheet pristine. Coker details stayed vague. Q&A overflowed with feedstock tailwinds. Watch heavy runs, RVO clarity.
Key Stats
Market Cap
50.58BP/E (TTM)
33.92Basic EPS (TTM)
4.80Dividend Yield
0.03%Recent Filings
8-K
Valero prices $850M notes
10-K
FY2025 results
Valero's FY2025 net income fell to $2.3B from $2.8B in 2024, pressured by a $1.1B impairment on California refineries amid regulatory headwinds, yet adjusted operating income climbed 16% to $4.4B on refining strength. Refining delivered $1.3B more adjusted income via richer gasoline (+$0.65/bbl), diesel (+$1.8B impact), and throughput gains (2.99M bpd, +76kbpd y/y), offsetting narrower crude differentials. Renewable Diesel swung to a $156M loss from $507M profit as tariffs hiked feedstock costs $940M and tax credits dropped $675M, while Q4 saw SAF production launch at Port Arthur. Ethanol margins lifted on higher prices; operations threw off $5.8B cash to fund $1.9B capex, $4B shareholder returns via buybacks ($1.7B left) and dividends, leaving $9.8B liquidity. Q4 accelerated diesel demand amid cold snaps. Regulatory flux threatens blending costs.
8-K
Q4 profit surges to $1.1B
Valero reported Q4 net income of $1.1B ($3.73/share), up sharply from $281M last year, driven by $1.7B refining operating income while renewable diesel dipped to $92M. Full-year adjusted net income hit $3.3B ($10.61/share); returned $4.0B to stockholders at 67% payout. Dividend hiked 6% to $1.20/share. St. Charles project starts H2 2026.
8-K
CFO transition announced
Valero Energy appointed Homer Bhullar as Senior VP and CFO effective January 1, 2026, succeeding Jason Fraser, who retires from the role December 31, 2025, and as employee in Q1 2026. Bhullar, 44, rises from VP Investor Relations and Finance since 2021, with prior business development roles and energy banking stints at J.P. Morgan and Citigroup. Leadership stays steady. His base salary jumps to $770,000.
8-K
Valero Q3 net income jumps to $1.1B
Valero Energy reported Q3 2025 net income of $1.1 billion, or $3.53 per share, surging from $364 million last year, fueled by robust refining profits of $1.6 billion amid 97% utilization and record Gulf Coast throughput. Ethanol delivered $183 million in operating income with peak production, while renewable diesel posted a $28 million loss. The company returned $1.3 billion to shareholders via dividends and buybacks. St. Charles FCC optimization starts H2 2026.
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