We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valero Energy Corporation | NYSE:VLO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.51 | -0.32% | 156.83 | 158.885 | 154.785 | 157.86 | 1,508,137 | 19:44:48 |
Delaware | 1-13175 | 74-1828067 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
One Valero Way San Antonio, Texas | 78249 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits. |
VALERO ENERGY CORPORATION | |||
Date: | April 28, 2015 | By: | /s/ Michael S. Ciskowski |
Michael S. Ciskowski | |||
Executive Vice President and | |||
Chief Financial Officer |
• | First quarter 2015 earnings per share of $1.87, a 21 percent increase versus first quarter 2014 and a record high first quarter for the company |
• | Delivering growth of Valero Energy Partners LP (“VLP”) with the completion of a $671 million drop-down transaction in March |
• | Returned $531 million in cash to stockholders through dividends and stock buybacks in the first quarter of 2015 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Statement of Income Data (a): | ||||||||
Operating revenues | $ | 21,330 | $ | 33,663 | ||||
Costs and expenses: | ||||||||
Cost of sales | 18,163 | 30,630 | ||||||
Operating expenses: | ||||||||
Refining | 964 | 972 | ||||||
Ethanol | 120 | 129 | ||||||
General and administrative expenses | 147 | 160 | ||||||
Depreciation and amortization expense | 441 | 421 | ||||||
Total costs and expenses | 19,835 | 32,312 | ||||||
Operating income | 1,495 | 1,351 | ||||||
Other income, net | 24 | 15 | ||||||
Interest and debt expense, net of capitalized interest | (101 | ) | (100 | ) | ||||
Income from continuing operations before income tax expense | 1,418 | 1,266 | ||||||
Income tax expense | 450 | 429 | ||||||
Income from continuing operations | 968 | 837 | ||||||
Loss from discontinued operations (a) | — | (1 | ) | |||||
Net income | 968 | 836 | ||||||
Less: Net income attributable to noncontrolling interests (b) | 4 | 8 | ||||||
Net income attributable to Valero Energy Corporation stockholders | $ | 964 | $ | 828 | ||||
Net income attributable to Valero Energy Corporation stockholders: | ||||||||
Continuing operations | $ | 964 | $ | 829 | ||||
Discontinued operations | — | (1 | ) | |||||
Total | $ | 964 | $ | 828 | ||||
Earnings per common share: | ||||||||
Continuing operations | $ | 1.87 | $ | 1.55 | ||||
Discontinued operations | — | — | ||||||
Total | $ | 1.87 | $ | 1.55 | ||||
Weighted-average common shares outstanding (in millions) | 513 | 531 | ||||||
Earnings per common share – assuming dilution: | ||||||||
Continuing operations | $ | 1.87 | $ | 1.54 | ||||
Discontinued operations | — | — | ||||||
Total | $ | 1.87 | $ | 1.54 | ||||
Weighted-average common shares outstanding - assuming dilution (in millions) | 516 | 536 | ||||||
Dividends per common share | $ | 0.40 | $ | 0.25 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Operating income by business segment: | ||||||||
Refining (a) | $ | 1,641 | $ | 1,280 | ||||
Ethanol | 12 | 243 | ||||||
Corporate | (158 | ) | (172 | ) | ||||
Total | $ | 1,495 | $ | 1,351 | ||||
Depreciation and amortization expense by business segment: | ||||||||
Refining | $ | 417 | $ | 397 | ||||
Ethanol | 13 | 12 | ||||||
Corporate | 11 | 12 | ||||||
Total | $ | 441 | $ | 421 | ||||
Operating highlights: | ||||||||
Refining (a): | ||||||||
Throughput margin per barrel | $ | 12.39 | $ | 10.90 | ||||
Operating costs per barrel: | ||||||||
Operating expenses | 3.95 | 3.99 | ||||||
Depreciation and amortization expense | 1.71 | 1.64 | ||||||
Total operating costs per barrel | 5.66 | 5.63 | ||||||
Operating income per barrel | $ | 6.73 | $ | 5.27 | ||||
Throughput volumes (thousand barrels per day): | ||||||||
Feedstocks: | ||||||||
Heavy sour crude oil | 430 | 478 | ||||||
Medium/light sour crude oil | 377 | 510 | ||||||
Sweet crude oil | 1,145 | 1,063 | ||||||
Residuals | 257 | 203 | ||||||
Other feedstocks | 176 | 128 | ||||||
Total feedstocks | 2,385 | 2,382 | ||||||
Blendstocks and other | 325 | 319 | ||||||
Total throughput volumes | 2,710 | 2,701 | ||||||
Yields (thousand barrels per day): | ||||||||
Gasolines and blendstocks | 1,316 | 1,296 | ||||||
Distillates | 1,027 | 1,024 | ||||||
Other products (c) | 406 | 415 | ||||||
Total yields | 2,749 | 2,735 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Refining operating highlights by region (d): | ||||||||
U.S. Gulf Coast (a): | ||||||||
Operating income | $ | 872 | $ | 883 | ||||
Throughput volumes (thousand barrels per day) | 1,527 | 1,584 | ||||||
Throughput margin per barrel | $ | 11.98 | $ | 11.47 | ||||
Operating costs per barrel: | ||||||||
Operating expenses | 3.83 | 3.61 | ||||||
Depreciation and amortization expense | 1.81 | 1.67 | ||||||
Total operating costs per barrel | 5.64 | 5.28 | ||||||
Operating income per barrel | $ | 6.34 | $ | 6.19 | ||||
U.S. Mid-Continent: | ||||||||
Operating income | $ | 317 | $ | 230 | ||||
Throughput volumes (thousand barrels per day) | 432 | 398 | ||||||
Throughput margin per barrel | $ | 13.82 | $ | 12.60 | ||||
Operating costs per barrel: | ||||||||
Operating expenses | 3.96 | 4.45 | ||||||
Depreciation and amortization expense | 1.70 | 1.73 | ||||||
Total operating costs per barrel | 5.66 | 6.18 | ||||||
Operating income per barrel | $ | 8.16 | $ | 6.42 | ||||
North Atlantic: | ||||||||
Operating income | $ | 370 | $ | 198 | ||||
Throughput volumes (thousand barrels per day) | 495 | 470 | ||||||
Throughput margin per barrel | $ | 12.45 | $ | 9.47 | ||||
Operating costs per barrel: | ||||||||
Operating expenses | 2.98 | 3.71 | ||||||
Depreciation and amortization expense | 1.17 | 1.07 | ||||||
Total operating costs per barrel | 4.15 | 4.78 | ||||||
Operating income per barrel | $ | 8.30 | $ | 4.69 | ||||
U.S. West Coast: | ||||||||
Operating income (loss) | $ | 82 | $ | (31 | ) | |||
Throughput volumes (thousand barrels per day) | 256 | 249 | ||||||
Throughput margin per barrel | $ | 12.33 | $ | 7.24 | ||||
Operating costs per barrel: | ||||||||
Operating expenses | 6.57 | 6.34 | ||||||
Depreciation and amortization expense | 2.18 | 2.29 | ||||||
Total operating costs per barrel | 8.75 | 8.63 | ||||||
Operating income (loss) per barrel | $ | 3.58 | $ | (1.39 | ) |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Average market reference prices and differentials: | ||||||||
Feedstocks (dollars per barrel): | ||||||||
Brent crude oil | $ | 55.13 | $ | 107.90 | ||||
Brent less West Texas Intermediate (WTI) crude oil | 6.57 | 9.18 | ||||||
Brent less Alaska North Slope (ANS) crude oil | 1.44 | 2.05 | ||||||
Brent less Louisiana Light Sweet (LLS) crude oil | 3.76 | 2.90 | ||||||
Brent less Mars crude oil | 7.43 | 6.42 | ||||||
Brent less Maya crude oil | 11.00 | 18.44 | ||||||
LLS crude oil | 51.37 | 105.00 | ||||||
LLS less Mars crude oil | 3.67 | 3.52 | ||||||
LLS less Maya crude oil | 7.24 | 15.54 | ||||||
WTI crude oil | 48.56 | 98.72 | ||||||
Natural gas (dollars per million British Thermal Units) | 2.77 | 5.23 | ||||||
Products (dollars per barrel, unless otherwise noted): | ||||||||
U.S. Gulf Coast: | ||||||||
CBOB gasoline less Brent | 7.69 | 1.78 | ||||||
Ultra-low-sulfur diesel less Brent | 15.74 | 15.16 | ||||||
Propylene less Brent | 13.10 | 2.63 | ||||||
CBOB gasoline less LLS | 11.45 | 4.68 | ||||||
Ultra-low-sulfur diesel less LLS | 19.50 | 18.06 | ||||||
Propylene less LLS | 16.86 | 5.53 | ||||||
U.S. Mid-Continent: | ||||||||
CBOB gasoline less WTI | 14.70 | 13.10 | ||||||
Ultra-low-sulfur diesel less WTI | 22.53 | 25.87 | ||||||
North Atlantic: | ||||||||
CBOB gasoline less Brent | 8.05 | 5.39 | ||||||
Ultra-low-sulfur diesel less Brent | 22.05 | 22.61 | ||||||
U.S. West Coast: | ||||||||
CARBOB 87 gasoline less ANS | 19.40 | 10.20 | ||||||
CARB diesel less ANS | 19.16 | 17.44 | ||||||
CARBOB 87 gasoline less WTI | 24.53 | 17.33 | ||||||
CARB diesel less WTI | 24.29 | 24.57 | ||||||
New York Harbor corn crush (dollars per gallon) | 0.13 | 1.20 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Ethanol: | ||||||||
Operating income | $ | 12 | $ | 243 | ||||
Production (thousand gallons per day) | 3,776 | 3,095 | ||||||
Gross margin per gallon of production | $ | 0.43 | $ | 1.38 | ||||
Operating costs per gallon of production: | ||||||||
Operating expenses | 0.35 | 0.46 | ||||||
Depreciation and amortization expense | 0.04 | 0.05 | ||||||
Total operating costs per gallon of production | 0.39 | 0.51 | ||||||
Operating income per gallon of production | $ | 0.04 | $ | 0.87 | ||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Balance Sheet Data: | ||||||||
Current assets | $ | 16,788 | $ | 16,614 | ||||
Cash and temporary cash investments, including $28 and $237, respectively, held by Valero Energy Partners LP, included in current assets | 4,870 | 3,689 | ||||||
Inventories included in current assets | 6,666 | 6,623 | ||||||
Replacement cost (market value) of LIFO inventories in excess of LIFO carrying amounts | 1,800 | 857 | ||||||
Current liabilities | 8,634 | 9,980 | ||||||
Current portion of debt and capital lease obligations included in current liabilities | 200 | 606 | ||||||
Debt and capital lease obligations, less current portion | 7,224 | 5,780 | ||||||
Total debt and capital lease obligations | 7,424 | 6,386 | ||||||
Valero Energy Corporation stockholders’ equity | 20,774 | 20,677 | ||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
Valero Energy Partners LP: | ||||||||
Weighted-average limited partner units outstanding: | ||||||||
Common units - public (basic and diluted) | 17 | 17 | ||||||
Common units - Valero (basic and diluted) | 12 | 12 | ||||||
Subordinated units - Valero (basic and diluted) | 29 | 29 | ||||||
Distributions declared: | ||||||||
Limited partner units - public | $ | 5 | $ | 4 | ||||
Limited partner units - Valero | 11 | 8 | ||||||
General partner units - Valero | 1 | — | ||||||
Total distribution declared | $ | 17 | $ | 12 | ||||
(a) | In May 2014, we abandoned our Aruba Refinery, except for the associated crude oil and refined products terminal assets that we continue to operate. As a result, the refinery’s results of operations have been presented as discontinued operations, and the operating highlights for the refining segment and the U.S. Gulf Coast region exclude the Aruba Refinery for the three months ended March 31, 2014. |
(b) | We consolidate the financial statements of the entities described below due to our controlling interests. The earnings (losses) incurred by these entities that are attributable to the owners of the noncontrolling interests are subtracted from (added back to) net income to arrive at net income attributable to Valero stockholders. |
• | Valero Energy Partners LP (VLP) - We own a 2 percent general partner interest and a 69.6 percent limited partner interest in VLP. VLP’s assets include crude oil, intermediates, and refined petroleum products pipeline and terminal systems in the U.S. Gulf Coast and U.S. Mid-Continent regions that are integral to the operations of our Ardmore, Houston, McKee, Memphis, Port Arthur, St. Charles, and Three Rivers Refineries. |
• | Diamond Green Diesel Holdings LLC (DGD) - We own a 50 percent interest in DGD and lent DGD $221 million to finance approximately 60 percent of the construction costs of its plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel. The plant is located next to our St. Charles Refinery in Norco, Louisiana. |
• | PI Dock Facilities LLC (PI Dock) - We own a 50 percent interest in PI Dock and lent PI Dock $76 million to finance construction costs of a crude oil dock and certain shared facilities. The facility began transporting crude oil to our Port Arthur Refinery in April 2015 and is located on Pleasure Island, Texas, which is near our Port Arthur Refinery. |
• | Transport Maritime St-Laurent Inc. (TMSL) - We own a 50 percent interest in TMSL. TMSL owns and charters two vessels to us which will be used for the transportation of crude oil from our Montreal East Terminal to our Quebec City Refinery. |
(c) | Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. |
(d) | The regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid-Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. |
1 Year Valero Energy Chart |
1 Month Valero Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions