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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 | |
---|---|---|---|---|---|---|---|---|
1.68 | 1.08% | 157.34 | 158.35 | 155.30 | 156.49 | 2,416,078 | 01:00:00 |
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: | July 30, 2015 | By: | /s/ Michael S. Ciskowski |
Michael S. Ciskowski | |||
Executive Vice President and | |||
Chief Financial Officer |
• | Earnings per share from continuing operations of $2.66, versus $1.22 in the second quarter of 2014 |
• | Refineries operated at 96 percent throughput capacity utilization |
• | Increased targeted total payout ratio to approximately 75 percent of 2015 net income |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Statement of Income Data (a): | ||||||||||||||||
Operating revenues | $ | 25,118 | $ | 34,914 | $ | 46,448 | $ | 68,577 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | 21,394 | 32,167 | 39,557 | 62,797 | ||||||||||||
Operating expenses: | ||||||||||||||||
Refining | 935 | 967 | 1,899 | 1,939 | ||||||||||||
Ethanol | 108 | 111 | 228 | 240 | ||||||||||||
General and administrative expenses | 178 | 170 | 325 | 330 | ||||||||||||
Depreciation and amortization expense | 425 | 414 | 866 | 835 | ||||||||||||
Total costs and expenses | 23,040 | 33,829 | 42,875 | 66,141 | ||||||||||||
Operating income | 2,078 | 1,085 | 3,573 | 2,436 | ||||||||||||
Other income, net | 8 | 12 | 32 | 27 | ||||||||||||
Interest and debt expense, net of capitalized interest | (113 | ) | (98 | ) | (214 | ) | (198 | ) | ||||||||
Income from continuing operations before income tax expense | 1,973 | 999 | 3,391 | 2,265 | ||||||||||||
Income tax expense | 608 | 343 | 1,058 | 772 | ||||||||||||
Income from continuing operations | 1,365 | 656 | 2,333 | 1,493 | ||||||||||||
Loss from discontinued operations (a) | — | (63 | ) | — | (64 | ) | ||||||||||
Net income | 1,365 | 593 | 2,333 | 1,429 | ||||||||||||
Less: Net income attributable to noncontrolling interests | 14 | 5 | 18 | 13 | ||||||||||||
Net income attributable to Valero Energy Corporation stockholders | $ | 1,351 | $ | 588 | $ | 2,315 | $ | 1,416 | ||||||||
Net income attributable to Valero Energy Corporation stockholders: | ||||||||||||||||
Continuing operations | $ | 1,351 | $ | 651 | $ | 2,315 | $ | 1,480 | ||||||||
Discontinued operations | — | (63 | ) | — | (64 | ) | ||||||||||
Total | $ | 1,351 | $ | 588 | $ | 2,315 | $ | 1,416 | ||||||||
Earnings per common share: | ||||||||||||||||
Continuing operations | $ | 2.67 | $ | 1.23 | $ | 4.53 | $ | 2.78 | ||||||||
Discontinued operations | — | (0.12 | ) | — | (0.12 | ) | ||||||||||
Total | $ | 2.67 | $ | 1.11 | $ | 4.53 | $ | 2.66 | ||||||||
Weighted-average common shares outstanding (in millions) | 505 | 529 | 509 | 530 | ||||||||||||
Earnings per common share – assuming dilution: | ||||||||||||||||
Continuing operations | $ | 2.66 | $ | 1.22 | $ | 4.52 | $ | 2.77 | ||||||||
Discontinued operations | — | (0.12 | ) | — | (0.12 | ) | ||||||||||
Total | $ | 2.66 | $ | 1.10 | $ | 4.52 | $ | 2.65 | ||||||||
Weighted-average common shares outstanding - assuming dilution (in millions) | 508 | 534 | 512 | 535 | ||||||||||||
Dividends per common share | $ | 0.40 | $ | 0.25 | $ | 0.80 | $ | 0.50 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating income by business segment: | ||||||||||||||||
Refining (a) | $ | 2,161 | $ | 1,079 | $ | 3,802 | $ | 2,359 | ||||||||
Ethanol | 108 | 187 | 120 | 430 | ||||||||||||
Corporate | (191 | ) | (181 | ) | (349 | ) | (353 | ) | ||||||||
Total | $ | 2,078 | $ | 1,085 | $ | 3,573 | $ | 2,436 | ||||||||
Depreciation and amortization expense by business segment: | ||||||||||||||||
Refining | $ | 408 | $ | 391 | $ | 825 | $ | 788 | ||||||||
Ethanol | 4 | 12 | 17 | 24 | ||||||||||||
Corporate | 13 | 11 | 24 | 23 | ||||||||||||
Total | $ | 425 | $ | 414 | $ | 866 | $ | 835 | ||||||||
Operating highlights: | ||||||||||||||||
Refining (a): | ||||||||||||||||
Throughput margin per barrel | $ | 13.71 | $ | 9.84 | $ | 13.07 | $ | 10.36 | ||||||||
Operating costs per barrel: | ||||||||||||||||
Operating expenses | 3.66 | 3.90 | 3.80 | 3.95 | ||||||||||||
Depreciation and amortization expense | 1.59 | 1.58 | 1.66 | 1.60 | ||||||||||||
Total operating costs per barrel | 5.25 | 5.48 | 5.46 | 5.55 | ||||||||||||
Operating income per barrel | $ | 8.46 | $ | 4.36 | $ | 7.61 | $ | 4.81 | ||||||||
Throughput volumes (thousand barrels per day): | ||||||||||||||||
Feedstocks: | ||||||||||||||||
Heavy sour crude oil | 448 | 428 | 439 | 453 | ||||||||||||
Medium/light sour crude oil | 468 | 472 | 423 | 491 | ||||||||||||
Sweet crude oil | 1,177 | 1,084 | 1,161 | 1,074 | ||||||||||||
Residuals | 269 | 235 | 263 | 219 | ||||||||||||
Other feedstocks | 131 | 152 | 153 | 140 | ||||||||||||
Total feedstocks | 2,493 | 2,371 | 2,439 | 2,377 | ||||||||||||
Blendstocks and other | 315 | 350 | 320 | 334 | ||||||||||||
Total throughput volumes | 2,808 | 2,721 | 2,759 | 2,711 | ||||||||||||
Yields (thousand barrels per day): | ||||||||||||||||
Gasolines and blendstocks | 1,368 | 1,318 | 1,342 | 1,307 | ||||||||||||
Distillates | 1,087 | 1,034 | 1,057 | 1,029 | ||||||||||||
Other products (b) | 394 | 405 | 400 | 410 | ||||||||||||
Total yields | 2,849 | 2,757 | 2,799 | 2,746 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Refining operating highlights by region (c): | ||||||||||||||||
U.S. Gulf Coast (a): | ||||||||||||||||
Operating income | $ | 1,086 | $ | 660 | $ | 1,958 | $ | 1,543 | ||||||||
Throughput volumes (thousand barrels per day) | 1,611 | 1,567 | 1,569 | 1,576 | ||||||||||||
Throughput margin per barrel | $ | 12.62 | $ | 10.03 | $ | 12.31 | $ | 10.75 | ||||||||
Operating costs per barrel: | ||||||||||||||||
Operating expenses | 3.59 | 3.82 | 3.71 | 3.72 | ||||||||||||
Depreciation and amortization expense | 1.62 | 1.58 | 1.71 | 1.62 | ||||||||||||
Total operating costs per barrel | 5.21 | 5.40 | 5.42 | 5.34 | ||||||||||||
Operating income per barrel | $ | 7.41 | $ | 4.63 | $ | 6.89 | $ | 5.41 | ||||||||
U.S. Mid-Continent: | ||||||||||||||||
Operating income | $ | 398 | $ | 250 | $ | 715 | $ | 480 | ||||||||
Throughput volumes (thousand barrels per day) | 436 | 426 | 434 | 412 | ||||||||||||
Throughput margin per barrel | $ | 15.27 | $ | 12.07 | $ | 14.55 | $ | 12.33 | ||||||||
Operating costs per barrel: | ||||||||||||||||
Operating expenses | 3.58 | 3.91 | 3.77 | 4.17 | ||||||||||||
Depreciation and amortization expense | 1.66 | 1.70 | 1.68 | 1.72 | ||||||||||||
Total operating costs per barrel | 5.24 | 5.61 | 5.45 | 5.89 | ||||||||||||
Operating income per barrel | $ | 10.03 | $ | 6.46 | $ | 9.10 | $ | 6.44 | ||||||||
North Atlantic: | ||||||||||||||||
Operating income | $ | 382 | $ | 145 | $ | 752 | $ | 343 | ||||||||
Throughput volumes (thousand barrels per day) | 473 | 462 | 484 | 466 | ||||||||||||
Throughput margin per barrel | $ | 13.02 | $ | 7.78 | $ | 12.73 | $ | 8.63 | ||||||||
Operating costs per barrel: | ||||||||||||||||
Operating expenses | 2.93 | 3.20 | 2.95 | 3.45 | ||||||||||||
Depreciation and amortization expense | 1.21 | 1.13 | 1.19 | 1.11 | ||||||||||||
Total operating costs per barrel | 4.14 | 4.33 | 4.14 | 4.56 | ||||||||||||
Operating income per barrel | $ | 8.88 | $ | 3.45 | $ | 8.59 | $ | 4.07 | ||||||||
U.S. West Coast: | ||||||||||||||||
Operating income (loss) | $ | 295 | $ | 24 | $ | 377 | $ | (7 | ) | |||||||
Throughput volumes (thousand barrels per day) | 288 | 266 | 272 | 257 | ||||||||||||
Throughput margin per barrel | $ | 18.63 | $ | 8.66 | $ | 15.69 | $ | 7.98 | ||||||||
Operating costs per barrel: | ||||||||||||||||
Operating expenses | 5.35 | 5.59 | 5.92 | 5.95 | ||||||||||||
Depreciation and amortization expense | 2.05 | 2.08 | 2.11 | 2.18 | ||||||||||||
Total operating costs per barrel | 7.40 | 7.67 | 8.03 | 8.13 | ||||||||||||
Operating income (loss) per barrel | $ | 11.23 | $ | 0.99 | $ | 7.66 | $ | (0.15 | ) |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Average market reference prices and differentials: | ||||||||||||||||
Feedstocks (dollars per barrel): | ||||||||||||||||
Brent crude oil | $ | 63.50 | $ | 109.74 | $ | 59.32 | $ | 108.82 | ||||||||
Brent less West Texas Intermediate (WTI) crude oil | 5.66 | 6.68 | 6.12 | 7.93 | ||||||||||||
Brent less Alaska North Slope (ANS) crude oil | 0.60 | 0.51 | 1.02 | 1.28 | ||||||||||||
Brent less Louisiana Light Sweet (LLS) crude oil | 1.60 | 3.41 | 2.68 | 3.15 | ||||||||||||
Brent less Mars crude oil | 4.95 | 8.22 | 6.19 | 7.32 | ||||||||||||
Brent less Maya crude oil | 8.25 | 13.95 | 9.63 | 16.20 | ||||||||||||
LLS crude oil | 61.90 | 106.33 | 56.64 | 105.67 | ||||||||||||
LLS less Mars crude oil | 3.35 | 4.81 | 3.51 | 4.17 | ||||||||||||
LLS less Maya crude oil | 6.65 | 10.54 | 6.95 | 13.05 | ||||||||||||
WTI crude oil | 57.84 | 103.06 | 53.20 | 100.89 | ||||||||||||
Natural gas (dollars per million British Thermal Units) | 2.69 | 4.56 | 2.73 | 4.90 | ||||||||||||
Products (dollars per barrel, unless otherwise noted): | ||||||||||||||||
U.S. Gulf Coast: | ||||||||||||||||
CBOB gasoline less Brent | 12.76 | 7.33 | 10.23 | 4.56 | ||||||||||||
Ultra-low-sulfur diesel less Brent | 13.41 | 12.81 | 14.58 | 13.99 | ||||||||||||
Propylene less Brent | (11.10 | ) | (5.00 | ) | 1.00 | (1.19 | ) | |||||||||
CBOB gasoline less LLS | 14.36 | 10.74 | 12.91 | 7.71 | ||||||||||||
Ultra-low-sulfur diesel less LLS | 15.01 | 16.22 | 17.26 | 17.14 | ||||||||||||
Propylene less LLS | (9.50 | ) | (1.59 | ) | 3.68 | 1.96 | ||||||||||
U.S. Mid-Continent: | ||||||||||||||||
CBOB gasoline less WTI | 19.87 | 16.00 | 17.29 | 14.55 | ||||||||||||
Ultra-low-sulfur diesel less WTI | 18.18 | 20.99 | 20.36 | 23.43 | ||||||||||||
North Atlantic: | ||||||||||||||||
CBOB gasoline less Brent | 16.13 | 11.69 | 12.09 | 8.54 | ||||||||||||
Ultra-low-sulfur diesel less Brent | 16.17 | 14.19 | 19.11 | 18.40 | ||||||||||||
U.S. West Coast: | ||||||||||||||||
CARBOB 87 gasoline less ANS | 30.63 | 19.72 | 25.02 | 14.96 | ||||||||||||
CARB diesel less ANS | 18.16 | 17.16 | 18.66 | 17.30 | ||||||||||||
CARBOB 87 gasoline less WTI | 35.69 | 25.89 | 30.12 | 21.61 | ||||||||||||
CARB diesel less WTI | 23.22 | 23.33 | 23.76 | 23.95 | ||||||||||||
New York Harbor corn crush (dollars per gallon) | 0.33 | 0.68 | 0.23 | 0.94 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Ethanol: | ||||||||||||||||
Operating income | $ | 108 | $ | 187 | $ | 120 | $ | 430 | ||||||||
Production (thousand gallons per day) | 3,793 | 3,276 | 3,785 | 3,186 | ||||||||||||
Gross margin per gallon of production | $ | 0.64 | $ | 1.04 | $ | 0.53 | $ | 1.20 | ||||||||
Operating costs per gallon of production: | ||||||||||||||||
Operating expenses | 0.31 | 0.37 | 0.33 | 0.41 | ||||||||||||
Depreciation and amortization expense | 0.02 | 0.04 | 0.03 | 0.04 | ||||||||||||
Total operating costs per gallon of production | 0.33 | 0.41 | 0.36 | 0.45 | ||||||||||||
Operating income per gallon of production | $ | 0.31 | $ | 0.63 | $ | 0.17 | $ | 0.75 | ||||||||
June 30, | December 31, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Balance Sheet Data: | ||||||||||||||||
Current assets | $ | 18,492 | $ | 16,614 | ||||||||||||
Cash and temporary cash investments, including $52 and $237, respectively, held by Valero Energy Partners LP, included in current assets | 5,764 | 3,689 | ||||||||||||||
Inventories included in current assets | 6,618 | 6,623 | ||||||||||||||
Replacement cost (market value) of LIFO inventories in excess of LIFO carrying amounts | 2,982 | 857 | ||||||||||||||
Current liabilities | 9,865 | 9,980 | ||||||||||||||
Current portion of debt and capital lease obligations included in current liabilities | 150 | 606 | ||||||||||||||
Debt and capital lease obligations, less current portion | 7,199 | 5,780 | ||||||||||||||
Total debt and capital lease obligations | 7,349 | 6,386 | ||||||||||||||
Valero Energy Corporation stockholders’ equity | 21,453 | 20,677 | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Valero Energy Partners LP: | ||||||||||||||||
Weighted-average limited partner units outstanding: | ||||||||||||||||
Common units - public (basic and diluted) | 17 | 17 | 17 | 17 | ||||||||||||
Common units - Valero (basic and diluted) | 13 | 12 | 13 | 12 | ||||||||||||
Subordinated units - Valero (basic and diluted) | 29 | 29 | 29 | 29 | ||||||||||||
Distributions declared: | ||||||||||||||||
Limited partner units - public | $ | 5 | $ | 4 | $ | 10 | $ | 8 | ||||||||
Limited partner units - Valero | 13 | 10 | 24 | 18 | ||||||||||||
General partner units - Valero | 1 | — | 2 | — | ||||||||||||
Total distribution declared | $ | 19 | $ | 14 | $ | 36 | $ | 26 |
(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 and six months ended June 30, 2014. |
(b) | Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. |
(c) | 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. |
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