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• | Reported net income attributable to Valero stockholders of $2.4 billion, or $5.42 per share, for the fourth quarter and $4.1 billion, or $9.16 per share, for the year. |
• | Reported adjusted net income attributable to Valero stockholders of $509 million, or $1.16 per share, for the fourth quarter and $2.2 billion, or $4.96 per share, for the year. |
• | Invested $641 million of growth and sustaining capital for the fourth quarter and $2.4 billion for the year. |
• | Commissioned new 200,000 barrels per day Diamond Pipeline and Wilmington cogeneration unit in November. |
• | Returned $727 million in cash to stockholders through dividends and stock buybacks in the fourth quarter and $2.6 billion in the year. |
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Ethanol segment margin was favorably impacted by increased production volumes of 15,000 gallons per day in 2016 compared to 2015 primarily due to improved operating efficiencies and mechanical reliability.
Ethanol segment operating expenses excluding depreciation and amortization expense decreased $33 million primarily due to a $14 million decrease in energy costs related to lower natural gas prices $2.46 per MMBtu in 2016 compared to $2.58 per MMBtu in 2015 and a $15 million decrease in chemical costs.
VLP segment operating expenses excluding depreciation and amortization expense decreased $10 million primarily due to lower maintenance expense at the Corpus Christi terminal related to inspection activity in 2015.
primarily due to higher employee related costs of $50 million, an increase in legal and environmental reserves of $21 million, expenses associated with the termination of an acquisition transaction of $16 million, and an increase in charitable contributions of $10 million.
Ethanol segment margin was favorably impacted by increased production volumes of
In addition, because of the...Read more
Corporate and eliminations, which consists...Read more
Improvements that enhance refinery profitability...Read more
We estimate that the increase...Read more
We estimate that the increase...Read more
This decline in operating revenues...Read more
However, in the event of...Read more
We estimate that the increase...Read more
We estimate that the increase...Read more
This overpayment resulted from a...Read more
VLP segment adjusted operating income...Read more
We estimate that the increase...Read more
of Notes to Consolidated Financial...Read more
We estimate that the decrease...Read more
These non-GAAP financial measures are...Read more
If the yield curve were...Read more
VLP segment operating expenses excluding...Read more
We estimate that the decrease...Read more
We estimate that the decrease...Read more
Ethanol segment depreciation and amortization...Read more
Refining segment depreciation and amortization...Read more
had a favorable impact to...Read more
had a positive impact to...Read more
an increase in inventory due...Read more
Additional details and analysis for...Read more
Income tax expense related to...Read more
Income tax expense related to...Read more
These non-GAAP financial measures include...Read more
Refining segment depreciation and amortization...Read more
an increase in accounts payable,...Read more
from both years, adjusted operating...Read more
Ethanol segment margin increased $81...Read more
an increase in accounts payable,...Read more
VLP experienced a decrease in...Read more
We estimate that the increase...Read more
We estimate that the increase...Read more
The resulting $1.2 billion increase...Read more
Details regarding the $779 million...Read more
The $779 million increase in...Read more
Refining segment margin increased $1.2...Read more
We make improvements to our...Read more
We have historically acquired our...Read more
We estimate that the decrease...Read more
We estimate that the decrease...Read more
increase available cash on hand...Read more
increase available cash on hand...Read more
increase available cash on hand...Read more
of Notes to Consolidated Financial...Read more
Refining segment adjusted operating income...Read more
However, the change in our...Read more
Each of our refineries comprises...Read more
Effective October 1, 2016, we...Read more
an increase in inventories, mainly...Read more
The decrease in throughput volumes...Read more
Ethanol segment depreciation and amortization...Read more
In addition, these non-GAAP measures...Read more
VLP segment operating revenues increased...Read more
Operating revenues decreased $12.1 billion...Read more
The incremental revenues generated by...Read more
As more fully described in...Read more
In addition, any major upgrades...Read more
The resulting $4.4 billion decrease...Read more
as we purchased crude oil...Read more
While we benefited from processing...Read more
While we benefited from processing...Read more
We define capital investments as...Read more
We also experienced a decrease...Read more
We experienced a decrease in...Read more
accompanying tables for reconciliations of...Read more
The effective tax rate in...Read more
These non-GAAP measures should not...Read more
primarily due to reliability improvements....Read more
Ethanol segment operating expenses excluding...Read more
Refining segment operating expenses excluding...Read more
For example, the discount rate...Read more
We plan for these improvements...Read more
We are contesting certain tax...Read more
Income tax expense decreased $1.1...Read more
Health care cost trend rate...Read more
Health care cost trend rate...Read more
Adjusted refining segment operating income...Read more
Information about our outstanding borrowings,...Read more
VLP revenues increased $119 million...Read more
Reliability and environmental improvements generally...Read more
Ethanol segment margin decreased $75...Read more
These concentrations of customers may...Read more
, representing a favorable increase...Read more
, representing a favorable increase...Read more
, representing a favorable increase...Read more
, representing a favorable increase...Read more
rate due to a benefit...Read more
Such estimates are subject to...Read more
In addition, these tables include...Read more
Refining segment operating revenues increased...Read more
VLP segment operating revenues increased...Read more
and cost of materials and...Read more
expectations regarding feedstock costs, including...Read more
Higher throughput volumes at systems...Read more
The refining segment shipped higher...Read more
Also in note d, we...Read more
In note d to these...Read more
Refining segment margin decreased $4.4...Read more
This increase in VLP segment...Read more
Throughput volumes, production volumes, pipeline...Read more
The resulting $75 million decrease...Read more
the level of consumer demand,...Read more
Effective January 1, 2017, we...Read more
due to an increase in...Read more
other factors generally described in...Read more
Therefore, many of our improvements...Read more
Refining throughput volumes increased by...Read more
Refining segment throughput volumes increased...Read more
Refining and ethanol segment margins...Read more
However, we believe that our...Read more
our anticipated level of capital...Read more
The effective tax rate in...Read more
related to borrowings under the...Read more
Corporate and eliminations, which consists...Read more
legislative or regulatory action, including...Read more
Any future reduction below investment...Read more
and cost of materials and...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Material Contracts, Statements, Certifications & more
Valero Energy Corptx provided additional information to their SEC Filing as exhibits
Ticker: VLO
CIK: 1035002
Form Type: 10-K Annual Report
Accession Number: 0001035002-18-000010
Submitted to the SEC: Wed Feb 28 2018 2:24:13 PM EST
Accepted by the SEC: Wed Feb 28 2018
Period: Sunday, December 31, 2017
Industry: Petroleum Refining