Valero Energy Corptx (VLO) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Earnings Press Release
10-Q Quarterly Report
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Valero Energy Corptx
Ticker: VLO CIK: 1035002

Exhibit 99.01

Valero Energy Reports First Quarter 2020 Results


•	Reported net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share.


•	Reported adjusted net income attributable to Valero stockholders of $140 million, or $0.34 per share.


•	Returned $548 million in cash to stockholders through dividends and stock buybacks during the quarter and declared a quarterly common stock dividend of $0.98 per share on April 24.


•	Deferred approximately $100 million in tax payments due in the first quarter of 2020 and deferring approximately $400 million in capital projects for 2020.


•	Entered into a new 364-day $875 million revolving credit facility on April 13, which remains undrawn, and issued $850 million of 2.70% and $650 million of 2.85% senior notes on April 16.

SAN ANTONIO, April 29, 2020 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share, for the first quarter of 2020 compared to net income of $141 million, or $0.34 per share, for the first quarter of 2019. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $140 million, or $0.34 per share, for the first quarter of 2020 and $181 million, or $0.43 per share, for the first quarter of 2019. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

“It’s been a very challenging start to the year with significant impacts to families, communities and businesses world-wide brought on by the COVID-19 pandemic,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “Valero entered this economic downturn in a position of strength, and our team has been thorough, decisive and swift in our operational, financial and community support response.”

The following information was filed by Valero Energy Corptx (VLO) on Wednesday, April 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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