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• | 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. |
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Valero Energy Corptx.
Valero Energy Corptx's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:
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Refining segment operating expenses (excluding depreciation and amortization expense) decreased by $76 million primarily due to lower natural gas and electricity costs.
Ethanol segment operating expenses (excluding depreciation and amortization expense) decreased by $16 million primarily due to lower natural gas costs.
Renewable diesel segment adjusted operating income increased by $77 million primarily due a favorable impact from commodity derivative instruments associated with our price risk management activities and higher renewable diesel sales volumes.
These non-GAAP financial measures include adjusted operating income (including adjusted operating income for each of our reportable segments, as applicable) and refining, renewable diesel, and ethanol segment margin.
However, in the event of certain downgrades of our senior unsecured debt by the ratings agencies, the cost of borrowings under some of our bank credit facilities and other arrangements may increase.
Gasoline, jet fuel, and diesel...Read more
Ethanol prices and resulting product...Read more
Renewable diesel segment margin increased...Read more
The $120 million decrease includes...Read more
As discussed in "OVERVIEW AND...Read more
In addition, certain of our...Read more
? An increase in gasoline...Read more
The decrease in refining segment...Read more
Refining segment depreciation and amortization...Read more
Refining segment adjusted operating income...Read more
In April 2020, the available...Read more
47 Table of Contents ?...Read more
46 Table of Contents ?...Read more
However, because daily product sales...Read more
37 Table of Contents The...Read more
We believe we have proactively...Read more
For the first quarter of...Read more
The amount of cash generated...Read more
Our liquidity has also been...Read more
Renewable diesel operating income $...Read more
In addition, any major upgrades...Read more
This represents a 74 percent...Read more
General and administrative expenses (excluding...Read more
Refining operating income (loss) $...Read more
See the tables in note...Read more
Net income attributable to noncontrolling...Read more
In addition, the decrease in...Read more
Income tax expense decreased $667...Read more
These non-GAAP measures should not...Read more
? Lower ethanol prices had...Read more
As of March 31, 2020,...Read more
A summary of our cash...Read more
50 Table of Contents In...Read more
Our operations typically generate positive...Read more
Revenues decreased by $2.2 billion...Read more
The decrease in ethanol segment...Read more
____________________ (a) (b) (c) (d)...Read more
In addition, these non-GAAP measures...Read more
If a long-lived asset is...Read more
Also in note (c), we...Read more
This decrease in revenues, along...Read more
We consider capital investments to...Read more
Renewable diesel segment operating income...Read more
Components of our cash flows...Read more
We recognized a hedge gain...Read more
However, we believe that our...Read more
Renewable diesel prices and resulting...Read more
35 Table of Contents We...Read more
Investments in our business of...Read more
Demand for renewable diesel is...Read more
The decrease in the demand...Read more
Any future reduction below investment...Read more
Overall, our cash and cash...Read more
Cash generated by our product...Read more
On April 28, 2020, the...Read more
Even though our cash and...Read more
As a result, there has...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly 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-Q Quarterly Report
Accession Number: 0001035002-20-000016
Submitted to the SEC: Wed Apr 29 2020 4:58:03 PM EST
Accepted by the SEC: Wed Apr 29 2020
Period: Tuesday, March 31, 2020
Industry: Petroleum Refining