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Exhibit 99.01


Valero Energy Reports Third Quarter 2020 Results

Reported net loss attributable to Valero stockholders of $464 million, or $1.14 per share.
Reported adjusted net loss attributable to Valero stockholders of $472 million, or $1.16 per share.
Issued $2.5 billion of Senior Notes for general corporate purposes.
2020 and 2021 capital investments attributable to Valero forecasted at $2.0 billion for each year.
Returned $399 million in cash to stockholders through dividends.

SAN ANTONIO, October 22, 2020 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $464 million, or $1.14 per share, for the third quarter of 2020 compared to net income of $609 million, or $1.48 per share, for the third quarter of 2019. Excluding the adjustments shown in the accompanying earnings release tables, the adjusted net loss attributable to Valero stockholders was $472 million, or $1.16 per share, for the third quarter of 2020, compared to third quarter 2019 adjusted net income attributable to Valero stockholders of $642 million, or $1.55 per share. Third quarter 2020 adjusted results primarily exclude the benefit from an after-tax lower of cost or market, or LCM, inventory valuation adjustment of $250 million and an after-tax loss of $218 million for an expected LIFO liquidation.

Refining
The refining segment reported a $629 million operating loss for the third quarter of 2020 compared to operating income of $1.1 billion for the third quarter of 2019. Excluding the LCM inventory valuation adjustment, the expected LIFO liquidation adjustment, and other operating expenses, the third quarter 2020 adjusted operating loss was $575 million. Refinery throughput volumes averaged 2.5 million barrels per day in the third quarter of 2020, which was 428 thousand barrels per day lower than the third quarter of 2019.


1


“As the global economy recovers, we are pleased to see a demand recovery for gasoline, diesel and jet fuel in the third quarter” said Joe Gorder, Valero Chairman and Chief Executive Officer. “Our unmatched execution, while being the lowest cost producer, and ample liquidity continue to position us well to manage a low margin environment.”

Renewable Diesel
The renewable diesel segment reported $184 million of operating income for the third quarter of 2020 compared to $65 million for the third quarter of 2019. After adjusting for the retroactive blender’s tax credit, renewable diesel operating income was $123 million for the third quarter of 2019. Renewable diesel sales volumes averaged 870 thousand gallons per day in the third quarter of 2020, an increase of 232 thousand gallons per day versus the third quarter of 2019. The third quarter of 2019 results and volumes were impacted by the planned downtime of the Diamond Green Diesel (DGD) plant for maintenance. DGD set a record for sales volumes in the third quarter of 2020.

Ethanol
The ethanol segment reported $22 million of operating income for the third quarter of 2020, compared to a $43 million operating loss for the third quarter of 2019. Third quarter 2020 adjusted operating income was $36 million. Ethanol production volumes averaged 3.8 million gallons per day in the third quarter of 2020, which was 206 thousand gallons per day lower than the third quarter of 2019. The increase in operating income was attributed primarily to higher margins resulting from lower corn prices.

Corporate and Other
General and administrative expenses were $186 million in the third quarter of 2020 compared to $217 million in the third quarter of 2019. The effective tax rate for the third quarter of 2020 was 47 percent, which was primarily impacted by an expected U.S. federal tax net operating loss that will be carried back to 2015 when the U.S. federal statutory tax rate was 35 percent.

2


Investing and Financing Activities
Capital investments totaled $517 million in the third quarter of 2020, of which $205 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $393 million.

Net cash provided by operating activities was $165 million in the third quarter of 2020. Included in this amount was a $246 million favorable impact from working capital, as well as our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in its working capital. Excluding these items, adjusted net cash used by operating activities was $177 million.

Valero returned $399 million to stockholders through dividends in the third quarter of 2020, resulting in a year-to-date total payout ratio of 165 percent of adjusted net cash provided by operating activities. The year-to-date total payout ratio is higher than our long-term target due to the adverse economic impact of COVID-19.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

“The guiding principles underpinning our capital allocation strategy remain unchanged,” said Gorder. “There has been absolutely no change in our strategy, which prioritizes our investment grade ratings, sustaining investments and honoring our dividend.”

3


Liquidity and Financial Position
Valero ended the third quarter of 2020 with $15.2 billion of total debt and finance lease obligations and $4.0 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 36 percent as of September 30, 2020.

Strategic Update
Capital investments attributable to Valero are forecasted at $2.0 billion per year in 2020 and 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Approximately 40 percent of Valero’s 2020 and 2021 growth capital is allocated to expanding the renewable diesel business.

The new St. Charles Alkylation Unit, which is designed to convert low-value feedstocks into a premium alkylate product, is on track to be completed in the fourth quarter of this year. The Diamond Pipeline expansion and the Pembroke Cogen project are expected to be completed in 2021 and the Port Arthur Coker project is expected to be completed in 2023.

Valero and its joint venture partner in DGD continue to pursue growth in the low-carbon renewable diesel business. The DGD plant expansion is still expected to be completed in 2021, and as previously announced, DGD continues to make progress on the advanced engineering and development cost review for a potential new 400 million gallons per day renewable diesel plant at Valero’s Port Arthur, Texas facility. If the project is approved, operations are expected to commence in 2024, increasing DGD’s production capacity to over 1.1 billion gallons annually.

“We remain steadfast in the execution of our strategy, pursuing excellence in operations, investing in earnings growth with lower volatility and honoring our commitment to shareholder returns,” said Gorder.

Conference Call
Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

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About Valero
Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of approximately 1.73 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.valero.com for more information.

Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002
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Safe-Harbor Statement
Statements contained in this release that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

COVID-19 Disclosure
The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission.

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Use of Non-GAAP Financial Information
This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted renewable diesel operating income, adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (g) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

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VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Statement of income data
Revenues$15,809 $27,249 $48,308 $80,445 
Cost of sales:
Cost of materials and other (a) (b)14,801 24,335 43,832 72,396 
Lower of cost or market (LCM) inventory valuation adjustment (c)(313)— (19)— 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,117 1,239 3,268 3,629 
Depreciation and amortization expense (d)602 556 1,737 1,645 
Total cost of sales16,207 26,130 48,818 77,670 
Other operating expenses25 10 30 14 
General and administrative expenses (excluding
depreciation and amortization expense reflected below)
186 217 532 625 
Depreciation and amortization expense12 11 37 39 
Operating income (loss)(621)881 (1,109)2,097 
Other income, net (e)48 34 107 68 
Interest and debt expense, net of capitalized interest(143)(111)(410)(335)
Income (loss) before income tax expense (benefit)(716)804 (1,412)1,830 
Income tax expense (benefit)(337)165 (614)376 
Net income (loss)(379)639 (798)1,454 
Less: Net income attributable to noncontrolling interests (b)85 30 264 92 
Net income (loss) attributable to Valero Energy Corporation
stockholders
$(464)$609 $(1,062)$1,362 
Earnings (loss) per common share$(1.14)$1.48 $(2.62)$3.28 
Weighted-average common shares outstanding (in millions)407 412 407 415 
Earnings (loss) per common share – assuming dilution$(1.14)$1.48 $(2.62)$3.28 
Weighted-average common shares outstanding –
assuming dilution (in millions) (f)
407 413 407 416 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 1



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
RefiningRenewable
Diesel
EthanolCorporate
and
Eliminations
Total
Three months ended September 30, 2020
Revenues:
Revenues from external customers
$14,727 $305 $777 $— $15,809 
Intersegment revenues
40 58 (100)— 
Total revenues
14,729 345 835 (100)15,809 
Cost of sales:
Cost of materials and other (a) (b)14,103 128 670 (100)14,801 
LCM inventory valuation adjustment (c)(296)— (17)— (313)
Operating expenses (excluding depreciation and
amortization expense reflected below)
989 23 105 — 1,117 
Depreciation and amortization expense (d)538 10 54 — 602 
Total cost of sales
15,334 161 812 (100)16,207 
Other operating expenses 24 — — 25 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 186 186 
Depreciation and amortization expense— — — 12 12 
Operating income (loss) by segment$(629)$184 $22 $(198)$(621)
Three months ended September 30, 2019
Revenues:
Revenues from external customers
$26,145 $212 $891 $$27,249 
Intersegment revenues
50 57 (109)— 
Total revenues
26,147 262 948 (108)27,249 
Cost of sales:
Cost of materials and other
23,432 164 847 (108)24,335 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,100 18 121 — 1,239 
Depreciation and amortization expense
518 15 23 — 556 
Total cost of sales
25,050 197 991 (108)26,130 
Other operating expenses 10 — — — 10 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 217 217 
Depreciation and amortization expense— — — 11 11 
Operating income (loss) by segment$1,087 $65 $(43)$(228)$881 

See Operating Highlights by Segment beginning on Table Page 9.
See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 2



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
RefiningRenewable
Diesel
EthanolCorporate
and
Eliminations
Total
Nine months ended September 30, 2020
Revenues:
Revenues from external customers
$45,327 $850 $2,131 $— $48,308 
Intersegment revenues
150 160 (316)— 
Total revenues
45,333 1,000 2,291 (316)48,308 
Cost of sales:
Cost of materials and other (a) (b)41,769 393 1,984 (314)43,832 
LCM inventory valuation adjustment (c)(19)— — — (19)
Operating expenses (excluding depreciation and
amortization expense reflected below)
2,912 63 293 — 3,268 
Depreciation and amortization expense (d)1,607 33 97 — 1,737 
Total cost of sales
46,269 489 2,374 (314)48,818 
Other operating expenses29 — — 30 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 532 532 
Depreciation and amortization expense— — — 37 37 
Operating income (loss) by segment$(965)$511 $(84)$(571)$(1,109)
Nine months ended September 30, 2019
Revenues:
Revenues from external customers
$77,109 $686 $2,648 $$80,445 
Intersegment revenues
12 174 162 (348)— 
Total revenues
77,121 860 2,810 (346)80,445 
Cost of sales:
Cost of materials and other
69,769 577 2,396 (346)72,396 
Operating expenses (excluding depreciation and
amortization expense reflected below)
3,197 54 378 — 3,629 
Depreciation and amortization expense
1,539 38 68 — 1,645 
Total cost of sales
74,505 669 2,842 (346)77,670 
Other operating expenses13 — — 14 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 625 625 
Depreciation and amortization expense— — — 39 39 
Operating income (loss) by segment$2,603 $191 $(33)$(664)$2,097 

See Operating Highlights by Segment beginning on Table Page 9.
See Notes to Earnings Release Tables beginning on Table Page 18.

Table Page 3



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (g)
(millions of dollars, except per share amounts)
(unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Reconciliation of net income (loss) attributable to Valero
Energy Corporation stockholders to adjusted net income
(loss) attributable to Valero Energy Corporation
stockholders
Net income (loss) attributable to Valero Energy Corporation
stockholders
$(464)$609 $(1,062)$1,362 
Adjustments:
Last-in, first-out (LIFO) liquidation adjustment (a)326 — 326 — 
Income tax benefit related to the LIFO liquidation
adjustment
(108)— (108)— 
LIFO liquidation adjustment, net of taxes218 — 218 — 
Change in estimated useful life (d)30 — 30 — 
Income tax benefit related to the change in estimated
useful life
(6)— (6)— 
Change in estimated useful life, net of taxes24 — 24 — 
LCM inventory valuation adjustment (c)(313)— (19)— 
Income tax expense related to the LCM inventory
valuation adjustment
63 — — 
LCM inventory valuation adjustment, net of taxes
(250)— (16)— 
2019 blender’s tax credit attributable to Valero Energy
Corporation stockholders (b)
— 33 — 112 
Income tax expense related to 2019 blender’s tax credit
— — — (3)
2019 blender’s tax credit attributable to Valero Energy
Corporation stockholders, net of taxes
— 33 — 109 
Loss on early redemption of debt (e)— — — 22 
Income tax benefit related to loss on early
redemption of debt
— — — (5)
Loss on early redemption of debt, net of taxes
— — — 17 
Total adjustments
(8)33 226 126 
Adjusted net income (loss) attributable to
Valero Energy Corporation stockholders
$(472)$642 $(836)$1,488 
Reconciliation of earnings (loss) per common share –
assuming dilution to adjusted earnings (loss) per common
share – assuming dilution
Earnings (loss) per common share – assuming dilution (f)$(1.14)$1.48 $(2.62)$3.28 
Adjustments:
LIFO liquidation adjustment (a)0.53 — 0.53 — 
Change in estimated useful life (d)0.06 — 0.06 — 
LCM inventory valuation adjustment (c)(0.61)— (0.04)— 
2019 blender’s tax credit attributable to Valero Energy
Corporation stockholders (b)
— 0.07 — 0.26 
Loss on early redemption of debt (e)— — — 0.04 
Total adjustments
(0.02)0.07 0.55 0.30 
Adjusted earnings (loss) per common share –
assuming dilution (f)
$(1.16)$1.55 $(2.07)$3.58 
See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 4



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (g)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Reconciliation of operating income (loss) by segment to
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment
Refining segment
Refining operating income (loss)
$(629)$1,087 $(965)$2,603 
Adjustments:
2019 blender’s tax credit (b)— — 13 
LIFO liquidation adjustment (a)326 — 326 — 
LCM inventory valuation adjustment (c)(296)— (19)— 
Operating expenses (excluding depreciation and
amortization expense reflected below)
989 1,100 2,912 3,197 
Depreciation and amortization expense
538 518 1,607 1,539 
Other operating expenses
24 10 29 13 
Refining margin
$952 $2,719 $3,890 $7,365 
Refining operating income (loss)
$(629)$1,087 $(965)$2,603 
Adjustments:
2019 blender’s tax credit (b)— — 13
LIFO liquidation adjustment (a)326 — 326 — 
LCM inventory valuation adjustment (c)(296)— (19)— 
Other operating expenses
24 10 29 13 
Adjusted refining operating income (loss)
$(575)$1,101 $(629)$2,629 
Renewable diesel segment
Renewable diesel operating income
$184 $65 $511 $191 
Adjustments:
2019 blender’s tax credit (b)— 58 — 198 
Operating expenses (excluding depreciation and
amortization expense reflected below)
23 18 63 54 
Depreciation and amortization expense
10 15 33 38 
Renewable diesel margin
$217 $156 $607 $481 
Renewable diesel operating income
$184 $65 $511 $191 
Adjustment: 2019 blender’s tax credit (b)— 58 — 198 
Adjusted renewable diesel operating income
$184 $123 $511 $389 
See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 5



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (g)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Reconciliation of operating income (loss) by segment to
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment (continued)
Ethanol segment
Ethanol operating income (loss)
$22 $(43)$(84)$(33)
Adjustments:
LCM inventory valuation adjustment (c)(17)— — — 
Operating expenses (excluding depreciation and
amortization expense reflected below)
105 121 293 378 
Depreciation and amortization expense (d)54 23 97 68 
Other operating expenses
— 
Ethanol margin
$165 $101 $307 $414 
Ethanol operating income (loss)
$22 $(43)$(84)$(33)
Adjustments:
LCM inventory valuation adjustment (c)(17)— — — 
Change in estimated useful life (d)30 — 30 — 
Other operating expenses
— 
Adjusted ethanol operating income (loss)
$36 $(43)$(53)$(32)

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 6



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (g)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Reconciliation of refining segment operating income (loss) to
refining margin (by region), and reconciliation of refining
segment operating income (loss) to adjusted refining
segment operating income (loss) (by region) (h)
U.S. Gulf Coast region
Refining operating income (loss)
$(653)$388 $(703)$779 
Adjustments:
2019 blender’s tax credit (b)— — 
LIFO liquidation adjustment (a)200 — 200 — 
LCM inventory valuation adjustment (c)(4)— — — 
Operating expenses (excluding depreciation and
amortization expense reflected below)
556 641 1,649 1,826 
Depreciation and amortization expense
329 326 990 954 
Other operating expenses
18 20 
Refining margin
$446 $1,364 $2,156 $3,576 
Refining operating income (loss)
$(653)$388 $(703)$779 
Adjustments:
2019 blender’s tax credit (b)— — 
LIFO liquidation adjustment (a)200 — 200 — 
LCM inventory valuation adjustment (c)(4)— — — 
Other operating expenses
18 20 
Adjusted refining operating income (loss)
$(439)$397 $(483)$796 
U.S. Mid-Continent region
Refining operating income (loss)$(140)$333 $(67)$991 
Adjustments:
2019 blender’s tax credit (b)— — 
LIFO liquidation adjustment (a)58 — 58 — 
Operating expenses (excluding depreciation and
amortization expense reflected below)
153 156 465 468 
Depreciation and amortization expense
84 77 250 226 
Other operating expenses
— — 
Refining margin
$155 $569 $706 $1,690 
Refining operating income (loss)$(140)$333 $(67)$991 
Adjustments:
2019 blender’s tax credit (b)— — 
LIFO liquidation adjustment (a)58 — 58 — 
Other operating expenses
— — 
Adjusted refining operating income (loss)$(82)$336 $(9)$996 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 7



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP (g)
(millions of dollars)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Reconciliation of refining segment operating income (loss)
to refining margin (by region), and reconciliation of
refining segment operating income (loss) to adjusted
refining segment operating income (loss) (by region) (h)
(continued)
North Atlantic region
Refining operating income$201 $273 $84 $727 
Adjustments:
LIFO liquidation adjustment (a)33 — 33 — 
LCM inventory valuation adjustment (c)(236)— (19)— 
Operating expenses (excluding depreciation and
amortization expense reflected below)
130 146 383 439 
Depreciation and amortization expense
53 52 158 160 
Other operating expenses
Refining margin
$186 $473 $647 $1,328 
Refining operating income$201 $273 $84 $727 
Adjustments:
LIFO liquidation adjustment (a)33 — 33 — 
LCM inventory valuation adjustment (c)(236)— (19)— 
Other operating expenses
Adjusted refining operating income$$275 $106 $729 
U.S. West Coast region
Refining operating income (loss)
$(37)$93 $(279)$106 
Adjustments:
2019 blender’s tax credit (b)— — — 
LIFO liquidation adjustment (a)35 — 35 — 
LCM inventory valuation adjustment (c)(56)— — — 
Operating expenses (excluding depreciation and
amortization expense reflected below)
150 157 415 464 
Depreciation and amortization expense
72 63 209 199 
Other operating expenses
— 
Refining margin
$165 $313 $381 $771 
Refining operating income (loss)
$(37)$93 $(279)$106 
Adjustments:
2019 blender’s tax credit (b)— — — 
LIFO liquidation adjustment (a)35 — 35 — 
LCM inventory valuation adjustment (c)(56)— — — 
Other operating expenses
— 
Adjusted refining operating income (loss)
$(57)$93 $(243)$108 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 8



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil318 418 352 416 
Medium/light sour crude oil346 253 357 282 
Sweet crude oil1,252 1,615 1,240 1,548 
Residuals219 238 208 208 
Other feedstocks108 132 92 152 
Total feedstocks2,243 2,656 2,249 2,606 
Blendstocks and other283 298 308 323 
Total throughput volumes2,526 2,954 2,557 2,929 
Yields (thousand barrels per day)
Gasolines and blendstocks1,273 1,406 1,217 1,393 
Distillates914 1,137 931 1,123 
Other products (i)360 438 424 442 
Total yields2,547 2,981 2,572 2,958 
Operating statistics (g) (j)
Refining margin (from Table Page 5)$952 $2,719 $3,890 $7,365 
Adjusted refining operating income (loss) (from Table Page 5)$(575)$1,101 $(629)$2,629 
Throughput volumes (thousand barrels per day)2,526 2,954 2,557 2,929 
Refining margin per barrel of throughput$4.10 $10.00 $5.55 $9.21 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.26 4.05 4.16 4.00 
Depreciation and amortization expense per barrel of
throughput
2.32 1.90 2.29 1.92 
Adjusted refining operating income (loss) per barrel of
throughput
$(2.48)$4.05 $(0.90)$3.29 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 9



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Operating statistics (g) (j)
Renewable diesel margin (from Table Page 5)$217 $156 $607 $481 
Adjusted renewable diesel operating income
(from Table Page 5)
$184 $123 $511 $389 
Sales volumes (thousand gallons per day)870 638 844 732 
Renewable diesel margin per gallon of sales$2.72 $2.64 $2.63 $2.40 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
0.29 0.30 0.27 0.27 
Depreciation and amortization expense per gallon of sales
0.13 0.25 0.15 0.19 
Adjusted renewable diesel operating income per gallon
of sales
$2.30 $2.09 $2.21 $1.94 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 10



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
ETHANOL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Operating statistics (g) (j)
Ethanol margin (from Table Page 6)$165 $101 $307 $414 
Adjusted ethanol operating income (loss) (from Table Page 6)$36 $(43)$(53)$(32)
Production volumes (thousand gallons per day)3,800 4,006 3,408 4,251 
Ethanol margin per gallon of production$0.47 $0.27 $0.33 $0.36 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
0.30 0.33 0.31 0.33 
Depreciation and amortization expense per gallon of production0.07 0.06 0.08 0.06 
Adjusted ethanol operating income (loss) per gallon of production$0.10 $(0.12)$(0.06)$(0.03)

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 11



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Operating statistics by region (h)
U.S. Gulf Coast region (g) (j)
Refining margin (from Table Page 7)$446 $1,364 $2,156 $3,576 
Adjusted refining operating income (loss) (from Table Page 7)$(439)$397 $(483)$796 
Throughput volumes (thousand barrels per day)1,448 1,747 1,500 1,732 
Refining margin per barrel of throughput$3.35 $8.48 $5.24 $7.56 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.19 3.99 4.01 3.86 
Depreciation and amortization expense per barrel of
throughput
2.47 2.02 2.41 2.02 
Adjusted refining operating income (loss) per barrel of
throughput
$(3.31)$2.47 $(1.18)$1.68 
U.S. Mid-Continent region (g) (j)
Refining margin (from Table Page 7)$155 $569 $706 $1,690 
Adjusted refining operating income (loss) (from Table Page 7)$(82)$336 $(9)$996 
Throughput volumes (thousand barrels per day)417 450 404 451 
Refining margin per barrel of throughput$4.05 $13.75 $6.38 $13.72 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.99 3.79 4.20 3.80 
Depreciation and amortization expense per barrel of
throughput
2.19 1.86 2.26 1.84 
Adjusted refining operating income (loss) per barrel of
throughput
$(2.13)$8.10 $(0.08)$8.08 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 12



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Operating statistics by region (h) (continued)
North Atlantic region (g) (j)
Refining margin (from Table Page 8)$186 $473 $647 $1,328 
Adjusted refining operating income (from Table Page 8)$$275 $106 $729 
Throughput volumes (thousand barrels per day)408 474 412 486 
Refining margin per barrel of throughput$4.96 $10.84 $5.73 $10.01 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
3.44 3.33 3.39 3.31 
Depreciation and amortization expense per barrel of
throughput
1.43 1.21 1.40 1.20 
Adjusted refining operating income per barrel of
throughput
$0.09 $6.30 $0.94 $5.50 
U.S. West Coast region (g) (j)
Refining margin (from Table Page 8)$165 $313 $381 $771 
Adjusted refining operating income (loss) (from Table Page 8)
$(57)$93 $(243)$108 
Throughput volumes (thousand barrels per day)253 283 241 260 
Refining margin per barrel of throughput$7.08 $12.06 $5.77 $10.87 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
6.44 6.03 6.29 6.54 
Depreciation and amortization expense per barrel of
throughput
3.08 2.43 3.17 2.80 
Adjusted refining operating income (loss) per barrel of
throughput
$(2.44)$3.60 $(3.69)$1.53 

See Notes to Earnings Release Tables beginning on Table Page 18.
Table Page 13



VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Refining
Feedstocks (dollars per barrel)
Brent crude oil$43.38