- Reported net income attributable to Valero
stockholders of $1.3 billion, or $3.07 per share.
- Reported adjusted net loss attributable to Valero stockholders
of $504 million, or $1.25 per share.
- Returned $400 million in cash to stockholders through dividends
and declared a quarterly common stock dividend of $0.98 per share
on July 16.
Valero Energy Corporation (NYSE: VLO, “Valero”) today reported
net income attributable to Valero stockholders of $1.3 billion, or
$3.07 per share, for the second quarter of 2020 compared to net
income of $612 million, or $1.47 per share, for the second quarter
of 2019. Excluding the adjustments shown in the accompanying
earnings release tables, adjusted net loss attributable to Valero
stockholders was $504 million, or $1.25 per share, for the second
quarter of 2020, compared to second quarter 2019 adjusted net
income attributable to Valero stockholders of $665 million, or
$1.60 per share. Second quarter 2020 adjusted results exclude the
benefit from an after-tax lower of cost or market, or LCM,
inventory valuation adjustment of $1.8 billion.
Refining
The refining segment reported $1.8 billion of operating income
for the second quarter of 2020 compared to $1.0 billion for the
second quarter of 2019. Excluding the LCM inventory valuation
adjustment, the second quarter 2020 adjusted operating loss was
$383 million. Refinery throughput volumes averaged 2.3 million
barrels per day in the second quarter of 2020, which was 647
thousand barrels per day lower than the second quarter of 2019.
“While the impact of the pandemic and the ensuing global
economic downturn so far this year has been significant, we saw a
rapid recovery in demand for refined products as we moved through
the quarter,” said Joe Gorder, Valero Chairman and Chief Executive
Officer.
Renewable Diesel
The renewable diesel segment reported $129 million of operating
income for the second quarter of 2020 compared to $77 million for
the second quarter of 2019. After adjusting for the retroactive
blender’s tax credit, renewable diesel operating income was $145
million for the second quarter of 2019. Renewable diesel sales
volumes averaged 795 thousand gallons per day in the second quarter
of 2020, an increase of 26 thousand gallons per day versus the
second quarter of 2019.
Ethanol
The ethanol segment reported $91 million of operating income for
the second quarter of 2020, compared to $7 million for the second
quarter of 2019. Excluding the LCM inventory valuation adjustment,
the second quarter 2020 adjusted operating loss was $20 million.
Ethanol production volumes averaged 2.3 million gallons per day in
the second quarter of 2020, which was 2.2 million gallons per day
lower than the second quarter of 2019. The decrease in adjusted
operating income was attributed primarily to lower margins
resulting from lower ethanol prices and lower throughput.
Corporate and Other
General and administrative expenses were $169 million in the
second quarter of 2020 compared to $199 million in the second
quarter of 2019. The effective tax rate for the second quarter of
2020 was 20 percent, which was affected by the results of certain
of our international operations that are taxed at rates that are
lower than the U.S. statutory tax rate.
Investing and Financing Activities
Capital investments totaled $503 million in the second quarter
of 2020, of which $240 million was for sustaining the business,
including costs for turnarounds, catalysts and regulatory
compliance. Excluding our partner’s 50 percent share of Diamond
Green Diesel’s (DGD) capital investments, Valero’s capital
investments were approximately $448 million.
Valero returned $400 million to stockholders through dividends
in the second quarter of 2020, resulting in a year-to-date payout
of 96 percent of adjusted net cash provided by operating
activities.
Net cash provided by operating activities was $736 million in
the second quarter of 2020. Included in this amount was a $629
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 provided by operating activities was
$38 million.
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.
Liquidity and Financial Position
Valero ended the second quarter of 2020 with $12.7 billion of
total debt and finance lease obligations and $2.3 billion of cash
and cash equivalents. The debt to capitalization ratio, net of cash
and cash equivalents, was 33 percent as of June 30, 2020.
Strategic Update
Valero expects to invest approximately $2.1 billion of capital
in 2020, of which approximately 60 percent is for sustaining the
business and approximately 40 percent is for growth projects.
Approximately 30 percent of Valero’s 2020 growth capital is
allocated to expanding the renewables 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 fuel business. The DGD plant
expansion is expected to be completed in 2021, subject to COVID-19
related delays, 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 production capacity to over 1.1 billion gallons annually.
“As we focus on the path to recovery with improving product
demand, we remain steadfast in the execution of our strategy,
pursuing excellence in our operations, investing for earnings
growth with lower volatility and honoring our commitment to
stockholder returns,” said Gorder. “This uncompromising focus on
capital discipline and execution has served us well in the current
pandemic-imposed downturn, and it should continue to position
Valero well through the recovery and beyond.”
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.
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 also is 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
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 at a time when seasonal
driving patterns typically result in an increase of consumer demand
for gasoline. 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.
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), and adjusted net cash provided by
operating activities. 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 (f) to the earnings release
tables provides reasons for the use of these non-GAAP financial
measures.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
FINANCIAL HIGHLIGHTS
(millions of dollars, except
per share amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Statement of income data
Revenues
$
10,397
$
28,933
$
32,499
$
53,196
Cost of sales:
Cost of materials and other (a)
9,079
26,083
29,031
48,061
Lower of cost or market (LCM) inventory
valuation adjustment (b)
(2,248
)
—
294
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
1,027
1,175
2,151
2,390
Depreciation and amortization expense
566
552
1,135
1,089
Total cost of sales
8,424
27,810
32,611
51,540
Other operating expenses
3
2
5
4
General and administrative expenses
(excluding
depreciation and amortization expense
reflected below)
169
199
346
408
Depreciation and amortization expense
12
14
25
28
Operating income (loss)
1,789
908
(488
)
1,216
Other income, net (c)
27
12
59
34
Interest and debt expense, net of
capitalized interest
(142
)
(112
)
(267
)
(224
)
Income (loss) before income tax expense
(benefit)
1,674
808
(696
)
1,026
Income tax expense (benefit)
339
160
(277
)
211
Net income (loss)
1,335
648
(419
)
815
Less: Net income attributable to
noncontrolling interests (a)
82
36
179
62
Net income (loss) attributable to Valero
Energy Corporation
stockholders
$
1,253
$
612
$
(598
)
$
753
Earnings (loss) per common
share
$
3.07
$
1.47
$
(1.48
)
$
1.80
Weighted-average common shares outstanding
(in millions)
406
415
407
416
Earnings (loss) per common share –
assuming dilution
$
3.07
$
1.47
$
(1.48
)
$
1.80
Weighted-average common shares outstanding
–
assuming dilution (in millions) (d)
407
417
407
417
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
FINANCIAL HIGHLIGHTS BY
SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable Diesel
Ethanol
Corporate and
Eliminations
Total
Three months ended June 30,
2020
Revenues:
Revenues from external customers
$
9,615
$
239
$
543
$
—
$
10,397
Intersegment revenues
2
57
38
(97
)
—
Total revenues
9,617
296
581
(97
)
10,397
Cost of sales:
Cost of materials and other (a)
8,539
135
501
(96
)
9,079
LCM inventory valuation adjustment (b)
(2,137
)
—
(111
)
—
(2,248
)
Operating expenses (excluding depreciation
and
amortization expense reflected below)
928
20
79
—
1,027
Depreciation and amortization expense
533
12
21
—
566
Total cost of sales
7,863
167
490
(96
)
8,424
Other operating expenses
3
—
—
—
3
General and administrative expenses
(excluding
depreciation and amortization expense
reflected
below)
—
—
—
169
169
Depreciation and amortization expense
—
—
—
12
12
Operating income by segment
$
1,751
$
129
$
91
$
(182
)
$
1,789
Three months ended June 30,
2019
Revenues:
Revenues from external customers
$
27,746
$
222
$
964
$
1
$
28,933
Intersegment revenues
8
73
53
(134
)
—
Total revenues
27,754
295
1,017
(133
)
28,933
Cost of sales:
Cost of materials and other
25,172
189
855
(133
)
26,083
Operating expenses (excluding depreciation
and
amortization expense reflected below)
1,026
17
132
—
1,175
Depreciation and amortization expense
518
12
22
—
552
Total cost of sales
26,716
218
1,009
(133
)
27,810
Other operating expenses
1
—
1
—
2
General and administrative expenses
(excluding
depreciation and amortization expense
reflected
below)
—
—
—
199
199
Depreciation and amortization expense
—
—
—
14
14
Operating income by segment
$
1,037
$
77
$
7
$
(213
)
$
908
See Operating Highlights by
Segment.
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
FINANCIAL HIGHLIGHTS BY
SEGMENT
(millions of dollars)
(unaudited)
Refining
Renewable Diesel
Ethanol
Corporate and
Eliminations
Total
Six months ended June 30, 2020
Revenues:
Revenues from external customers
$
30,600
$
545
$
1,354
$
—
$
32,499
Intersegment revenues
4
110
102
(216
)
—
Total revenues
30,604
655
1,456
(216
)
32,499
Cost of sales:
Cost of materials and other (a)
27,666
265
1,314
(214
)
29,031
LCM inventory valuation adjustment (b)
277
—
17
—
294
Operating expenses (excluding depreciation
and
amortization expense reflected below)
1,923
40
188
—
2,151
Depreciation and amortization expense
1,069
23
43
—
1,135
Total cost of sales
30,935
328
1,562
(214
)
32,611
Other operating expenses
5
—
—
—
5
General and administrative expenses
(excluding
depreciation and amortization expense
reflected
below)
—
—
—
346
346
Depreciation and amortization expense
—
—
—
25
25
Operating income (loss) by segment
$
(336
)
$
327
$
(106
)
$
(373
)
$
(488
)
Six months ended June 30, 2019
Revenues:
Revenues from external customers
$
50,964
$
474
$
1,757
$
1
$
53,196
Intersegment revenues
10
124
105
(239
)
—
Total revenues
50,974
598
1,862
(238
)
53,196
Cost of sales:
Cost of materials and other
46,337
413
1,549
(238
)
48,061
Operating expenses (excluding depreciation
and
amortization expense reflected below)
2,097
36
257
—
2,390
Depreciation and amortization expense
1,021
23
45
—
1,089
Total cost of sales
49,455
472
1,851
(238
)
51,540
Other operating expenses
3
—
1
—
4
General and administrative expenses
(excluding
depreciation and amortization expense
reflected
below)
—
—
—
408
408
Depreciation and amortization expense
—
—
—
28
28
Operating income by segment
$
1,516
$
126
$
10
$
(436
)
$
1,216
See Operating Highlights by
Segment.
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RECONCILIATION OF NON-GAAP
MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(f)
(millions of dollars, except
per share amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
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
$
1,253
$
612
$
(598
)
$
753
Adjustments:
LCM inventory valuation adjustment (b)
(2,248
)
—
294
—
Income tax expense (benefit) related to
the LCM inventory valuation adjustment
491
—
(60
)
—
LCM inventory valuation adjustment, net of
taxes
(1,757
)
—
234
—
2019 blender’s tax credit attributable to
Valero Energy
Corporation stockholders (a)
—
38
—
79
Income tax expense related to 2019
blender’s tax credit
—
(2
)
—
(3
)
2019 blender’s tax credit attributable to
Valero Energy
Corporation stockholders, net of taxes
—
36
—
76
Loss on early redemption of debt (c)
—
22
—
22
Income tax benefit related to loss on
early
redemption of debt
—
(5
)
—
(5
)
Loss on early redemption of debt, net of
taxes
—
17
—
17
Total adjustments
(1,757
)
53
234
93
Adjusted net income (loss) attributable
to
Valero Energy Corporation stockholders
$
(504
)
$
665
$
(364
)
$
846
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 (d)
$
3.07
$
1.47
$
(1.48
)
$
1.80
Adjustments:
LCM inventory valuation adjustment (b)
(4.32
)
—
0.58
—
2019 blender’s tax credit attributable to
Valero Energy
Corporation stockholders (a)
—
0.09
—
0.19
Loss on early redemption of debt (c)
—
0.04
—
0.04
Total adjustments
(4.32
)
0.13
0.58
0.23
Adjusted earnings (loss) per common share
–
assuming dilution (e)
$
(1.25
)
$
1.60
$
(0.90
)
$
2.03
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RECONCILIATION OF NON-GAAP
MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(f)
(millions of dollars)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
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)
$
1,751
$
1,037
$
(336
)
$
1,516
Adjustments:
2019 blender’s tax credit (a)
—
4
—
9
LCM inventory valuation adjustment (b)
(2,137
)
—
277
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
928
1,026
1,923
2,097
Depreciation and amortization expense
533
518
1,069
1,021
Other operating expenses
3
1
5
3
Refining margin
$
1,078
$
2,586
$
2,938
$
4,646
Refining operating income (loss)
$
1,751
$
1,037
$
(336
)
$
1,516
Adjustments:
2019 blender’s tax credit (a)
—
4
—
9
LCM inventory valuation adjustment (b)
(2,137
)
—
277
—
Other operating expenses
3
1
5
3
Adjusted refining operating income
(loss)
$
(383
)
$
1,042
$
(54
)
$
1,528
Renewable diesel segment
Renewable diesel operating income
$
129
$
77
$
327
$
126
Adjustments:
2019 blender’s tax credit (a)
—
68
—
140
Operating expenses (excluding depreciation
and
amortization expense reflected below)
20
17
40
36
Depreciation and amortization expense
12
12
23
23
Renewable diesel margin
$
161
$
174
$
390
$
325
Renewable diesel operating income
$
129
$
77
$
327
$
126
Adjustment: 2019 blender’s tax credit
(a)
—
68
—
140
Adjusted renewable diesel operating
income
$
129
$
145
$
327
$
266
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RECONCILIATION OF NON-GAAP
MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(f)
(millions of dollars)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
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)
$
91
$
7
$
(106
)
$
10
Adjustments:
LCM inventory valuation adjustment (b)
(111
)
—
17
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
79
132
188
257
Depreciation and amortization expense
21
22
43
45
Other operating expenses
—
1
—
1
Ethanol margin
$
80
$
162
$
142
$
313
Ethanol operating income (loss)
$
91
$
7
$
(106
)
$
10
Adjustments:
LCM inventory valuation adjustment (b)
(111
)
—
17
—
Other operating expenses
—
1
—
1
Adjusted ethanol operating income
(loss)
$
(20
)
$
8
$
(89
)
$
11
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RECONCILIATION OF NON-GAAP
MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(f)
(millions of dollars)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
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) (g)
U.S. Gulf Coast region
Refining operating income (loss)
$
892
$
273
$
(50
)
$
391
Adjustments:
2019 blender’s tax credit (a)
—
3
—
6
LCM inventory valuation adjustment (b)
(1,109
)
—
4
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
535
586
1,093
1,185
Depreciation and amortization expense
327
318
661
628
Other operating expenses
2
1
2
2
Refining margin
$
647
$
1,181
$
1,710
$
2,212
Refining operating income (loss)
$
892
$
273
$
(50
)
$
391
Adjustments:
2019 blender’s tax credit (a)
—
3
—
6
LCM inventory valuation adjustment (b)
(1,109
)
—
4
—
Other operating expenses
2
1
2
2
Adjusted refining operating income
(loss)
$
(215
)
$
277
$
(44
)
$
399
U.S. Mid-Continent region
Refining operating income
$
293
$
422
$
73
$
658
Adjustments:
2019 blender’s tax credit (a)
—
1
—
2
LCM inventory valuation adjustment (b)
(283
)
—
—
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
148
146
312
312
Depreciation and amortization expense
83
74
166
149
Refining margin
$
241
$
643
$
551
$
1,121
Refining operating income
$
293
$
422
$
73
$
658
Adjustments:
2019 blender’s tax credit (a)
—
1
—
2
LCM inventory valuation adjustment (b)
(283
)
—
—
—
Adjusted refining operating income
$
10
$
423
$
73
$
660
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RECONCILIATION OF NON-GAAP
MEASURES TO MOST COMPARABLE AMOUNTS
REPORTED UNDER U.S. GAAP
(f)
(millions of dollars)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
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) (g)
(continued)
North Atlantic region
Refining operating income (loss)
$
597
$
278
$
(117
)
$
454
Adjustments:
LCM inventory valuation adjustment (b)
(657
)
—
217
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
112
146
253
293
Depreciation and amortization expense
52
55
105
108
Other operating expenses
1
—
3
—
Refining margin
$
105
$
479
$
461
$
855
Refining operating income (loss)
$
597
$
278
$
(117
)
$
454
Adjustments:
LCM inventory valuation adjustment (b)
(657
)
—
217
—
Other operating expenses
1
—
3
—
Adjusted refining operating income
(loss)
$
(59
)
$
278
$
103
$
454
U.S. West Coast region
Refining operating income (loss)
$
(31
)
$
64
$
(242
)
$
13
Adjustments:
2019 blender’s tax credit (a)
—
—
—
1
LCM inventory valuation adjustment (b)
(88
)
—
56
—
Operating expenses (excluding depreciation
and
amortization expense reflected below)
133
148
265
307
Depreciation and amortization expense
71
71
137
136
Other operating expenses
—
—
—
1
Refining margin
$
85
$
283
$
216
$
458
Refining operating income (loss)
$
(31
)
$
64
$
(242
)
$
13
Adjustments:
2019 blender’s tax credit (a)
—
—
—
1
LCM inventory valuation adjustment (b)
(88
)
—
56
—
Other operating expenses
—
—
—
1
Adjusted refining operating income
(loss)
$
(119
)
$
64
$
(186
)
$
15
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
REFINING SEGMENT OPERATING
HIGHLIGHTS
(millions of dollars, except
per barrel amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Throughput volumes (thousand barrels
per day)
Feedstocks:
Heavy sour crude oil
378
419
369
415
Medium/light sour crude oil
385
257
363
297
Sweet crude oil
1,018
1,550
1,234
1,513
Residuals
169
241
202
193
Other feedstocks
69
171
85
162
Total feedstocks
2,019
2,638
2,253
2,580
Blendstocks and other
302
330
320
337
Total throughput volumes
2,321
2,968
2,573
2,917
Yields (thousand barrels per
day)
Gasolines and blendstocks
1,061
1,378
1,189
1,387
Distillates
835
1,141
940
1,115
Other products (h)
434
483
456
445
Total yields
2,330
3,002
2,585
2,947
Operating statistics (f) (i)
Refining margin
$
1,078
$
2,586
$
2,938
$
4,646
Adjusted refining operating income
(loss)
$
(383
)
$
1,042
$
(54
)
$
1,528
Throughput volumes (thousand barrels per
day)
2,321
2,968
2,573
2,917
Refining margin per barrel of
throughput
$
5.10
$
9.58
$
6.27
$
8.79
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
barrel of
throughput
4.39
3.80
4.10
3.97
Depreciation and amortization expense per
barrel of
throughput
2.53
1.92
2.28
1.93
Adjusted refining operating income (loss)
per barrel of throughput
$
(1.82
)
$
3.86
$
(0.11
)
$
2.89
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
RENEWABLE DIESEL SEGMENT
OPERATING HIGHLIGHTS
(millions of dollars, except
per gallon amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Operating statistics (f) (i)
Renewable diesel margin
$
161
$
174
$
390
$
325
Adjusted renewable diesel operating
income
$
129
$
145
$
327
$
266
Sales volumes (thousand gallons per
day)
795
769
831
780
Renewable diesel margin per gallon of
sales
$
2.22
$
2.49
$
2.58
$
2.30
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
gallon of sales
0.29
0.25
0.27
0.26
Depreciation and amortization expense per
gallon of sales
0.15
0.17
0.15
0.16
Adjusted renewable diesel operating income
per gallon
of sales
$
1.78
$
2.07
$
2.16
$
1.88
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
ETHANOL SEGMENT OPERATING
HIGHLIGHTS
(millions of dollars, except
per gallon amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Operating statistics (f) (i)
Ethanol margin
$
80
$
162
$
142
$
313
Adjusted ethanol operating income
(loss)
$
(20
)
$
8
$
(89
)
$
11
Production volumes (thousand gallons per
day)
2,316
4,533
3,210
4,376
Ethanol margin per gallon of
production
$
0.38
$
0.39
$
0.24
$
0.40
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
gallon of production
0.38
0.32
0.32
0.32
Depreciation and amortization expense per
gallon of production
0.10
0.05
0.07
0.07
Adjusted ethanol operating income (loss)
per gallon of production
$
(0.10
)
$
0.02
$
(0.15
)
$
0.01
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
REFINING SEGMENT OPERATING
HIGHLIGHTS BY REGION
(millions of dollars, except
per barrel amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Operating statistics by region
(g)
U.S. Gulf Coast region (f) (i)
Refining margin
$
647
$
1,181
$
1,710
$
2,212
Adjusted refining operating income
(loss)
$
(215
)
$
277
$
(44
)
$
399
Throughput volumes (thousand barrels per
day)
1,385
1,779
1,527
1,725
Refining margin per barrel of
throughput
$
5.13
$
7.30
$
6.15
$
7.09
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
barrel of
throughput
4.23
3.63
3.93
3.80
Depreciation and amortization expense per
barrel of
throughput
2.60
1.96
2.37
2.01
Adjusted refining operating income (loss)
per barrel of throughput
$
(1.70
)
$
1.71
$
(0.15
)
$
1.28
U.S. Mid-Continent region (f)
(i)
Refining margin
$
241
$
643
$
551
$
1,121
Adjusted refining operating income
$
10
$
423
$
73
$
660
Throughput volumes (thousand barrels per
day)
364
462
398
452
Refining margin per barrel of
throughput
$
7.28
$
15.25
$
7.61
$
13.70
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
barrel of
throughput
4.47
3.45
4.32
3.81
Depreciation and amortization expense per
barrel of
throughput
2.51
1.76
2.29
1.82
Adjusted refining operating income per
barrel of throughput
$
0.30
$
10.04
$
1.00
$
8.07
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
REFINING SEGMENT OPERATING
HIGHLIGHTS BY REGION
(millions of dollars, except
per barrel amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Operating statistics by region (g)
(continued)
North Atlantic region (f) (i)
Refining margin
$
105
$
479
$
461
$
855
Adjusted refining operating income
(loss)
$
(59
)
$
278
$
103
$
454
Throughput volumes (thousand barrels per
day)
340
493
414
491
Refining margin per barrel of
throughput
$
3.40
$
10.69
$
6.12
$
9.61
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
barrel of
throughput
3.64
3.26
3.36
3.30
Depreciation and amortization expense per
barrel of
throughput
1.67
1.23
1.39
1.20
Adjusted refining operating income (loss)
per barrel of throughput
$
(1.91
)
$
6.20
$
1.37
$
5.11
U.S. West Coast region (f) (i)
Refining margin
$
85
$
283
$
216
$
458
Adjusted refining operating income
(loss)
$
(119
)
$
64
$
(186
)
$
15
Throughput volumes (thousand barrels per
day)
232
234
234
249
Refining margin per barrel of
throughput
$
3.98
$
13.32
$
5.06
$
10.17
Less:
Operating expenses (excluding depreciation
and
amortization expense reflected below) per
barrel of
throughput
6.26
6.97
6.21
6.83
Depreciation and amortization expense per
barrel of
throughput
3.37
3.32
3.22
3.02
Adjusted refining operating income (loss)
per barrel of throughput
$
(5.65
)
$
3.03
$
(4.37
)
$
0.32
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
AVERAGE MARKET REFERENCE
PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Refining
Feedstocks (dollars per barrel)
Brent crude oil
$
33.22
$
68.33
$
42.06
$
66.08
Brent less West Texas Intermediate (WTI)
crude oil
5.42
8.53
5.17
8.73
Brent less Alaska North Slope (ANS) crude
oil
2.85
0.15
1.18
(0.27
)
Brent less Louisiana Light Sweet (LLS)
crude oil
2.95
1.30
2.85
1.38
Brent less Argus Sour Crude Index (ASCI)
crude oil
4.14
3.44
4.58
3.17
Brent less Maya crude oil
9.05
6.23
9.40
5.64
LLS crude oil
30.27
67.03
39.21
64.70
LLS less ASCI crude oil
1.19
2.14
1.73
1.79
LLS less Maya crude oil
6.10
4.93
6.55
4.26
WTI crude oil
27.80
59.80
36.89
57.35
Natural gas (dollars per million
British Thermal Units)
1.65
2.46
1.74
2.66
Products (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate
Blending (CBOB)
gasoline less Brent
0.51
6.72
1.44
3.44
Ultra-low-sulfur (ULS) diesel less
Brent
4.89
12.88
8.08
13.94
Propylene less Brent
(12.71
)
(24.70
)
(16.88
)
(22.67
)
CBOB gasoline less LLS
3.46
8.02
4.29
4.82
ULS diesel less LLS
7.84
14.18
10.93
15.32
Propylene less LLS
(9.76
)
(23.40
)
(14.03
)
(21.29
)
U.S. Mid-Continent:
CBOB gasoline less WTI
6.19
18.76
6.94
14.23
ULS diesel less WTI
11.38
22.51
14.35
23.70
North Atlantic:
CBOB gasoline less Brent
3.03
10.11
3.66
5.68
ULS diesel less Brent
6.94
14.76
10.62
16.10
U.S. West Coast:
California Reformulated Gasoline
Blendstock of
Oxygenate Blending (CARBOB) 87 gasoline
less ANS
9.43
23.24
8.63
15.49
California Air Resources Board (CARB)
diesel less ANS
10.36
21.10
13.79
18.65
CARBOB 87 gasoline less WTI
12.00
31.62
12.62
24.49
CARB diesel less WTI
12.93
29.48
17.78
27.65
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
AVERAGE MARKET REFERENCE
PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Renewable diesel
New York Mercantile Exchange ULS
diesel
(dollars per gallon)
$
0.97
$
1.98
$
1.26
$
1.96
Biodiesel Renewable Identification Number
(RIN)
(dollars per RIN)
0.54
0.38
0.50
0.44
California Low-Carbon Fuel Standard
(dollars per metric ton)
201.01
188.77
203.52
191.49
Chicago Board of Trade (CBOT) soybean oil
(dollars per
pound)
0.27
0.28
0.29
0.29
Ethanol
CBOT corn (dollars per bushel)
3.23
3.91
3.49
3.82
New York Harbor ethanol (dollars per
gallon)
1.17
1.54
1.25
1.49
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
EARNINGS RELEASE
TABLES
OTHER FINANCIAL DATA
(millions of dollars, except
per share amounts)
(unaudited)
June 30,
December 31,
2020
2019
Balance sheet data
Current assets
$
12,762
$
18,969
Cash and cash equivalents included in
current assets
2,319
2,583
Inventories included in current assets
5,420
7,013
Current liabilities
7,300
13,160
Current portion of debt and finance lease
obligations
included in current liabilities
587
494
Debt and finance lease obligations, less
current portion
12,090
9,178
Total debt and finance lease
obligations
12,677
9,672
Valero Energy Corporation stockholders’
equity
19,847
21,803
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Reconciliation of net cash provided by
operating activities to adjusted net cash provided by
operating activities (f)
Net cash provided by operating
activities
$
736
$
1,517
$
687
$
2,394
Exclude:
Changes in current assets and current
liabilities
629
283
(478
)
413
Diamond Green Diesel LLC’s (DGD) adjusted
net cash
provided by operating activities
attributable to our joint
venture partner’s ownership interest in
DGD
69
44
173
74
Adjusted net cash provided by operating
activities
$
38
$
1,190
$
992
$
1,907
Dividends per common share
$
0.98
$
0.90
$
1.96
$
1.80
See Notes to Earnings Release
Tables.
VALERO ENERGY
CORPORATION
NOTES TO EARNINGS RELEASE
TABLES
(a)
Cost of materials and other for the three
and six months ended June 30, 2020 includes a benefit of $76
million and $155 million, respectively, related to the blender’s
tax credit attributable to volumes blended during those periods.
The legislation authorizing the credit through December 31, 2022
was passed and signed into law in December 2019, and that
legislation also applied retroactively to volumes blended during
2019 (2019 blender’s tax credit). The entire 2019 blender’s tax
credit was recognized by us in December 2019 because the law was
enacted in that month, but the benefit attributable to volumes
blended during the three and six months ended June 30, 2019 was $72
million and $149 million, respectively.
The above-mentioned pre-tax benefits are
attributable to our reportable segments and stockholders as
follows:
Periods to which
Blender’s Tax Credit is Attributable
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
Reportable segments to which
blender’s tax credit is attributable
Refining
$
4
$
4
$
4
$
9
Renewable diesel
72
68
151
140
Total
$
76
$
72
$
155
$
149
Interests to which blender’s tax
credit is
attributable
Valero Energy Corporation stockholders
$
40
$
38
$
79
$
79
Noncontrolling interest
36
34
76
70
Total
$
76
$
72
$
155
$
149
(b)
The market value of our inventories accounted for under the
last-in, first-out (LIFO) method fell below their historical cost
on an aggregate basis as of March 31, 2020. As a result, we
recorded an LCM inventory valuation adjustment of $2.5 billion in
March 2020. The market value of our LIFO inventories improved as of
June 30, 2020 due to an increase in market prices, which resulted
in a reversal of $2.2 billion of the $2.5 billion LCM adjustment
recorded in the three months ended March 31, 2020. Consequently,
our results of operations for the six months ended June 30, 2020
reflect a net LCM inventory valuation adjustment of $294 million.
Of the $2.2 billion benefit recognized in the three months ended
June 30, 2020, $2.1 billion and $111 million is attributable to our
refining and ethanol segments, respectively. Of the $294 million
adjustment recognized in the six months ended June 30, 2020, $277
million and $17 million is attributable to our refining and ethanol
segments, respectively.
(c)
“Other income, net” for the three and six months ended June 30,
2019 includes a $22 million charge from the early redemption of
$850 million of our 6.125 percent senior notes due February 1,
2020.
(d)
Common equivalent shares have been excluded from the computation of
diluted loss per common share for the six months ended June 30,
2020, as the effect of including such shares would be antidilutive.
(e)
Common equivalent shares have been excluded in the computation of
adjusted loss per common share – assuming dilution for the three
months ended June 30, 2020, as the effect of including such shares
is antidilutive. Weighted-average shares outstanding – assuming
dilution used to calculate adjusted loss per common share –
assuming dilution is 406 million shares.
(f)
We use certain financial measures (as noted below) in the earnings
release tables and accompanying earnings release that are not
defined under U.S. GAAP and are considered to be non-GAAP measures.
We have defined these non-GAAP measures and believe they are useful
to the external users of our financial statements, including
industry analysts, investors, lenders, and rating agencies. We
believe these measures are useful to assess our ongoing financial
performance because, when reconciled to their most comparable U.S.
GAAP measures, they provide improved comparability between periods
after adjusting for certain items that we believe are not
indicative of our core operating performance and that may obscure
our underlying business results and trends. These non-GAAP measures
should not be considered as alternatives to their most comparable
U.S. GAAP measures nor should they be considered in isolation or as
a substitute for an analysis of our results of operations as
reported under U.S. GAAP. In addition, these non-GAAP measures may
not be comparable to similarly titled measures used by other
companies because we may define them differently, which diminishes
their utility.
Non-GAAP measures are as follows:
◦
Adjusted net income (loss)
attributable to Valero Energy Corporation stockholders is
defined as net income (loss) attributable to Valero Energy
Corporation stockholders adjusted to reflect the items noted below,
along with their related income tax effect. We have adjusted for
these items because we believe that they are not indicative of our
core operating performance and that their adjustment results in an
important measure of our ongoing financial performance to better
assess our underlying business results and trends. The basis for
our belief with respect to each adjustment is provided below.
–
LCM inventory valuation
adjustment – The LCM inventory valuation adjustment, which is
described in note (b), is the result of the market value of our
inventories as of June 30, 2020 falling below their historical
cost, with the decline in market value resulting from the decline
in crude oil and product market prices associated with the negative
economic impacts from COVID-19. The adjustment obscures our
financial performance because it does not result from decisions
made by us; therefore, we have excluded the adjustment from
adjusted net income (loss) attributable to Valero Energy
Corporation stockholders.
–
2019 blender’s tax credit
attributable to Valero Energy Corporation stockholders – The 2019
blender’s tax credit was recognized by us in December 2019, but it
is attributable to volumes blended throughout 2019. Therefore, the
adjustment reflects the portion of the 2019 blender’s tax credit
that is associated with volumes blended during the three and six
months ended June 30, 2019. See note (a) for additional
details.
–
Loss on early redemption of debt
– The penalty and other expenses incurred in connection with the
early redemption of our 6.125 percent senior notes due February 1,
2020 (see note (c)) are not associated with the ongoing costs of
our borrowing and financing activities.
◦
Adjusted earnings (loss) per
common share – assuming dilution is defined as adjusted net
income (loss) attributable to Valero Energy Corporation
stockholders divided by the number of weighted-average shares
outstanding in the applicable period, assuming dilution (see note
(e)).
◦
Refining margin is defined
as refining operating income (loss) adjusted to reflect the 2019
blender’s tax credit (see note (a)), and excluding the LCM
inventory valuation adjustment (see note (b)), operating expenses
(excluding depreciation and amortization expense), depreciation and
amortization expense, and other operating expenses. We believe
refining margin is an important measure of our refining segment’s
operating and financial performance as it is the most comparable
measure to the industry’s market reference product margins, which
are used by industry analysts, investors, and others to evaluate
our performance.
◦
Renewable diesel margin is
defined as renewable diesel operating income adjusted to reflect
the 2019 blender’s tax credit (see note (a)), and excluding
operating expenses (excluding depreciation and amortization
expense) and depreciation and amortization expense. We believe
renewable diesel margin is an important measure of our renewable
diesel segment’s operating and financial performance as it is the
most comparable measure to the industry’s market reference product
margins, which are used by industry analysts, investors, and others
to evaluate our performance.
◦
Ethanol margin is defined
as ethanol operating income (loss) excluding the LCM inventory
valuation adjustment (see note (b)), operating expenses (excluding
depreciation and amortization expense), depreciation and
amortization expense, and other operating expenses. We believe
ethanol margin is an important measure of our ethanol segment’s
operating and financial performance as it is the most comparable
measure to the industry’s market reference product margins, which
are used by industry analysts, investors, and others to evaluate
our performance.
◦
Adjusted refining operating
income (loss) is defined as refining segment operating income
(loss) adjusted to reflect the 2019 blender’s tax credit (see note
(a)), and excluding the LCM inventory valuation adjustment (see
note (b)) and other operating expenses. We believe adjusted
refining operating income (loss) is an important measure of our
refining segment’s operating and financial performance because it
excludes items that are not indicative of that segment’s core
operating performance.
◦
Adjusted renewable diesel
operating income is defined as renewable diesel segment
operating income adjusted to reflect the 2019 blender’s tax credit
(see note (a)). We believe this is an important measure of our
renewable diesel segment’s operating and financial performance
because it excludes items that are not indicative of that segment’s
core operating performance.
◦
Adjusted ethanol operating
income (loss) is defined as ethanol segment operating income
(loss) excluding the LCM inventory valuation adjustment (see note
(b)) and other operating expenses. We believe this is an important
measure of our ethanol segment’s operating and financial
performance because it excludes items that are not indicative of
that segment’s core operating performance.
◦
Adjusted net cash provided by
operating activities is defined as net cash provided by (used
in) operating activities excluding the items noted below. We
believe adjusted net cash provided by operating activities is an
important measure of our ongoing financial performance to better
assess our ability to generate cash to fund our investing and
financing activities. The basis for our belief with respect to each
excluded item is provided below.
–
Changes in current assets and
current liabilities – Current assets net of current liabilities
represents our operating liquidity. We believe that the change in
our operating liquidity from period to period does not represent
cash generated by our operations that is available to fund our
investing and financing activities.
–
DGD’s adjusted net cash provided
by operating activities attributable to our joint venture partner’s
ownership interest in DGD – We are a 50/50 joint venture partner in
DGD and consolidate DGD’s financial statements; as a result, all of
DGD’s net cash provided by operating activities (or operating cash
flow) is included in our consolidated net cash provided by
operating activities.
DGD’s partners use DGD’s operating cash
flow (excluding changes in its current assets and current
liabilities) to fund its capital investments rather than distribute
all of that cash to themselves. Nevertheless, DGD’s operating cash
flow is effectively attributable to each partner and only 50
percent of DGD’s operating cash flow should be attributed to our
net cash provided by operating activities. Therefore, we have
adjusted our net cash provided by operating activities for the
portion of DGD’s operating cash flow attributable to our joint
venture partner’s ownership interest because we believe that it
more accurately reflects the operating cash flow available to us to
fund our investing and financing activities. The adjustment is
calculated as follows (in millions):
Three Months Ended June
30,
Six Months Ended June
30,
2020
2019
2020
2019
DGD operating cash flow data
Net cash provided by operating
activities
$
516
$
127
$
683
$
160
Exclude: changes in current assets and
current liabilities
378
39
338
12
Adjusted net cash provided by operating
activities
138
88
345
148
Our partner’s ownership interest
50%
50%
50%
50%
DGD’s adjusted net cash provided by
operating activities attributable to our joint venture partner’s
ownership interest in DGD
$
69
$
44
173
$
74
(g)
The refining segment 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.
(h)
Primarily includes petrochemicals, gas
oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
(i)
Valero uses certain operating statistics
(as noted below) in the earnings release tables and the
accompanying earnings release to evaluate performance between
comparable periods. Different companies may calculate them in
different ways.
All per barrel of throughput, per gallon
of sales, and per gallon of production amounts are calculated by
dividing the associated dollar amount by the throughput volumes,
sales volumes, and production volumes for the period, as
applicable.
Throughput volumes, sales volumes, and
production volumes are calculated by multiplying throughput volumes
per day, sales volumes per day, and production volumes per day (as
provided in the accompanying tables), respectively, by the number
of days in the applicable period. We use throughput volumes, sales
volumes, and production volumes for the refining segment, renewable
diesel segment, and ethanol segment, respectively, due to their
general use by others who operate facilities similar to those
included in our segments. We believe the use of such volumes
results in per unit amounts that are most representative of the
product margins generated and the operating costs incurred as a
result of our operation of those facilities.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200730005446/en/
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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