SAN ANTONIO, Oct. 28, 2015 /PRNewswire/ -- Valero Energy
Corporation (NYSE: VLO, "Valero") today reported net income from
continuing operations attributable to Valero stockholders of
$1.4 billion, or $2.79 per share, in the third quarter of 2015
compared to $1.1 billion, or
$2.00 per share, in the third quarter
of 2014.
Valero also reported that its Board of Directors approved a 25
percent increase in the regular quarterly cash dividend on common
stock from $0.40 per share to
$0.50 per share, effective with the
quarterly dividend payable on December 17,
2015 to holders of record at the close of business on
November 23, 2015. The increase
in the dividend raises the company's annualized cash dividend to
$2.00 per share.
"So far this year, we've invested $1.7
billion into our business, increased our dividend over 80
percent, and more than doubled our buyback total," said
Joe Gorder, Valero Chairman,
President and Chief Executive Officer. "We had solid
operations and made great strides on strategic investments
including the crude unit projects at Corpus Christi and Houston."
The company expects the Corpus
Christi and Houston
crude units to be completed in the fourth quarter of 2015, and
the first half of 2016, respectively.
Refining
The refining segment generated third quarter
2015 operating income of $2.3 billion
compared to $1.7 billion in the third
quarter of 2014. The $631
million increase in operating income primarily resulted from
a $2.57 increase in throughput margin
per barrel from $11.81 in the third
quarter of 2014 to $14.38 in the
third quarter of 2015, driven mainly by stronger gasoline and other
product margins. Partially offsetting these factors were
lower distillate margins and discounts for most sweet and sour
crude oils relative to Brent crude oil.
Third quarter 2015 refining throughput volumes averaged 2.8
million barrels per day, which was in line with the third quarter
of 2014. Valero's refineries operated at 96 percent
throughput capacity utilization in the third quarter of 2015.
The company delivered export volumes of 330 thousand barrels per
day, a record for a third quarter.
"With strong product margins and healthy demand, we delivered
solid results this quarter," said Gorder. "We are seeing good
seasonal demand for our products in the fourth quarter."
Ethanol
The ethanol segment generated third quarter
2015 operating income of $35 million
compared to $198 million in the third quarter of 2014.
The $163 million decrease in
operating income was mainly due to lower gross margin per gallon
driven primarily by a decline in ethanol prices. Average
ethanol production volumes were 3.9 million gallons per day in the
third quarter of 2015, an increase of 297,000 gallons per day
versus the third quarter of 2014, primarily due to incremental
production volumes from the Mount
Vernon plant, which was acquired in 2014 and began operating
in August 2014.
Corporate and Other
General and administrative
expenses totaled $179 million in the
third quarter of 2015 compared to $180
million in the third quarter of 2014. The effective
tax rate was 32.4 percent in the third quarter of 2015.
Capital Allocation
Capital spending was $467 million in the third quarter of 2015, of
which $109 million was for
turnarounds and catalyst.
Valero returned a total of $1.3
billion in cash to stockholders in the third quarter of
2015, of which $199 million was paid
in dividends and $1.1 billion was
used to purchase 17.2 million shares of Valero common stock.
Year to date, dividends and stock buybacks totaled
$2.7 billion.
Valero is on target to reach a payout ratio of 75 percent for
2015, with a year-to-date ratio of 73 percent. The company
defines total payout ratio as the sum of dividends plus stock
buybacks divided by net income from continuing operations
attributable to Valero stockholders.
Liquidity and Financial Position
Valero ended the
third quarter of 2015 with $7.4
billion in total debt and $5.3
billion of cash and temporary cash investments, of which
$51 million was held by Valero Energy
Partners LP ("VLP"). Valero's debt-to-capital ratio, net of
$2 billion in cash, was approximately
20 percent.
Strategic Update
With the drop-down transaction that
occurred on October 1, 2015, Valero
has completed a total of $1.14
billion of drop-down transactions to VLP in 2015, exceeding
its $1 billion goal for the year.
This latest drop down puts VLP on track to increase its
quarterly distribution to the level needed to achieve the top tier
of incentive distributions to the general partner (Valero) by early
2016. The company remains committed to growing VLP through
drop-down transactions with an estimated $1
billion of potentially MLP-eligible EBITDA related to
existing assets.
"We continue to fuel VLP's growth through drop-down transactions
with supportive financing arrangements that benefit both parties,"
said Gorder.
Capital expenditures are expected to be within prior guidance of
approximately $2.65 billion for
2015 and consistent with prior guidance for 2016 at approximately
$2.4 billion. These
estimates exclude the St. Charles methanol project that remains
under evaluation.
Conference Call
Valero's senior management will hold a
conference call at 11 a.m. ET today
to discuss this earnings release and to provide an update on
company operations and strategy.
About Valero
Valero Energy Corporation, through its
subsidiaries, is an international manufacturer and marketer of
transportation fuels, other petrochemical products and power.
Valero subsidiaries employ approximately 10,000 people, and its
assets include 15 petroleum refineries with a combined throughput
capacity of approximately 2.9 million barrels per day, 11 ethanol
plants with a combined production capacity of 1.3 billion gallons
per year, a 50-megawatt wind farm, and renewable diesel production
from a joint venture. Through subsidiaries, Valero owns the general
partner of Valero Energy Partners LP (NYSE: VLP), a midstream
master limited partnership. Approximately 7,400 outlets carry
the Valero, Diamond Shamrock, Shamrock, and Beacon brands in
the United States and the
Caribbean; Ultramar in
Canada; and Texaco in the
United Kingdom and Ireland. Valero is a Fortune 500 company
based in San Antonio. Please visit
www.valero.com for more information.
Valero Contacts
Investors:
John Locke, Vice President –
Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor
Relations, 210-345-4574
Media:
Bill Day, Vice President –
Communications, 210-345-2928
To download our investor relations mobile app, which offers
access to SEC filings, press releases, quotes, and upcoming events,
please visit Apple's iTunes App
Store for your iPhone and iPad or Google's Play Store for
your Android mobile device.
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," 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. 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 and quarterly reports on Form 10-Q, filed with
the SEC and on Valero's website at www.valero.com, and VLP's annual
reports on Form 10-K and quarterly reports on Form 10-Q, filed with
the SEC and on VLP's website at www.valeroenergypartners.com.
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE (Millions of Dollars, Except per Share, per
Barrel, and per Gallon Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Statement of
Income Data:
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
|
22,579
|
|
|
$
|
34,408
|
|
|
$
|
69,027
|
|
|
$
|
102,985
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
18,677
|
|
|
31,023
|
|
|
58,234
|
|
|
93,820
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Refining
|
|
986
|
|
|
987
|
|
|
2,885
|
|
|
2,926
|
|
Ethanol
|
|
116
|
|
|
118
|
|
|
344
|
|
|
358
|
|
General and
administrative expenses
|
|
179
|
|
|
180
|
|
|
504
|
|
|
510
|
|
Depreciation
and amortization expense
|
|
482
|
|
|
430
|
|
|
1,348
|
|
|
1,265
|
|
Total
costs and expenses
|
|
20,440
|
|
|
32,738
|
|
|
63,315
|
|
|
98,879
|
|
Operating
income
|
|
2,139
|
|
|
1,670
|
|
|
5,712
|
|
|
4,106
|
|
Other income,
net
|
|
3
|
|
|
11
|
|
|
35
|
|
|
38
|
|
Interest and debt
expense, net of capitalized interest
|
|
(112)
|
|
|
(98)
|
|
|
(326)
|
|
|
(296)
|
|
Income from
continuing operations before income tax expense
|
|
2,030
|
|
|
1,583
|
|
|
5,421
|
|
|
3,848
|
|
Income tax
expense
|
|
657
|
|
|
521
|
|
|
1,715
|
|
|
1,293
|
|
Income from
continuing operations
|
|
1,373
|
|
|
1,062
|
|
|
3,706
|
|
|
2,555
|
|
Loss from
discontinued operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64)
|
|
Net income
|
|
1,373
|
|
|
1,062
|
|
|
3,706
|
|
|
2,491
|
|
Less:
Net income (loss) attributable to noncontrolling
interests
|
|
(4)
|
|
|
3
|
|
|
14
|
|
|
16
|
|
Net income
attributable to Valero Energy Corporation stockholders
|
|
$
|
1,377
|
|
|
$
|
1,059
|
|
|
$
|
3,692
|
|
|
$
|
2,475
|
|
Net income
attributable to Valero Energy Corporation
stockholders:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
1,377
|
|
|
$
|
1,059
|
|
|
$
|
3,692
|
|
|
$
|
2,539
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64)
|
|
Total
|
|
$
|
1,377
|
|
|
$
|
1,059
|
|
|
$
|
3,692
|
|
|
$
|
2,475
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.79
|
|
|
$
|
2.01
|
|
|
$
|
7.31
|
|
|
$
|
4.78
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.12)
|
|
Total
|
|
$
|
2.79
|
|
|
$
|
2.01
|
|
|
$
|
7.31
|
|
|
$
|
4.66
|
|
Weighted-average common shares outstanding (in millions)
|
|
491
|
|
|
526
|
|
|
503
|
|
|
529
|
|
Earnings per
common share – assuming dilution:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.79
|
|
|
$
|
2.00
|
|
|
$
|
7.30
|
|
|
$
|
4.76
|
|
Discontinued
operations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.12)
|
|
Total
|
|
$
|
2.79
|
|
|
$
|
2.00
|
|
|
$
|
7.30
|
|
|
$
|
4.64
|
|
Weighted-average common shares outstanding -assuming dilution (in millions)
|
|
494
|
|
|
530
|
|
|
506
|
|
|
533
|
|
|
|
|
|
|
|
|
|
|
Dividends per
common share
|
|
$
|
0.400
|
|
|
$
|
0.275
|
|
|
$
|
1.200
|
|
|
$
|
0.775
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating income
by business segment:
|
|
|
|
|
|
|
|
|
Refining
|
|
$
|
2,295
|
|
|
$
|
1,664
|
|
|
$
|
6,097
|
|
|
$
|
4,023
|
|
Ethanol
|
|
35
|
|
|
198
|
|
|
155
|
|
|
628
|
|
Corporate
|
|
(191)
|
|
|
(192)
|
|
|
(540)
|
|
|
(545)
|
|
Total
|
|
$
|
2,139
|
|
|
$
|
1,670
|
|
|
$
|
5,712
|
|
|
$
|
4,106
|
|
Depreciation and
amortization expense by business segment:
|
|
|
|
|
|
|
|
|
Refining
|
|
$
|
455
|
|
|
$
|
406
|
|
|
$
|
1,280
|
|
|
$
|
1,194
|
|
Ethanol
|
|
15
|
|
|
12
|
|
|
32
|
|
|
36
|
|
Corporate
|
|
12
|
|
|
12
|
|
|
36
|
|
|
35
|
|
Total
|
|
$
|
482
|
|
|
$
|
430
|
|
|
$
|
1,348
|
|
|
$
|
1,265
|
|
Operating
highlights:
|
|
|
|
|
|
|
|
|
Refining:
|
|
|
|
|
|
|
|
|
Throughput margin per barrel
|
|
$
|
14.38
|
|
|
$
|
11.81
|
|
|
$
|
13.52
|
|
|
$
|
10.86
|
|
Operating costs per
barrel:
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
3.80
|
|
|
3.81
|
|
|
3.80
|
|
|
3.90
|
|
Depreciation and amortization expense
|
|
1.75
|
|
|
1.57
|
|
|
1.69
|
|
|
1.59
|
|
Total operating costs per
barrel
|
|
5.55
|
|
|
5.38
|
|
|
5.49
|
|
|
5.49
|
|
Operating income per barrel
|
|
$
|
8.83
|
|
|
$
|
6.43
|
|
|
$
|
8.03
|
|
|
$
|
5.37
|
|
Throughput volumes (thousand barrels per day):
|
|
|
|
|
|
|
|
|
Feedstocks:
|
|
|
|
|
|
|
|
|
Heavy
sour crude oil
|
|
398
|
|
|
473
|
|
|
425
|
|
|
460
|
|
Medium/light sour crude
oil
|
|
416
|
|
|
465
|
|
|
421
|
|
|
482
|
|
Sweet
crude oil
|
|
1,307
|
|
|
1,208
|
|
|
1,210
|
|
|
1,119
|
|
Residuals
|
|
292
|
|
|
237
|
|
|
273
|
|
|
225
|
|
Other
feedstocks
|
|
119
|
|
|
123
|
|
|
142
|
|
|
134
|
|
Total feedstocks
|
|
2,532
|
|
|
2,506
|
|
|
2,471
|
|
|
2,420
|
|
Blendstocks and other
|
|
291
|
|
|
308
|
|
|
310
|
|
|
326
|
|
Total throughput volumes
|
|
2,823
|
|
|
2,814
|
|
|
2,781
|
|
|
2,746
|
|
Yields (thousand barrels per day):
|
|
|
|
|
|
|
|
|
Gasolines and
blendstocks
|
|
1,386
|
|
|
1,338
|
|
|
1,357
|
|
|
1,317
|
|
Distillates
|
|
1,065
|
|
|
1,087
|
|
|
1,060
|
|
|
1,049
|
|
Other products (a)
|
|
406
|
|
|
420
|
|
|
402
|
|
|
413
|
|
Total yields
|
|
2,857
|
|
|
2,845
|
|
|
2,819
|
|
|
2,779
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Refining operating
highlights by region (b):
|
|
|
|
|
|
|
|
|
U.S. Gulf
Coast:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
1,038
|
|
|
$
|
927
|
|
|
$
|
2,996
|
|
|
$
|
2,470
|
|
Throughput
volumes (thousand barrels per day)
|
|
1,571
|
|
|
1,613
|
|
|
1,570
|
|
|
1,589
|
|
Throughput
margin per barrel
|
|
$
|
12.93
|
|
|
$
|
11.47
|
|
|
$
|
12.52
|
|
|
$
|
11.00
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
3.87
|
|
|
3.63
|
|
|
3.76
|
|
|
3.69
|
|
Depreciation and amortization expense
|
|
1.88
|
|
|
1.59
|
|
|
1.77
|
|
|
1.61
|
|
Total operating costs per barrel
|
|
5.75
|
|
|
5.22
|
|
|
5.53
|
|
|
5.30
|
|
Operating income per barrel
|
|
$
|
7.18
|
|
|
$
|
6.25
|
|
|
$
|
6.99
|
|
|
$
|
5.70
|
|
U.S.
Mid-Continent:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
500
|
|
|
$
|
470
|
|
|
$
|
1,215
|
|
|
$
|
950
|
|
Throughput
volumes (thousand barrels per day)
|
|
470
|
|
|
469
|
|
|
446
|
|
|
431
|
|
Throughput
margin per barrel
|
|
$
|
16.74
|
|
|
$
|
16.24
|
|
|
$
|
15.33
|
|
|
$
|
13.76
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
3.51
|
|
|
3.80
|
|
|
3.68
|
|
|
4.03
|
|
Depreciation
and amortization expense
|
|
1.68
|
|
|
1.56
|
|
|
1.68
|
|
|
1.66
|
|
Total operating costs per barrel
|
|
5.19
|
|
|
5.36
|
|
|
5.36
|
|
|
5.69
|
|
Operating
income per barrel
|
|
$
|
11.55
|
|
|
$
|
10.88
|
|
|
$
|
9.97
|
|
|
$
|
8.07
|
|
North
Atlantic:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
415
|
|
|
$
|
239
|
|
|
$
|
1,167
|
|
|
$
|
582
|
|
Throughput
volumes (thousand barrels per day)
|
|
507
|
|
|
467
|
|
|
492
|
|
|
466
|
|
Throughput
margin per barrel
|
|
$
|
12.78
|
|
|
$
|
10.02
|
|
|
$
|
12.74
|
|
|
$
|
9.10
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
2.76
|
|
|
3.29
|
|
|
2.88
|
|
|
3.40
|
|
Depreciation and amortization expense
|
|
1.13
|
|
|
1.17
|
|
|
1.17
|
|
|
1.13
|
|
Total operating costs per barrel
|
|
3.89
|
|
|
4.46
|
|
|
4.05
|
|
|
4.53
|
|
Operating income per barrel
|
|
$
|
8.89
|
|
|
$
|
5.56
|
|
|
$
|
8.69
|
|
|
$
|
4.57
|
|
U.S. West
Coast:
|
|
|
|
|
|
|
|
|
Operating income
|
|
$
|
342
|
|
|
$
|
28
|
|
|
$
|
719
|
|
|
$
|
21
|
|
Throughput volumes (thousand barrels per day)
|
|
275
|
|
|
265
|
|
|
273
|
|
|
260
|
|
Throughput margin per barrel
|
|
$
|
21.61
|
|
|
$
|
9.14
|
|
|
$
|
17.70
|
|
|
$
|
8.38
|
|
Operating costs per barrel:
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
5.79
|
|
|
5.84
|
|
|
5.88
|
|
|
5.91
|
|
Depreciation and amortization
expense
|
|
2.28
|
|
|
2.14
|
|
|
2.17
|
|
|
2.17
|
|
Total operating costs
per barrel
|
|
8.07
|
|
|
7.98
|
|
|
8.05
|
|
|
8.08
|
|
Operating income per barrel
|
|
$
|
13.54
|
|
|
$
|
1.16
|
|
|
$
|
9.65
|
|
|
$
|
0.30
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Average market
reference prices and differentials:
|
|
|
|
|
|
|
|
|
Feedstocks
(dollars per barrel):
|
|
|
|
|
|
|
|
|
Brent crude
oil
|
|
$
|
51.13
|
|
|
$
|
103.28
|
|
|
$
|
56.59
|
|
|
$
|
106.97
|
|
Brent less
West Texas Intermediate (WTI) crude oil
|
|
4.73
|
|
|
5.78
|
|
|
5.66
|
|
|
7.21
|
|
Brent less
Alaska North Slope (ANS) crude oil
|
|
(0.31)
|
|
|
1.77
|
|
|
0.58
|
|
|
1.44
|
|
Brent less
Louisiana Light Sweet (LLS) crude oil
|
|
1.94
|
|
|
3.07
|
|
|
2.43
|
|
|
3.12
|
|
Brent less
Mars crude oil
|
|
6.82
|
|
|
6.73
|
|
|
6.40
|
|
|
7.12
|
|
Brent less
Maya crude oil
|
|
8.48
|
|
|
12.45
|
|
|
9.24
|
|
|
14.95
|
|
LLS crude
oil
|
|
49.19
|
|
|
100.21
|
|
|
54.16
|
|
|
103.85
|
|
LLS less
Mars crude oil
|
|
4.88
|
|
|
3.66
|
|
|
3.97
|
|
|
4.00
|
|
LLS less
Maya crude oil
|
|
6.54
|
|
|
9.38
|
|
|
6.81
|
|
|
11.83
|
|
WTI crude
oil
|
|
46.40
|
|
|
97.50
|
|
|
50.93
|
|
|
99.76
|
|
|
|
|
|
|
|
|
|
|
Natural gas
(dollars per million British Thermal Units)
|
|
2.72
|
|
|
3.96
|
|
|
2.73
|
|
|
4.58
|
|
|
|
|
|
|
|
|
|
|
Products (dollars
per barrel, unless otherwise noted):
|
|
|
|
|
|
|
|
|
U.S. Gulf
Coast:
|
|
|
|
|
|
|
|
|
CBOB
gasoline less Brent
|
|
12.40
|
|
|
6.04
|
|
|
10.95
|
|
|
5.05
|
|
Ultra-low-sulfur diesel less Brent
|
|
12.13
|
|
|
13.92
|
|
|
13.76
|
|
|
13.96
|
|
Propylene less Brent
|
|
(13.85)
|
|
|
3.39
|
|
|
(3.95)
|
|
|
0.34
|
|
CBOB
gasoline less LLS
|
|
14.34
|
|
|
9.11
|
|
|
13.38
|
|
|
8.17
|
|
Ultra-low-sulfur diesel less LLS
|
|
14.07
|
|
|
16.99
|
|
|
16.19
|
|
|
17.08
|
|
Propylene less LLS
|
|
(11.91)
|
|
|
6.46
|
|
|
(1.52)
|
|
|
3.46
|
|
U.S.
Mid-Continent:
|
|
|
|
|
|
|
|
|
CBOB
gasoline less WTI
|
|
22.71
|
|
|
13.96
|
|
|
19.09
|
|
|
14.35
|
|
Ultra-low-sulfur diesel less WTI
|
|
20.36
|
|
|
21.73
|
|
|
20.36
|
|
|
22.86
|
|
North
Atlantic:
|
|
|
|
|
|
|
|
|
CBOB
gasoline less Brent
|
|
16.28
|
|
|
11.57
|
|
|
13.49
|
|
|
9.55
|
|
Ultra-low-sulfur diesel less Brent
|
|
14.54
|
|
|
15.20
|
|
|
17.59
|
|
|
17.33
|
|
U.S. West
Coast:
|
|
|
|
|
|
|
|
|
CARBOB
87 gasoline less ANS
|
|
31.59
|
|
|
17.48
|
|
|
27.21
|
|
|
15.80
|
|
CARB
diesel less ANS
|
|
14.84
|
|
|
20.19
|
|
|
17.39
|
|
|
18.26
|
|
CARBOB
87 gasoline less WTI
|
|
36.63
|
|
|
21.49
|
|
|
32.29
|
|
|
21.57
|
|
CARB
diesel less WTI
|
|
19.88
|
|
|
24.20
|
|
|
22.47
|
|
|
24.03
|
|
New York
Harbor corn crush (dollars per gallon)
|
|
0.20
|
|
|
0.81
|
|
|
0.22
|
|
|
0.90
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
EARNINGS
RELEASE
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Ethanol:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
35
|
|
|
$
|
198
|
|
|
$
|
155
|
|
|
$
|
628
|
|
Production (thousand
gallons per day)
|
|
3,853
|
|
|
3,556
|
|
|
3,808
|
|
|
3,311
|
|
Gross margin per
gallon of production
|
|
$
|
0.47
|
|
|
$
|
1.00
|
|
|
$
|
0.51
|
|
|
$
|
1.13
|
|
Operating costs per
gallon of production:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
0.33
|
|
|
0.36
|
|
|
0.33
|
|
|
0.40
|
|
Depreciation
and amortization expense
|
|
0.04
|
|
|
0.04
|
|
|
0.03
|
|
|
0.04
|
|
Total
operating costs per gallon of production
|
|
0.37
|
|
|
0.40
|
|
|
0.36
|
|
|
0.44
|
|
Operating income per
gallon of production
|
|
$
|
0.10
|
|
|
$
|
0.60
|
|
|
$
|
0.15
|
|
|
$
|
0.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
Current
assets
|
|
$
|
16,827
|
|
|
$
|
16,614
|
|
Cash and temporary
cash investments, including $51 and $237, respectively, held by
Valero Energy Partners LP, included in current assets
|
|
5,301
|
|
|
3,689
|
|
Inventories included
in current assets
|
|
6,557
|
|
|
6,623
|
|
Replacement cost
(market value) of LIFO inventories in excess of LIFO carrying
amounts
|
|
1,018
|
|
|
857
|
|
Current
liabilities
|
|
8,289
|
|
|
9,980
|
|
Current portion of
debt and capital lease obligations included in current
liabilities
|
|
129
|
|
|
606
|
|
Debt and capital
lease obligations, less current portion
|
|
7,252
|
|
|
5,780
|
|
Total debt and
capital lease obligations
|
|
7,381
|
|
|
6,386
|
|
Valero Energy
Corporation stockholders' equity
|
|
21,321
|
|
|
20,677
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
|
|
September
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Valero Energy
Partners LP:
|
|
|
|
|
|
|
|
|
Weighted-average
limited partner units outstanding:
|
|
|
|
|
|
|
|
Common units -
public (basic and diluted)
|
|
17
|
|
|
17
|
|
|
17
|
|
|
17
|
|
Common units -
Valero (basic and diluted)
|
|
13
|
|
|
12
|
|
|
13
|
|
|
12
|
|
Subordinated
units - Valero (basic and diluted)
|
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
|
Distributions
declared:
|
|
|
|
|
|
|
|
Limited
partner units - public
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
15
|
|
|
$
|
12
|
|
Limited
partner units - Valero
|
|
14
|
|
|
9
|
|
|
38
|
|
|
27
|
|
General
partner units - Valero
|
|
1
|
|
|
1
|
|
|
3
|
|
|
1
|
|
Total distribution declared
|
|
$
|
20
|
|
|
$
|
14
|
|
|
$
|
56
|
|
|
$
|
40
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
NOTES TO EARNINGS
RELEASE
|
|
|
(a)
|
Primarily includes
petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur,
and asphalt.
|
(b)
|
The 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.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valero-energy-reports-third-quarter-2015-results-and-25-percent-dividend-increase-300167748.html
SOURCE Valero Energy Corporation