UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission File Number 001-13175 VALERO ENERGY CORPORATION (Exact name of registrant as specified in its charter) Delaware 7 ...

Valero Energy Corp (NYSE:VLO) Q1 2023 Earnings Conference Call April 27, 2023 10:00 AM ET Company Participants Homer Bhullar - VP, IR & Finance Joseph Gorder - Chairman & CEO Richard Walsh - SVP, General Counsel & Secretary Gary Simmons - EVP & Chief Commercial Officer Lane Riggs - President & COO Jason Fraser - EVP & CFO Conference Call Participants Manav Gupta - UBS Theresa Chen - Barclays Bank Kalei Akamine - Bank of America Merrill Lynch Matthew Blair - Tudor, Pickering, Holt & Co. Jason Gabelman - TD C ...

Financial Performance - Net income attributable to Valero stockholders for Q1 2023 was $3.1 billion, a $2.2 billion increase from $905 million in Q1 2022, driven by a $2.7 billion increase in operating income[121] - Total company operating income grew by $2.659 billion to $4.043 billion in Q1 2023 compared to $1.384 billion in Q1 2022[122] - Operating income increased by $2.7 billion in Q1 2023 compared to Q1 2022, with refining segment contributing $2.6 billion due to higher gasoline and diesel margins, crude oil discounts, and throughput volumes[123] - Net income attributable to Valero Energy Corporation stockholders was $3.067 billion in Q1 2023, compared to $905 million in Q1 2022[130][133] - Operating income increased by $2.7 billion (195%) to $4.0 billion in Q1 2023, driven by a $4.8 billion decrease in cost of sales[141] - Total company operating income reached $4,043 million in Q1 2023, compared to $1,384 million in Q1 2022[167] Segment Performance - Refining segment operating income increased by $2.6 billion to $4.057 billion in Q1 2023 compared to $1.451 billion in Q1 2022[122] - Renewable Diesel segment operating income rose by $56 million to $205 million in Q1 2023 from $149 million in Q1 2022[122] - Ethanol segment operating income increased by $38 million to $39 million in Q1 2023 from $1 million in Q1 2022[122] - Renewable Diesel segment operating income increased by $56 million in Q1 2023, driven by higher sales volumes despite lower renewable diesel prices and higher operating expenses[123] - Ethanol segment adjusted operating income increased by $37 million in Q1 2023, primarily due to higher corn-related co-product prices and production volumes, partially offset by lower ethanol prices[124] - Refining segment operating income increased by $2.6 billion (180%) to $4.1 billion in Q1 2023, with refining margin up $2.7 billion (84%)[146][147] - Renewable Diesel segment operating income increased by $56 million (38%) to $205 million in Q1 2023, with sales volumes up 1.3 million gallons per day (72%)[150][151] - Ethanol segment operating income increased by $38 million to $39 million in Q1 2023, driven by a $32 million (20%) increase in ethanol margin[154][155] - Refining operating income increased to $4,057 million in Q1 2023, up from $1,451 million in Q1 2022[161] - Renewable Diesel operating income rose to $205 million in Q1 2023, compared to $149 million in Q1 2022[162] - Ethanol operating income surged to $39 million in Q1 2023, up from $1 million in Q1 2022[163] Cash Flow and Liquidity - Operations generated $3.2 billion of cash in Q1 2023, with $524 million used for capital investments and $1.8 billion returned to stockholders through stock buybacks and dividends[120] - Cash and cash equivalents increased by $659 million to $5.5 billion as of March 31, 2023, from $4.9 billion as of December 31, 2022[120] - Liquidity stood at $10.8 billion as of March 31, 2023[120] - Cash and cash equivalents totaled $5,403 million as of March 31, 2023[170] - Operating activities generated $3,170 million in cash flow for Q1 2023, up from $588 million in Q1 2022[174] - Net increase in cash and cash equivalents was $659 million for Q1 2023[174] Capital Investments and Debt Management - The company purchased approximately $199 million of its public debt during Q1 2023, contributing to debt reduction efforts[120] - Capital investments for Q1 2023 amounted to $549 million, including $114 million related to DGD[175] - Debt repayments and finance lease obligations totaled $1,156 million in Q1 2023[174] - Return to stockholders through stock repurchases and dividends was $1,830 million in Q1 2023[174] - Capital investments attributable to Valero for the three months ended March 31, 2023, totaled $467 million, compared to $718 million in the same period in 2022[186] - Valero expects to incur approximately $2.0 billion in capital investments for 2023, with $1.5 billion allocated to sustaining the business and the remainder towards growth strategies, including over 40% for low-carbon business expansion[186] - During the three months ended March 31, 2023, Valero purchased and retired approximately $199 million of its public debt[188] - Valero repurchased 10,993,341 shares for $1.5 billion during the three months ended March 31, 2023, with $899 million remaining under the October 2022 Program and $2.5 billion available under the 2023 Program[189] - Valero's fixed-rate debt as of March 31, 2023, totaled $8.265 billion, with an average interest rate of 4.8%, while floating-rate debt stood at $852 million with an average interest rate of 8.1%[197] Market Conditions and Demand - Strong worldwide demand for petroleum-based transportation fuels and constrained supply contributed to strong refining margins in Q1 2023[119] - Gasoline and diesel demand have returned to near pre-pandemic levels, while jet fuel demand remains below pre-pandemic levels but continues to improve[125] - Light product inventories in the U.S. and Europe are below historical levels, supporting continued high utilization of refining capacity[125] - Crude oil discounts have narrowed due to reduced sour crude oil production from OPEC+ suppliers but are expected to remain near current levels[126] - Renewable diesel margins are expected to remain consistent with current levels[126] - Brent crude oil price averaged $82.20 per barrel in Q1 2023, down from $97.34 per barrel in Q1 2022[136] - Total company revenues decreased by $2.1 billion (5.5%) in Q1 2023 compared to Q1 2022, primarily due to lower petroleum-based transportation fuel prices[141] Production and Throughput - Throughput volumes in the Refining segment increased by 130,000 barrels per day (4.6%) in Q1 2023 compared to Q1 2022[146] - Renewable Diesel segment margin increased by $123 million (54%) in Q1 2023, primarily due to higher sales volumes from new production capacity[151] - Ethanol production volumes increased by 138,000 gallons per day (3.4%) in Q1 2023 compared to Q1 2022[154] Other Financial Items - Other income increased by $149 million in Q1 2023, including a $61 million gain from early retirement of debt[143][144] - Income tax expense increased by $628 million (249%) in Q1 2023 due to higher pre-tax income[144] - As of March 31, 2023, Valero held $4.3 billion in cash and cash equivalents in foreign subsidiaries, which can be repatriated with potential tax implications[191] - Valero plans to contribute $108 million to its pension plans and $21 million to other postretirement benefit plans during 2023[190] Environmental and Regulatory Matters - Valero resolved an environmental enforcement matter with the EPA related to a 2019 emissions event at its Benicia Refinery through a Consent Agreement and Final Order on March 30, 2023[203]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-13175 VALERO ENERGY CORPORATION (Exact name of registrant as specified in its charter) Delaware 74-18 ...

Valero Energy Corporation (NYSE:VLO) Q4 2022 Earnings Conference Call January 26, 2023 10:00 AM ET Company Participants Homer Bhullar - Vice President, Investor Relations Joe Gorder - Chairman & Chief Executive Officer Lane Riggs - President & Chief Operating Officer Jason Fraser - Executive Vice President & Chief Financial Officer Gary Simmons - Executive Vice President & Chief Commercial Officer Rich Walsh - Senior Vice President & General Counsel Conference Call Participants Theresa Chen - Barclays Doug ...

Valero Energy Corporation (NYSE:VLO) Q3 2022 Earnings Conference Call October 25, 2022 10:00 AM ET Company Participants Homer Bhullar - Vice President-Investor Relations & Finance Joe Gorder - Chairman & Chief Executive Officer Lane Riggs - President & Chief Operating Officer Jason Fraser - Executive Vice President & Chief Financial Officer Gary Simmons - Executive Vice President & Chief Commercial Officer Rich Walsh - Senior Vice President, General Counsel & Secretary Eric Fisher - Senior Vice President-Wh ...

Valero Energy Corporation (NYSE:VLO) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Homer Bhullar - Head of Investor Relations Joe Gorder - Chairman and Chief Executive Officer Lane Riggs - President and Chief Operating Officer Jason Fraser - Executive Vice President and Chief Financial Officer Gary Simmons - Executive Vice President and Chief Commercial Officer Eric Herbort - Business Development Manager Richard Joe Walsh - Senior Vice President, General Counsel and Secreta ...