Property, Plant and Equipment Disclosure
Asset Age Ratios (Summary)
Average Age
Estimated Total Useful Life
Estimated Age, Time Elapsed Since Purchase
Estimated Remaining Life

Valero Energy Corp., balance sheet: property, plant and equipment

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Land	505)	499)	494)	485)	476)
Crude oil processing facilities	34,043)	32,699)	32,744)	32,246)	31,419)
Transportation and terminaling facilities	5,978)	5,900)	5,747)	5,290)	5,179)
Waste and renewable feedstocks processing facilities	3,243)	3,215)	1,826)	631)	628)
Corn processing facilities	1,069)	1,052)	1,216)	1,212)	1,201)
Administrative buildings	1,137)	1,095)	1,055)	1,038)	1,015)
Finance lease ROU assets	3,062)	2,906)	2,293)	1,902)	944)
Other	1,942)	1,886)	1,835)	1,764)	1,701)
Construction in progress	689)	1,324)	1,862)	2,399)	1,731)
Property, plant, and equipment, at cost	51,668)	50,576)	49,072)	46,967)	44,294)
Accumulated depreciation	(21,459)	(19,598)	(18,225)	(16,578)	(15,030)
Property, plant, and equipment, net	30,209)	30,978)	30,847)	30,389)	29,264)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Property, plant, and equipment, at cost	Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Valero Energy Corp. property, plant, and equipment, at cost increased from 2021 to 2022 and from 2022 to 2023.
Property, plant, and equipment, net	Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.	Valero Energy Corp. property, plant, and equipment, net increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Valero Energy Corp., asset age ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Average age ratio	41.94%	39.14%	37.52%	35.67%	34.30%
Estimated total useful life (years)	27	29	29	29	29
Estimated age, time elapsed since purchase (years)	11	12	11	10	10
Estimated remaining life (years)	16	18	18	19	19

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Asset age ratio	Description	The company
Average age ratio	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Valero Energy Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Valero Energy Corp. estimated total useful life of depreciable property, plant and equipment increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Valero Energy Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Estimated remaining life		Valero Energy Corp. estimated remaining life of depreciable property, plant and equipment increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	21,459)	19,598)	18,225)	16,578)	15,030)
Property, plant, and equipment, at cost	51,668)	50,576)	49,072)	46,967)	44,294)
Land	505)	499)	494)	485)	476)
Asset Age Ratio
Average age¹	41.94%	39.14%	37.52%	35.67%	34.30%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Average age = 100 × Accumulated depreciation ÷ (Property, plant, and equipment, at cost – Land)
= 100 × 21,459 ÷ (51,668 – 505) = 41.94%

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Asset age ratio	Description	The company
Average age	As long as straight-line depreciation is used, this is an accurate estimate of asset age as a percentage of depreciable life. The relative age is a useful measure of whether the company fixed asset base is old or new. Newer assets are likely to be more efficient.	Valero Energy Corp. average age ratio of depreciable property, plant and equipment deteriorated from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Property, plant, and equipment, at cost	51,668)	50,576)	49,072)	46,967)	44,294)
Land	505)	499)	494)	485)	476)
Depreciation expense	1,900)	1,700)	1,700)	1,600)	1,500)
Asset Age Ratio (Years)
Estimated total useful life¹	27	29	29	29	29

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Estimated total useful life = (Property, plant, and equipment, at cost – Land) ÷ Depreciation expense
= (51,668 – 505) ÷ 1,900 = 27

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Asset age ratio	Description	The company
Estimated total useful life	Over longer time periods, this ratio is a useful measure of company depreciation policy and can be used for comparisons with competitors.	Valero Energy Corp. estimated total useful life of depreciable property, plant and equipment increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Accumulated depreciation	21,459)	19,598)	18,225)	16,578)	15,030)
Depreciation expense	1,900)	1,700)	1,700)	1,600)	1,500)
Asset Age Ratio (Years)
Time elapsed since purchase¹	11	12	11	10	10

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= 21,459 ÷ 1,900 = 11

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Asset age ratio	Description	The company
Estimated time elapsed since purchase	The approximate age in years of a company fixed assets. Useful for comparison purposes.	Valero Energy Corp. estimated time elapsed since purchase of depreciable property, plant and equipment deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Property, plant, and equipment, net	30,209)	30,978)	30,847)	30,389)	29,264)
Land	505)	499)	494)	485)	476)
Depreciation expense	1,900)	1,700)	1,700)	1,600)	1,500)
Asset Age Ratio (Years)
Estimated remaining life¹	16	18	18	19	19

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Estimated remaining life = (Property, plant, and equipment, net – Land) ÷ Depreciation expense
= (30,209 – 505) ÷ 1,900 = 16

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Asset age ratio	Description	The company
Estimated remaining life		Valero Energy Corp. estimated remaining life of depreciable property, plant and equipment increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Valero Energy Corp. (NYSE:VLO)

Analysis of Property, Plant and Equipment

Property, Plant and Equipment Disclosure

Asset Age Ratios (Summary)

Average Age

Estimated Total Useful Life

Estimated Age, Time Elapsed since Purchase

Estimated Remaining Life