Analysis of Revenues
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Revenues as Reported
Valero Energy Corp., income statement, revenues
US$ in millions
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).
- Overall Revenue Trends
- The total revenues exhibited significant volatility over the five-year period. Starting at $108.3 billion in 2019, revenues declined sharply to $64.9 billion in 2020, before rebounding strongly to $114.0 billion in 2021. This upward momentum intensified in 2022, reaching a peak of $176.4 billion, then decreased to $144.8 billion in 2023. The initial decline and subsequent recovery correlate with external market conditions impacting the industry.
- Refining Revenues
- Refining revenues followed a similar pattern to total revenues. Beginning at $103.7 billion in 2019, there was a notable drop to $60.8 billion in 2020. Subsequent years saw sharp increases to $106.9 billion in 2021 and $168.2 billion in 2022, before receding to $136.5 billion in 2023. This suggests that refining activities largely drive overall revenue fluctuations.
- Gasolines and Blendstocks
- Revenues from gasolines and blendstocks fell drastically from $42.8 billion in 2019 to $26.3 billion in 2020, likely reflecting decreased demand. These revenues rebounded to $49.5 billion in 2021 and peaked at $70.5 billion in 2022. However, in 2023, there was a decline to $61.5 billion, indicating some softening in this segment.
- Distillates
- Distillate revenues also showed pronounced fluctuations, decreasing from $51.9 billion in 2019 to $28.2 billion in 2020, followed by a rise to $45.9 billion in 2021, then reaching a high of $82.5 billion in 2022. A decline to $63.7 billion in 2023 was observed, mirroring the pattern in gasoline revenues and overall refining revenues.
- Other Product Revenues
- This segment experienced a decrease from $9.0 billion in 2019 to $6.3 billion in 2020. It then recovered to $11.5 billion in 2021 and $15.1 billion in 2022, before falling to $11.3 billion in 2023. The recovery phase was less volatile compared to gasoline and distillates but still showed sensitivity to market changes.
- Renewable Diesel and Renewable Naphtha
- Renewable diesel revenues displayed steady growth throughout the period. From $970 million in 2019, they increased each year, reaching $3.7 billion in 2023. Renewable naphtha revenues appeared only in 2022 and 2023 at relatively low levels ($150 million and $158 million, respectively), indicating a nascent but growing product line within renewables.
- Ethanol and Distillers Grains
- Ethanol revenues declined from $3.6 billion in 2019 to $3.0 billion in 2020, then rose substantially to $5.2 billion in 2021. After a slight decrease to $4.7 billion in 2022 and $4.5 billion in 2023, the segment showed moderate stability following initial fluctuations. Distillers grains revenues showed a gradual increase from $717 million in 2019 to $1.2 billion in 2023, reflecting steady growth in this subcategory.
- Corporate and Other Revenues
- Corporate and other revenues were minimal and largely absent, with only a small figure reported in 2019 and no data in subsequent years.
- Summary of Insights
- The data reflect a significant impact from external events around 2020, likely affecting demand and pricing within the refining and fuel product sectors. The subsequent recovery, especially in 2021 and 2022, suggests a rebound in market conditions. The declines observed in 2023 indicate some easing of peak market conditions. Renewable energy products show consistent growth, highlighting a strategic emphasis on diversification within the energy portfolio. The overall trend points to volatility driven by market cycles but also the emergence of renewables as an increasing part of the revenue mix.