Valero Energy Corp. (NYSE:VLO)

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Valero Energy Corp., adjusted total assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total assets	63,056)	60,982)	57,888)	51,774)	53,864)
Adjustments
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve²	4,400)	6,300)	5,200)	1,300)	2,500)
After Adjustment
Adjusted total assets	67,484)	67,312)	63,116)	53,121)	56,400)

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).

¹ Operating lease right-of-use asset (before adoption of FASB Topic 842). See details »

² LIFO reserve. See details »

A general upward trajectory is observed in both reported and adjusted total assets between 2019 and 2023, despite a temporary contraction occurring in 2020. Reported total assets grew from 53,864 million USD to 63,056 million USD over the five-year period, while adjusted total assets increased from 56,400 million USD to 67,484 million USD. The period is characterized by a significant recovery and expansion phase beginning in 2021.

Growth Trends in Total Assets: Total assets experienced a moderate decline of approximately 3.9% in 2020, falling to 51,774 million USD. This was followed by a substantial rebound in 2021, with assets increasing by roughly 11.8% to 57,888 million USD. Growth continued at a decelerating pace through 2022 and 2023, ending the period with a total increase of 17% relative to 2019 levels.
Analysis of Adjusted Total Assets: Adjusted total assets consistently exceeded reported total assets throughout the analyzed period. A sharp increase is noted in 2021, where adjusted assets rose by 18.8% to 63,116 million USD. However, growth in this metric slowed considerably by 2023, showing a marginal increase of only 0.3% over the previous year's figure of 67,312 million USD.
Variance Between Reported and Adjusted Assets: The spread between reported and adjusted total assets fluctuated significantly. The variance narrowed in 2020 to 1,347 million USD before widening substantially in 2021 and 2022, peaking at a difference of 6,330 million USD in 2022. In 2023, this gap contracted to 4,428 million USD, indicating a divergence in the growth rates of the two asset measures toward the end of the period.

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Valero Energy Corp., adjusted total liabilities

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total liabilities	34,532)	35,514)	38,071)	32,132)	31,328)
Adjustments
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Less: Deferred income tax liabilities²	5,349)	5,217)	5,210)	5,275)	5,103)
After Adjustment
Adjusted total liabilities	29,183)	30,297)	32,861)	26,857)	26,225)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Deferred income tax liabilities. See details »

An analysis of the liability structure from 2019 through 2023 reveals a period of expansion followed by a gradual contraction. Both total and adjusted liabilities peaked in 2021 before initiating a downward trend over the subsequent two fiscal years.

Liability Trajectory: Total liabilities increased from US$ 31,328 million in 2019 to a peak of US$ 38,071 million in 2021. Following this peak, a steady decline was observed, with obligations reducing to US$ 35,514 million in 2022 and further to US$ 34,532 million by December 31, 2023.
Analysis of Adjustments: Adjusted total liabilities followed a trajectory nearly identical to total liabilities, reaching a maximum of US$ 32,861 million in 2021 before descending to US$ 29,183 million in 2023. The absolute difference between total and adjusted liabilities remained remarkably consistent across the five-year period, fluctuating narrowly between US$ 5,103 million and US$ 5,349 million.
Growth and Contraction Patterns: The most significant escalation in debt occurred between 2020 and 2021, where total liabilities rose by approximately 18.5%. This was followed by a multi-year reduction phase, resulting in a cumulative decrease of approximately 9.3% from the 2021 peak to the 2023 year-end balance.

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Valero Energy Corp., adjusted total Valero Energy Corporation stockholders’ equity

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Adjustments
Less: Net deferred income tax assets (liabilities)¹	(5,349)	(5,217)	(5,210)	(5,275)	(5,103)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve²	4,400)	6,300)	5,200)	1,300)	2,500)
Add: Noncontrolling interests	2,178)	1,907)	1,387)	841)	733)
After Adjustment
Adjusted total equity	38,301)	37,015)	30,255)	26,264)	30,175)

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).

¹ Net deferred income tax assets (liabilities). See details »

² LIFO reserve. See details »

The equity position of the organization exhibits a volatile but ultimately upward trajectory between 2019 and 2023, characterized by a period of initial contraction followed by a sustained recovery and growth phase.

Total Stockholders' Equity Trend: A downward trend in reported stockholders' equity is observed from 2019 to 2021, with values decreasing from 21,803 million USD to a minimum of 18,430 million USD. This contraction was followed by a significant recovery beginning in 2022, as equity rose to 23,561 million USD, eventually reaching 26,346 million USD by December 31, 2023. This indicates a strengthened capital position relative to the 2019 baseline.
Adjusted Total Equity Performance: Adjusted total equity mirrored the general trend of the reported equity but demonstrated a more rapid rebound. After declining from 30,175 million USD in 2019 to 26,264 million USD in 2020, the adjusted figure returned to pre-pandemic levels by 2021 at 30,255 million USD. This growth accelerated through 2022 and 2023, culminating in a peak of 38,301 million USD.
Analysis of Equity Divergence: A persistent positive variance is maintained between the adjusted total equity and the reported stockholders' equity. This gap expanded from 8,372 million USD in 2019 to 11,955 million USD in 2023. The most pronounced divergence occurred in 2022, where the difference reached 13,454 million USD, suggesting that the factors driving the equity adjustments intensified during the period of corporate recovery.

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Valero Energy Corp., adjusted capitalization table

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Current portion of debt and finance lease obligations	1,406)	1,109)	1,264)	723)	494)
Debt and finance lease obligations, less current portion	10,118)	10,526)	12,606)	13,954)	9,178)
Total reported debt	11,524)	11,635)	13,870)	14,677)	9,672)
Total Valero Energy Corporation stockholders’ equity	26,346)	23,561)	18,430)	18,801)	21,803)
Total reported capital	37,870)	35,196)	32,300)	33,478)	31,475)
Adjustments to Debt
Add: Operating lease liability (before adoption of FASB Topic 842)¹	—)	—)	—)	—)	—)
Add: Current operating lease liabilities²	360)	311)	315)	285)	331)
Add: Noncurrent operating lease liabilities³	753)	776)	940)	885)	959)
Adjusted total debt	12,637)	12,722)	15,125)	15,847)	10,962)
Adjustments to Equity
Less: Net deferred income tax assets (liabilities)⁴	(5,349)	(5,217)	(5,210)	(5,275)	(5,103)
Add: Allowance for credit losses	28)	30)	28)	47)	36)
Add: LIFO reserve⁵	4,400)	6,300)	5,200)	1,300)	2,500)
Add: Noncontrolling interests	2,178)	1,907)	1,387)	841)	733)
Adjusted total equity	38,301)	37,015)	30,255)	26,264)	30,175)
After Adjustment
Adjusted total capital	50,938)	49,737)	45,380)	42,111)	41,137)

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).

¹ Operating lease liability (before adoption of FASB Topic 842). See details »

² Current operating lease liabilities. See details »

³ Noncurrent operating lease liabilities. See details »

⁴ Net deferred income tax assets (liabilities). See details »

⁵ LIFO reserve. See details »

The capital structure exhibits a period of volatility between 2019 and 2021, followed by a consistent strengthening of the balance sheet through 2023. A general trend of deleveraging and equity growth is observable in the latter half of the period analyzed.

Debt Obligations and Trends: Reported total debt experienced a significant increase from 9,672 million US$ in 2019 to a peak of 14,677 million US$ in 2020. Following this peak, a steady downward trend is observed, with debt levels declining to 11,524 million US$ by the end of 2023. Adjusted total debt follows a similar trajectory, peaking in 2020 at 15,847 million US$ before reducing to 12,637 million US$ in 2023, indicating a systematic reduction in liabilities.
Equity Growth and Recovery: Total stockholders' equity showed a contraction between 2019 and 2021, reaching a low of 18,430 million US$. However, a strong recovery occurred starting in 2022, with equity rising to 26,346 million US$ by 2023. The adjusted total equity figures are substantially higher than the reported values, growing from 30,175 million US$ in 2019 to 38,301 million US$ in 2023, suggesting the inclusion of significant adjustments that enhance the perceived equity base.
Total Capitalization and Adjustments: Reported total capital increased from 31,475 million US$ in 2019 to 37,870 million US$ in 2023. A more pronounced expansion is seen in the adjusted total capital, which rose from 41,137 million US$ to 50,938 million US$ over the same period. The gap between reported and adjusted capital widened over time, primarily driven by the significant positive variance in adjusted equity.

The overall financial trajectory indicates a strategic shift toward a more equity-heavy capital structure. The simultaneous reduction in total debt and the substantial increase in both reported and adjusted equity contribute to a strengthened solvency profile by 2023.

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Valero Energy Corp., adjusted net income (loss) attributable to Valero Energy Corporation stockholders

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Net income (loss) attributable to Valero Energy Corporation stockholders	8,835)	11,528)	930)	(1,421)	2,422)
Adjustments
Add: Deferred income tax expense (benefit)¹	103)	50)	(126)	158)	234)
Add: Increase (decrease) in allowance for credit losses	(2)	2)	(19)	11)	2)
Add: Increase (decrease) in LIFO reserve²	(1,900)	1,100)	3,900)	(1,200)	1,000)
Add: Other comprehensive income (loss)	535)	(354)	247)	99)	155)
Add: Comprehensive income (loss), net of tax, attributable to noncontrolling interest	360)	348)	359)	316)	361)
After Adjustment
Adjusted net income (loss)	7,931)	12,674)	5,291)	(2,037)	4,174)

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).

¹ Deferred income tax expense (benefit). See details »

² Increase (decrease) in LIFO reserve. See details »

The financial performance from 2019 to 2023 is characterized by significant volatility in both reported and adjusted net income. A profound contraction occurred in 2020, resulting in net losses, followed by a rapid recovery and a peak in profitability during the 2022 fiscal year.

Reported Net Income Trajectory: Reported net income transitioned from 2,422 million US$ in 2019 to a loss of 1,421 million US$ in 2020. A recovery phase followed, with income rising to 930 million US$ in 2021 and surging to a period high of 11,528 million US$ in 2022, before moderating to 8,835 million US$ in 2023.
Adjusted Net Income Trends: Adjusted net income mirrored the directional movement of reported earnings but exhibited more pronounced fluctuations. The 2020 loss was deeper than reported, reaching 2,037 million US$. The recovery in 2021 was significantly more robust in adjusted terms at 5,291 million US$, and the 2022 peak reached 12,674 million US$. By 2023, adjusted net income declined to 7,931 million US$.
Variance Between Reported and Adjusted Income: A positive adjustment gap, where adjusted net income exceeded reported net income, was observed in 2019, 2021, and 2022. The most substantial divergence occurred in 2021, with a positive variance of 4,361 million US$. In contrast, negative adjustments were present in 2020 and 2023, where adjusted net income was lower than reported figures, indicating the removal of non-recurring gains to arrive at the adjusted total.

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