Name: Valero Energy Corp. (NYSE:VLO) | Balance Sheet: Assets (Quarterly)
Creator: Stock Analysis on Net

Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

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Valero Energy Corp., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cash and cash equivalents	5,184)	5,246)	4,917)	5,424)	5,831)	5,075)	5,521)	4,862)	3,969)	5,392)	2,638)	4,122)	3,498)	3,572)	2,254)	3,313)	4,047)	2,319)	1,515)	2,583)	2,137)	2,033)	2,777)
Receivables, net	11,073)	13,145)	12,150)	12,525)	12,566)	10,888)	9,688)	11,919)	11,581)	14,439)	13,080)	10,378)	8,627)	9,132)	9,014)	6,109)	5,601)	4,152)	5,392)	8,904)	7,994)	9,050)	8,289)
Inventories	7,048)	8,028)	7,912)	7,583)	7,513)	6,961)	7,455)	6,752)	6,628)	7,147)	7,174)	6,265)	6,227)	6,103)	5,881)	6,038)	5,357)	5,420)	3,675)	7,013)	6,376)	6,281)	6,554)
Prepaid expenses and other	671)	696)	695)	689)	667)	771)	671)	600)	518)	431)	421)	400)	438)	565)	442)	384)	417)	871)	883)	469)	526)	447)	860)
Current assets	23,976)	27,115)	25,674)	26,221)	26,577)	23,695)	23,335)	24,133)	22,696)	27,409)	23,313)	21,165)	18,790)	19,372)	17,591)	15,844)	15,422)	12,762)	11,465)	18,969)	17,033)	17,811)	18,480)
Property, plant, and equipment, at cost	52,424)	52,074)	51,943)	51,668)	51,208)	51,125)	50,828)	50,576)	49,638)	49,602)	49,488)	49,072)	48,235)	47,852)	47,370)	46,967)	46,857)	46,335)	45,789)	44,294)	43,539)	43,110)	42,388)
Accumulated depreciation	(22,743)	(22,305)	(21,871)	(21,459)	(20,955)	(20,555)	(20,048)	(19,598)	(19,130)	(18,848)	(18,612)	(18,225)	(17,795)	(17,391)	(16,991)	(16,578)	(16,128)	(15,682)	(15,263)	(15,030)	(14,649)	(14,326)	(13,980)
Property, plant, and equipment, net	29,681)	29,769)	30,072)	30,209)	30,253)	30,570)	30,780)	30,978)	30,508)	30,754)	30,876)	30,847)	30,440)	30,461)	30,379)	30,389)	30,729)	30,653)	30,526)	29,264)	28,890)	28,784)	28,408)
Deferred charges and other assets, net	6,725)	6,731)	6,828)	6,626)	6,345)	6,402)	6,062)	5,871)	6,125)	6,182)	6,213)	5,876)	5,461)	5,623)	5,644)	5,541)	5,581)	5,684)	5,756)	5,631)	5,306)	5,427)	5,207)
Noncurrent assets	36,406)	36,500)	36,900)	36,835)	36,598)	36,972)	36,842)	36,849)	36,633)	36,936)	37,089)	36,723)	35,901)	36,084)	36,023)	35,930)	36,310)	36,337)	36,282)	34,895)	34,196)	34,211)	33,615)
Total assets	60,382)	63,615)	62,574)	63,056)	63,175)	60,667)	60,177)	60,982)	59,329)	64,345)	60,402)	57,888)	54,691)	55,456)	53,614)	51,774)	51,732)	49,099)	47,747)	53,864)	51,229)	52,022)	52,095)

The asset profile exhibits a cyclical pattern characterized by a significant contraction in early 2020, followed by a period of robust expansion and subsequent stabilization. Total assets fluctuated from a baseline of approximately 52 billion USD in 2019 to a trough of 47.7 billion USD in March 2020, eventually peaking at 64.3 billion USD in June 2022 before settling at 60.4 billion USD by September 2024.

Current Asset Dynamics: Current assets demonstrate high volatility, closely mirroring market conditions and operational cycles. A sharp decline occurred in the first quarter of 2020, where current assets fell to 11.5 billion USD. This was followed by a sustained recovery, reaching a peak of 27.4 billion USD in June 2022. The growth is primarily driven by increases in cash equivalents and receivables. Cash positions shifted from a range of 2 to 3 billion USD in 2019 to a more elevated baseline of 4.9 to 5.8 billion USD between 2023 and 2024, indicating a strengthened liquidity position.
Working Capital Components: Net receivables showed significant expansion, rising from roughly 8 billion USD in 2019 to a peak of 14.4 billion USD in June 2022, before stabilizing around 11.1 billion USD in late 2024. Inventories followed a similar trajectory, recovering from a low of 3.7 billion USD in March 2020 to reach 8.0 billion USD by June 2024. These trends suggest an increase in the scale of operations and a corresponding rise in the capital tied up in the operating cycle.
Fixed Asset Investment and Depreciation: Property, plant, and equipment (PPE) at cost exhibits a consistent upward trend, increasing linearly from 42.4 billion USD in March 2019 to 52.4 billion USD in September 2024. This indicates a steady commitment to capital expenditure and capacity expansion. However, the net PPE remains relatively stagnant, fluctuating between 28 and 31 billion USD over the same period. This stability is the result of accumulated depreciation increasing steadily from 14 billion USD to 22.7 billion USD, effectively offsetting the gross capital investments.
Noncurrent and Other Assets: Deferred charges and other net assets have grown gradually from 5.2 billion USD in early 2019 to 6.7 billion USD in late 2024. This slow, steady increase contributes to the overall growth of noncurrent assets, which remained relatively stable between 33 and 37 billion USD for much of the analyzed period.

Overall, the balance sheet reflects a strategic transition toward higher liquidity and expanded operational capacity. While total assets have grown since 2019, the growth is predominantly concentrated in current assets and gross fixed assets, with the net value of long-term infrastructure remaining flat due to the systemic impact of depreciation.

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Valero Energy Corp. (NYSE:VLO)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data