Stock Analysis on Net

Valero Energy Corp. (NYSE:VLO)

$22.49

This company has been moved to the archive! The financial data has not been updated since October 30, 2024.

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Valero Energy Corp., consolidated cash flow statement

US$ in millions

Microsoft Excel
12 months ended: Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net income (loss)
Depreciation and amortization expense
(Gain) loss on early redemption and retirement of debt, net
LCM inventory valuation adjustment
Asset impairment loss
Gain on sale of assets
Deferred income tax expense (benefit)
Receivables, net
Inventories
Prepaid expenses and other
(Increase) decrease in current assets
Accounts payable
Accrued expenses
Taxes other than income taxes payable
Income taxes payable
Increase (decrease) in current liabilities
Changes in current assets and current liabilities
Changes in deferred charges and credits and other operating activities, net
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Net cash provided by operating activities
Capital expenditures, excluding variable interest entities (VIEs)
Diamond Green Diesel Holdings LLC (DGD)
Other VIEs
Capital expenditures of VIEs
Deferred turnaround and catalyst cost expenditures, excluding VIEs
Deferred turnaround and catalyst cost expenditures of DGD
Purchases of available-for-sale (AFS) debt securities
Proceeds from sales and maturities of AFS debt securities
Proceeds from sale of assets
Investments in nonconsolidated joint ventures
Other investing activities, net
Net cash used in investing activities
Proceeds from debt issuances and borrowings, excluding VIEs
DGD
Other VIEs
Proceeds from borrowings of VIEs
Repayments of debt and finance lease obligations, excluding VIEs
DGD
Other VIEs
Repayments of debt and finance lease obligations of VIEs
Premiums on early redemption and retirement of debt
Purchases of common stock for treasury
Common stock dividend payments
Acquisition of VLP publicly held common units
Contributions from noncontrolling interests
Distributions to noncontrolling interests
Other financing activities, net
Net cash provided by (used in) financing activities
Effect of foreign exchange rate changes on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

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).


Net Income Trends
Net income showed significant volatility across the years, with a notable loss in 2020 (-$1,107 million) following a strong profit in 2019 ($2,784 million). Subsequently, net income rebounded in 2021 and surged substantially in 2022 to $11,879 million before moderating to $9,149 million in 2023.
Depreciation and Amortization Expense
This expense steadily increased every year from $2,255 million in 2019 to $2,701 million in 2023, indicating ongoing capital investment and asset utilization.
Adjustments Related to Debt and Asset Changes
Gains or losses on early redemption of debt showed small fluctuations and were negative in recent years (-$14 million in 2022 and -$11 million in 2023). Asset impairment loss appeared only in 2022 ($61 million). Gains on sale of assets were recorded only in 2021 (-$62 million, representing a gain). Deferred income tax expense/benefit varied with a benefit seen in 2021 (-$126 million) and higher expenses in 2022 and 2023, suggesting taxation impacts related to earnings fluctuations.
Changes in Working Capital
Receivables, inventories, and prepaid expenses showed considerable fluctuations, impacting current assets changes. Notably, receivables experienced a wide swing with large negative and positive values, causing instability in working capital. Current liabilities similarly fluctuated, with accounts payable and accrued expenses demonstrating inconsistent trends, contributing to variable net working capital changes.
Operating Cash Flow and Adjustments
Net cash provided by operating activities varied, dropping sharply in 2020 to $948 million from $5,531 million in 2019 but rebounding strongly to $12,574 million in 2022, followed by a decline to $9,229 million in 2023. Adjustments to reconcile net income to operating cash flows were highest in 2021 at $4,571 million and decreased thereafter.
Capital Expenditures and Investing Activities
Capital expenditures excluding VIEs decreased significantly from $1,627 million in 2019 to $665 million in 2023, indicating reduced investment in fixed assets. Corresponding capital expenditures related to VIEs showed a similar declining trend. Deferred turnaround and catalyst costs generally increased until 2022 but slightly decreased in 2023. Purchases and proceeds of available-for-sale debt securities show limited activity, with some purchases occurring in later years. Net cash used in investing activities remained negative across all years, though the magnitude decreased slightly by 2023.
Financing Activities and Debt Management
Proceeds from debt issuances excluding VIEs peaked in 2020 at $4,320 million and decreased thereafter, while repayments of debt showed a large spike in 2022 ($5,067 million), then decreased in 2023. Treasury stock purchases dramatically increased in 2022 and 2023 ($4,577 million and $5,136 million respectively), indicating aggressive share repurchase activities. Dividend payments remained relatively steady over the period. Financing cash flows swung from negative $2,997 million in 2019 to positive $2,077 million in 2020, then reverted to negative territory, reaching negative $6,941 million in 2023.
Cash Position and Liquidity
Cash and cash equivalents increased consistently each year from $2,583 million at the end of 2019 to $5,424 million by the end of 2023, reflecting positive net increases annually despite fluctuations in operating and financing cash flows.
Summary
The company experienced significant earnings volatility with a remarkable rebound post-2020. Operating cash flows generally improved after the downturn, supported by stable depreciation expenses and working capital adjustments. Capital spending decreased over time, possibly reflecting a conservative investment approach. Financing activities showed aggressive debt repayments and substantial share repurchases, contributing to negative financing cash flows in recent years. Overall liquidity strengthened consistently, demonstrating sound cash management despite operational and financing volatility.