Debt to Equity
since 2005
Calculation
Valero Energy Corp., debt to equity, long-term trends, calculation
| Debt to equity | = | Debt and finance lease obligations1 | ÷ | Total Valero Energy Corporation stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2023 | 0.44 | = | 11,524) | ÷ | 26,346) |
| Dec 31, 2022 | 0.49 | = | 11,635) | ÷ | 23,561) |
| Dec 31, 2021 | 0.75 | = | 13,870) | ÷ | 18,430) |
| Dec 31, 2020 | 0.78 | = | 14,677) | ÷ | 18,801) |
| Dec 31, 2019 | 0.44 | = | 9,672) | ÷ | 21,803) |
| Dec 31, 2018 | 0.42 | = | 9,109) | ÷ | 21,667) |
| Dec 31, 2017 | 0.40 | = | 8,872) | ÷ | 21,991) |
| Dec 31, 2016 | 0.40 | = | 8,001) | ÷ | 20,024) |
| Dec 31, 2015 | 0.36 | = | 7,377) | ÷ | 20,527) |
| Dec 31, 2014 | 0.31 | = | 6,386) | ÷ | 20,677) |
| Dec 31, 2013 | 0.34 | = | 6,564) | ÷ | 19,460) |
| Dec 31, 2012 | 0.39 | = | 7,049) | ÷ | 18,032) |
| Dec 31, 2011 | 0.47 | = | 7,741) | ÷ | 16,423) |
| Dec 31, 2010 | 0.55 | = | 8,337) | ÷ | 15,025) |
| Dec 31, 2009 | 0.50 | = | 7,400) | ÷ | 14,725) |
| Dec 31, 2008 | 0.42 | = | 6,576) | ÷ | 15,620) |
| Dec 31, 2007 | 0.37 | = | 6,862) | ÷ | 18,507) |
| Dec 31, 2006 | 0.28 | = | 5,133) | ÷ | 18,605) |
| Dec 31, 2005 | 0.36 | = | 5,378) | ÷ | 15,050) |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The long-term financial trajectory indicates a generally conservative approach to leverage, characterized by a stable capital structure that experienced a significant temporary deviation between 2020 and 2021. For the majority of the period since 2005, the company maintained a debt-to-equity ratio below 0.60, reflecting a preference for equity-heavy financing.
- Initial Leverage Fluctuations (2005–2014)
- Between 2005 and 2010, a gradual increase in leverage is observed, with the debt-to-equity ratio rising from 0.36 to a peak of 0.55. This was followed by a consistent four-year deleveraging trend from 2011 to 2014, during which the ratio declined to 0.31. This improvement was driven by a steady increase in stockholders' equity, which grew from 16,423 million US$ in 2011 to 20,677 million US$ in 2014, while debt obligations were simultaneously reduced.
- Period of Gradual Expansion (2015–2019)
- From 2015 to 2019, the capital structure shifted toward a moderate increase in debt. The debt-to-equity ratio rose incrementally from 0.36 to 0.44. This trend coincided with a rise in debt and finance lease obligations, which climbed from 7,377 million US$ to 9,672 million US$, while stockholders' equity remained relatively stagnant, fluctuating between 20,024 million US$ and 21,991 million US$.
- Volatility and Recovery (2020–2023)
- A sharp increase in leverage occurred in 2020, with the debt-to-equity ratio spiking to 0.78. This was the result of a significant increase in debt and finance lease obligations to 14,677 million US$ and a simultaneous contraction in stockholders' equity to 18,801 million US$. Following this peak, a corrective trend is evident. By December 31, 2023, the ratio returned to 0.44, supported by a substantial increase in stockholders' equity to 26,346 million US$ and a reduction in total debt to 11,524 million US$.
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Comparison to Competitors
Valero Energy Corp., debt to equity, long-term trends, comparison to competitors
| Valero Energy Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2023 | 0.44 | 0.13 | 0.38 | 0.20 |
| Dec 31, 2022 | 0.49 | 0.15 | 0.35 | 0.21 |
| Dec 31, 2021 | 0.75 | 0.23 | 0.44 | 0.28 |
| Dec 31, 2020 | 0.78 | 0.34 | 0.51 | 0.43 |
| Dec 31, 2019 | 0.44 | 0.19 | 0.43 | 0.24 |
| Dec 31, 2018 | 0.42 | 0.22 | 0.47 | 0.20 |
| Dec 31, 2017 | 0.40 | 0.26 | 0.64 | 0.23 |
| Dec 31, 2016 | 0.40 | 0.32 | 0.78 | 0.26 |
| Dec 31, 2015 | 0.36 | 0.25 | 0.63 | 0.23 |
| Dec 31, 2014 | 0.31 | 0.18 | 0.43 | 0.17 |
| Dec 31, 2013 | 0.34 | 0.14 | 0.42 | 0.13 |
| Dec 31, 2012 | 0.39 | 0.09 | 0.45 | 0.07 |
| Dec 31, 2011 | 0.47 | 0.08 | 0.35 | 0.11 |
| Dec 31, 2010 | 0.55 | 0.11 | 0.34 | 0.10 |
| Dec 31, 2009 | 0.50 | 0.11 | 0.46 | 0.09 |
| Dec 31, 2008 | 0.42 | 0.10 | 0.50 | 0.08 |
| Dec 31, 2007 | 0.37 | 0.09 | 0.24 | 0.08 |
| Dec 31, 2006 | 0.28 | 0.14 | 0.33 | 0.07 |
| Dec 31, 2005 | 0.36 | 0.21 | 0.24 | 0.07 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Valero Energy Corp., debt to equity, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Valero Energy Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2023 | 0.44 | 0.20 |
| Dec 31, 2022 | 0.49 | 0.20 |
| Dec 31, 2021 | 0.75 | 0.28 |
| Dec 31, 2020 | 0.78 | 0.40 |
| Dec 31, 2019 | 0.44 | 0.24 |
| Dec 31, 2018 | 0.42 | 0.23 |
| Dec 31, 2017 | 0.40 | 0.28 |
| Dec 31, 2016 | 0.40 | 0.33 |
| Dec 31, 2015 | 0.36 | 0.28 |
| Dec 31, 2014 | 0.31 | 0.21 |
| Dec 31, 2013 | 0.34 | 0.17 |
| Dec 31, 2012 | 0.39 | 0.13 |
| Dec 31, 2011 | 0.47 | 0.15 |
| Dec 31, 2010 | 0.55 | 0.16 |
| Dec 31, 2009 | 0.50 | 0.18 |
| Dec 31, 2008 | 0.42 | 0.18 |
| Dec 31, 2007 | 0.37 | 0.13 |
| Dec 31, 2006 | 0.28 | 0.17 |
| Dec 31, 2005 | 0.36 | 0.15 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
Valero Energy Corp., debt to equity, long-term trends, comparison to industry (energy)
| Valero Energy Corp. | Energy | |
|---|---|---|
| Dec 31, 2023 | 0.44 | 0.21 |
| Dec 31, 2022 | 0.49 | 0.22 |
| Dec 31, 2021 | 0.75 | 0.31 |
| Dec 31, 2020 | 0.78 | 0.44 |
| Dec 31, 2019 | 0.44 | 0.26 |
| Dec 31, 2018 | 0.42 | 0.25 |
| Dec 31, 2017 | 0.40 | 0.30 |
| Dec 31, 2016 | 0.40 | 0.35 |
| Dec 31, 2015 | 0.36 | 0.30 |
| Dec 31, 2014 | 0.31 | 0.22 |
| Dec 31, 2013 | 0.34 | 0.19 |
| Dec 31, 2012 | 0.39 | 0.15 |
| Dec 31, 2011 | 0.47 | 0.16 |
| Dec 31, 2010 | 0.55 | 0.17 |
| Dec 31, 2009 | 0.50 | 0.19 |
| Dec 31, 2008 | 0.42 | 0.19 |
| Dec 31, 2007 | 0.37 | 0.15 |
| Dec 31, 2006 | 0.28 | 0.19 |
| Dec 31, 2005 | 0.36 | 0.16 |
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), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).