Selected Financial Data
since 2005
Income Statement
Valero Energy Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) attributable to Valero Energy Corporation stockholders |
|---|---|---|---|
| Dec 31, 2023 | 144,766) | 11,858) | 8,835) |
| Dec 31, 2022 | 176,383) | 15,690) | 11,528) |
| Dec 31, 2021 | 113,977) | 2,130) | 930) |
| Dec 31, 2020 | 64,912) | (1,579) | (1,421) |
| Dec 31, 2019 | 108,324) | 3,836) | 2,422) |
| Dec 31, 2018 | 117,033) | 4,572) | 3,122) |
| Dec 31, 2017 | 93,980) | 3,599) | 4,065) |
| Dec 31, 2016 | 75,659) | 3,572) | 2,289) |
| Dec 31, 2015 | 87,804) | 6,358) | 3,990) |
| Dec 31, 2014 | 130,844) | 5,902) | 3,630) |
| Dec 31, 2013 | 138,074) | 3,963) | 2,720) |
| Dec 31, 2012 | 139,250) | 4,010) | 2,083) |
| Dec 31, 2011 | 125,987) | 3,680) | 2,090) |
| Dec 31, 2010 | 82,233) | 1,876) | 324) |
| Dec 31, 2009 | 68,144) | (58) | (1,982) |
| Dec 31, 2008 | 119,114) | 563) | (1,131) |
| Dec 31, 2007 | 95,327) | 6,918) | 5,234) |
| Dec 31, 2006 | 91,833) | 8,010) | 5,463) |
| Dec 31, 2005 | 82,162) | 5,459) | 3,590) |
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).
The financial performance from 2005 to 2023 is characterized by significant volatility in both top-line revenue and bottom-line profitability, reflecting the cyclical nature of the energy refining industry. The period is marked by two distinct major contractions—the 2008-2009 global financial crisis and the 2020 pandemic—followed by periods of recovery and record-breaking earnings.
- Revenue Trajectory
- Revenues exhibited a fluctuating pattern, ranging from a low of 64,912 million USD in 2020 to a peak of 176,383 million USD in 2022. An initial growth phase occurred between 2005 and 2008, followed by a sharp decline in 2009. A period of relative stability and elevated revenue was observed between 2011 and 2014, where figures consistently exceeded 125,000 million USD. Following another dip in 2015 and 2016, revenues recovered until the 2020 contraction, after which a rapid ascent led to the historical maximum in 2022.
- Operating Income Stability
- Operating income demonstrated extreme sensitivity to market conditions, frequently swinging between substantial profits and operating losses. Negative operating income was recorded in 2009 (-58 million USD) and 2020 (-1,579 million USD). Conversely, a significant surge in operational efficiency or market pricing is evident in 2022, where operating income reached 15,690 million USD, more than triple the previous high seen in 2014. This indicates high operating leverage, where marginal increases in revenue result in disproportionately larger increases in operating profit.
- Net Income and Profitability Patterns
- Net income trends closely mirror operating income, confirming that bottom-line results are primarily driven by operational performance rather than non-operating items. The company experienced severe net losses in 2008 (-1,131 million USD), 2009 (-1,982 million USD), and 2020 (-1,421 million USD). The most significant period of profitability occurred in 2022, with net income attributable to stockholders reaching 11,528 million USD. While 2023 saw a decrease to 8,835 million USD, the figure remains substantially higher than the historical averages seen between 2005 and 2021.
- Correlation Analysis
- A strong correlation is observed between revenue peaks and profit margins, particularly in the 2022 fiscal year, where the highest revenue coincided with the highest net income. However, the depth of the losses in 2008-2009 and 2020 suggests that the cost structure is relatively rigid, making the company vulnerable to sudden drops in demand or price collapses in the energy sector.
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Balance Sheet: Assets
Valero Energy Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2023 | 26,221) | 63,056) |
| Dec 31, 2022 | 24,133) | 60,982) |
| Dec 31, 2021 | 21,165) | 57,888) |
| Dec 31, 2020 | 15,844) | 51,774) |
| Dec 31, 2019 | 18,969) | 53,864) |
| Dec 31, 2018 | 17,675) | 50,155) |
| Dec 31, 2017 | 19,312) | 50,158) |
| Dec 31, 2016 | 16,800) | 46,173) |
| Dec 31, 2015 | 14,972) | 44,343) |
| Dec 31, 2014 | 16,614) | 45,550) |
| Dec 31, 2013 | 19,277) | 47,260) |
| Dec 31, 2012 | 16,460) | 44,477) |
| Dec 31, 2011 | 15,972) | 42,783) |
| Dec 31, 2010 | 13,518) | 37,621) |
| Dec 31, 2009 | 10,923) | 35,629) |
| Dec 31, 2008 | 9,450) | 34,417) |
| Dec 31, 2007 | 14,792) | 42,722) |
| Dec 31, 2006 | 10,760) | 37,753) |
| Dec 31, 2005 | 8,276) | 32,728) |
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).
An analysis of the asset structure reveals a consistent long-term expansion of the balance sheet between 2005 and 2023. Total assets nearly doubled over this period, reflecting a substantial growth in the organization's overall resource base.
- Total Asset Trends
- The total asset base grew from 32,728 million USD in 2005 to 63,056 million USD by 2023. A notable contraction occurred in 2008, where assets fell to 34,417 million USD from a 2007 peak of 42,722 million USD. Following this period, a steady recovery took place, characterized by a phase of relative stability between 2015 and 2018 before accelerating again from 2019 onward.
- Current Asset Growth and Volatility
- Current assets exhibited a more pronounced growth trajectory than total assets, increasing from 8,276 million USD in 2005 to 26,221 million USD in 2023. This category experienced significant fluctuations, including a peak in 2013 at 19,277 million USD, followed by a period of decline and subsequent recovery. A sharp upward trend is evident starting in 2021, with values rising from 21,165 million USD to 26,221 million USD within three years.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets has increased significantly over the analyzed timeframe. In 2005, current assets represented approximately 25.3% of the total asset base; by 2023, this proportion rose to approximately 41.6%. This shift indicates a transition toward a more liquid asset structure and a higher concentration of short-term resources relative to long-term investments.
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Balance Sheet: Liabilities and Stockholders’ Equity
Valero Energy Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Debt and finance lease obligations | Total Valero Energy Corporation stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2023 | 16,802) | 11,524) | 26,346) |
| Dec 31, 2022 | 17,461) | 11,635) | 23,561) |
| Dec 31, 2021 | 16,851) | 13,870) | 18,430) |
| Dec 31, 2020 | 9,283) | 14,677) | 18,801) |
| Dec 31, 2019 | 13,160) | 9,672) | 21,803) |
| Dec 31, 2018 | 10,724) | 9,109) | 21,667) |
| Dec 31, 2017 | 11,071) | 8,872) | 21,991) |
| Dec 31, 2016 | 8,328) | 8,001) | 20,024) |
| Dec 31, 2015 | 7,360) | 7,377) | 20,527) |
| Dec 31, 2014 | 9,980) | 6,386) | 20,677) |
| Dec 31, 2013 | 13,123) | 6,564) | 19,460) |
| Dec 31, 2012 | 11,929) | 7,049) | 18,032) |
| Dec 31, 2011 | 12,708) | 7,741) | 16,423) |
| Dec 31, 2010 | 8,784) | 8,337) | 15,025) |
| Dec 31, 2009 | 7,798) | 7,400) | 14,725) |
| Dec 31, 2008 | 6,209) | 6,576) | 15,620) |
| Dec 31, 2007 | 11,914) | 6,862) | 18,507) |
| Dec 31, 2006 | 8,822) | 5,133) | 18,605) |
| Dec 31, 2005 | 7,305) | 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).
The financial trajectory from 2005 to 2023 reveals a balance sheet characterized by strategic volatility in short-term obligations, a significant debt spike during a period of market instability, and a long-term strengthening of the equity base.
- Current Liabilities Trends
- Short-term obligations have exhibited substantial fluctuations over the nearly two-decade period. An initial increase peaked in 2007 at 11,914 million US$, followed by a sharp contraction in 2008 to 6,209 million US$. A secondary period of volatility occurred between 2011 and 2015, where liabilities peaked at 12,708 million US$ before receding to 7,360 million US$. Most notably, current liabilities reached their historical maximum between 2021 and 2023, peaking at 17,461 million US$ in 2022, indicating an increase in short-term funding requirements or operational payables in recent years.
- Debt and Finance Lease Obligations
- Long-term debt levels remained relatively stable between 5,133 million US$ and 9,672 million US$ for the majority of the period from 2005 to 2019. However, a significant surge is observed in 2020, where obligations spiked to 14,677 million US$, representing the highest debt level in the analyzed timeframe. Following this peak, a consistent deleveraging trend is evident, with obligations reducing to 11,524 million US$ by 2023, suggesting a strategic effort to reduce long-term leverage.
- Stockholders' Equity Evolution
- Total stockholders' equity demonstrates a sustained long-term growth pattern, rising from 15,050 million US$ in 2005 to 26,346 million US$ in 2023. While growth was gradual between 2005 and 2019, oscillating mostly between 14,000 million US$ and 21,000 million US$, a period of accelerated equity accumulation began after 2021. The increase from 18,430 million US$ in 2021 to 26,346 million US$ in 2023 represents a significant expansion of the company's net asset base.
- Capital Structure and Solvency Insights
- The relationship between debt and equity indicates a shift in risk profile. In 2020, the convergence of peaking debt and dipping equity (18,801 million US$) marked a period of heightened financial leverage. Conversely, the 2023 position shows a strengthened solvency profile, characterized by the simultaneous reduction of long-term debt and the attainment of peak stockholders' equity, resulting in a more conservative capital structure compared to the 2020-2021 window.
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Cash Flow Statement
Valero Energy Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2023 | 9,229) | (1,865) | (6,941) |
| Dec 31, 2022 | 12,574) | (2,805) | (8,849) |
| Dec 31, 2021 | 5,859) | (2,159) | (2,846) |
| Dec 31, 2020 | 948) | (2,425) | 2,077) |
| Dec 31, 2019 | 5,531) | (3,001) | (2,997) |
| Dec 31, 2018 | 4,371) | (3,928) | (3,168) |
| Dec 31, 2017 | 5,482) | (2,382) | (2,272) |
| Dec 31, 2016 | 4,820) | (2,006) | (2,012) |
| Dec 31, 2015 | 5,611) | (2,487) | (2,545) |
| Dec 31, 2014 | 4,241) | (2,844) | (1,930) |
| Dec 31, 2013 | 5,564) | (2,812) | (163) |
| Dec 31, 2012 | 5,270) | (3,351) | (1,233) |
| Dec 31, 2011 | 4,038) | (5,298) | (1,066) |
| Dec 31, 2010 | 3,045) | (1,405) | 816) |
| Dec 31, 2009 | 1,823) | (3,292) | 1,289) |
| Dec 31, 2008 | 2,992) | (2,862) | (1,607) |
| Dec 31, 2007 | 5,258) | (582) | (3,831) |
| Dec 31, 2006 | 6,312) | (2,971) | (2,188) |
| Dec 31, 2005 | 5,799) | (4,900) | (1,331) |
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).
The cash flow profile from 2005 to 2023 demonstrates a company characterized by strong operational cash generation, consistent capital reinvestment, and a strategic approach to financing that fluctuates based on macroeconomic conditions.
- Net Cash Provided by Operating Activities
- Operational cash flows remained relatively stable between 2005 and 2019, generally oscillating between 4 billion and 6 billion US dollars, despite a notable dip during the 2008-2009 financial crisis. A significant contraction occurred in 2020, where cash provided by operating activities fell to 948 million US dollars, the lowest point in the observed period. This was followed by a sharp recovery, peaking in 2022 at 12.57 billion US dollars, before moderating to 9.23 billion US dollars in 2023.
- Net Cash Used in Investing Activities
- Investing activities consistently resulted in cash outflows throughout the entire period, indicating a persistent commitment to capital expenditures and asset acquisition. Outflows were most pronounced in 2011 at 5.30 billion US dollars and 2005 at 4.90 billion US dollars. The lowest level of investment expenditure occurred in 2007, with an outflow of 582 million US dollars. In recent years, the investing outflows have stabilized, ranging between 1.87 billion and 2.81 billion US dollars from 2021 to 2023.
- Net Cash Provided by or Used in Financing Activities
- Financing activities were predominantly negative, reflecting a long-term trend of debt repayment or the return of capital to shareholders. However, the company shifted to positive financing cash flows during periods of economic volatility, specifically in 2009-2010 and again in 2020, suggesting strategic liquidity injections or debt issuance to maintain stability. A significant reversal occurred in 2022 and 2023, with outflows reaching 8.85 billion and 6.94 billion US dollars respectively, coinciding with the peak in operational cash generation.
The relationship between these three components reveals a pattern where operating cash flows typically exceed investing outflows, providing a surplus used to fund financing activities. The dramatic increase in both operating inflows and financing outflows during the 2022-2023 period indicates a phase of high profitability paired with aggressive capital redistribution or debt reduction.
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Per Share Data
Valero Energy Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2023 | 24.93 | 24.92 | 4.08 |
| Dec 31, 2022 | 29.05 | 29.04 | 3.92 |
| Dec 31, 2021 | 2.27 | 2.27 | 3.92 |
| Dec 31, 2020 | -3.50 | -3.50 | 3.92 |
| Dec 31, 2019 | 5.84 | 5.84 | 3.60 |
| Dec 31, 2018 | 7.30 | 7.29 | 3.20 |
| Dec 31, 2017 | 9.17 | 9.16 | 2.80 |
| Dec 31, 2016 | 4.94 | 4.94 | 2.40 |
| Dec 31, 2015 | 8.00 | 7.99 | 1.70 |
| Dec 31, 2014 | 6.88 | 6.85 | 1.05 |
| Dec 31, 2013 | 4.99 | 4.97 | 0.85 |
| Dec 31, 2012 | 3.77 | 3.75 | 0.65 |
| Dec 31, 2011 | 3.69 | 3.68 | 0.30 |
| Dec 31, 2010 | 0.57 | 0.57 | 0.20 |
| Dec 31, 2009 | -3.67 | -3.67 | 0.60 |
| Dec 31, 2008 | -2.16 | -2.16 | 0.57 |
| Dec 31, 2007 | 9.27 | 8.88 | 0.48 |
| Dec 31, 2006 | 8.94 | 8.64 | 0.30 |
| Dec 31, 2005 | 6.51 | 6.10 | 0.19 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2005 to 2023 is characterized by extreme volatility in earnings contrasted with a disciplined and consistent growth pattern in dividend distributions. While earnings have experienced several cycles of expansion and contraction, including periods of significant losses, the dividend per share has maintained a long-term upward trajectory.
- Earnings Per Share (EPS) Volatility
- Basic and diluted earnings per share exhibit a highly cyclical pattern. An initial growth phase from 2005 to 2007 was followed by a sharp reversal, with negative earnings recorded in 2008 and 2009. A recovery period ensued between 2010 and 2017, although this was punctuated by a dip in 2016. A second significant downturn occurred in 2020, where diluted EPS fell to -3.50. This was followed by an unprecedented surge in profitability, with diluted EPS reaching a historical peak of 29.04 in 2022 and remaining elevated at 24.92 in 2023.
- Dividend Growth and Stability
- Dividend per share demonstrates a steady and progressive increase over the analyzed period. Starting at 0.19 in 2005, the dividend grew consistently through 2019 to reach 3.60. Between 2020 and 2022, the dividend remained flat at 3.92, before increasing slightly to 4.08 in 2023. Notably, dividend payments continued to rise or remain stable even during years of negative earnings, such as 2008, 2009, and 2020, indicating a decoupling of dividend policy from short-term earnings volatility.
- Comparative Analysis of Basic vs. Diluted EPS
- There is a negligible variance between basic and diluted earnings per share across the entire time horizon. The figures track almost identically, suggesting a minimal impact from dilutive securities such as stock options or convertible bonds on the overall earnings per share.
- Profitability Scaling
- The most recent biennial period (2022-2023) represents a fundamental shift in the scale of profitability. The earnings per share in these two years significantly exceed the combined totals of several previous peak years, marking a departure from the historical earnings range observed between 2005 and 2021.
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