Analysis of Geographic Areas
Valero Energy Corp. operates in 5 regions: U.S.; Canada; U.K. and Ireland; Mexico and Peru; and Other countries.
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- Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
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Area Asset Turnover
Valero Energy Corp., asset turnover by geographic area
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Canada | |||||
| U.K. and Ireland | |||||
| Mexico and Peru | |||||
| Other countries |
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).
The geographic area asset turnover data for the analyzed periods reveals several notable trends and variations across different regions. The data indicates fluctuating asset turnover ratios over the five-year span ending in 2023, reflecting changes in asset usage efficiency in the respective geographic markets.
- U.S.
- The asset turnover ratio in the U.S. experienced a decline from 2.81 in 2019 to 1.6 in 2020, indicating reduced efficiency likely influenced by external factors in that year. A subsequent recovery is observed with a rise to 2.91 in 2021, followed by a significant increase to 4.31 in 2022. However, the ratio slightly decreased to 3.61 in 2023, which still represents a relatively strong asset turnover compared to the earlier years.
- Canada
- Asset turnover in Canada showed a similar downward trend from 4.2 in 2019 to 2.29 in 2020. This was followed by a steady increase to 3.56 in 2021, culminating in a peak of 7.19 in 2022. The ratio decreased to 6.32 in 2023, maintaining a high level relative to the start of the period, indicating improved asset utilization over time despite some volatility.
- U.K. and Ireland
- The U.K. and Ireland region consistently demonstrated high asset turnover ratios throughout the period. After declining from 11.03 in 2019 to 6.85 in 2020, the ratio steadily increased to 8.71 in 2021 and surged to 13.7 in 2022. Although there was a slight reduction to 12 in 2023, these figures remain the highest among the regions tracked, highlighting relatively efficient asset utilization in this market.
- Mexico and Peru
- Data for Mexico and Peru is unavailable for the years 2019 through 2021, but values for 2022 and 2023 show asset turnover ratios of 9.76 and 7.69 respectively. The decline in 2023 suggests some reduced efficiency or other operational factors affecting the turnover rate, although without earlier data it is difficult to assess long-term trends.
- Other Countries
- The ratio for other countries starts from a high point of 19.42 in 2019, but then sharply decreases to 8.37 in 2020. It shows some recovery to 12.96 in 2021, but no data is reported for 2022 and 2023, making it challenging to evaluate recent trends in this category.
Overall, the geographic regions display a pattern of declining asset turnover ratios in 2020, potentially reflecting wider economic disruptions, followed by general recovery in subsequent years. The U.K. and Ireland consistently lead in asset utilization efficiency, while the U.S. and Canada show significant fluctuations but with improved performance by 2023 compared to 2020. Limited data for Mexico and Peru and other countries restricts a comprehensive assessment for those regions in the most recent periods.
Area Asset Turnover: U.S.
Valero Energy Corp.; U.S.; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2023 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenues exhibit considerable fluctuations over the five-year period. There was a significant decline from $77,173 million in 2019 to $45,174 million in 2020. Following this, revenues increased sharply to $82,940 million in 2021, reaching a peak of $126,722 million in 2022. However, in 2023, revenues decreased to $104,208 million, indicating a partial reversal from the previous year's high.
- Long-lived assets
- The value of long-lived assets showed a gradual upward trend from $27,485 million in 2019 to $29,378 million in 2022, with a slight decline to $28,868 million in 2023. Overall, the asset base has remained relatively stable with modest changes, reflecting consistency in the company’s investment in long-lived assets over the period.
- Area asset turnover
- The area asset turnover ratio experienced significant variation throughout the years. It decreased sharply from 2.81 in 2019 to 1.6 in 2020, which aligns with the decline in revenues. Subsequently, the ratio improved markedly to 2.91 in 2021 and peaked at 4.31 in 2022. In 2023, it declined to 3.61 but remained higher compared to the initial years, indicating improved efficiency in asset utilization over time despite the recent decrease.
- Overall analysis
- The data reveal volatility in revenues, primarily impacted by a sharp drop in 2020 likely associated with external market or economic conditions, followed by recovery and growth in subsequent years. The steady increase and slight decline in long-lived assets suggest conservative asset management or limited capital expenditures relative to revenue changes. The sharp fluctuations in the area asset turnover ratio reflect the interplay between revenues and asset investment, with notable improvements in asset efficiency after 2020 that support operational performance. However, the decline in both revenues and asset turnover ratio in 2023 suggests a potential easing of momentum or external pressures affecting performance in the latest period.
Area Asset Turnover: Canada
Valero Energy Corp.; Canada; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2023 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
- Revenues
- The revenue figures exhibit a significant decline from 7,915 million US dollars in 2019 to 4,294 million US dollars in 2020, reflecting a sharp downturn likely influenced by external conditions during that period. Subsequently, revenues recover noticeably in 2021, rising to 6,597 million US dollars, followed by a marked increase to 11,743 million US dollars in 2022. In 2023, revenues decline moderately to 10,107 million US dollars, yet remain substantially higher than the pre-2020 and 2021 levels, indicating a robust recovery phase overall.
- Long-lived assets
- Long-lived assets show a gradual and consistent decline over the five-year period, decreasing from 1,886 million US dollars in 2019 to 1,598 million US dollars in 2023. This steady reduction may reflect asset disposals, write-downs, or a lack of capital expenditures to maintain or expand fixed assets during these years.
- Area asset turnover
- The area asset turnover ratio reveals considerable volatility. Starting at a relatively high level of 4.2 in 2019, it falls sharply to 2.29 in 2020, mirroring the revenue drop while assets remain relatively stable. The ratio then improves significantly to 3.56 in 2021, and peaks at 7.19 in 2022, driven by strong revenue growth and declining asset values. In 2023, the ratio declines slightly to 6.32 but remains well above the initial years, suggesting improved efficiency in utilizing assets to generate revenue within this geographic area.
Area Asset Turnover: U.K. and Ireland
Valero Energy Corp.; U.K. and Ireland; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2023 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial data for the U.K. and Ireland geographic area over the five-year period exhibits distinct trends in revenues, long-lived assets, and asset turnover ratios.
- Revenues
- Revenues started at $13,584 million in 2019, declining significantly to $9,268 million in 2020, likely reflecting the impact of adverse economic or market conditions. Recovery took place in subsequent years, with revenues increasing to $13,307 million in 2021 and peaking at $17,822 million in 2022. However, there was a notable decline in 2023 to $16,148 million, indicating some downward pressure but remaining substantially higher than the 2019 and 2020 levels.
- Long-lived assets
- Long-lived assets showed a generally increasing trend from 2019 through 2021, rising from $1,232 million to $1,528 million. In 2022, there was a decline to $1,301 million, followed by a slight increase to $1,346 million in 2023. This pattern suggests moderate fluctuations in asset investments or disposals, with the asset base relatively stable in the most recent years compared to prior growth.
- Area asset turnover
- The area asset turnover ratio, indicating efficiency in using fixed assets to generate revenue, declined sharply from 11.03 in 2019 to 6.85 in 2020, paralleling the revenue contraction and possible underutilization of assets. Subsequently, efficiency improved significantly, rising to 8.71 in 2021 and peaking at 13.7 in 2022, signifying better revenue generation relative to asset levels. Despite a drop to 12.0 in 2023, the turnover ratio remains above the pre-2020 level, reflecting improved operational efficiency or stronger asset utilization compared to the start of the period.
Overall, the financial trends indicate a sharp disruption in 2020 followed by recovery and growth in revenues and asset utilization efficiency. While assets fluctuated moderately, the company demonstrated an ability to improve turnover ratios beyond pre-crisis levels, pointing to enhanced productivity or strategic allocation of assets in the U.K. and Ireland region.
Area Asset Turnover: Mexico and Peru
Valero Energy Corp.; Mexico and Peru; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2023 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The data for the "Mexico and Peru" geographic area reflects financial performance and asset metrics over the years 2022 and 2023. There is no data available for the periods prior to 2022.
- Revenues
- Revenues decreased from 8,396 million USD in 2022 to 6,438 million USD in 2023, representing a decline of approximately 23.35%. This indicates a reduction in sales or income generated from operations in that region during this period.
- Long-lived assets
- The value of long-lived assets slightly declined from 860 million USD in 2022 to 837 million USD in 2023, showing a decrease of around 2.67%. This suggests minimal reduction or possible asset disposals or impairments in the fixed asset base within the area.
- Area asset turnover
- The area asset turnover ratio, which measures revenue generated per unit of asset value, declined from 9.76 in 2022 to 7.69 in 2023. This decline of roughly 21.2% aligns with the revenue decrease and indicates a lower efficiency in utilizing the reporting area's assets to generate sales.
Overall, the trends point to a contraction in revenue accompanied by a marginal decrease in the asset base. The reduction in asset turnover efficiency further underscores that the assets in this geographic segment were less productive in generating revenues in 2023 compared to the prior year.
Area Asset Turnover: Other countries
Valero Energy Corp.; Other countries; area asset turnover calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Revenues | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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 2023 Calculation
Area asset turnover = Revenues ÷ Long-lived assets
= ÷ =
The financial data for the "Other countries" geographic area reveals notable fluctuations across the observed periods.
- Revenues
- Revenues experienced a significant decline from US$ 9,652 million in 2019 to US$ 6,176 million in 2020, representing a substantial drop. This was followed by a strong recovery in 2021, with revenues rising to US$ 11,133 million, and a slight increase to US$ 11,700 million in 2022. However, in 2023, revenues declined sharply again to US$ 7,865 million. Overall, revenue displays a volatile pattern with pronounced peaks and troughs across the years.
- Long-lived assets
- The value of long-lived assets for this segment increased steadily over the first three reported years, rising from US$ 497 million in 2019 to US$ 738 million in 2020 and further to US$ 859 million in 2021. Data for 2022 and 2023 are unavailable, thus preventing a full assessment of longer-term trends. The increase through 2021 suggests ongoing investment or asset accumulation during that period.
- Area asset turnover
- The area asset turnover ratio declined significantly from 19.42 in 2019 to 8.37 in 2020, indicating a marked decrease in revenue generated per unit of asset value. This metric improved to 12.96 in 2021 but no subsequent data is provided for later years. The initial drop followed by partial recovery reflects changes in the efficiency of asset utilization within this geographic area.
In summary, the revenues in the “Other countries” area have demonstrated high volatility, with notable declines and recoveries, while the long-lived assets showed a consistent upward trend through 2021. The area asset turnover ratio exhibits a significant drop and partial rebound, indicating fluctuating asset efficiency. The incomplete data for 2022 and 2023 restricts a full trend analysis beyond 2021 for asset-related metrics.
Revenues
Valero Energy Corp., revenues by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Canada | |||||
| U.K. and Ireland | |||||
| Mexico and Peru | |||||
| Other countries | |||||
| Total |
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).
The revenue data across geographic areas exhibits notable fluctuation and growth patterns over the five-year period under review.
- U.S.
- Revenues show a decline from 2019 to 2020, decreasing from approximately $77.2 billion to $45.2 billion, likely due to external factors affecting the market in 2020. This is followed by a substantial recovery and growth, with revenues rising to $82.9 billion in 2021 and further increasing to a peak of $126.7 billion in 2022. In 2023, a reduction occurs, bringing revenues down to $104.2 billion, yet still remaining significantly above pre-pandemic levels.
- Canada
- Revenues in Canada follow a similar pattern to the U.S. Initially decreasing from about $7.9 billion in 2019 to $4.3 billion in 2020, there is a rebound in subsequent years. The figures increase to $6.6 billion in 2021 and reach a peak of $11.7 billion in 2022. In 2023, revenues decline to roughly $10.1 billion, indicating some sustainability of growth compared to the downturn in 2020.
- U.K. and Ireland
- This region shows a decline in revenues from $13.6 billion in 2019 to $9.3 billion in 2020, followed by recovery to $13.3 billion in 2021. Revenues continue to grow, peaking at $17.8 billion in 2022 before decreasing somewhat to $16.1 billion in 2023. The data suggests a relatively resilient market with strong recovery and slight moderation in the latest year.
- Mexico and Peru
- Data for this region is absent for 2019 to 2021 but appears starting in 2022 with revenues of $8.4 billion, which then decline to $6.4 billion in 2023. The available data points indicate an introduction or expansion into this market in recent years, with a decrease in the most recent period.
- Other countries
- Revenues decline from $9.7 billion in 2019 to $6.2 billion in 2020 but then recover to $11.1 billion in 2021 and marginally increase to $11.7 billion in 2022. There is a notable drop to $7.9 billion in 2023, suggesting volatility and decreased performance in this segment during the most recent year.
- Total Revenues
- The overall revenue trend mirrors the individual regional patterns, with a sharp decline in 2020 from $108.3 billion to $64.9 billion, followed by a robust recovery to $114.0 billion in 2021 and strong growth to a peak of $176.4 billion in 2022. The subsequent decrease to $144.8 billion in 2023 still represents a higher revenue base than the pre-2020 level, indicating long-term growth despite recent moderation.
In summary, the data reflect a significant impact in 2020 across all regions, likely attributable to macroeconomic or industry-specific disruptions. Subsequent years demonstrate recovery and growth, with peaks typically in 2022 before a downturn in 2023. The U.S. market remains the dominant contributor, while Mexico and Peru represent emerging or newly reported regions with limited historical data. The declines in 2023 across most regions suggest caution and potential challenges ahead.
Long-lived assets
Valero Energy Corp., long-lived assets by geographic area
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| U.S. | |||||
| Canada | |||||
| U.K. and Ireland | |||||
| Mexico and Peru | |||||
| Other countries | |||||
| Total |
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).
The analysis of long-lived assets across geographic areas reveals several notable trends and shifts over the examined periods.
- U.S.
- The long-lived assets in the U.S. exhibit a general upward trend from 2019 through 2022, rising from 27,485 million USD to a peak of 29,378 million USD. However, 2023 shows a slight decline to 28,868 million USD. This indicates steady investment or asset accumulation in the earlier years, with a minor reduction in the most recent period.
- Canada
- Assets in Canada consistently decreased over the entire period, moving from 1,886 million USD in 2019 down to 1,598 million USD by 2023. This downward trend suggests possible divestitures, depreciation, or reduced capital expenditures in this region.
- U.K. and Ireland
- This region's assets increased from 1,232 million USD in 2019 to 1,528 million USD in 2021, indicating growth. Nevertheless, there was a decline in 2022 to 1,301 million USD, followed by a partial recovery to 1,346 million USD in 2023. These fluctuations suggest some cyclical or operational influences affecting asset levels.
- Mexico and Peru
- No data is available from 2019 to 2021. From 2022 onward, assets are reported at 860 million USD in 2022 and slightly decrease to 837 million USD in 2023. This late appearance of data may reflect recent acquisitions or reporting changes, with a small downward adjustment in the latest year.
- Other countries
- Assets classified under "Other countries" increased from 497 million USD in 2019 to 859 million USD in 2021 but lack data for 2022 and 2023. The earlier growth could indicate expansion or investment in smaller or diverse international markets prior to these years.
- Total
- The total long-lived assets show a steady increase from 31,100 million USD in 2019 to 33,173 million USD in 2022, followed by a slight decline to 32,649 million USD in 2023. This overall pattern corresponds with the trends observed in the U.S. and Canadian segments, which comprise significant portions of the total assets.
In summary, the U.S. segment remains the dominant geographic area with large and relatively stable asset values, while Canada shows a steady decline. The U.K. and Ireland exhibit moderate variability with recent partial recovery. Mexico and Peru entered the reporting scope recently with stable but smaller asset bases, and other countries showed growth until 2021 with no subsequent data. The total long-lived assets trend aligns with these observations, indicating overall modest growth peaking in 2022 followed by a slight reduction in 2023.