Valero Energy said total revenues for Q3 2024 decreased $5.5 billion from the same quarter a year earlier, and operating income fell $3.0 billion, from $3.5 billion to $507 million. The company cited lower product prices for petroleum-based transportation fuels sold by its Refining segment as the factor behind the revenue decline.

1. 01

   Valero Energy said total revenues for Q3 2024 decreased $5.5 billion from the same quarter a year earlier, and operating income fell $3.0 billion, from $3.5 billion to $507 million. The company cited lower product prices for petroleum-based transportation fuels sold by its Refining segment as the factor behind the revenue decline.

2. 02

   The company said Refining segment margin for Q3 2024 decreased $3.0 billion from the same quarter a year earlier. It attributed the decline to an unfavorable impact of approximately $2.0 billion from lower distillate (primarily diesel) margins and approximately $1.2 billion from lower gasoline margins.

3. 03

   Valero Energy said Renewable Diesel segment operating income for Q3 2024 decreased $88 million from the same quarter a year earlier. It said segment margin fell $66 million, citing an unfavorable impact of approximately $599 million from lower product prices and a favorable impact of approximately $486 million from lower feedstock costs.

4. 04

   The company said it generated $5.6 billion of cash from operating activities in the first nine months of 2024. It used that cash, together with $5.5 billion of debt borrowings and other sources, for investments totaling $1.4 billion, debt and finance lease repayments of $6.1 billion, and shareholder returns of $3.7 billion.

Key figures

Quarter ended September 30, 2024

Revenue

$32.9B

Operating income

$507M

Net income

$364M

EPS

$1.14

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.