Valero Energy said revenues for Q2 2025 decreased $4.6 billion compared to Q2 2024, and adjusted operating income decreased to $1.0 billion from $223 million. The company cited a decline in prices for products sold by its Refining segment as the reason for the revenue decrease.

10-QQuarterly reportFiled Jul 24, 2025Period of report Jun 30, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Valero Energy said revenues for Q2 2025 decreased $4.6 billion compared to Q2 2024, and adjusted operating income decreased to $1.0 billion from $223 million. The company cited a decline in prices for products sold by its Refining segment as the reason for the revenue decrease.
Valero Energy said Refining segment margin for Q2 2025 increased $232 million compared to Q2 2024, with an increase in gasoline margins of approximately $390 million and an increase in distillate margins of approximately $390 million having favorable impacts, while a decline in crude oil differentials had an unfavorable impact of approximately $450 million.
Valero Energy said it approved a plan to cease refining operations at its Benicia Refinery by the end of April 2026 in March 2025, and recognized an asset impairment loss of $1.1 billion for the 6 months ended June 30, 2025 related to its Benicia and Wilmington refining facilities.
Valero Energy said that in the first half of 2025, it used cash from operating activities of $1.9 billion and proceeds from debt issuances and borrowings of $5.0 billion, along with cash on hand of $117 million, for capital investments of $1.0 billion, repayment of debt and finance leases of $4.9 billion, and share repurchases and dividends of $1.3 billion.

Key figures

Quarter ended June 30, 2025

Revenue: $29.9B
Operating income: $997M
Net income: $714M
EPS: $2.28

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

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.

Q2 2025 Revenue and Adjusted Operating Income Changes

Valero Energy said revenues for Q2 2025 decreased $4.6 billion compared to Q2 2024, and adjusted operating income decreased to $1.0 billion from $223 million. The company cited a decline in prices for products sold by its Refining segment as the reason for the revenue decrease.

Source · Based on the MD&A text of the filing

Q2 Refining Segment Margin Components

Valero Energy said Refining segment margin for Q2 2025 increased $232 million compared to Q2 2024, with an increase in gasoline margins of approximately $390 million and an increase in distillate margins of approximately $390 million having favorable impacts, while a decline in crude oil differentials had an unfavorable impact of approximately $450 million.

Source · Based on the MD&A text of the filing

Asset Impairment Loss at Benicia and Wilmington Refining Facilities

Valero Energy said it approved a plan to cease refining operations at its Benicia Refinery by the end of April 2026 in March 2025, and recognized an asset impairment loss of $1.1 billion for the 6 months ended June 30, 2025 related to its Benicia and Wilmington refining facilities.

Source · Based on the MD&A text of the filing

First Half 2025 Operating Cash Flow and Use of Funds

Valero Energy said that in the first half of 2025, it used cash from operating activities of $1.9 billion and proceeds from debt issuances and borrowings of $5.0 billion, along with cash on hand of $117 million, for capital investments of $1.0 billion, repayment of debt and finance leases of $4.9 billion, and share repurchases and dividends of $1.3 billion.

Source · Based on the MD&A text of the filing

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

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