Valero said its subsidiary, Valero Refining Company-California, submitted notice to the California Energy Commission on April 16, 2025 of its current intent to idle, restructure, or cease refining operations at the Benicia Refinery by the end of April 2026.

1. 01

   Valero said its subsidiary, Valero Refining Company-California, submitted notice to the California Energy Commission on April 16, 2025 of its current intent to idle, restructure, or cease refining operations at the Benicia Refinery by the end of April 2026.

2. 02

   Valero said that as of March 31, 2025, it concluded the carrying value of the Benicia and Wilmington refinery assets was not recoverable and recorded a combined pre-tax impairment charge of $1.1 billion for the two refineries.

3. 03

   The company said the pre-tax impairment charge of $1.1 billion is expected to be treated as a special item and excluded from adjusted earnings for Q1 2025.

4. 04

   The company said the impairment amount includes the recognition of expected asset retirement obligations of $337 million as of March 31, 2025, which mainly reflects a change in the expected timing of estimated costs for certain legal obligations to retire the assets. It also said it continues to evaluate strategic alternatives for its remaining California operations.

Analysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

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.