SAN ANTONIO, July 30, 2015 /PRNewswire/ -- Valero Energy
Corporation (NYSE: VLO, "Valero") today reported net income from
continuing operations attributable to Valero stockholders of
$1.4 billion, or $2.66 per share, in the second quarter of 2015
compared to $651 million, or
$1.22 per share, in the second
quarter of 2014.
"After completing a heavy planned maintenance period in the
prior quarter, our refineries were ready and available to respond
to improving market conditions in the second quarter," said
Joe Gorder, Valero Chairman,
President and Chief Executive Officer. "Our plants operated
safely and reliably, enabling us to generate strong results."
Refining
The refining segment reported second quarter 2015 operating
income of $2.2 billion versus
$1.1 billion in the second quarter of
2014. The $1.1 billion increase
in operating income primarily resulted from a $3.87 increase in throughput margin per barrel
from $9.84 in the second quarter of
2014 to $13.71 in the second quarter
of 2015, driven mainly by stronger gasoline and other product
margins per barrel relative to Brent crude oil and lower natural
gas costs. Lower discounts per barrel for most sweet and sour
crude oils relative to Brent crude oil partially offset these
factors.
Second quarter 2015 refining throughput volumes averaged 2.8
million barrels per day, an increase of 87,000 barrels per day from
the second quarter of 2014 primarily attributed to less maintenance
activity during the second quarter of 2015. Valero's
refineries operated at 96 percent throughput capacity utilization
in the second quarter of 2015.
"Market conditions favored gasoline over distillate production
in most regions," said Gorder. "The crude oil price
environment was at a level which continued to support upstream
production while still stimulating consumer demand for refined
products."
Ethanol
The ethanol segment reported second quarter 2015 operating
income of $108 million versus
$187 million in the second quarter of 2014. The
$79 million decrease in operating
income was mainly due to lower gross margin per gallon driven by a
decline in gasoline and ethanol prices, which more than offset a
decrease in corn prices. Average ethanol production volumes
were 3.8 million gallons per day in the second quarter of 2015, an
increase of 517,000 gallons per day versus the second quarter of
2014, due to less weather-related rail disruptions and incremental
production volumes from the Mount
Vernon plant, which was acquired in March 2014 but did not begin operating until
August 2014.
Corporate and Other
General and administrative expenses were $178 million in the second quarter of 2015 versus
$170 million in the second quarter of
2014. The effective tax rate was 30.8 percent in the second
quarter of 2015.
Capital Allocation
Capital spending was $530 million
in the second quarter of 2015, of which $160
million was for turnarounds and catalyst. Valero also
repaid $75 million of debt during the
second quarter of 2015.
Valero returned a total of $870
million in cash to stockholders in the second quarter of
2015, of which $203 million was paid
in dividends and $667 million was
used to purchase 11.3 million shares of Valero common stock.
Year to date, the company has purchased 19.5 million
shares of its common stock for $1.2
billion. On July 13,
Valero announced an incremental $2.5
billion share repurchase authorization. Combined with
approximately $400 million of
existing authorization, the company has $2.9
billion available for stock repurchases.
"We continue to focus on our key priorities of optimizing our
operations, generating strong results, and returning cash to
stockholders," said Gorder. "We are operating within our
$2.65 billion capital budget and
we've doubled the buyback pace from the first six months of last
year. We expect our total payout ratio for 2015 to be
approximately 75 percent."
The company defines total payout ratio as the sum of dividends
plus stock buybacks divided by net income from continuing
operations attributable to Valero stockholders.
Liquidity and Financial Position
Valero ended the second quarter of 2015 with $7.3 billion in total debt and $5.8 billion of cash and temporary cash
investments, of which $52 million was
held by Valero Energy Partners LP ("VLP"). Valero's
debt-to-capital ratio, net of $2
billion in cash, was approximately 20 percent.
Strategic Update
Valero is on track to complete its goal of $1 billion of
drop-down transactions to VLP in 2015.
Valero continued to advance its capital investments, which are
designed to increase its ability to access and process more North
American crude oil. The construction of the two crude topping
units at the Corpus Christi and
Houston refineries is progressing
as planned, with startup expected in the first quarter of
2016. Valero also continues to evaluate refining growth
investments that upgrade low cost natural gas or natural gas
liquids into higher value products, including the St. Charles
methanol and the Houston
alkylation projects.
Valero's 2015 capital budget, including turnarounds and catalyst
includes $1.5 billion for
stay-in-business capital and $1.15
billion for growth investment, and excludes the St. Charles
methanol project that remains under evaluation. Valero
expects the majority of growth investments in 2015 will be for
North American crude oil processing and logistics. The
company believes that most of the logistics investments will be
eligible for future drop-down transactions to VLP.
Conference Call
Valero's senior management will hold a conference call at
11 a.m. ET today to discuss this
earnings release and to provide an update on company operations and
strategy.
About Valero
Valero Energy Corporation, through its subsidiaries, is an
international manufacturer and marketer of transportation fuels,
other petrochemical products and power. Valero subsidiaries
employ approximately 10,000 people, and assets include 15 petroleum
refineries with a combined throughput capacity of approximately 2.9
million barrels per day, 11 ethanol plants with a combined
production capacity of 1.3 billion gallons per year, a 50-megawatt
wind farm, and renewable diesel production from a joint venture.
Through subsidiaries, Valero owns the general partner of Valero
Energy Partners LP (NYSE: VLP), a midstream master limited
partnership. Approximately 7,400 outlets carry the Valero,
Diamond Shamrock, Shamrock, and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company
based in San Antonio. Please visit
www.valero.com for more information.
Valero Contacts
Investors:
John Locke, Executive Director –
Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor
Relations, 210-345-4574
Media:
Bill Day, Vice President –
Communications, 210-345-2928
To download our investor relations mobile app, which offers
access to SEC filings, press releases, unit quotes, and upcoming
events, please visit Apple's iTunes App
Store for your iPhone and iPad or Google's Play Store for
your Android mobile device.
Safe-Harbor Statement
Statements contained in this release that state the company's or
management's expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words "believe," "expect,"
"should," "estimates," "intend," and other similar expressions
identify forward-looking statements. It is important to note
that actual results could differ materially from those projected in
such forward-looking statements. For more information
concerning factors that could cause actual results to differ from
those expressed or forecasted, see Valero's annual reports on Form
10-K and quarterly reports on Form 10-Q, filed with the Securities
and Exchange Commission ("SEC") and on Valero's website at
www.valero.com, and VLP's annual reports on Form 10-K and quarterly
reports on Form 10-Q, filed with the SEC and on VLP's website at
www.valeroenergypartners.com.
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
EARNINGS
RELEASE
|
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Statement of
Income Data (a):
|
|
|
|
|
|
|
|
|
Operating
revenues
|
|
$
|
25,118
|
|
|
$
|
34,914
|
|
|
$
|
46,448
|
|
|
$
|
68,577
|
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
Cost of
sales
|
|
21,394
|
|
|
32,167
|
|
|
39,557
|
|
|
62,797
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Refining
|
|
935
|
|
|
967
|
|
|
1,899
|
|
|
1,939
|
|
Ethanol
|
|
108
|
|
|
111
|
|
|
228
|
|
|
240
|
|
General and
administrative expenses
|
|
178
|
|
|
170
|
|
|
325
|
|
|
330
|
|
Depreciation
and amortization expense
|
|
425
|
|
|
414
|
|
|
866
|
|
|
835
|
|
Total costs and
expenses
|
|
23,040
|
|
|
33,829
|
|
|
42,875
|
|
|
66,141
|
|
Operating
income
|
|
2,078
|
|
|
1,085
|
|
|
3,573
|
|
|
2,436
|
|
Other income,
net
|
|
8
|
|
|
12
|
|
|
32
|
|
|
27
|
|
Interest and debt
expense, net of capitalized interest
|
|
(113)
|
|
|
(98)
|
|
|
(214)
|
|
|
(198)
|
|
Income from
continuing operations before income tax expense
|
|
1,973
|
|
|
999
|
|
|
3,391
|
|
|
2,265
|
|
Income tax
expense
|
|
608
|
|
|
343
|
|
|
1,058
|
|
|
772
|
|
Income from
continuing operations
|
|
1,365
|
|
|
656
|
|
|
2,333
|
|
|
1,493
|
|
Loss from
discontinued operations (a)
|
|
—
|
|
|
(63)
|
|
|
—
|
|
|
(64)
|
|
Net income
|
|
1,365
|
|
|
593
|
|
|
2,333
|
|
|
1,429
|
|
Less: Net
income attributable to noncontrolling interests
|
|
14
|
|
|
5
|
|
|
18
|
|
|
13
|
|
Net income
attributable to Valero Energy Corporation stockholders
|
|
$
|
1,351
|
|
|
$
|
588
|
|
|
$
|
2,315
|
|
|
$
|
1,416
|
|
Net income
attributable to Valero Energy Corporation
stockholders:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
1,351
|
|
|
$
|
651
|
|
|
$
|
2,315
|
|
|
$
|
1,480
|
|
Discontinued
operations
|
|
—
|
|
|
(63)
|
|
|
—
|
|
|
(64)
|
|
Total
|
|
$
|
1,351
|
|
|
$
|
588
|
|
|
$
|
2,315
|
|
|
$
|
1,416
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.67
|
|
|
$
|
1.23
|
|
|
$
|
4.53
|
|
|
$
|
2.78
|
|
Discontinued
operations
|
|
—
|
|
|
(0.12)
|
|
|
—
|
|
|
(0.12)
|
|
Total
|
|
$
|
2.67
|
|
|
$
|
1.11
|
|
|
$
|
4.53
|
|
|
$
|
2.66
|
|
Weighted-average common shares outstanding (in millions)
|
|
505
|
|
|
529
|
|
|
509
|
|
|
530
|
|
Earnings per
common share – assuming dilution:
|
|
|
|
|
|
|
|
|
Continuing
operations
|
|
$
|
2.66
|
|
|
$
|
1.22
|
|
|
$
|
4.52
|
|
|
$
|
2.77
|
|
Discontinued
operations
|
|
—
|
|
|
(0.12)
|
|
|
—
|
|
|
(0.12)
|
|
Total
|
|
$
|
2.66
|
|
|
$
|
1.10
|
|
|
$
|
4.52
|
|
|
$
|
2.65
|
|
Weighted-average common shares outstanding - assuming dilution (in millions)
|
|
508
|
|
|
534
|
|
|
512
|
|
|
535
|
|
|
|
|
|
|
|
|
|
|
Dividends per
common share
|
|
$
|
0.40
|
|
|
$
|
0.25
|
|
|
$
|
0.80
|
|
|
$
|
0.50
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
EARNINGS
RELEASE
|
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Operating income
by business segment:
|
|
|
|
|
|
|
|
|
Refining
(a)
|
|
$
|
2,161
|
|
|
$
|
1,079
|
|
|
$
|
3,802
|
|
|
$
|
2,359
|
|
Ethanol
|
|
108
|
|
|
187
|
|
|
120
|
|
|
430
|
|
Corporate
|
|
(191)
|
|
|
(181)
|
|
|
(349)
|
|
|
(353)
|
|
Total
|
|
$
|
2,078
|
|
|
$
|
1,085
|
|
|
$
|
3,573
|
|
|
$
|
2,436
|
|
Depreciation and
amortization expense by business segment:
|
|
|
|
|
|
|
|
|
Refining
|
|
$
|
408
|
|
|
$
|
391
|
|
|
$
|
825
|
|
|
$
|
788
|
|
Ethanol
|
|
4
|
|
|
12
|
|
|
17
|
|
|
24
|
|
Corporate
|
|
13
|
|
|
11
|
|
|
24
|
|
|
23
|
|
Total
|
|
$
|
425
|
|
|
$
|
414
|
|
|
$
|
866
|
|
|
$
|
835
|
|
Operating
highlights:
|
|
|
|
|
|
|
|
|
Refining
(a):
|
|
|
|
|
|
|
|
|
Throughput
margin per barrel
|
|
$
|
13.71
|
|
|
$
|
9.84
|
|
|
$
|
13.07
|
|
|
$
|
10.36
|
|
Operating costs
per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
3.66
|
|
|
3.90
|
|
|
3.80
|
|
|
3.95
|
|
Depreciation
and amortization expense
|
|
1.59
|
|
|
1.58
|
|
|
1.66
|
|
|
1.60
|
|
Total operating costs per barrel
|
|
5.25
|
|
|
5.48
|
|
|
5.46
|
|
|
5.55
|
|
Operating
income per barrel
|
|
$
|
8.46
|
|
|
$
|
4.36
|
|
|
$
|
7.61
|
|
|
$
|
4.81
|
|
Throughput
volumes (thousand barrels per day):
|
|
|
|
|
|
|
|
|
Feedstocks:
|
|
|
|
|
|
|
|
|
Heavy
sour crude oil
|
|
448
|
|
|
428
|
|
|
439
|
|
|
453
|
|
Medium/light sour crude oil
|
|
468
|
|
|
472
|
|
|
423
|
|
|
491
|
|
Sweet
crude oil
|
|
1,177
|
|
|
1,084
|
|
|
1,161
|
|
|
1,074
|
|
Residuals
|
|
269
|
|
|
235
|
|
|
263
|
|
|
219
|
|
Other
feedstocks
|
|
131
|
|
|
152
|
|
|
153
|
|
|
140
|
|
Total
feedstocks
|
|
2,493
|
|
|
2,371
|
|
|
2,439
|
|
|
2,377
|
|
Blendstocks
and other
|
|
315
|
|
|
350
|
|
|
320
|
|
|
334
|
|
Total throughput volumes
|
|
2,808
|
|
|
2,721
|
|
|
2,759
|
|
|
2,711
|
|
Yields
(thousand barrels per day):
|
|
|
|
|
|
|
|
|
Gasolines and
blendstocks
|
|
1,368
|
|
|
1,318
|
|
|
1,342
|
|
|
1,307
|
|
Distillates
|
|
1,087
|
|
|
1,034
|
|
|
1,057
|
|
|
1,029
|
|
Other products
(b)
|
|
394
|
|
|
405
|
|
|
400
|
|
|
410
|
|
Total
yields
|
|
2,849
|
|
|
2,757
|
|
|
2,799
|
|
|
2,746
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
EARNINGS
RELEASE
|
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Refining operating
highlights by region (c):
|
|
|
|
|
|
|
|
|
U.S. Gulf Coast
(a):
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
1,086
|
|
|
$
|
660
|
|
|
$
|
1,958
|
|
|
$
|
1,543
|
|
Throughput
volumes (thousand barrels per day)
|
|
1,611
|
|
|
1,567
|
|
|
1,569
|
|
|
1,576
|
|
Throughput
margin per barrel
|
|
$
|
12.62
|
|
|
$
|
10.03
|
|
|
$
|
12.31
|
|
|
$
|
10.75
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
3.59
|
|
|
3.82
|
|
|
3.71
|
|
|
3.72
|
|
Depreciation
and amortization expense
|
|
1.62
|
|
|
1.58
|
|
|
1.71
|
|
|
1.62
|
|
Total
operating costs per barrel
|
|
5.21
|
|
|
5.40
|
|
|
5.42
|
|
|
5.34
|
|
Operating
income per barrel
|
|
$
|
7.41
|
|
|
$
|
4.63
|
|
|
$
|
6.89
|
|
|
$
|
5.41
|
|
U.S.
Mid-Continent:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
398
|
|
|
$
|
250
|
|
|
$
|
715
|
|
|
$
|
480
|
|
Throughput
volumes (thousand barrels per day)
|
|
436
|
|
|
426
|
|
|
434
|
|
|
412
|
|
Throughput
margin per barrel
|
|
$
|
15.27
|
|
|
$
|
12.07
|
|
|
$
|
14.55
|
|
|
$
|
12.33
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
3.58
|
|
|
3.91
|
|
|
3.77
|
|
|
4.17
|
|
Depreciation
and amortization expense
|
|
1.66
|
|
|
1.70
|
|
|
1.68
|
|
|
1.72
|
|
Total
operating costs per barrel
|
|
5.24
|
|
|
5.61
|
|
|
5.45
|
|
|
5.89
|
|
Operating
income per barrel
|
|
$
|
10.03
|
|
|
$
|
6.46
|
|
|
$
|
9.10
|
|
|
$
|
6.44
|
|
North
Atlantic:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
382
|
|
|
$
|
145
|
|
|
$
|
752
|
|
|
$
|
343
|
|
Throughput
volumes (thousand barrels per day)
|
|
473
|
|
|
462
|
|
|
484
|
|
|
466
|
|
Throughput
margin per barrel
|
|
$
|
13.02
|
|
|
$
|
7.78
|
|
|
$
|
12.73
|
|
|
$
|
8.63
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
2.93
|
|
|
3.20
|
|
|
2.95
|
|
|
3.45
|
|
Depreciation
and amortization expense
|
|
1.21
|
|
|
1.13
|
|
|
1.19
|
|
|
1.11
|
|
Total
operating costs per barrel
|
|
4.14
|
|
|
4.33
|
|
|
4.14
|
|
|
4.56
|
|
Operating
income per barrel
|
|
$
|
8.88
|
|
|
$
|
3.45
|
|
|
$
|
8.59
|
|
|
$
|
4.07
|
|
U.S. West
Coast:
|
|
|
|
|
|
|
|
|
Operating
income (loss)
|
|
$
|
295
|
|
|
$
|
24
|
|
|
$
|
377
|
|
|
$
|
(7)
|
|
Throughput
volumes (thousand barrels per day)
|
|
288
|
|
|
266
|
|
|
272
|
|
|
257
|
|
Throughput
margin per barrel
|
|
$
|
18.63
|
|
|
$
|
8.66
|
|
|
$
|
15.69
|
|
|
$
|
7.98
|
|
Operating
costs per barrel:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
5.35
|
|
|
5.59
|
|
|
5.92
|
|
|
5.95
|
|
Depreciation
and amortization expense
|
|
2.05
|
|
|
2.08
|
|
|
2.11
|
|
|
2.18
|
|
Total
operating costs per barrel
|
|
7.40
|
|
|
7.67
|
|
|
8.03
|
|
|
8.13
|
|
Operating
income (loss) per barrel
|
|
$
|
11.23
|
|
|
$
|
0.99
|
|
|
$
|
7.66
|
|
|
$
|
(0.15)
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
EARNINGS
RELEASE
|
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Average market
reference prices and differentials:
|
|
|
|
|
|
|
|
|
Feedstocks
(dollars per barrel):
|
|
|
|
|
|
|
|
|
Brent crude
oil
|
|
$
|
63.50
|
|
|
$
|
109.74
|
|
|
$
|
59.32
|
|
|
$
|
108.82
|
|
Brent less
West Texas Intermediate (WTI) crude oil
|
|
5.66
|
|
|
6.68
|
|
|
6.12
|
|
|
7.93
|
|
Brent less
Alaska North Slope (ANS) crude oil
|
|
0.60
|
|
|
0.51
|
|
|
1.02
|
|
|
1.28
|
|
Brent less
Louisiana Light Sweet (LLS) crude oil
|
|
1.60
|
|
|
3.41
|
|
|
2.68
|
|
|
3.15
|
|
Brent less
Mars crude oil
|
|
4.95
|
|
|
8.22
|
|
|
6.19
|
|
|
7.32
|
|
Brent less
Maya crude oil
|
|
8.25
|
|
|
13.95
|
|
|
9.63
|
|
|
16.20
|
|
LLS crude
oil
|
|
61.90
|
|
|
106.33
|
|
|
56.64
|
|
|
105.67
|
|
LLS less Mars
crude oil
|
|
3.35
|
|
|
4.81
|
|
|
3.51
|
|
|
4.17
|
|
LLS less Maya
crude oil
|
|
6.65
|
|
|
10.54
|
|
|
6.95
|
|
|
13.05
|
|
WTI crude
oil
|
|
57.84
|
|
|
103.06
|
|
|
53.20
|
|
|
100.89
|
|
|
|
|
|
|
|
|
|
|
Natural gas
(dollars per million British Thermal Units)
|
|
2.69
|
|
|
4.56
|
|
|
2.73
|
|
|
4.90
|
|
|
|
|
|
|
|
|
|
|
Products (dollars
per barrel, unless otherwise noted):
|
|
|
|
|
|
|
|
|
U.S. Gulf
Coast:
|
|
|
|
|
|
|
|
|
CBOB gasoline
less Brent
|
|
12.76
|
|
|
7.33
|
|
|
10.23
|
|
|
4.56
|
|
Ultra-low-sulfur diesel less Brent
|
|
13.41
|
|
|
12.81
|
|
|
14.58
|
|
|
13.99
|
|
Propylene less
Brent
|
|
(11.10)
|
|
|
(5.00)
|
|
|
1.00
|
|
|
(1.19)
|
|
CBOB gasoline
less LLS
|
|
14.36
|
|
|
10.74
|
|
|
12.91
|
|
|
7.71
|
|
Ultra-low-sulfur diesel less LLS
|
|
15.01
|
|
|
16.22
|
|
|
17.26
|
|
|
17.14
|
|
Propylene less
LLS
|
|
(9.50)
|
|
|
(1.59)
|
|
|
3.68
|
|
|
1.96
|
|
U.S.
Mid-Continent:
|
|
|
|
|
|
|
|
|
CBOB gasoline
less WTI
|
|
19.87
|
|
|
16.00
|
|
|
17.29
|
|
|
14.55
|
|
Ultra-low-sulfur diesel less WTI
|
|
18.18
|
|
|
20.99
|
|
|
20.36
|
|
|
23.43
|
|
North
Atlantic:
|
|
|
|
|
|
|
|
|
CBOB gasoline
less Brent
|
|
16.13
|
|
|
11.69
|
|
|
12.09
|
|
|
8.54
|
|
Ultra-low-sulfur diesel less Brent
|
|
16.17
|
|
|
14.19
|
|
|
19.11
|
|
|
18.40
|
|
U.S. West
Coast:
|
|
|
|
|
|
|
|
|
CARBOB 87
gasoline less ANS
|
|
30.63
|
|
|
19.72
|
|
|
25.02
|
|
|
14.96
|
|
CARB diesel
less ANS
|
|
18.16
|
|
|
17.16
|
|
|
18.66
|
|
|
17.30
|
|
CARBOB 87
gasoline less WTI
|
|
35.69
|
|
|
25.89
|
|
|
30.12
|
|
|
21.61
|
|
CARB diesel
less WTI
|
|
23.22
|
|
|
23.33
|
|
|
23.76
|
|
|
23.95
|
|
New York
Harbor corn crush (dollars per gallon)
|
|
0.33
|
|
|
0.68
|
|
|
0.23
|
|
|
0.94
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
EARNINGS
RELEASE
|
(Millions of
Dollars, Except per Share, per Barrel, and per Gallon
Amounts)
|
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Ethanol:
|
|
|
|
|
|
|
|
|
Operating
income
|
|
$
|
108
|
|
|
$
|
187
|
|
|
$
|
120
|
|
|
$
|
430
|
|
Production (thousand
gallons per day)
|
|
3,793
|
|
|
3,276
|
|
|
3,785
|
|
|
3,186
|
|
Gross margin per
gallon of production
|
|
$
|
0.64
|
|
|
$
|
1.04
|
|
|
$
|
0.53
|
|
|
$
|
1.20
|
|
Operating costs per
gallon of production:
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
0.31
|
|
|
0.37
|
|
|
0.33
|
|
|
0.41
|
|
Depreciation
and amortization expense
|
|
0.02
|
|
|
0.04
|
|
|
0.03
|
|
|
0.04
|
|
Total
operating costs per gallon of production
|
|
0.33
|
|
|
0.41
|
|
|
0.36
|
|
|
0.45
|
|
Operating income per
gallon of production
|
|
$
|
0.31
|
|
|
$
|
0.63
|
|
|
$
|
0.17
|
|
|
$
|
0.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30,
|
|
December 31,
|
|
|
|
|
|
|
2015
|
|
2014
|
Balance Sheet
Data:
|
|
|
|
|
|
|
|
|
Current
assets
|
|
$
|
18,492
|
|
|
$
|
16,614
|
|
Cash and temporary
cash investments, including $52 and $237, respectively, held by
Valero Energy Partners LP, included in current assets
|
|
5,764
|
|
|
3,689
|
|
Inventories included
in current assets
|
|
6,618
|
|
|
6,623
|
|
Replacement cost
(market value) of LIFO inventories in excess of LIFO carrying
amounts
|
|
2,982
|
|
|
857
|
|
Current
liabilities
|
|
9,865
|
|
|
9,980
|
|
Current portion of
debt and capital lease obligations included in current
liabilities
|
|
150
|
|
|
606
|
|
Debt and capital
lease obligations, less current portion
|
|
7,199
|
|
|
5,780
|
|
Total debt and
capital lease obligations
|
|
7,349
|
|
|
6,386
|
|
Valero Energy
Corporation stockholders' equity
|
|
21,453
|
|
|
20,677
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June
30,
|
|
June
30,
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Valero Energy
Partners LP:
|
|
|
|
|
|
|
|
|
Weighted-average
limited partner units outstanding:
|
|
|
|
|
|
|
|
Common units -
public (basic and diluted)
|
|
17
|
|
|
17
|
|
|
17
|
|
|
17
|
|
Common units -
Valero (basic and diluted)
|
|
13
|
|
|
12
|
|
|
13
|
|
|
12
|
|
Subordinated
units - Valero (basic and diluted)
|
|
29
|
|
|
29
|
|
|
29
|
|
|
29
|
|
Distributions
declared:
|
|
|
|
|
|
|
|
Limited
partner units - public
|
|
$
|
5
|
|
|
$
|
4
|
|
|
$
|
10
|
|
|
$
|
8
|
|
Limited
partner units - Valero
|
|
13
|
|
|
10
|
|
|
24
|
|
|
18
|
|
General
partner units - Valero
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
Total
distribution declared
|
|
$
|
19
|
|
|
$
|
14
|
|
|
$
|
36
|
|
|
$
|
26
|
|
|
|
See Notes to Earnings
Release.
|
VALERO ENERGY
CORPORATION AND SUBSIDIARIES
|
NOTES TO EARNINGS
RELEASE
|
|
(a)
|
In May 2014, we
abandoned our Aruba Refinery, except for the associated crude oil
and refined products terminal assets that we continue to operate.
As a result, the refinery's results of operations have been
presented as discontinued operations, and the operating highlights
for the refining segment and the U.S. Gulf Coast region exclude the
Aruba Refinery for the three and six months ended June 30,
2014.
|
|
|
(b)
|
Primarily includes
petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur,
and asphalt.
|
|
|
(c)
|
The regions reflected
herein contain the following refineries: U.S. Gulf Coast-
Corpus Christi East, Corpus Christi West, Houston, Meraux, Port
Arthur, St. Charles, Texas City, and Three Rivers Refineries;
U.S. Mid-Continent- Ardmore, McKee, and Memphis
Refineries; North Atlantic- Pembroke and Quebec City
Refineries; and U.S. West Coast- Benicia and
Wilmington Refineries.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valero-energy-reports-second-quarter-2015-results-300121182.html
SOURCE Valero Energy Corporation