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Communication Services : Entertainment |
Company profile

InCapta, Inc. is a media holding company. The Company is focused on the radio, television, movie production and television productions to use on online Cloud television and radio. It is developing its online movie channel, a 24 hour a day streaming Internet television station, and its online news and video news bureau in association with Leading Edge Radio Network and Mancuso Martin Productions. The Company operates two cloud television networks: World Drone Recreation Aviators and Leading Edge Radio Network. Its network develops its own channel content. It is also involved in pre-production of two full-length movies; developing a weekly half hour television show; and producing radio talk show with LeadingEdgeRadio.com.

Closing Price
$0.0001
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.0002
Day's Low
0.0001
Volume
(Light)
Volume:
5,520,151

10-day average volume:
26,185,466
5,520,151

Valero Energy Reports Third Quarter 2020 Results

12:58 pm ET October 22, 2020 (BusinessWire) Print

Valero Energy Corporation (NYSE: VLO, "Valero") today reported a net loss attributable to Valero stockholders of $464 million, or $1.14 per share, for the third quarter of 2020 compared to net income of $609 million, or $1.48 per share, for the third quarter of 2019. Excluding the adjustments shown in the accompanying earnings release tables, the adjusted net loss attributable to Valero stockholders was $472 million, or $1.16 per share, for the third quarter of 2020, compared to third quarter 2019 adjusted net income attributable to Valero stockholders of $642 million, or $1.55 per share. Third quarter 2020 adjusted results primarily exclude the benefit from an after-tax lower of cost or market, or LCM, inventory valuation adjustment of $250 million and an after-tax loss of $218 million for an expected LIFO liquidation.

Refining

The refining segment reported a $629 million operating loss for the third quarter of 2020 compared to operating income of $1.1 billion for the third quarter of 2019. Excluding the LCM inventory valuation adjustment, the expected LIFO liquidation adjustment, and other operating expenses, the third quarter 2020 adjusted operating loss was $575 million. Refinery throughput volumes averaged 2.5 million barrels per day in the third quarter of 2020, which was 428 thousand barrels per day lower than the third quarter of 2019.

"As the global economy recovers, we are pleased to see a demand recovery for gasoline, diesel and jet fuel in the third quarter" said Joe Gorder, Valero Chairman and Chief Executive Officer. "Our unmatched execution, while being the lowest cost producer, and ample liquidity continue to position us well to manage a low margin environment."

Renewable Diesel

The renewable diesel segment reported $184 million of operating income for the third quarter of 2020 compared to $65 million for the third quarter of 2019. After adjusting for the retroactive blender's tax credit, renewable diesel operating income was $123 million for the third quarter of 2019. Renewable diesel sales volumes averaged 870 thousand gallons per day in the third quarter of 2020, an increase of 232 thousand gallons per day versus the third quarter of 2019. The third quarter of 2019 results and volumes were impacted by the planned downtime of the Diamond Green Diesel (DGD) plant for maintenance. DGD set a record for sales volumes in the third quarter of 2020.

Ethanol

The ethanol segment reported $22 million of operating income for the third quarter of 2020, compared to a $43 million operating loss for the third quarter of 2019. Third quarter 2020 adjusted operating income was $36 million. Ethanol production volumes averaged 3.8 million gallons per day in the third quarter of 2020, which was 206 thousand gallons per day lower than the third quarter of 2019. The increase in operating income was attributed primarily to higher margins resulting from lower corn prices.

Corporate and Other

General and administrative expenses were $186 million in the third quarter of 2020 compared to $217 million in the third quarter of 2019. The effective tax rate for the third quarter of 2020 was 47 percent, which was primarily impacted by an expected U.S. federal tax net operating loss that will be carried back to 2015 when the U.S. federal statutory tax rate was 35 percent.

Investing and Financing Activities

Capital investments totaled $517 million in the third quarter of 2020, of which $205 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner's 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $393 million.

Net cash provided by operating activities was $165 million in the third quarter of 2020. Included in this amount was a $246 million favorable impact from working capital, as well as our joint venture partner's share of DGD's net cash provided by operating activities, excluding changes in its working capital. Excluding these items, adjusted net cash used by operating activities was $177 million.

Valero returned $399 million to stockholders through dividends in the third quarter of 2020, resulting in a year-to-date total payout ratio of 165 percent of adjusted net cash provided by operating activities. The year-to-date total payout ratio is higher than our long-term target due to the adverse economic impact of COVID-19.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD's net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner's ownership interest in DGD.

"The guiding principles underpinning our capital allocation strategy remain unchanged," said Gorder. "There has been absolutely no change in our strategy, which prioritizes our investment grade ratings, sustaining investments and honoring our dividend."

Liquidity and Financial Position

Valero ended the third quarter of 2020 with $15.2 billion of total debt and finance lease obligations and $4.0 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 36 percent as of September 30, 2020.

Strategic Update

Capital investments attributable to Valero are forecasted at $2.0 billion per year in 2020 and 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Approximately 40 percent of Valero's 2020 and 2021 growth capital is allocated to expanding the renewable diesel business.

The new St. Charles Alkylation Unit, which is designed to convert low-value feedstocks into a premium alkylate product, is on track to be completed in the fourth quarter of this year. The Diamond Pipeline expansion and the Pembroke Cogen project are expected to be completed in 2021 and the Port Arthur Coker project is expected to be completed in 2023.

Valero and its joint venture partner in DGD continue to pursue growth in the low-carbon renewable diesel business. The DGD plant expansion is still expected to be completed in 2021, and as previously announced, DGD continues to make progress on the advanced engineering and development cost review for a potential new 400 million gallons per year renewable diesel plant at Valero's Port Arthur, Texas facility. If the project is approved, operations are expected to commence in 2024, increasing DGD's production capacity to over 1.1 billion gallons annually.

"We remain steadfast in the execution of our strategy, pursuing excellence in operations, investing in earnings growth with lower volatility and honoring our commitment to shareholder returns," said Gorder.

Conference Call

Valero's senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, "Valero"), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 14 ethanol plants with a combined production capacity of approximately 1.73 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America's largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero's brand names. Please visit www.valero.com for more information.

Valero Contacts

Investors:

Homer Bhullar, Vice President - Investor Relations, 210-345-1982

Eric Herbort, Senior Manager - Investor Relations, 210-345-3331

Gautam Srivastava, Manager - Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director - Media Relations and Communications, 210-345-5002

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," "target," "will," "plans," 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 based on numerous factors, including those outside of the company's control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. 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, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero's website at www.valero.com.

COVID-19 Disclosure

The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our quarterly reports on Form 10-Q and other reports filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share - assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted renewable diesel operating income, adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (g) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

                                                                                                                               VALERO ENERGY CORPORATION
                                                                                                                                EARNINGS RELEASE TABLES
                                                                                                                                 FINANCIAL HIGHLIGHTS
                                                                                                                    (millions of dollars, except per share amounts)
                                                                                                                                      (unaudited)
                                                                                         Three Months Ended                                                                               Nine Months Ended
                                                                                                               September 30,                                                                                                      September 30,
                                                                       --------------------------------------------------------------------------------------                            ---------------------------------------------------------------------------------------
                                                                   2020                                  2019                                   2020                                  2019
                                                                       --------------------------------                        ----------------------------------                        ---------------------------------                        ----------------------------------
Statement of income data                                                                                                         
                                                                       $      15,809     $        27,249     $       48,308     $        80,445  
   Revenues
                                                                       ------ ------ --------------------                      ------- ------- --------------------                      ------ ------- --------------------                      ------- ------- --------------------
                                                                                                                                 
   Cost of sales:
                                                                              14,801              24,335             43,832              72,396  
      Cost of materials and other (a) (b)
                                                                               (313)      --               (19)      --  
      Lower of cost or market (LCM) inventory valuation adjustment (c)
                                                                               1,117               1,239              3,268               3,629  
      Operating expenses (excluding depreciation and
      amortization expense reflected below)
                                                                                 602                 556              1,737               1,645  
      Depreciation and amortization expense (d)
                                                                       ------------  --------------------                      --------------  --------------------                      -------------  --------------------                      --------------  --------------------
                                                                              16,207              26,130             48,818              77,670  
         Total cost of sales
                                                                                  25                  10                 30                  14  
   Other operating expenses
                                                                                 186                 217                532                 625  
   General and administrative expenses (excluding
   depreciation and amortization expense reflected below)
                                                                                  12                  11                 37                  39  
   Depreciation and amortization expense
                                                                       ------------  --------------------                      --------------  --------------------                      -------------  --------------------                      --------------  --------------------
                                                                               (621)                 881            (1,109)               2,097  
   Operating income (loss)
                                                                                  48                  34                107                  68  
   Other income, net (e)
                                                                               (143)               (111)              (410)               (335)  
   Interest and debt expense, net of capitalized interest
                                                                       ------------  --------------------                      --------------  --------------------                      -------------  --------------------                      --------------  --------------------
                                                                               (716)                 804            (1,412)               1,830  
      Income (loss) before income tax expense (benefit)
                                                                               (337)                 165              (614)                 376  
   Income tax expense (benefit)
                                                                       ------------  --------------------                      --------------  --------------------                      -------------  --------------------                      --------------  --------------------
                                                                               (379)                 639              (798)               1,454  
   Net income (loss)
                                                                                  85                  30                264                  92  
      Less: Net income attributable to noncontrolling interests (b)
                                                                       ------------  --------------------                      --------------  --------------------                      -------------  --------------------                      --------------  --------------------
                                                                       $       (464)     $           609     $      (1,062)     $         1,362  
   Net income (loss) attributable to Valero Energy Corporation
   stockholders
                                                                       ====== ====== ====================                      ======= ======= ====================                      ====== ======= ====================                      ======= ======= ====================
                                                                                                              
Earnings (loss) per common share                                       $      (1.14)     $          1.48     $       (2.62)     $          3.28  
                                                                                 407                 412                407                 415  
   Weighted-average common shares outstanding (in millions)
                                                                                                              
Earnings (loss) per common share - assuming dilution      $      (1.14)     $          1.48     $       (2.62)     $          3.28  
                                                                                 407                 413                407                 416  
   Weighted-average common shares outstanding -
   assuming dilution (in millions) (f)
                                                                                                                                                                                                                      VALERO ENERGY CORPORATION
                                                                                                                                                                                                                       EARNINGS RELEASE TABLES
                                                                                                                                                                                                                   FINANCIAL HIGHLIGHTS BY SEGMENT
                                                                                                                                                                                                                        (millions of dollars)
                                                                                                                                                                                                                             (unaudited)
                                                             Refining                                                         Renewable                                                         Ethanol                                                         Corporate                                                          Total
                                                                                                                                                                     Diesel                                                                                                                                                                    and
                                                                                                                                                                                                                                                                                                                                          Eliminations
                                                     ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
Three months ended September 30, 2020                                                                                                                                                                                                         
                                                                                                                                                                                                                                              
   Revenues:
                                                     $                                  14,727     $                                     305     $                                     777     $                          --     $                                  15,809  
     Revenues from external customers
                                                                                             2                                            40                                            58                                         (100)                                --  
     Intersegment revenues
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                        14,729                                           345                                           835                                         (100)                                        15,809  
        Total revenues
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                                                                                              
   Cost of sales:
                                                                                        14,103                                           128                                           670                                         (100)                                        14,801  
      Cost of materials and other (a) (b)
                                                                                         (296)                                --                                          (17)                                --                                         (313)  
      LCM inventory valuation adjustment (c)
                                                                                           989                                            23                                           105                                --                                         1,117  
      Operating expenses (excluding depreciation and
      amortization expense reflected below)
                                                                                           538                                            10                                            54                                --                                           602  
      Depreciation and amortization expense (d)
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                        15,334                                           161                                           812                                         (100)                                        16,207  
         Total cost of sales
                                                                                            24                                --                                             1                                --                                            25  
   Other operating expenses
                                                                                --                                --                                --                                           186                                           186  
   General and administrative expenses (excluding
   depreciation and amortization expense reflected
   below)
                                                                                --                                --                                --                                            12                                            12  
   Depreciation and amortization expense
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                     $                                   (629)     $                                     184     $                                      22     $                                   (198)     $                                   (621)  
   Operating income (loss) by segment
                                                     ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                           
Three months ended September 30, 2019                                                                                                                                                                                                         
                                                                                                                                                                                                                                              
   Revenues:
                                                     $                                  26,145     $                                     212     $                                     891     $                                       1     $                                  27,249  
      Revenues from external customers
                                                                                             2                                            50                                            57                                         (109)                                --  
      Intersegment revenues
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                        26,147                                           262                                           948                                         (108)                                        27,249  
      Total revenues
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                                                                                              
   Cost of sales:
                                                                                        23,432                                           164                                           847                                         (108)                                        24,335  
      Cost of materials and other
                                                                                         1,100                                            18                                           121                                --                                         1,239  
      Operating expenses (excluding depreciation and
      amortization expense reflected below)
                                                                                           518                                            15                                            23                                --                                           556  
      Depreciation and amortization expense
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                        25,050                                           197                                           991                                         (108)                                        26,130  
      Total cost of sales
                                                                                            10                                --                                --                                --                                            10  
   Other operating expenses
                                                                                --                                --                                --                                           217                                           217  
   General and administrative expenses (excluding
   depreciation and amortization expense reflected
   below)
                                                                                --                                --                                --                                            11                                            11  
   Depreciation and amortization expense
                                                     ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                     $                                   1,087     $                                      65     $                                    (43)     $                                   (228)     $                                     881  
   Operating income (loss) by segment
                                                     ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                       
                                                                                                                                                           
                                                                                                                                                        VALERO ENERGY CORPORATION
                                                                                                                                                         EARNINGS RELEASE TABLES
                                                                                                                                                     FINANCIAL HIGHLIGHTS BY SEGMENT
                                                                                                                                                          (millions of dollars)
                                                                                                                                                               (unaudited)
                                                Refining                               Renewable                               Ethanol                                   Corporate                                   Total
                                                                                                                              Diesel                                                                                                                    and
                                                                                                                                                                                                                                                   Eliminations
                                                     ----------------------------------                        ----------------------------------                        ----------------------------------                        -----------------------------------------                        ----------------------------------
Nine months ended September 30, 2020                                                                                                         
                                                                                                                                             
   Revenues:
                                                     $        45,327     $           850     $         2,131     $       --     $        48,308  
      Revenues from external customers
                                                                   6                 150                 160                      (316)      --  
      Intersegment revenues
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                              45,333               1,000               2,291                      (316)              48,308  
         Total revenues
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                                                                                                             
   Cost of sales:
                                                              41,769                 393               1,984                      (314)              43,832  
     Cost of materials and other (a) (b)
                                                                (19)      --      --             --                (19)  
     LCM inventory valuation adjustment (c)
                                                               2,912                  63                 293             --               3,268  
     Operating expenses (excluding depreciation and
     amortization expense reflected below)
                                                               1,607                  33                  97             --               1,737  
     Depreciation and amortization expense (d)
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                              46,269                 489               2,374                      (314)              48,818  
        Total cost of sales
                                                                  29      --                   1             --                  30  
   Other operating expenses
                                                      --      --      --                        532                 532  
   General and administrative expenses (excluding
   depreciation and amortization expense reflected
   below)
                                                      --      --      --                         37                  37  
   Depreciation and amortization expense
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                     $         (965)     $           511     $          (84)     $                (571)     $       (1,109)  
   Operating income (loss) by segment
                                                     ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================
                                                                                                                          
Nine months ended September 30, 2019                                                                                                         
                                                                                                                                             
   Revenues:
                                                     $        77,109     $           686     $         2,648     $                    2     $        80,445  
      Revenues from external customers
                                                                  12                 174                 162                      (348)      --  
      Intersegment revenues
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                              77,121                 860               2,810                      (346)              80,445  
         Total revenues
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                                                                                                             
   Cost of sales:
                                                              69,769                 577               2,396                      (346)              72,396  
      Cost of materials and other
                                                               3,197                  54                 378             --               3,629  
      Operating expenses (excluding depreciation and
      amortization expense reflected below)
                                                               1,539                  38                  68             --               1,645  
      Depreciation and amortization expense
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                              74,505                 669               2,842                      (346)              77,670  
         Total cost of sales
                                                                  13      --                   1             --                  14  
   Other operating expenses
                                                      --      --      --                        625                 625  
   General and administrative expenses (excluding
   depreciation and amortization expense reflected
   below)
                                                      --      --      --                         39                  39  
   Depreciation and amortization expense
                                                     --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------  --------------------                      --------------  --------------------
                                                     $         2,603     $           191     $          (33)     $                (664)     $         2,097  
   Operating income (loss) by segment
                                                     ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ============== ====================                      ======= ======= ====================
                                                                                                                                                     VALERO ENERGY CORPORATION
                                                                                                                                                      EARNINGS RELEASE TABLES
                                                                                                                                  RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
                                                                                                                                                   REPORTED UNDER U.S. GAAP (g)
                                                                                                                                          (millions of dollars, except per share amounts)
                                                                                                                                                            (unaudited)
                                                                                                             Three Months Ended                                                                                           Nine Months Ended
                                                                                                                                   September 30,                                                                                                                  September 30,
                                                                                          ----------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------------------------
                                                                                       2020                                   2019                                   2020                                   2019                  
                                                                                          ----------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
Reconciliation of net income (loss) attributable to Valero                                                                                                               
Energy Corporation stockholders to adjusted net income
(loss) attributable to Valero Energy Corporation
stockholders
                                                                                          $         (464)     $           609     $       (1,062)     $         1,362    
    Net income (loss) attributable to Valero Energy Corporation
    stockholders
                                                                                          ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                         
    Adjustments:
                                                                                                      326      --                 326      --    
    Last-in, first-out (LIFO) liquidation adjustment (a)
                                                                                                    (108)      --               (108)      --    
    Income tax benefit related to the LIFO liquidation
    adjustment
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                      218      --                 218      --    
       LIFO liquidation adjustment, net of taxes
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                       30      --                  30      --    
    Change in estimated useful life (d)
                                                                                                      (6)      --                 (6)      --    
    Income tax benefit related to the change in estimated
    useful life
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                       24      --                  24      --    
       Change in estimated useful life, net of taxes
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                    (313)      --                (19)      --    
    LCM inventory valuation adjustment (c)
                                                                                                       63      --                   3      --    
    Income tax expense related to the LCM inventory
    valuation adjustment
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                    (250)      --                (16)      --    
       LCM inventory valuation adjustment, net of taxes
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                           --                  33      --                 112    
    2019 blender's tax credit attributable to Valero Energy
    Corporation stockholders (b)
                                                                                           --      --      --                 (3)    
    Income tax expense related to 2019 blender's tax credit
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                           --                  33      --                 109    
       2019 blender's tax credit attributable to Valero Energy
       Corporation stockholders, net of taxes
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                           --      --      --                  22    
    Loss on early redemption of debt (e)
                                                                                           --      --      --                 (5)    
    Income tax benefit related to loss on early
    redemption of debt
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                           --      --      --                  17    
       Loss on early redemption of debt, net of taxes
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                      (8)                  33                 226                 126    
       Total adjustments
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                          $         (472)     $           642     $         (836)     $         1,488    
    Adjusted net income (loss) attributable to
    Valero Energy Corporation stockholders
                                                                                          ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                      
Reconciliation of earnings (loss) per common share -                                                                                                        
assuming dilution to adjusted earnings (loss) per common
share - assuming dilution
                                                                                          $        (1.14)     $          1.48     $        (2.62)     $          3.28    
   Earnings (loss) per common share - assuming dilution (f)
                                                                                          ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------                      ------- ------- --------------------
                                                                                                                                                                         
   Adjustments:
                                                                                                     0.53      --                0.53      --    
      LIFO liquidation adjustment (a)
                                                                                                     0.06      --                0.06      --    
      Change in estimated useful life (d)
                                                                                                   (0.61)      --              (0.04)      --    
      LCM inventory valuation adjustment (c)
                                                                                           --                0.07      --                0.26    
      2019 blender's tax credit attributable to Valero Energy
      Corporation stockholders (b)
                                                                                           --      --      --                0.04    
      Loss on early redemption of debt (e)
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                                   (0.02)                0.07                0.55                0.30    
         Total adjustments
                                                                                          --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                                                          $        (1.16)     $          1.55     $        (2.07)     $          3.58    
   Adjusted earnings (loss) per common share -
   assuming dilution (f)
                                                                                          ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                        VALERO ENERGY CORPORATION
                                                                                                                                         EARNINGS RELEASE TABLES
                                                                                                                     RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
                                                                                                                                      REPORTED UNDER U.S. GAAP (g)
                                                                                                                                          (millions of dollars)
                                                                                                                                               (unaudited)
                                                                                            Three Months Ended                                                                                       Nine Months Ended
                                                                                                                  September 30,                                                                                                              September 30,
                                                                         ----------------------------------------------------------------------------------------                            -----------------------------------------------------------------------------------------------------
                                                                                      2020                                   2019                                   2020                                                2019
                                                                         ----------------------------------                        ----------------------------------                        ----------------------------------                        -----------------------------------------------
Reconciliation of operating income (loss) by segment to                                                                               
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment
                                                                                                                                      
    Refining segment
                                                                         $         (629)     $         1,087     $         (965)     $                      2,603  
       Refining operating income (loss)
                                                                                                                                      
       Adjustments:
                                                                          --                   4      --                               13  
          2019 blender's tax credit (b)
                                                                                     326      --                 326                   --  
          LIFO liquidation adjustment (a)
                                                                                   (296)      --                (19)                   --  
          LCM inventory valuation adjustment (c)
                                                                                     989               1,100               2,912                            3,197  
          Operating expenses (excluding depreciation and
          amortization expense reflected below)
                                                                                     538                 518               1,607                            1,539  
          Depreciation and amortization expense
                                                                                      24                  10                  29                               13  
          Other operating expenses
                                                                         --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
                                                                         $           952     $         2,719     $         3,890     $                      7,365  
       Refining margin
                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                                      
        
                                                                         $         (629)     $         1,087     $         (965)     $                      2,603  
       Refining operating income (loss)
                                                                                                                                      
       Adjustments:
                                                                          --                   4      --            13  
          2019 blender's tax credit (b)
                                                                                     326      --                 326                   --  
          LIFO liquidation adjustment (a)
                                                                                   (296)      --                (19)                   --  
          LCM inventory valuation adjustment (c)
                                                                                      24                  10                  29                               13  
          Other operating expenses
                                                                         --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
                                                                         $         (575)     $         1,101     $         (629)     $                      2,629  
       Adjusted refining operating income (loss)
                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                   
Renewable diesel segment                                                                                                              
                                                                         $           184     $            65     $           511     $                        191  
    Renewable diesel operating income
                                                                                                                                      
    Adjustments:
                                                                          --                  58      --                              198  
       2019 blender's tax credit (b)
                                                                                      23                  18                  63                               54  
       Operating expenses (excluding depreciation and
       amortization expense reflected below)
                                                                                      10                  15                  33                               38  
       Depreciation and amortization expense
                                                                         --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
                                                                         $           217     $           156     $           607     $                        481  
    Renewable diesel margin
                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                                      
     
                                                                         $           184     $            65     $           511     $                        191  
    Renewable diesel operating income
                                                                          --                  58      --                              198  
    Adjustment: 2019 blender's tax credit (b)
                                                                         --------------  --------------------                      --------------  --------------------                      --------------  --------------------                      ---------------------------  --------------------
                                                                         $           184     $           123     $           511     $                        389  
    Adjusted renewable diesel operating income
                                                                         ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================                      ==================== ======= ====================
                                                                                                                   
                                                                                                                         VALERO ENERGY CORPORATION
                                                                                                                          EARNINGS RELEASE TABLES
                                                                                                      RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
                                                                                                                       REPORTED UNDER U.S. GAAP (g)
                                                                                                                           (millions of dollars)
                                                                                                                                (unaudited)
                                                                            Three Months Ended                                                                               Nine Months Ended
                                                                               September 30,                                                                                                      September 30,
                                                          --------------------------------------------------------------------------------------                            ----------------------------------------------------------------------------------------
                                                      2020                                  2019                                   2020                                   2019
                                                          --------------------------------                        ----------------------------------                        ----------------------------------                        ----------------------------------
Reconciliation of operating income (loss) by segment to                                                              
segment margin, and reconciliation of operating income
(loss) by segment to adjusted operating income (loss) by
segment (continued)
                                                                                                                     
   Ethanol segment
                                                          $          22     $          (43)     $          (84)     $          (33)  
       Ethanol operating income (loss)
                                                                                                                     
       Adjustments:
                                                                   (17)      --      --      --  
           LCM inventory valuation adjustment (c)
                                                                    105                 121                 293                 378  
           Operating expenses (excluding depreciation and
           amortization expense reflected below)
                                                                     54                  23                  97                  68  
           Depreciation and amortization expense (d)
                                                                      1      --                   1                   1  
           Other operating expenses
                                                          ------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                          $         165     $           101     $           307     $           414  
       Ethanol margin
                                                          ====== ====== ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                     
        
                                                          $          22     $          (43)     $          (84)     $          (33)  
       Ethanol operating income (loss)
                                                                                                                     
       Adjustments:
                                                                   (17)      --      --      --  
          LCM inventory valuation adjustment (c)
                                                                     30      --                  30      --  
          Change in estimated useful life (d)
                                                                      1      --                   1                   1  
          Other operating expenses
                                                          ------------  --------------------                      --------------  --------------------                      --------------  --------------------                      --------------  --------------------
                                                          $          36     $          (43)     $          (53)     $          (32)  
       Adjusted ethanol operating income (loss)
                                                          ====== ====== ====================                      ======= ======= ====================                      ======= ======= ====================                      ======= ======= ====================
                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                     VALERO ENERGY CORPORATION
                                                                                                                                                                                                                                     EARNINGS RELEASE TABLES
                                                                                                                                                                                                                      RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
                                                                                                                                                                                                                                     REPORTED UNDER U.S. GAAP (g)
                                                                                                                                                                                                                                     (millions of dollars)
                                                                                                                                                                                                                                     (unaudited)
                                                                                                                                                                                                                            Three Months Ended                                                                                                                                    Nine Months Ended
                                                                                                                                                                                                                                                  September 30,                                                                                                                                                           September 30,
                                                                                                                                                                               --------------------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                         2020                                                             2019                                                             2020                                                             2019
                                                                                                                                                                               ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
Reconciliation of refining segment operating income (loss) to refining margin (by region), and reconciliation of refining segment operating income (loss) to adjusted refining                                                                                                                                            
segment operating income (loss) (by region) (h)
                                                                                                                                                                                                                                                                                                                          
    U.S. Gulf Coast region
                                                                                                                                                                               $                                   (653)     $                                     388     $                                   (703)     $                                     779  
        Refining operating income (loss)
                                                                                                                                                                                                                                                                                                                          
        Adjustments:
                                                                                                                                                                                                          --                                             3                                --                                             9  
            2019 blender's tax credit (b)
                                                                                                                                                                                                                     200                                --                                           200                                --  
            LIFO liquidation adjustment (a)
                                                                                                                                                                                                                     (4)                                --                                --                                --  
            LCM inventory valuation adjustment (c)
                                                                                                                                                                                                                     556                                           641                                         1,649                                         1,826  
            Operating expenses (excluding depreciation and
            amortization expense reflected below)
                                                                                                                                                                                                                     329                                           326                                           990                                           954  
            Depreciation and amortization expense
                                                                                                                                                                                                                      18                                             6                                            20                                             8  
            Other operating expenses
                                                                                                                                                                               ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                               $                                     446     $                                   1,364     $                                   2,156     $                                   3,576  
        Refining margin
                                                                                                                                                                               ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                          
         
                                                                                                                                                                               $                                   (653)     $                                     388     $                                   (703)     $                                     779  
        Refining operating income (loss)
                                                                                                                                                                                                                                                                                                                          
        Adjustments:
                                                                                                                                                                                                          --                                             3                                --                                             9  
           2019 blender's tax credit (b)
                                                                                                                                                                                                                     200                                --                                           200                                --  
           LIFO liquidation adjustment (a)
                                                                                                                                                                                                                     (4)                                --                                --                                --  
           LCM inventory valuation adjustment (c)
                                                                                                                                                                                                                      18                                             6                                            20                                             8  
           Other operating expenses
                                                                                                                                                                               ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                               $                                   (439)     $                                     397     $                                   (483)     $                                     796  
        Adjusted refining operating income (loss)
                                                                                                                                                                               ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                          
     
                                                                                                                                                                                                                                                                                                                          
    U.S. Mid-Continent region
                                                                                                                                                                               $                                   (140)     $                                     333     $                                    (67)     $                                     991  
       Refining operating income (loss)
                                                                                                                                                                                                                                                                                                                          
       Adjustments:
                                                                                                                                                                                                          --                                             1                                --                                             3  
          2019 blender's tax credit (b)
                                                                                                                                                                                                                      58                                --                                            58                                --  
          LIFO liquidation adjustment (a)
                                                                                                                                                                                                                     153                                           156                                           465                                           468  
          Operating expenses (excluding depreciation and
          amortization expense reflected below)
                                                                                                                                                                                                                      84                                            77                                           250                                           226  
          Depreciation and amortization expense
                                                                                                                                                                                                          --                                             2                                --                                             2  
          Other operating expenses
                                                                                                                                                                               ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                               $                                     155     $                                     569     $                                     706     $                                   1,690  
       Refining margin
                                                                                                                                                                               ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                                                                                                                                          
        
                                                                                                                                                                               $                                   (140)     $                                     333     $                                    (67)     $                                     991  
       Refining operating income (loss)
                                                                                                                                                                                                                                                                                                                          
       Adjustments:
                                                                                                                                                                                                          --                                             1                                --                                             3  
          2019 blender's tax credit (b)
                                                                                                                                                                                                                      58                                --                                            58                                --  
          LIFO liquidation adjustment (a)
                                                                                                                                                                                                          --                                             2                                --                                             2  
          Other operating expenses
                                                                                                                                                                               ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                                                                                                                               $                                    (82)     $                                     336     $                                     (9)     $                                     996  
       Adjusted refining operating income (loss)
                                                                                                                                                                               ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                         
                                                                                                                                                                                  VALERO ENERGY CORPORATION
                                                                                                                                                                                   EARNINGS RELEASE TABLES
                                                                                                                                                               RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS
                                                                                                                                                                                REPORTED UNDER U.S. GAAP (g)
                                                                                                                                                                                    (millions of dollars)
                                                                                                                                                                                         (unaudited)
                                                                                                              Three Months Ended                                                                                                                                    Nine Months Ended
                                                                                                                                    September 30,                                                                                                                                                           September 30,
                                                                 --------------------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------------------
                                                                           2020                                                             2019                                                             2020                                                             2019
                                                                 ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
Reconciliation of refining segment operating income (loss)                                                                                                                                                  
to refining margin (by region), and reconciliation of
refining segment operating income (loss) to adjusted
refining segment operating income (loss) (by region) (h)
(continued)
                                                                                                                                                                                                            
    North Atlantic region
                                                                 $                                     201     $                                     273     $                                      84     $                                     727  
       Refining operating income
                                                                                                                                                                                                            
       Adjustments:
                                                                                                        33                                --                                            33                                --  
           LIFO liquidation adjustment (a)
                                                                                                     (236)                                --                                          (19)                                --  
           LCM inventory valuation adjustment (c)
                                                                                                       130                                           146                                           383                                           439  
           Operating expenses (excluding depreciation and
           amortization expense reflected below)
                                                                                                        53                                            52                                           158                                           160  
           Depreciation and amortization expense
                                                                                                         5                                             2                                             8                                             2  
           Other operating expenses
                                                                 ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                 $                                     186     $                                     473     $                                     647     $                                   1,328  
    Refining margin
                                                                 ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                            
     
                                                                 $                                     201     $                                     273     $                                      84     $                                     727  
    Refining operating income
                                                                                                                                                                                                            
    Adjustments:
                                                                                                        33                                --                                            33                                --  
       LIFO liquidation adjustment (a)
                                                                                                     (236)                                --                                          (19)                                --  
       LCM inventory valuation adjustment (c)
                                                                                                         5                                             2                                             8                                             2  
       Other operating expenses
                                                                 ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                 $                                       3     $                                     275     $                                     106     $                                     729  
    Adjusted refining operating income
                                                                 ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                            
     
                                                                                                                                                                                                            
    U.S. West Coast region
                                                                 $                                    (37)     $                                      93     $                                   (279)     $                                     106  
     Refining operating income (loss)
                                                                                                                                                                                                            
     Adjustments:
                                                                                            --                                --                                --                                             1  
       2019 blender's tax credit (b)
                                                                                                        35                                --                                            35                                --  
       LIFO liquidation adjustment (a)
                                                                                                      (56)                                --                                --                                --  
       LCM inventory valuation adjustment (c)
                                                                                                       150                                           157                                           415                                           464  
       Operating expenses (excluding depreciation and
       amortization expense reflected below)
                                                                                                        72                                            63                                           209                                           199  
       Depreciation and amortization expense
                                                                                                         1                                --                                             1                                             1  
       Other operating expenses
                                                                 ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                 $                                     165     $                                     313     $                                     381     $                                     771  
     Refining margin
                                                                 ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                            
      
                                                                 $                                    (37)     $                                      93     $                                   (279)     $                                     106  
     Refining operating income (loss)
                                                                                                                                                                                                            
     Adjustments:
                                                                                            --                                --                                --                                             1  
        2019 blender's tax credit (b)
                                                                                                        35                                --                                            35                                --  
        LIFO liquidation adjustment (a)
                                                                                                      (56)                                --                                --                                --  
        LCM inventory valuation adjustment (c)
                                                                                                         1                                --                                             1                                             1  
        Other operating expenses
                                                                 ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                                 $                                    (57)     $                                      93     $                                   (243)     $                                     108  
     Adjusted refining operating income (loss)
                                                                 ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                           
                                                                                                                       VALERO ENERGY CORPORATION
                                                                                                                        EARNINGS RELEASE TABLES
                                                                                                                 REFINING SEGMENT OPERATING HIGHLIGHTS
                                                                                                           (millions of dollars, except per barrel amounts)
                                                                                                                              (unaudited)
                                                                            Three Months Ended                                                                            Nine Months Ended
                                                                                                  September 30,                                                                                                   September 30,
                                                           ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                       2020                                 2019                                 2020                                 2019
                                                           --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Throughput volumes (thousand barrels per day)                                                                     
                                                                                                                  
   Feedstocks:
                                                                     318               418               352               416  
      Heavy sour crude oil
                                                                     346               253               357               282  
      Medium/light sour crude oil
                                                                   1,252             1,615             1,240             1,548  
      Sweet crude oil
                                                                     219               238               208               208  
      Residuals
                                                                     108               132                92               152  
      Other feedstocks
                                                           ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                   2,243             2,656             2,249             2,606  
         Total feedstocks
                                                                     283               298               308               323  
   Blendstocks and other
                                                           ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                   2,526             2,954             2,557             2,929  
      Total throughput volumes
                                                           ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                                               
Yields (thousand barrels per day)                                                                                 
                                                                   1,273             1,406             1,217             1,393  
   Gasolines and blendstocks
                                                                     914             1,137               931             1,123  
   Distillates
                                                                     360               438               424               442  
   Other products (i)
                                                           ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                   2,547             2,981             2,572             2,958  
      Total yields
                                                           ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                                               
Operating statistics (g) (j)                                                                                      
                                                           $         952     $       2,719     $       3,890     $       7,365  
   Refining margin
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                           $       (575)     $       1,101     $       (629)     $       2,629  
   Adjusted refining operating income (loss)
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                   2,526             2,954             2,557             2,929  
   Throughput volumes (thousand barrels per day)
                                                           ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                                                                  
    
                                                           $        4.10     $       10.00     $        5.55     $        9.21  
   Refining margin per barrel of throughput
                                                                                                                  
   Less:
                                                                    4.26              4.05              4.16              4.00  
      Operating expenses (excluding depreciation and
      amortization expense reflected below) per barrel of
      throughput
                                                                    2.32              1.90              2.29              1.92  
      Depreciation and amortization expense per barrel of
      throughput
                                                           ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                           $      (2.48)     $        4.05     $      (0.90)     $        3.29  
   Adjusted refining operating income (loss) per barrel of
   throughput
                                                           ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                         VALERO ENERGY CORPORATION
                                                                                                                          EARNINGS RELEASE TABLES
                                                                                                               RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
                                                                                                             (millions of dollars, except per gallon amounts)
                                                                                                                                (unaudited)
                                                                                 Three Months Ended                                                                            Nine Months Ended
                                                                                                       September 30,                                                                                                   September 30,
                                                                ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                            2020                                 2019                                 2020                                 2019
                                                                --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Operating statistics (g) (j)                                                                                           
                                                                $         217     $         156     $         607     $         481  
   Renewable diesel margin
                                                                ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                $         184     $         123     $         511     $         389  
   Adjusted renewable diesel operating income
                                                                ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                          870               638               844               732  
   Sales volumes (thousand gallons per day)
                                                                ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                                                                       
    
                                                                $        2.72     $        2.64     $        2.63     $        2.40  
   Renewable diesel margin per gallon of sales
                                                                                                                       
   Less:
                                                                         0.29              0.30              0.27              0.27  
      Operating expenses (excluding depreciation and
      amortization expense reflected below) per gallon of sales
                                                                         0.13              0.25              0.15              0.19  
      Depreciation and amortization expense per gallon of sales
                                                                ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                $        2.30     $        2.09     $        2.21     $        1.94  
   Adjusted renewable diesel operating income per gallon
   of sales
                                                                ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                            VALERO ENERGY CORPORATION
                                                                                                                             EARNINGS RELEASE TABLES
                                                                                                                      ETHANOL SEGMENT OPERATING HIGHLIGHTS
                                                                                                                (millions of dollars, except per gallon amounts)
                                                                                                                                   (unaudited)
                                                                                       Three Months Ended                                                                            Nine Months Ended
                                                                                                             September 30,                                                                                                   September 30,
                                                                      ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                 2020                                 2019                                 2020                                 2019
                                                                      --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Operating statistics (g) (j)                                                                                                 
                                                                      $         165     $         101     $         307     $         414  
   Ethanol margin
                                                                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                      $          36     $        (43)     $        (53)     $        (32)  
   Adjusted ethanol operating income (loss)
                                                                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                              3,800             4,006             3,408             4,251  
   Production volumes (thousand gallons per day)
                                                                      ============  ====================                      ============  ====================                      ============  ====================                      ============  ====================
                                                                                                                             
    
                                                                      $        0.47     $        0.27     $        0.33     $        0.36  
   Ethanol margin per gallon of production
                                                                                                                             
   Less:
                                                                               0.30              0.33              0.31              0.33  
       Operating expenses (excluding depreciation and
       amortization expense reflected below) per gallon of production
                                                                               0.07              0.06              0.08              0.06  
       Depreciation and amortization expense per gallon of production
                                                                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                      $        0.10     $      (0.12)     $      (0.06)     $      (0.03)  
   Adjusted ethanol operating income (loss) per gallon of production
                                                                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                                                VALERO ENERGY CORPORATION
                                                                                                                                                                                 EARNINGS RELEASE TABLES
                                                                                                                                                                     REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
                                                                                                                                                                    (millions of dollars, except per barrel amounts)
                                                                                                                                                                                       (unaudited)
                                                                                                           Three Months Ended                                                                                                                                    Nine Months Ended
                                                                                                                                 September 30,                                                                                                                                                           September 30,
                                                              --------------------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------------------
                                                                        2020                                                             2019                                                             2020                                                             2019
                                                              ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
Operating statistics by region (h)                                                                                                                                                                       
                                                                                                                                                                                                         
   U.S. Gulf Coast region (g) (j)
                                                              $                                     446     $                                   1,364     $                                   2,156     $                                   3,576  
      Refining margin
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                              $                                   (439)     $                                     397     $                                   (483)     $                                     796  
      Adjusted refining operating income (loss)
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                  1,448                                         1,747                                         1,500                                         1,732  
      Throughput volumes (thousand barrels per day)
                                                              ========================================  ====================                      ========================================  ====================                      ========================================  ====================                      ========================================  ====================
                                                                                                                                                                                                         
       
                                                              $                                    3.35     $                                    8.48     $                                    5.24     $                                    7.56  
      Refining margin per barrel of throughput
                                                                                                                                                                                                         
      Less:
                                                                                                   4.19                                          3.99                                          4.01                                          3.86  
         Operating expenses (excluding depreciation and
         amortization expense reflected below) per barrel of
         throughput
                                                                                                   2.47                                          2.02                                          2.41                                          2.02  
         Depreciation and amortization expense per barrel of
         throughput
                                                              ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                              $                                  (3.31)     $                                    2.47     $                                  (1.18)     $                                    1.68  
      Adjusted refining operating income (loss) per barrel of
      throughput
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                                         
    
                                                                                                                                                                                                         
   U.S. Mid-Continent region (g) (j)
                                                              $                                     155     $                                     569     $                                     706     $                                   1,690  
      Refining margin
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                              $                                    (82)     $                                     336     $                                     (9)     $                                     996  
      Adjusted refining operating income (loss)
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                    417                                           450                                           404                                           451  
      Throughput volumes (thousand barrels per day)
                                                              ========================================  ====================                      ========================================  ====================                      ========================================  ====================                      ========================================  ====================
                                                                                                                                                                                                         
       
                                                              $                                    4.05     $                                   13.75     $                                    6.38     $                                   13.72  
      Refining margin per barrel of throughput
                                                                                                                                                                                                         
      Less:
                                                                                                   3.99                                          3.79                                          4.20                                          3.80  
         Operating expenses (excluding depreciation and
         amortization expense reflected below) per barrel of
         throughput
                                                                                                   2.19                                          1.86                                          2.26                                          1.84  
         Depreciation and amortization expense per barrel of
         throughput
                                                              ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                              $                                  (2.13)     $                                    8.10     $                                  (0.08)     $                                    8.08  
      Adjusted refining operating income (loss) per barrel of
      throughput
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                        
                                                                                                                                                                                VALERO ENERGY CORPORATION
                                                                                                                                                                                 EARNINGS RELEASE TABLES
                                                                                                                                                                     REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
                                                                                                                                                                    (millions of dollars, except per barrel amounts)
                                                                                                                                                                                       (unaudited)
                                                                                                           Three Months Ended                                                                                                                                    Nine Months Ended
                                                                                                                                 September 30,                                                                                                                                                           September 30,
                                                              --------------------------------------------------------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------------------------------------------------------
                                                                        2020                                                             2019                                                             2020                                                             2019
                                                              ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------                        ------------------------------------------------------------
Operating statistics by region (h) (continued)                                                                                                                                                           
                                                                                                                                                                                                         
   North Atlantic region (g) (j)
                                                              $                                     186     $                                     473     $                                     647     $                                   1,328  
      Refining margin
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                              $                                       3     $                                     275     $                                     106     $                                     729  
      Adjusted refining operating income
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                    408                                           474                                           412                                           486  
      Throughput volumes (thousand barrels per day)
                                                              ========================================  ====================                      ========================================  ====================                      ========================================  ====================                      ========================================  ====================
                                                                                                                                                                                                         
       
                                                              $                                    4.96     $                                   10.84     $                                    5.73     $                                   10.01  
      Refining margin per barrel of throughput
                                                                                                                                                                                                         
      Less:
                                                                                                   3.44                                          3.33                                          3.39                                          3.31  
         Operating expenses (excluding depreciation and
         amortization expense reflected below) per barrel of
         throughput
                                                                                                   1.43                                          1.21                                          1.40                                          1.20  
         Depreciation and amortization expense per barrel of
         throughput
                                                              ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                              $                                    0.09     $                                    6.30     $                                    0.94     $                                    5.50  
      Adjusted refining operating income per barrel of
      throughput
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                                                                                                      
                                                                                                                                                                                                         
   U.S. West Coast region (g) (j)
                                                              $                                     165     $                                     313     $                                     381     $                                     771  
      Refining margin
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                              $                                    (57)     $                                      93     $                                   (243)     $                                     108  
      Adjusted refining operating income (loss)
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                                                    253                                           283                                           241                                           260  
      Throughput volumes (thousand barrels per day)
                                                              ========================================  ====================                      ========================================  ====================                      ========================================  ====================                      ========================================  ====================
                                                                                                                                                                                                         
       
                                                              $                                    7.08     $                                   12.06     $                                    5.77     $                                   10.87  
      Refining margin per barrel of throughput
                                                                                                                                                                                                         
      Less:
                                                                                                   6.44                                          6.03                                          6.29                                          6.54  
         Operating expenses (excluding depreciation and
         amortization expense reflected below) per barrel of
         throughput
                                                                                                   3.08                                          2.43                                          3.17                                          2.80  
         Depreciation and amortization expense per barrel of
         throughput
                                                              ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------                      ----------------------------------------  --------------------
                                                              $                                  (2.44)     $                                    3.60     $                                  (3.69)     $                                    1.53  
      Adjusted refining operating income (loss) per barrel of
      throughput
                                                              ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================                      ==================== ==================== ====================
                                                                        
                                                                                                                          VALERO ENERGY CORPORATION
                                                                                                                           EARNINGS RELEASE TABLES
                                                                                                              AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
                                                                                                                                 (unaudited)
                                                                                   Three Months Ended                                                                            Nine Months Ended
                                                                                                         September 30,                                                                                                   September 30,
                                                                  ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                              2020                                 2019                                 2020                                 2019
                                                                  --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Refining                                                                                                                 
                                                                                                                         
     Feedstocks (dollars per barrel)
                                                                  $       43.38     $       62.08     $       42.50     $       64.74  
         Brent crude oil
                                                                           2.47              5.64              4.27              7.70  
            Brent less West Texas Intermediate (WTI) crude oil
                                                                           0.64            (0.99)              1.00            (0.51)  
            Brent less Alaska North Slope (ANS) crude oil
                                                                           0.88              1.46              2.20              1.40  
            Brent less Louisiana Light Sweet (LLS) crude oil
                                                                           1.71              3.18              3.62              3.17  
            Brent less Argus Sour Crude Index (ASCI) crude oil
                                                                           4.19              5.45              7.66              5.57  
            Brent less Maya crude oil
                                                                          42.50             60.62             40.30             63.34  
         LLS crude oil
                                                                           0.83              1.72              1.42              1.77  
            LLS less ASCI crude oil
                                                                           3.31              3.99              5.46              4.17  
            LLS less Maya crude oil
                                                                          40.91             56.44             38.23             57.04  
         WTI crude oil
                                                                                                                         
      
                                                                           1.99              2.28              1.82              2.53  
     Natural gas (dollars per million British Thermal Units)
                                                                                                                         
      
                                                                                                                         
     Products (dollars per barrel)
                                                                                                                         
         U.S. Gulf Coast:
                                                                           4.96              6.82              2.61              4.57  
            Conventional Blendstock of Oxygenate Blending (CBOB)
            gasoline less Brent
                                                                           5.19             15.79              7.11             14.55  
            Ultra-low-sulfur (ULS) diesel less Brent
                                                                        (12.69)           (19.36)           (15.48)           (21.57)  
            Propylene less Brent
                                                                           5.84              8.28              4.81              5.97  
            CBOB gasoline less LLS
                                                                           6.07             17.25              9.31             15.95  
            ULS diesel less LLS
                                                                        (11.81)           (17.90)           (13.28)           (20.17)  
            Propylene less LLS
                                                                                                                         
         U.S. Mid-Continent:
                                                                           8.17             15.28              7.35             14.58  
            CBOB gasoline less WTI
                                                                           8.54             21.38             12.41             22.93  
            ULS diesel less WTI
                                                                                                                         
         North Atlantic:
                                                                           8.08             10.11              5.13              7.16  
            CBOB gasoline less Brent
                                                                           6.79             17.28              9.34             16.49  
            ULS diesel less Brent
                                                                                                                         
         U.S. West Coast:
                                                                          13.19             19.31             10.15             16.76  
            California Reformulated Gasoline Blendstock of
            Oxygenate Blending (CARBOB) 87 gasoline less ANS
                                                                           9.34             18.38             12.31             18.56  
            California Air Resources Board (CARB) diesel less ANS
                                                                          15.02             25.94             13.42             24.97  
            CARBOB 87 gasoline less WTI
                                                                          11.17             25.01             15.58             26.77  
            CARB diesel less WTI
                                                                                                                            
                                                                                                                         VALERO ENERGY CORPORATION
                                                                                                                          EARNINGS RELEASE TABLES
                                                                                                             AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
                                                                                                                                (unaudited)
                                                                                 Three Months Ended                                                                            Nine Months Ended
                                                                                                       September 30,                                                                                                   September 30,
                                                                ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                            2020                                 2019                                 2020                                 2019
                                                                --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Renewable diesel                                                                                                       
                                                                $        1.20     $        1.90     $        1.24     $        1.94  
   New York Mercantile Exchange ULS diesel
   (dollars per gallon)
                                                                         0.67              0.46              0.56              0.45  
   Biodiesel Renewable Identification Number (RIN)
   (dollars per RIN)
                                                                       195.60            198.24            200.88            193.74  
   California Low-Carbon Fuel Standard (dollars per metric ton)
                                                                         0.32              0.29              0.30              0.29  
   Chicago Board of Trade (CBOT) soybean oil (dollars per
   pound)
                                                                                                    
Ethanol                                                                                                                
                                                                         3.40              3.90              3.46              3.85  
   CBOT corn (dollars per bushel)
                                                                         1.46              1.53              1.32              1.50  
   New York Harbor ethanol (dollars per gallon)
                                                               VALERO ENERGY CORPORATION
                                                                EARNINGS RELEASE TABLES
                                                                 OTHER FINANCIAL DATA
                                                    (millions of dollars, except per share amounts)
                                                                      (unaudited)
                                                    September 30,                        December 31,
                                                        2020                                 2019
                                                            --------------------------------                        --------------------------------
Balance sheet data                                                             
                                                            $      15,422     $      18,969  
   Current assets
                                                                    4,047             2,583  
   Cash and cash equivalents included in current assets
                                                                    5,357             7,013  
   Inventories included in current assets
                                                                    8,122            13,160  
   Current liabilities
                                                                      636               494  
   Current portion of debt and finance lease obligations
   included in current liabilities
                                                                   14,577             9,178  
   Debt and finance lease obligations, less current portion
                                                                   15,213             9,672  
   Total debt and finance lease obligations
                                                                                                                                                                            
                                                                                                                                                         Three Months Ended                                                                            Nine Months Ended
                                                                                                                                                                               September 30,                                                                                                   September 30,
                                                                                                                                        ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                                                                    2020                                 2019                                 2020                                 2019
                                                                                                                                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Reconciliation of net cash provided by operating                                                                                                                                               
activities to adjusted net cash provided by (used in)
operating activities (g)
                                                                                                                                        $         165     $       1,429     $         852     $       3,823  
   Net cash provided by operating activities
                                                                                                                                                                                               
   Exclude:
                                                                                                                                                  246               315             (232)               728  
      Changes in current assets and current liabilities
                                                                                                                                                   96                40               269               114  
      Diamond Green Diesel LLC's (DGD) adjusted net cash
      provided by operating activities attributable to our joint venture partner's ownership interest in DGD
                                                                                                                                        ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                                                                        $       (177)     $       1,074     $         815     $       2,981  
   Adjusted net cash provided by (used in) operating
   activities
                                                                                                                                        ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                                            
                                                                                                                                                                            
                                                                                                                                                         Three Months Ended                                                                            Nine Months Ended
                                                                                                                                                                               September 30,                                                                                                   September 30,
                                                                                                                                        ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                                                                    2020                                 2019                                 2020                                 2019
                                                                                                                                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Dividends per common share                                                                                                              $        0.98     $        0.90     $        2.94     $        2.70  
                                                                                                                                    VALERO ENERGY CORPORATION
                                                                                                                                     EARNINGS RELEASE TABLES
                                                                                                                                      OTHER FINANCIAL DATA
                                                                                                                                      (millions of dollars)
                                                                                                                                           (unaudited)
                                                                                                      Three Months Ended                                                                            Nine Months Ended
                                                                                                                            September 30,                                                                                                   September 30,
                                                                                     ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                 2020                                 2019                                 2020                                 2019
                                                                                     --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Reconciliation of total capital investments to capital                                                                                      
investments attributable to Valero (g)
                                                                                     $         220     $         325     $         775     $       1,179  
   Capital expenditures (excluding variable interest entities
   (VIEs))
                                                                                                                                            
   Capital expenditures of VIEs:
                                                                                               134                40               311                91  
      DGD
                                                                                                53                70               196               139  
      Other VIEs
                                                                                                92               113               529               583  
   Deferred turnaround and catalyst cost expenditures
   (excluding VIEs)
                                                                                                 8                15                18                16  
   Deferred turnaround and catalyst cost expenditures
   of DGD
                                                                                                10                32                39               122  
   Investments in unconsolidated joint ventures
                                                                                     ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                               517               595             1,868             2,130  
      Total capital investments
                                                                                                                                                          
   Adjustments:
                                                                                              (71)              (28)             (165)              (54)  
      DGD's capital investments attributable to our joint
      venture partner
                                                                                              (53)              (70)             (196)             (139)  
      Capital expenditures of other VIEs
                                                                                     ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                     $         393     $         497     $       1,507     $       1,937  
   Capital investments attributable to Valero
                                                                                     ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                         
                                                                                                                                                                                                                                     VALERO ENERGY CORPORATION
                                                                                                                                                                                                                                     NOTES TO EARNINGS RELEASE TABLES
(a)                  Cost of materials and other for the three and nine months ended September 30, 2020 includes a charge of $326 million for the impact of an expected liquidation of LIFO inventory layers attributable to our refining segment. Our inventory levels have decreased throughout the first nine months of 2020 due to lower demand for our products resulting from the negative economic impacts of COVID-19 on our business. Because these impacts are ongoing, we expect that our inventory levels at December 31, 2020 will remain below their December 31, 2019 levels.                                                                                                                                                                                                                                     Cost of materials and other for the three and nine months ended September 30, 2020 includes a charge of $326 million for the impact of an expected liquidation of LIFO inventory layers attributable to our refining segment. Our inventory levels have decreased throughout the first nine months of 2020 due to lower demand for our products resulting from the negative economic impacts of COVID-19 on our business. Because these impacts are ongoing, we expect that our inventory levels at December 31, 2020 will remain below their December 31, 2019 levels.
                                                                                                                                                                                                                                         
(b)                  Cost of materials and other for the three and nine months ended September 30, 2020 includes a benefit of $82 million and $237 million, respectively, related to the blender's tax credit attributable to renewable diesel volumes blended during those periods. The legislation authorizing the credit through December 31, 2022 was passed and signed into law in December 2019, and that legislation also applied retroactively to volumes blended during 2019 (2019 blender's tax credit). The entire 2019 blender's tax credit was recognized by us in December 2019 because the law was enacted in that month, but the benefit attributable to volumes blended during the three and nine months ended September 30, 2019 was $62 million and $211 million, respectively. Cost of materials and other for the three and nine months ended September 30, 2020 includes a benefit of $82 million and $237 million, respectively, related to the blender's tax credit attributable to renewable diesel volumes blended during those periods. The legislation authorizing the credit through December 31, 2022 was passed and signed into law in December 2019, and that legislation also applied retroactively to volumes blended during 2019 (2019 blender's tax credit). The entire 2019 blender's tax credit was recognized by us in December 2019 because the law was enacted in that month, but the benefit attributable to volumes blended during the three and nine months ended September 30, 2019 was $62 million and $211 million, respectively.
                                                                                                                                                                                                                                         
                                                                                                                                                          
                                                                                                                                                                                                                                                                         Periods to which Blender's Tax Credit is Attributable
                                                                                                                                                                                                                                                                                        --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                                                                                                                                Three Months Ended                                                                            Nine Months Ended
                                                                                                                                                                                                                                                                                                                               September 30,                                                                                                   September 30,
                                                                                                                                                                                                                                                                                        ------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------
                                                                                                                                                                                                                           2020                                 2019                                 2020                                 2019
                                                                                                                                                                                                                                                                                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Reportable segments to which blender's     Reportable segments to which blender's     Reportable segments to which blender's     Reportable segments to which blender's                                                            
tax credit is attributable                                            tax credit is attributable                                            tax credit is attributable                                            tax credit is attributable
                                                                                                                                                                                                                                                                                        $           2     $           4     $           6     $          13  
   Refining                                                              Refining                                                              Refining                                                              Refining
                                                                                                                                                                                                                                                                                                   80                58               231               198  
   Renewable diesel                                                      Renewable diesel                                                      Renewable diesel                                                      Renewable diesel
                                                                                                                                                                                                                                                                                        ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                                                                                                                                                                                                                        $          82     $          62     $         237     $         211  
      Total                                                                 Total                                                                 Total                                                                 Total
                                                                                                                                                                                                                                                                                        ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================                      ====== ====== ====================
                                                                                                                                                                                                                                                                   
Interests to which blender's tax credit is Interests to which blender's tax credit is Interests to which blender's tax credit is Interests to which blender's tax credit is                                                        
attributable                                                          attributable                                                          attributable                                                          attributable
                                                                                                                                                                                                                                                                                        $          42     $          33     $         121     $         112  
  Valero Energy Corporation stockholders                                Valero Energy Corporation stockholders                                Valero Energy Corporation stockholders                                Valero Energy Corporation stockholders
                                                                                                                                                                                                                                                                                                   40                29               116                99  
  Noncontrolling interest                                               Noncontrolling interest                                               Noncontrolling interest                                               Noncontrolling interest
                                                                                                                                                                                                                                                                                        ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
                                                                                                                                                                                                                                     (c) The market value of our inventories accounted for under the LIFO method fell below their historical cost on an aggregate basis as of March 31, 2020. As a result, we recorded an LCM inventory valuation adjustment of $2.5 billion in March 2020. The market value of our LIFO inventories improved due to the subsequent recovery in market prices, which resulted in a reversal of $2.2 billion in the three months ended June 30, 2020 and the remaining amount in the three months ended September 30, 2020. Of the $313 million benefit recognized in the three months ended September 30, 2020, $296 million and $17 million is attributable to our refining and ethanol segments, respectively. The LCM inventory valuation adjustment for the nine months ended September 30, 2020 reflects a net benefit of $19 million due to the foreign currency translation effect of the portion of the LCM inventory valuation adjustment attributable to our international operations.
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                     (d) Depreciation and amortization expense for the three and nine months ended September 30, 2020 includes $30 million in accelerated depreciation related to a change in the estimated useful life of one of our ethanol plants.
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                     (e) "Other income, net" for the nine months ended September 30, 2019 includes a $22 million charge from the early redemption of $850 million of our 6.125 percent senior notes due February 1, 2020.
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                     (f) Common equivalent shares have been excluded from the computation of loss per common share -- assuming dilution and adjusted loss per common share -- assuming dilution for the three and nine months ended September 30, 2020, as the effect of including such shares would be antidilutive.
                                                                                                                                                                                                                                       
(g)                                                                                                                                                                                                                                     We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under U.S. GAAP and are considered to be non-GAAP measures.
                                                                                                                                                                                                                                       
We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable U.S. GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable U.S. GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under U.S. GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility. We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable U.S. GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable U.S. GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under U.S. GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.
                                                                                                                                                                                                                                       
Non-GAAP measures are as follows:                                                                                                                                                                                                                                     Non-GAAP measures are as follows:
                                                                                                                                                                                                                                       
Adjusted net income (loss) attributable to Valero Energy Corporation stockholders is defined as net income (loss) attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.                                                                                                                                                                                                                                     Adjusted net income (loss) attributable to Valero Energy Corporation stockholders is defined as net income (loss) attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.
                                                                                                                                                                                                                                       
      - LIFO liquidation adjustment - Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income (loss) attributable to Valero Energy Corporation stockholders. See note (a) for additional details.                                                                                                                                                                                                                                           - LIFO liquidation adjustment - Generally, the LIFO inventory valuation method provides for the matching of current costs with current revenues. However, a LIFO liquidation results in a portion of our current-year cost of sales being impacted by historical costs, which obscures our current-year financial performance. Therefore, we have excluded the historical cost impact from adjusted net income (loss) attributable to Valero Energy Corporation stockholders. See note (a) for additional details.
                                                                                                                                                                                                                                       
      - Change in estimated useful life - The accelerated depreciation recognized as a result of a change in the estimated useful life of one of our ethanol plants (see note (d)) is not indicative of our ongoing operations.                                                                                                                                                                                                                                           - Change in estimated useful life - The accelerated depreciation recognized as a result of a change in the estimated useful life of one of our ethanol plants (see note (d)) is not indicative of our ongoing operations.
                                                                                                                                                                                                                                       
      - LCM inventory valuation adjustment - The LCM inventory valuation adjustment, which is described in note (c), is the result of the market value of our inventories as of March 31, 2020 falling below their historical cost, with the decline in market value resulting from the decline in product market prices associated with the negative economic impacts from COVID-19. As market prices improved over the subsequent months, we reversed the writedown. The adjustment obscures our financial performance because it results in cost of sales reflecting something other than current costs; therefore, we have excluded the adjustment from adjusted net income (loss) attributable to Valero Energy Corporation stockholders.                                                                                                                                                                                                                                           - LCM inventory valuation adjustment - The LCM inventory valuation adjustment, which is described in note (c), is the result of the market value of our inventories as of March 31, 2020 falling below their historical cost, with the decline in market value resulting from the decline in product market prices associated with the negative economic impacts from COVID-19. As market prices improved over the subsequent months, we reversed the writedown. The adjustment obscures our financial performance because it results in cost of sales reflecting something other than current costs; therefore, we have excluded the adjustment from adjusted net income (loss) attributable to Valero Energy Corporation stockholders.
                                                                                                                                                                                                                                       
      - 2019 blender's tax credit attributable to Valero Energy Corporation stockholders - The 2019 blender's tax credit was recognized by us in December 2019, but it is attributable to volumes blended throughout 2019. Therefore, the adjustment reflects the portion of the 2019 blender's tax credit that is associated with volumes blended during the three and nine months ended September 30, 2019. See note (b) for additional details.                                                                                                                                                                                                                                           - 2019 blender's tax credit attributable to Valero Energy Corporation stockholders - The 2019 blender's tax credit was recognized by us in December 2019, but it is attributable to volumes blended throughout 2019. Therefore, the adjustment reflects the portion of the 2019 blender's tax credit that is associated with volumes blended during the three and nine months ended September 30, 2019. See note (b) for additional details.
                                                                                                                                                                                                                                       
       - Loss on early redemption of debt - The penalty and other expenses incurred in connection with the early redemption of our 6.125 percent senior notes due February 1, 2020 (see note (e)) are not associated with the ongoing costs of our borrowing and financing activities.                                                                                                                                                                                                                                            - Loss on early redemption of debt - The penalty and other expenses incurred in connection with the early redemption of our 6.125 percent senior notes due February 1, 2020 (see note (e)) are not associated with the ongoing costs of our borrowing and financing activities.
                                                                                                                                                                                                                                       
Adjusted earnings (loss) per common share - assuming dilution is defined as adjusted net income (loss) attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution (see note (f)).                                                                                                                                                                                                                                     Adjusted earnings (loss) per common share - assuming dilution is defined as adjusted net income (loss) attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution (see note (f)).
                                                                                                                                                                                                                                       
Refining margin is defined as refining operating income (loss) adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding the LIFO liquidation adjustment (see note (a)), the LCM inventory valuation adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe refining margin is an important measure of our refining segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.                                                                                                                                                                                                                                     Refining margin is defined as refining operating income (loss) adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding the LIFO liquidation adjustment (see note (a)), the LCM inventory valuation adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe refining margin is an important measure of our refining segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
                                                                                                                                                                                                                                       
Renewable diesel margin is defined as renewable diesel operating income adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe renewable diesel margin is an important measure of our renewable diesel segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.                                                                                                                                                                                                                                     Renewable diesel margin is defined as renewable diesel operating income adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe renewable diesel margin is an important measure of our renewable diesel segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
                                                                                                                                                                                                                                       
Ethanol margin is defined as ethanol operating income (loss) excluding the LCM inventory valuation adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe ethanol margin is an important measure of our ethanol segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.                                                                                                                                                                                                                                     Ethanol margin is defined as ethanol operating income (loss) excluding the LCM inventory valuation adjustment (see note (c)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe ethanol margin is an important measure of our ethanol segment's operating and financial performance as it is the most comparable measure to the industry's market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.
                                                                                                                                                                                                                                       
Adjusted refining operating income (loss) is defined as refining segment operating income (loss) adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding the LIFO liquidation adjustment (see note (a)), the LCM inventory valuation adjustment (see note (c)), and other operating expenses. We believe adjusted refining operating income (loss) is an important measure of our refining segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.                                                                                                                                                                                                                                     Adjusted refining operating income (loss) is defined as refining segment operating income (loss) adjusted to reflect the 2019 blender's tax credit (see note (b)), and excluding the LIFO liquidation adjustment (see note (a)), the LCM inventory valuation adjustment (see note (c)), and other operating expenses. We believe adjusted refining operating income (loss) is an important measure of our refining segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.
                                                                                                                                                                                                                                       
Adjusted renewable diesel operating income is defined as renewable diesel segment operating income adjusted to reflect the 2019 blender's tax credit (see note (b)). We believe this is an important measure of our renewable diesel segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.                                                                                                                                                                                                                                     Adjusted renewable diesel operating income is defined as renewable diesel segment operating income adjusted to reflect the 2019 blender's tax credit (see note (b)). We believe this is an important measure of our renewable diesel segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.
                                                                                                                                                                                                                                       
Adjusted ethanol operating income (loss) is defined as ethanol segment operating income (loss) excluding the LCM inventory valuation adjustment (see note (c)), the change in estimated useful life (see note (d)), and other operating expenses. We believe this is an important measure of our ethanol segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.                                                                                                                                                                                                                                     Adjusted ethanol operating income (loss) is defined as ethanol segment operating income (loss) excluding the LCM inventory valuation adjustment (see note (c)), the change in estimated useful life (see note (d)), and other operating expenses. We believe this is an important measure of our ethanol segment's operating and financial performance because it excludes items that are not indicative of that segment's core operating performance.
                                                                                                                                                                                                                                       
Adjusted net cash provided by operating activities is defined as net cash provided by (used in) operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.                                                                                                                                                                                                                                     Adjusted net cash provided by operating activities is defined as net cash provided by (used in) operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.
                                                                                                                                                                                                                                       
       -Changes in current assets and current liabilities - Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.                                                                                                                                                                                                                                            -Changes in current assets and current liabilities - Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.
                                                                                                                                                                                                                                       
      -DGD's adjusted net cash provided by operating activities attributable to our joint venture partner's ownership interest in DGD - We are a 50/50 joint venture partner in DGD and consolidate DGD's financial statements; as a result, all of DGD's net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.                                                                                                                                                                                                                                           -DGD's adjusted net cash provided by operating activities attributable to our joint venture partner's ownership interest in DGD - We are a 50/50 joint venture partner in DGD and consolidate DGD's financial statements; as a result, all of DGD's net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.
                                                                                                                                                                                                                                       
                                                                                                                                                                                                                                                                Three Months Ended                                                                             Nine Months Ended
                                                                                                                                                                                                                                                                                                                                                                  September 30,                                                                                                    September 30,
                                                                                                                                                                                                                                                                                                                           ------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                                                                                                                                                                                                                           2020                                 2019                                 2020                                  2019
                                                                                                                                                                                                                                                                                                                           --------------------------------                        --------------------------------                        --------------------------------                        ----------------------------------
DGD operating cash flow data                                   DGD operating cash flow data                                   DGD operating cash flow data                                   DGD operating cash flow data                                   DGD operating cash flow data                                                                                          
                                                                                                                                                                                                                                                                                                                           $         194     $          68     $         877     $           228  
   Net cash provided by operating activities                      Net cash provided by operating activities                      Net cash provided by operating activities                      Net cash provided by operating activities                      Net cash provided by operating activities
                                                                                                                                                                                                                                                                                                                                       1              (12)               339      --  
   Exclude: changes in current assets and                         Exclude: changes in current assets and                         Exclude: changes in current assets and                         Exclude: changes in current assets and                         Exclude: changes in current assets and
   current liabilities                                            current liabilities                                            current liabilities                                            current liabilities                                            current liabilities
                                                                                                                                                                                                                                                                                                                           ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      --------------  --------------------
                                                                                                                                                                                                                                                                                                                                     193                80               538                 228  
      Adjusted net cash provided by                                  Adjusted net cash provided by                                  Adjusted net cash provided by                                  Adjusted net cash provided by                                  Adjusted net cash provided by
      operating activities                                           operating activities                                           operating activities                                           operating activities                                           operating activities
                                                                                                                                                                                                                                                                                                                                                          50%                                  50%                                  50%                                    50%
   Our partner's ownership interest    Our partner's ownership interest    Our partner's ownership interest    Our partner's ownership interest    Our partner's ownership interest
                                                                                                                                                                                                                                                                                                                           --------------------------------                        --------------------------------                        --------------------------------                        ----------------------------------
   Capital investments attributable to Valero is defined as all capital expenditures, deferred turnaround and catalyst cost expenditures, and investments in unconsolidated joint venture presented in our consolidated statements of cash flows, excluding the portion of DGD's capital investments attributable to our joint venture partner and all of the capital expenditures of other VIEs.                                                                                                                                                                                                                                        Capital investments attributable to Valero is defined as all capital expenditures, deferred turnaround and catalyst cost expenditures, and investments in unconsolidated joint venture presented in our consolidated statements of cash flows, excluding the portion of DGD's capital investments attributable to our joint venture partner and all of the capital expenditures of other VIEs.
                                                                                                                                                                                                                                       
      DGD's partners use DGD's operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD's operating cash flow is effectively attributable to each partner, only 50 percent of DGD's capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of our other consolidated VIEs because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.       DGD's partners use DGD's operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD's operating cash flow is effectively attributable to each partner, only 50 percent of DGD's capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of our other consolidated VIEs because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.
                                                                                                                                                                                                                                       
(h)                                                                                                                                                                                                                                     The refining segment 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.
                                                                                                                                                                                                                                       
(i)                                                                                                                                                                                                                                     Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.
                                                                                                                                                                                                                                       
(j)                                                                                                                                                                                                                                     Valero uses certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.
                                                                                                                                                                                                                                       
All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.                                                                                                                                                                                                                                     All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.
                                                                                                                                                                                                                                       

View source version on businesswire.com: https://www.businesswire.com/news/home/20201022005582/en/

SOURCE: Valero Energy Corporation

Investors:
Homer Bhullar, Vice President - Investor Relations, 210-345-1982
Eric Herbort, Senior Manager - Investor Relations, 210-345-3331
Gautam Srivastava, Manager - Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director - Media Relations and Communications, 210-345-5002
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