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# Valero Energy Corporation (VLO): Recent Events ## Filings that contain financial statements Each earnings press release below (Exhibit 99.01 to a Form 8-K) carries a full set of earnings release tables with an income statement, segment results, balance sheet data and a cash flow reconciliation. They are unaudited. - Form 8-K filed July 30, 2026, accession 0001628280-26-050822: second quarter 2026 results (three and six months ended June 30, 2026, with 2025 comparatives). - Form 8-K filed April 30, 2026, accession 0001628280-26-028602: first quarter 2026 results (three months ended March 31, 2026). - Form 8-K filed January 29, 2026, accession 0001628280-26-003974: fourth quarter and full-year 2025 results. - Form 8-K filed October 23, 2025, accession 0001628280-25-045978: third quarter 2025 results (three and nine months ended September 30, 2025). - Form 8-K filed October 22, 2026, accession 0001628280-26-066795: third quarter 2026 results (three and nine months ended September 30, 2026). This falls after the second quarter reporting period. ## Earnings releases - **July 30, 2026, second quarter 2026 (0001628280-26-050822).** Net income attributable to Valero stockholders was $3.7 billion, or $12.62 per share, against $714 million, or $2.28 per share, a year earlier. Adjusted net income was $3.7 billion, or $12.54 per share. Revenues were $44,476 million (2025: $29,889 million). Segment operating income: Refining $4.5 billion (2025: $1.3 billion), Renewable Diesel $717 million (2025: loss of $79 million), Ethanol $318 million (2025: $54 million). Net cash provided by operating activities was $5.6 billion; capital investments were $350 million. Stockholder cash returns were $2.6 billion, a 59 percent payout of adjusted operating cash flow. Period-end cash was $7.9 billion, total debt $9.1 billion and net debt to capitalization 11 percent. The release did not change the project timing for the St. Charles FCC Unit optimization ($230 million), still expected to begin operations in the third quarter of 2026. - **April 30, 2026, first quarter 2026 (0001628280-26-028602).** Net income attributable to Valero stockholders was $1.3 billion, or $4.22 per share, against a net loss of $595 million in the first quarter of 2025. Refining operating income was $1.8 billion, cash returned to stockholders $938 million, and cash $5.7 billion. - **January 29, 2026, fourth quarter and full year 2025 (0001628280-26-003974).** Fourth quarter net income attributable to stockholders was $1.1 billion, or $3.73 per share. Full-year 2025 net income was $2.3 billion, or $7.57 per share (adjusted $3.3 billion, or $10.61 per share), against $2.8 billion, or $8.58 per share, in 2024. Net cash provided by operating activities was $5.8 billion for 2025 and stockholder cash returns were $4.0 billion. The release announced a 6 percent dividend increase to $1.20 per share, and the FCC project was then expected to begin operations in the second half of 2026. - **October 23, 2025, third quarter 2025 (0001628280-25-045978).** Net income attributable to Valero stockholders was $1.1 billion, or $3.53 per share (adjusted $1.1 billion, or $3.66 per share), against $364 million, or $1.14 per share, in the third quarter of 2024. Valero returned $1.3 billion to stockholders, and the St. Charles FCC project was then expected to begin operations in the second half of 2026. ## Capital actions - **Share repurchase authorizations (Form 8-K filed July 16, 2026, 0001628280-26-048495).** On February 25, 2026 the board authorized up to $2.5 billion of repurchases with no expiration date; $1.4 billion remained at June 30, 2026. On July 16, 2026 the board authorized a further $5.0 billion, also with no expiration date, in addition to the remaining amount. - **Dividend.** The quarterly dividend was raised from $1.13 to $1.20 per share on January 22, 2026 (0001628280-26-003974, 0001628280-26-028602). A $1.20 per share dividend was declared July 16, 2026 (0001628280-26-050822). - **Senior notes (Form 8-K filed March 9, 2026, 0001193125-26-098770).** Valero entered into an underwriting agreement on March 5, 2026 for $850 million of 5.150% Senior Notes due 2036, with closing expected March 10, 2026. The April 30, 2026 earnings release states the notes were issued on March 10, 2026, for repayment of debt maturing in 2026 and general corporate purposes (0001628280-26-028602). - **Revolving credit facility (Form 8-K filed October 16, 2025, 0001193125-25-241519).** Valero amended and restated its revolving credit agreement, extending maturity from November 22, 2027 to October 16, 2030. The facility is $4.0 billion with a $2.4 billion letter of credit subfacility and may be increased by up to $1.5 billion. Term SOFR borrowings carry a margin of 0.9% to 1.5%, set by credit ratings. ## Management and board - **CFO transition (Form 8-K filed October 29, 2025, 0001193125-25-254583).** On October 28, 2025 the board appointed Homer Bhullar, previously Vice President of Investor Relations and Finance, as Senior Vice President and Chief Financial Officer effective January 1, 2026. He succeeded Jason Fraser, who retired from the CFO role at year-end 2025. Base salary rose from $500,000 to $770,000. - **Senior officer retirement and annual meeting (Form 8-K filed May 8, 2026, 0001628280-26-032765).** Eric Fisher, Senior Vice President of Product Supply, Trading and Wholesale, said on May 7, 2026 that he intends to retire on or about July 1, 2026. Stockholders elected all ten director nominees at the May 7, 2026 annual meeting. - **Board additions.** Robert Reymond was elected a director on September 18, 2025 (0001193125-25-208186). Matthew Audette was elected on September 17, 2026, expanding the board to 11 members, and joined the Audit Committee (0001628280-26-062625). ## Operations - **Port Arthur Refinery fire.** The company's quarterly report for the period (Form 10-Q filed July 30, 2026, 0001628280-26-050937) describes a March 23, 2026 fire in a distillate hydrotreater unit that prompted a full shutdown of the refinery. It restarted in April 2026 at reduced rates and returned to normal throughput during the second quarter. The company expects a substantial portion of repair costs and capital expenditures to be covered by insurance, subject to its self-insured retention, with timing of proceeds possibly differing from the costs. About $250 million of 2026 capital investment is tied to the incident; total 2026 capital investment is expected at about $2.0 billion. - **Benicia Refinery.** The same 10-Q states Valero idled the processing units and ceased fuel production at the Benicia Refinery, completed by the end of April 2026. The earnings release of July 30, 2026 describes the company as operating 14 refineries, down from 15 in the January 29, 2026 release. ## After the second quarter - **October 22, 2026, third quarter 2026 results (0001628280-26-066795).** Net income attributable to Valero stockholders was $6.8 billion, or $23.89 per share (diluted), against $1.1 billion, or $3.53 per share, a year earlier. Refining operating income was $8.8 billion. The St. Charles FCC Unit optimization project was completed in the third quarter, on schedule and within budget. Valero repaid $100 million of 7.65% Debentures that matured in July and $426 million of 3.400% Senior Notes that matured in September; period-end cash was $9.8 billion and total debt $8.6 billion.