Earnings release
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News Details View All News Valero Energy Reports Third Quarter 2026 Results October 22, 2026 Reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share Reported adjusted net income attributable to Valero stockholders of $6.8 billion, or $23.90 per share Repaid the outstanding principal balances of $100 million of 7.65% Debentures that matured in July and $426 million of 3.400% Senior Notes that matured in September The St. Charles FCC Unit optimization project was completed during the third quarter, on schedule and within budget SAN ANTONIO, Texas--(BUSINESS WIRE)-- Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $6.8 billion, or $23.89 per share, for the third quarter of 2026, compared to $1.1 billion, or $3.53 per share, for the third quarter of 2025. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the third quarter of 2026 was $6.8 billion, or $23.90 per share, compared to $1.1 billion, or $3.66 per share, for the third quarter of 2025. “Our refineries operated at near-record utilization rates, providing a reliable supply of critical transportation fuels during the quarter,” said Lane Riggs, Valeroʼs Chairman, Chief Executive Officer and President. “We also completed the St. Charles FCC Unit optimization project, which increases the production capacity of higher value products, including alkylate and gasoline, further strengthening our ability to supply transportation fuels to the market.” Refining The Refining segment reported operating income of $8.8 billion for the third quarter of 2026, compared to $1.6 billion for the third quarter of 2025. Adjusted operating income for the third quarter of 2026 was $8.8 billion, compared to $1.7 billion for the third quarter of 2025. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2026. Renewable Diesel The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported operating income of $353 million for the third quarter of 2026, compared to an operating loss of $28 million for the third quarter of 2025. Segment sales volumes averaged 3.4 million gallons per day in the third quarter of 2026. Ethanol The Ethanol segment reported operating income of $272 million for the third quarter of 2026, compared to $183 million for the third quarter of 2025. Ethanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026, setting a new quarterly record. Corporate and Other General and administrative expenses were $308 million in the third quarter of 2026. The effective tax rate for the third quarter of 2026 was 23 percent. Investing and Financing Activities
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Net cash provided by operating activities was $6.9 billion in the third quarter of 2026. Included in this amount was a $526 million unfavorable impact from working capital and $205 million of adjusted net cash provided by operating activities associated with the other joint venture memberʼs share of DGD. Excluding these items, adjusted net cash provided by operating activities was $7.3 billion in the third quarter of 2026. Capital investments totaled $432 million in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture memberʼs share of DGD and other variable interest entities, capital investments attributable to Valero were $429 million in the third quarter of 2026. Valero stockholder cash returns resulted in a payout ratio of 52 percent of adjusted net cash provided by operating activities. Liquidity and Financial Position Valero repaid the outstanding principal balances of $100 million of its 7.65% Debentures that matured in July and $426 million of its 3.400% Senior Notes that matured in September. Valero ended the third quarter of 2026 with $8.6 billion of total debt, $2.4 billion of total finance lease obligations, and $9.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 4 percent as of September 30, 2026. “Our third-quarter performance underscores the quality of our assets and our consistent operational, commercial, and financial performance,” said Riggs. “This is a result of the long-term strategy that weʼve been committed to for well over a decade.” Strategic Update During the third quarter, Valero completed the FCC Unit optimization project at the St. Charles Refinery on schedule and within budget. The project is now operational and is expected to enhance the refineryʼs ability to produce higher-value products. Conference Call Valeroʼs 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 a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. Valero operates 14 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.0 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information. Valero Contacts Investors: Brian Donovan, Vice President – Investor Relations, 210-345-1682
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Eric Herbort, Director – Investor Relations and Finance, 210-345-3331 Gautam Srivastava, Director – 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 and the accompanying earnings release tables, or made during the conference call, that state Valeroʼs or managementʼs 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,” “commitment,” “plans,” “forecast,” “guidance,” “evaluate,” “opportunity” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valeroʼs low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial, operational, or strategic statement impacts, future market and industry conditions, future operating and financial performance, including future capital expenditures and capital investments attributable to Valero, future production and manufacturing ability and size, expectations regarding our sources and uses of cash, future legal and regulatory developments, including those with respect to tariffs and low-carbon fuels, expectations and ongoing uncertainties related to our Port Arthur Refinery, and management of future risks, among other matters. 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 Valeroʼs control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valeroʼs operations and financial performance or the demand for Valeroʼs products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political, or regulatory developments that are adverse to tariffs, global geopolitical and other conflicts and tensions, the impact of inflation and crude oil and petroleum product market disruptions on margins and costs, economic activity levels, actions in response to supply and demand imbalances for refined petroleum products, and the adverse effects the foregoing may have on Valeroʼs business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valeroʼs annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valeroʼs website at www.valero.com. 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 attributable to Valero stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Refining operating expenses (excluding depreciation and amortization), 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 definition of non- GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (h) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS (millions of dollars, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Statement of income data Revenues $ 46,098 $ 32,168 $ 122,955 $ 92,315 Cost of sales: Cost of materials and other (a) 32,741 26,132 94,056 76,858 Taxes other than income taxes (b) 1,654 1,826 5,023 4,980 Operating expenses (excluding depreciation and amortization expense reflected below) (c) 1,627 1,614 4,728 4,659 Depreciation and amortization expense 669 824 2,220 2,290 Total cost of sales 36,691 30,396 106,027 88,787 Asset impairment loss (d) — — — 1,131 Other operating expenses (e) 11 5 61 13 General and administrative expenses (excluding depreciation and amortization expense reflected below) 308 246 826 727 Depreciation and amortization expense 15 12 41 51 Operating income 9,073 1,509 16,000 1,606 Other income, net 127 86 375 292 Interest and debt expense, net of capitalized interest (144) (139) (429) (417) Income before income tax expense 9,056 1,456 15,946 1,481 Income tax expense 2,067 390 3,562 404 Net income 6,989 1,066 12,384 1,077 Less: Net income (loss) attributable to noncontrolling interests 161 (29) 573 (137) Net income attributable to Valero Energy Corporation stockholders $ 6,828 $ 1,095 $ 11,811 $ 1,214 Earnings per common share $ 23.90 $ 3.54 $ 40.30 $ 3.89 Weighted-average common shares outstanding (in millions) 285 309 292 311 Earnings per common share – assuming dilution $ 23.89 $ 3.53 $ 40.29 $ 3.89 Weighted-average common shares outstanding – assuming dilution (in millions) 285 309 292 312 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited) Refining Renewable Diesel Ethanol Corporate and Other (f) Total Three months ended September 30, 2026 Revenues: Revenues from external customers $ 44,369 $ 664 $ 1,065 $ — $ 46,098 Intersegment revenues 3 1,729 352 (2,084) — Total revenues 44,372 2,393 1,417 (2,084) 46,098 Cost of sales: Cost of materials and other 31,988 1,883 962 (2,092) 32,741 Taxes other than income taxes (b) 1,654 — — — 1,654 Operating expenses (excluding depreciation and amortization expense reflected below) 1,376 86 165 — 1,627 Depreciation and amortization expense 580 71 18 — 669 Total cost of sales 35,598 2,040 1,145 (2,092) 36,691 Other operating expenses (e) (8) — — 19 11 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 308 308 Depreciation and amortization expense — — — 15 15 Operating income by segment $ 8,782 $ 353 $ 272 $ (334) $ 9,073 Three months ended September 30, 2025 Revenues: Revenues from external customers $ 30,414 $ 719 $ 1,035 $ — $ 32,168 Intersegment revenues 1 484 259 (744) — Total revenues 30,415 1,203 1,294 (744) 32,168 Cost of sales: Cost of materials and other 24,858 1,077 942 (745) 26,132 Taxes other than income taxes (b) 1,826 — — — 1,826 Operating expenses (excluding depreciation and amortization expense reflected below) (c) 1,388 78 148 — 1,614 Depreciation and amortization expense 728 76 21 (1) 824 Total cost of sales 28,800 1,231 1,111 (746) 30,396 Other operating expenses 5 — — — 5 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 246 246 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ 1,610 $ (28) $ 183 $ (256) $ 1,509 See Operating Highlights by Segment. See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited) Refining Renewable Diesel Ethanol Corporate and Other (f) Total Nine months ended September 30, 2026 Revenues: Revenues from external customers $ 117,474 $ 2,551 $ 2,930 $ — $ 122,955 Intersegment revenues 7 3,938 965 (4,910) — Total revenues 117,481 6,489 3,895 (4,910) 122,955 Cost of sales: Cost of materials and other (a) 91,434 4,798 2,678 (4,854) 94,056 Taxes other than income taxes (b) 5,023 — — — 5,023 Operating expenses (excluding depreciation and amortization expense reflected below) 3,985 262 481 — 4,728 Depreciation and amortization expense 1,947 220 56 (3) 2,220 Total cost of sales 102,389 5,280 3,215 (4,857) 106,027 Other operating expenses (e) 34 — — 27 61 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 826 826 Depreciation and amortization expense — — — 41 41 Operating income by segment $ 15,058 $ 1,209 $ 680 $ (947) $ 16,000 Nine months ended September 30, 2025 Revenues: Revenues from external customers $ 87,495 $ 1,777 $ 3,043 $ — $ 92,315 Intersegment revenues 5 1,424 681 (2,110) — Total revenues 87,500 3,201 3,724 (2,110) 92,315 Cost of sales: Cost of materials and other 73,015 3,016 2,962 (2,135) 76,858 Taxes other than income taxes (b) 4,980 — — — 4,980 Operating expenses (excluding depreciation and amortization expense reflected below) (c) 3,986 228 446 (1) 4,659 Depreciation and amortization expense 2,029 205 59 (3) 2,290 Total cost of sales 84,010 3,449 3,467 (2,139) 88,787 Asset impairment loss (d) 1,131 — — — 1,131 Other operating expenses 13 — — — 13 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 727 727 Depreciation and amortization expense — — — 51 51 Operating income (loss) by segment $ 2,346 $ (248) $ 257 $ (749) $ 1,606 See Operating Highlights by Segment. See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP(h) (millions of dollars, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders Net income attributable to Valero Energy Corporation stockholders $ 6,828 $ 1,095 $ 11,811 $ 1,214 Adjustments: Last-in, first-out (LIFO) liquidation adjustment (a) — — (44) — Income tax expense related to the LIFO liquidation adjustment — — 10 — LIFO liquidation adjustment, net of taxes — — (34) — Employee retention and separation costs (c) — 50 — 50 Income tax benefit related to employee retention and separation costs — (11) — (11) Employee retention and separation costs, net of taxes — 39 — 39 Asset impairment loss (d) — — — 1,131 Income tax benefit related to asset impairment loss — — — (254) Asset impairment loss, net of taxes — — — 877 Port Arthur Refinery fire expenses (e) 4 — 19 — Income tax benefit related to Port Arthur Refinery fire expenses (1) — (5) — Port Arthur Refinery fire expenses, net of taxes 3 — 14 — Total adjustments 3 39 (20) 916 Adjusted net income attributable to Valero Energy Corporation stockholders $ 6,831 $ 1,134 $ 11,791 $ 2,130 Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution Earnings per common share – assuming dilution $ 23.89 $ 3.53 $ 40.29 $ 3.89 Adjustments: LIFO liquidation adjustment (a) — — (0.12) — Employee retention and separation costs (c) — 0.13 — 0.12 Asset impairment loss (d) — — — 2.81 Port Arthur Refinery fire expenses (e) 0.01 — 0.05 — Total adjustments 0.01 0.13 (0.07) 2.93 Adjusted earnings per common share – assuming dilution $ 23.90 $ 3.66 $ 40.22 $ 6.82 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP(h) (millions of dollars) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment Refining segment Refining operating income $ 8,782 $ 1,610 $ 15,058 $ 2,346 Adjustments: LIFO liquidation adjustment (a) — — (44) — Operating expenses (excluding depreciation and amortization expense reflected below) (c) 1,376 1,388 3,985 3,986 Depreciation and amortization expense 580 728 1,947 2,029 Asset impairment loss (d) — — — 1,131 Other operating expenses (e) (8) 5 34 13 Refining margin $ 10,730 $ 3,731 $ 20,980 $ 9,505 Refining operating income $ 8,782 $ 1,610 $ 15,058 $ 2,346 Adjustments: LIFO liquidation adjustment (a) — — (44) — Employee retention and separation costs (c) — 50 — 50 Asset impairment loss (d) — — — 1,131 Other operating expenses (e) (8) 5 34 13 Adjusted Refining operating income $ 8,774 $ 1,665 $ 15,048 $ 3,540 Renewable Diesel segment Renewable Diesel operating income (loss) $ 353 $ (28) $ 1,209 $ (248) Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 86 78 262 228 Depreciation and amortization expense 71 76 220 205 Renewable Diesel margin $ 510 $ 126 $ 1,691 $ 185 Ethanol segment Ethanol operating income $ 272 $ 183 $ 680 $ 257 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 165 148 481 446 Depreciation and amortization expense 18 21 56 59 Ethanol margin $ 455 $ 352 $ 1,217 $ 762 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP(h) (millions of dollars) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 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 (by region) (i) U.S. Gulf Coast region Refining operating income $ 5,246 $ 940 $ 9,479 $ 2,123 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 838 740 2,389 2,197 Depreciation and amortization expense 397 391 1,179 1,154 Other operating expenses (e) (9) 2 25 9 Refining margin $ 6,472 $ 2,073 $ 13,072 $ 5,483 Refining operating income $ 5,246 $ 940 $ 9,479 $ 2,123 Adjustment: Other operating expenses (e) (9) 2 25 9 Adjusted Refining operating income $ 5,237 $ 942 $ 9,504 $ 2,132 U.S. Mid-Continent region Refining operating income $ 1,394 $ 188 $ 2,192 $ 365 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 225 210 632 605 Depreciation and amortization expense 86 84 264 238 Other operating expenses 1 3 4 3 Refining margin $ 1,706 $ 485 $ 3,092 $ 1,211 Refining operating income $ 1,394 $ 188 $ 2,192 $ 365 Adjustment: Other operating expenses 1 3 4 3 Adjusted Refining operating income $ 1,395 $ 191 $ 2,196 $ 368 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP(h) (millions of dollars) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 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 (by region) (i) (continued) North Atlantic region Refining operating income $ 1,837 $ 532 $ 2,962 $ 967 Adjustments: Operating expenses (excluding depreciation and amortization expense reflected below) 213 199 616 553 Depreciation and amortization expense 77 80 241 224 Refining margin $ 2,127 $ 811 $ 3,819 $ 1,744 U.S. West Coast region (f) Refining operating income (loss) $ 305 $ (50) $ 425 $ (1,109) Adjustments: LIFO liquidation adjustment (a) — — (44) — Operating expenses (excluding depreciation and amortization expense reflected below) (c) 100 239 348 631 Depreciation and amortization expense (g) 20 173 263 413 Asset impairment loss (d) — — — 1,131 Other operating expenses — — 5 1 Refining margin $ 425 $ 362 $ 997 $ 1,067 Refining operating income (loss) $ 305 $ (50) $ 425 $ (1,109) Adjustments: LIFO liquidation adjustment (a) — — (44) — Employee retention and separation costs (c) — 50 — 50 Asset impairment loss (d) — — — 1,131 Other operating expenses — — 5 1 Adjusted Refining operating income $ 305 $ — $ 386 $ 73 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Throughput volumes (thousand barrels per day) Feedstocks: Heavy sour crude oil 512 506 492 538 Medium/light sour crude oil 274 281 274 252 Sweet crude oil 1,594 1,661 1,572 1,577 Residuals 109 204 137 156 Other feedstocks 117 89 121 82 Total feedstocks 2,606 2,741 2,596 2,605 Blendstocks and other 366 346 350 342 Total throughput volumes 2,972 3,087 2,946 2,947 Yields (thousand barrels per day) Gasolines and blendstocks 1,402 1,517 1,405 1,446 Distillates 1,162 1,201 1,146 1,130 Other products (j) 430 399 422 396 Total yields 2,994 3,117 2,973 2,972 Operating statistics (h) (k) Refining margin $ 10,730 $ 3,731 $ 20,980 $ 9,505 Adjusted Refining operating income $ 8,774 $ 1,665 $ 15,048 $ 3,540 Throughput volumes (thousand barrels per day) 2,972 3,087 2,946 2,947 Refining margin per barrel of throughput $ 39.24 $ 13.14 $ 26.09 $ 11.82 Less: Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 5.03 4.71 4.96 4.89 Depreciation and amortization expense per barrel of throughput 2.12 2.57 2.42 2.53 Adjusted Refining operating income per barrel of throughput $ 32.09 $ 5.86 $ 18.71 $ 4.40 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Operating statistics (h) (k) Renewable Diesel margin $ 510 $ 126 $ 1,691 $ 185 Renewable Diesel operating income (loss) $ 353 $ (28) $ 1,209 $ (248) Sales volumes (thousand gallons per day) 3,423 2,717 3,429 2,629 Renewable Diesel margin per gallon of sales $ 1.62 $ 0.50 $ 1.81 $ 0.26 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales 0.28 0.31 0.28 0.32 Depreciation and amortization expense per gallon of sales 0.22 0.30 0.24 0.28 Renewable Diesel operating income (loss) per gallon of sales $ 1.12 $ (0.11) $ 1.29 $ (0.34) See Notes to Earnings Release Tables. VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES ETHANOL SEGMENT OPERATING HIGHLIGHTS (millions of dollars, except per gallon amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Operating statistics (h) (k) Ethanol margin $ 455 $ 352 $ 1,217 $ 762 Ethanol operating income $ 272 $ 183 $ 680 $ 257 Production volumes (thousand gallons per day) 4,799 4,635 4,695 4,562 Ethanol margin per gallon of production $ 1.03 $ 0.83 $ 0.95 $ 0.62 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production 0.37 0.35 0.38 0.36 Depreciation and amortization expense per gallon of production 0.04 0.05 0.04 0.05 Ethanol operating income per gallon of production $ 0.62 $ 0.43 $ 0.53 $ 0.21 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Operating statistics by region (i) U.S. Gulf Coast region (h) (k) Refining margin $ 6,472 $ 2,073 $ 13,072 $ 5,483 Adjusted Refining operating income $ 5,237 $ 942 $ 9,504 $ 2,132 Throughput volumes (thousand barrels per day) 1,874 1,846 1,819 1,787 Refining margin per barrel of throughput $ 37.55 $ 12.21 $ 26.32 $ 11.24 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 4.86 4.36 4.81 4.50 Depreciation and amortization expense per barrel of throughput 2.31 2.30 2.37 2.37 Adjusted Refining operating income per barrel of throughput $ 30.38 $ 5.55 $ 19.14 $ 4.37 U.S. Mid-Continent region (h) (k) Refining margin $ 1,706 $ 485 $ 3,092 $ 1,211 Adjusted refining operating income $ 1,395 $ 191 $ 2,196 $ 368 Throughput volumes (thousand barrels per day) 472 466 471 448 Refining margin per barrel of throughput $ 39.27 $ 11.31 $ 24.08 $ 9.91 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 5.19 4.90 4.92 4.95 Depreciation and amortization expense per barrel of throughput 1.99 1.96 2.06 1.94 Adjusted refining operating income per barrel of throughput $ 32.09 $ 4.45 $ 17.10 $ 3.02 See Notes to Earnings Release.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION (millions of dollars, except per barrel amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Operating statistics by region (i) (continued) North Atlantic region (h) (k) Refining margin $ 2,127 $ 811 $ 3,819 $ 1,744 Refining operating income $ 1,837 $ 532 $ 2,962 $ 967 Throughput volumes (thousand barrels per day) 507 516 506 468 Refining margin per barrel of throughput $ 45.58 $ 17.10 $ 27.64 $ 13.65 Less: Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 4.58 4.20 4.46 4.33 Depreciation and amortization expense per barrel of throughput 1.64 1.70 1.75 1.75 Refining operating income per barrel of throughput $ 39.36 $ 11.20 $ 21.43 $ 7.57 U.S. West Coast region (f) (h) (k) Refining margin $ 425 $ 362 $ 997 $ 1,067 Adjusted Refining operating income $ 305 $ — $ 386 $ 73 Throughput volumes (thousand barrels per day) 119 259 150 244 Refining margin per barrel of throughput $ 38.81 $ 15.22 $ 24.39 $ 16.00 Less: Adjusted operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput 9.10 7.94 8.50 8.72 Depreciation and amortization expense per barrel of throughput (g) 1.85 7.29 6.44 6.20 Adjusted Refining operating income (loss) per barrel of throughput $ 27.86 $ (0.01) $ 9.45 $ 1.08 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Refining Feedstocks (dollars per barrel) Brent crude oil $ 91.61 $ 68.14 $ 88.87 $ 69.87 Brent less West Texas Intermediate (WTI) crude oil 5.37 3.11 5.06 3.08 Brent less WTI Houston crude oil 4.29 2.09 3.44 2.02 Brent less Dated Brent crude oil (5.75) (0.91) (5.49) (0.91) Brent less Argus Sour Crude Index crude oil 6.07 3.46 4.71 2.68 Brent less Maya crude oil 13.37 7.14 10.97 8.35 Brent less Western Canadian Select Houston crude oil 16.49 6.93 14.66 6.81 WTI crude oil 86.24 65.03 83.81 66.79 Natural gas (dollars per million British thermal units) 2.47 2.70 2.68 2.97 Renewable volume obligation (RVO) (dollars per barrel) (l) 14.34 6.38 12.51 5.76 Product margins (RVO adjusted unless otherwise noted) (dollars per barrel) U.S. Gulf Coast: Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent 24.08 7.78 14.17 6.78 Ultra-low-sulfur (ULS) diesel less Brent 72.27 21.05 47.80 17.51 Polymer Grade Propylene less Brent (not RVO adjusted) (17.02) (8.22) (13.22) (3.07) U.S. Mid-Continent: CBOB gasoline less WTI 34.16 12.79 17.87 12.32 ULS diesel less WTI 73.54 26.16 46.49 21.09 North Atlantic: CBOB gasoline less Brent 33.46 14.58 20.56 10.97 ULS diesel less Brent 77.12 24.64 53.72 21.44 U.S. West Coast: California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent 50.89 26.69 40.62 28.94 California Air Resources Board diesel less Brent 81.83 29.83 56.98 23.47 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Renewable Diesel New York Mercantile Exchange ULS diesel (dollars per gallon) $ 4.33 $ 2.35 $ 3.66 $ 2.30 Biodiesel Renewable Identification Number (RIN) (dollars per RIN) 2.23 1.13 1.93 1.00 California Low-Carbon Fuel Standard carbon credit (dollars per metric ton) 80.60 53.36 71.43 57.30 U.S. Gulf Coast (USGC) used cooking oil (dollars per pound) 0.76 0.62 0.74 0.56 USGC distillers corn oil (dollars per pound) 0.77 0.64 0.76 0.58 USGC fancy bleachable tallow (dollars per pound) 0.75 0.62 0.73 0.56 Ethanol Chicago Board of Trade corn (dollars per bushel) 4.78 4.02 4.53 4.42 New York Harbor ethanol (dollars per gallon) 2.10 1.96 1.97 1.87
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited) September 30, December 31, 2026 2025 Balance sheet data Current assets $ 33,561 $ 23,210 Cash and cash equivalents included in current assets 9,840 4,688 Inventories included in current assets 7,611 7,591 Current liabilities 19,469 14,109 Valero Energy Corporation stockholdersʼ equity 27,974 23,725 Total equity 31,084 26,605 Debt and finance lease obligations: Debt – Current portion of debt (excluding variable interest entities (VIEs)) $ 727 $ 672 Debt, less current portion of debt (excluding VIEs) 7,849 7,566 Total debt (excluding VIEs) 8,576 8,238 Current portion of debt attributable to VIEs 3 23 Total debt 8,579 8,261 Finance lease obligations – Current portion of finance lease obligations (excluding VIEs) 233 228 Finance lease obligations, less current portion (excluding VIEs) 1,567 1,488 Total finance lease obligations (excluding VIEs) 1,800 1,716 Current portion of finance lease obligations attributable to VIEs 26 26 Finance lease obligations, less current portion attributable to VIEs 596 616 Total finance lease obligations attributable to VIEs 622 642 Total finance lease obligations 2,422 2,358 Total debt and finance lease obligations $ 11,001 $ 10,619 Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (h) Net cash provided by operating activities $ 6,932 $ 1,881 $ 13,902 $ 3,769 Exclude: Changes in current assets and current liabilities (526) 325 (123) 157 Diamond Green Diesel LLCʼs (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture memberʼs ownership interest in DGD 205 (86) 696 (239) Adjusted net cash provided by operating activities $ 7,253 $ 1,642 $ 13,329 $ 3,851 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Reconciliation of capital investments to capital investments attributable to Valero (h) Capital expenditures (excluding VIEs) $ 272 $ 171 $ 654 $ 504 Capital expenditures of VIEs: DGD (3) 4 4 67 Other VIEs 1 2 3 5 Deferred turnaround and catalyst cost expenditures (excluding VIEs) 155 187 529 808 Deferred turnaround and catalyst cost expenditures of DGD 7 45 40 91 Investments in nonconsolidated joint ventures — — — 1 Capital investments 432 409 1,230 1,476 Adjustments: DGDʼs capital investments attributable to the other joint venture member (2) (25) (22) (79) Capital expenditures of other VIEs (1) (2) (3) (5) Capital investments attributable to Valero $ 429 $ 382 $ 1,205 $ 1,392 Dividends per common share $ 1.20 $ 1.13 $ 3.60 $ 3.39 See Notes to Earnings Release Tables.
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VALERO ENERGY CORPORATION NOTES TO EARNINGS RELEASE TABLES (a) Cost of materials and other for the nine months ended September 30, 2026 includes a benefit of $44 million resulting from the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during 2026 due to the phased idling of processing units and cessation of refining operations at our Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025. (b) Taxes other than income taxes includes excise taxes on sales by certain of our foreign operations. (c) Operating expenses (excluding depreciation and amortization expense) for the three and nine months ended September 30, 2025 includes employee retention and separation costs of $50 million related to the Benicia Refinery. In connection with our plan to cease refining operations at the Benicia Refinery, we implemented a transition plan for eligible employees that included retention incentive payments and separation benefits. (d) In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the nine months ended September 30, 2025. (e) Other operating expenses for the three and nine months ended September 30, 2026 includes $4 million and $19 million, respectively, of repair costs directly attributable to the March 2026 incident at our Port Arthur Refinery. (f) During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within Corporate and Other. (g) Depreciation and amortization expense includes incremental depreciation expense of approximately $133 million in the nine months ended September 30, 2026 and approximately $100 million and $200 million in the three and nine months ended September 30, 2025, respectively, related to the Benicia Refinery. In connection with our phased plan to idle the processing units and cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, the revised carrying value of the refineryʼs long-lived assets was depreciated to the estimated salvage value. (h) We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under 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 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 GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under 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: Adjusted net income attributable to ValeroEnergy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. 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
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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 attributable to Valero Energy Corporation stockholders. See note (a) for additional details. Employee retention and separation costs – The employee retention and separation costs related to the Benicia Refinery (see note (c)) are not indicative of our ongoing operations. Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (d)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business. Port Arthur Refinery fire expenses – The expenses directly attributable to the March 2026 incident at our Port Arthur Refinery (see note (e)) are specific to that incident and are not indicative of our ongoing operations. Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution. Refining margin is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (d)), and other operating expenses. We believe Refining margin is an important measure of our Refining segmentʼs operating and financial performance as it is the most comparable measure to the industryʼs 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 segment operating income (loss) 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 segmentʼs operating and financial performance as it is the most comparable measure to the industryʼs market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Ethanol margin is an important measure of our Ethanol segmentʼs operating and financial performance as it is the most comparable measure to the industryʼs market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance. Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the LIFO liquidation adjustment (see note (a)), employee retention and separation costs (see note (c)), the asset impairment loss (see note (d)), and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segmentʼs operating and financial performance because it excludes items that are not indicative of that segmentʼs core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) is defined as Refining segment operating expenses (excluding depreciation and amortization expense) excluding employee retention and separation costs (see note (c)). We believe adjusted Refining operating expense (excluding depreciation and amortization expense) is an important measure of our Refining segmentʼs operating and financial performance because it excludes items that are not indicative of that segmentʼs core operating performance. Adjusted Refining operating expenses (excluding depreciation and amortization expense) for the Refining segment and the U.S.West Coast region is calculated as follows (in millions):
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Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Refining segment Operating expenses (excluding depreciation and amortization expense) $ 1,376 $ 1,388 $ 3,985 $ 3,986 Adjustment: Employee retention and separation costs — (50) — (50) Adjusted operating expenses (excluding depreciation and amortization expense) $ 1,376 $ 1,338 $ 3,985 $ 3,936 U.S. West Coast region Operating expenses (excluding depreciation and amortization expense) $ 100 $ 239 $ 348 $ 631 Adjustment: Employee retention and separation costs — (50) — (50) Adjusted operating expenses (excluding depreciation and amortization expense) $ 100 $ 189 $ 348 $ 581 Adjusted net cash provided by operating activities is defined as net cash provided by 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. DGDʼs adjusted net cash provided by (used in)operating activities attributable to the other joint venture memberʼs ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGDʼs financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGDʼs financial statements, all of DGDʼs net cash provided by (used in) operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities. In general, DGDʼs members use DGDʼs 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. Nevertheless, DGDʼs operating cash flow is effectively attributable to each member and only a portion of DGDʼs operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGDʼs operating cash flow attributable to the other joint venture memberʼs ownership interest because we believe that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):
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Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 DGD operating cash flow data Net cash provided by (used in) operating activities $ 312 $ (263) $ 551 $ (364) Exclude: Changes in current assets and current liabilities (99) (90) (841) 115 Adjusted net cash provided by (used in) operating activities 411 (173) 1,392 (479) Other joint venture memberʼs ownership interest 50% 50% 50% 50% DGDʼs adjusted net cash provided by (used in) operating activities attributable to the other joint venture memberʼs ownership interest in DGD $ 205 $ (86) $ 696 $ (239) Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGDʼs capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD. In general, DGDʼs members use DGDʼs 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 DGDʼs operating cash flow is effectively attributable to each member, only 50 percent of DGDʼs capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate 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. (i) 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. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reflected within Corporate and Other. (j) Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. (k) We use 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. Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities. (l) The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.
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Valero Contacts Investors: Brian Donovan, Vice President – Investor Relations, 210-345-1682 Eric Herbort, Director – Investor Relations and Finance, 210-345-3331 Gautam Srivastava, Director – Investor Relations, 210-345-3992 Media: Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002 Source: Valero Energy Corporation Multimedia Files: Company's logo Download: Download original253 KB(1554 x 1102)Download image: Company's logo as a original in JPG format. Opens in a new window Download thumbnail11 KB(200 x 142)Download image: Company's logo as a thumbnail in JPG format. Opens in a new window Download lowres41 KB(480 x 340)Download image: Company's logo as a lowres in JPG format. Opens in a new window Download square15 KB(250 x 250)Download image: Company's logo as a square in JPG format. Opens in a new window View All News Source investorvalero.com Captured 22 okt. 2026 12:36 https://investorvalero.com/news/news-details/2026/Valero-Energy-Reports-Third-Quarter-2026-Results/