Reported net income attributable to Valero stockholders of $2.8 billion, or $7.19 per share
Reported adjusted net income attributable to Valero stockholders of $2.8 billion, or $7.14 per share
Reduced debt by $1.25 billion in September, bringing Valero's aggregate debt reduction since the second half of 2021 to approximately $3.6 billion

Valero Energy Corporation (NYSE:VLO, "Valero"))) today reported net income attributable to Valero stockholders of $2.8 billion, or $7.19 per share, for the third quarter of 2022, compared to $463 million, or $1.13 per share, for the third quarter of 2021. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $2.8 billion, or $7.14 per share, for the third quarter of 2022, compared to $545 million, or $1.33 per share, for the third quarter of 2021.

"Refining fundamentals remain strong as product demand through our system has surpassed 2019 levels, while global product supply remains constrained due to capacity reductions and high natural gas prices in Europe are setting a higher floor on margins," said Joe Gorder, Valero's Chairman and Chief Executive Officer. "We continue to maximize refining utilization in a safe, reliable and environmentally responsible manner to provide essential products."

Refining

The Refining segment reported operating income of $3.8 billion for the third quarter of 2022, compared to $835 million for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $911 million. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2022, which was 141 thousand barrels per day higher than the third quarter of 2021. Refinery utilization rate was 95 percent in the third quarter of 2022, compared to 91 percent in the third quarter of 2021.

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $212 million of operating income for the third quarter of 2022, compared to $108 million for the third quarter of 2021. Renewable diesel sales volumes averaged 2.2 million gallons per day in the third quarter of 2022, which was 1.6 million gallons per day higher than the third quarter of 2021. The higher sales volumes in the third quarter of 2022 were due to DGD 1 downtime in the third quarter of 2021 resulting from Hurricane Ida and the impact of additional volumes from DGD 2, which started up in the fourth quarter of 2021.

Ethanol

The Ethanol segment reported $1 million of operating income for the third quarter of 2022, compared to a $44 million operating loss for the third quarter of 2021. Adjusted operating income for the third quarter of 2021 was $4 million. Ethanol production volumes averaged 3.5 million gallons per day in the third quarter of 2022.

Corporate and Other

General and administrative expenses were $214 million in the third quarter of 2022, compared to $195 million in the third quarter of 2021. The effective tax rate for the third quarter of 2022 was 22 percent.

Investing and Financing Activities

Net cash provided by operating activities was $2.0 billion in the third quarter of 2022. Included in this amount was a $1.5 billion unfavorable change in working capital and $119 million of net cash provided by operating activities associated with the other joint venture member's share of DGD, excluding changes in DGD's working capital. Excluding these items, adjusted net cash provided by operating activities was $3.4 billion in the third quarter of 2022.

Capital investments totaled $602 million in the third quarter of 2022, of which $185 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member's share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Valero further reduced its debt by $1.25 billion in September. This transaction, combined with a series of debt reduction and refinancing transactions completed since the second half of 2021, have collectively reduced Valero's debt by approximately $3.6 billion.

"Our strong balance sheet remains the cornerstone of our capital allocation framework," said Gorder. "We have significantly reduced our debt since the second half of 2021 and will continue to evaluate further reductions."

Liquidity and Financial Position

Valero ended the third quarter of 2022 with $9.6 billion of total debt, $1.9 billion of finance lease obligations and $4.0 billion of cash and cash equivalents, compared to $13.0 billion of total debt, $1.6 billion of finance lease obligations and $2.3 billion of cash and cash equivalents at the end of the first quarter of 2021. As a result, the debt to capitalization ratio, net of cash and cash equivalents, was approximately 24 percent as of September 30, 2022, down from the pandemic high of 40 percent as of March 31, 2021.

Strategic Update

Refinery optimization projects that are expected to reduce costs and improve margin capture are progressing on schedule. The Port Arthur Coker project, which is expected to increase the refinery's throughput capacity, while also improving turnaround efficiency, is expected to be completed in the first half of 2023.

The DGD project adjacent to the Port Arthur refinery (DGD 3), which is expected to have renewable diesel production capacity of 470 million gallons per year, is currently in the start-up process and is expected to be operational in November. The total annual DGD production capacity is expected to increase to 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha upon commencement of DGD 3's operations.

BlackRock and Navigator's carbon sequestration project is still expected to begin startup activities in late 2024. Valero is expecting to be the anchor shipper with eight of its ethanol plants connected to this system, producing a lower carbon intensity ethanol product expected to be marketed in low-carbon fuel markets that should result in a higher product margin.

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 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 owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which through its subsidiary owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.

Valero Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Director – Investor Relations, 210-345-3331

Gautam Srivastava, Senior 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 and the accompanying tables 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," "forecast," and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying tables include those relating to Valero's greenhouse gas emissions targets, expected timing of completion and performance of projects, future market and industry conditions, future operating and financial performance, and management of future risks. 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 legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero's operations or the demand for Valero's products. These factors also include, but are not limited to, the uncertainties that remain with respect to the Russia-Ukraine conflict, the impact of inflation on margins and costs, economic activity levels, the COVID-19 pandemic, variants of the COVID-19 virus, governmental and societal responses thereto, and the adverse effects the foregoing may have on Valero's business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero's 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 Valero's 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 Renewable Diesel operating income, adjusted Ethanol operating income, 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 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Statement of income data
Revenues	$	44,454		$	29,520		$	134,637		$	78,074
Cost of sales:
Cost of materials and other (a) (b)		38,064			26,624			115,959			70,865
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		1,746			1,348			4,751			4,218
Depreciation and amortization expense (c)		621			630			1,806			1,772
Total cost of sales		40,431			28,602			122,516			76,855
Other operating expenses		6			19			40			69
General and administrative expenses (excluding depreciation and amortization expense reflected below) (d)		214			195			652			579
Depreciation and amortization expense		11			11			34			35
Operating income		3,792			693			11,395			536
Other income, net (e)		74			32			87			179
Interest and debt expense, net of capitalized interest		(138	)		(152	)		(425	)		(451	)
Income before income tax expense		3,728			573			11,057			264
Income tax expense (f)		816			65			2,410			86
Net income		2,912			508			8,647			178
Less: Net income attributable to noncontrolling interests		95			45			232			257
Net income (loss) attributable to Valero Energy Corporation stockholders	$	2,817		$	463		$	8,415		$	(79	)

Earnings (loss) per common share	$	7.20		$	1.13		$	20.94		$	(0.20	)
Weighted-average common shares outstanding (in millions)		390			407			400			407

Earnings (loss) per common share – assuming dilution	$	7.19		$	1.13		$	20.93		$	(0.20	)
Weighted-average common shares outstanding – assuming dilution (in millions)		390			408			401			407

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining		Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Three months ended September 30, 2022
Revenues:
Revenues from external customers	$	42,280	$	967	$	1,207		$	—		$	44,454
Intersegment revenues		9		508		179			(696	)		—
Total revenues		42,289		1,475		1,386			(696	)		44,454
Cost of sales:
Cost of materials and other		36,389		1,161		1,203			(689	)		38,064
Operating expenses (excluding depreciation and amortization expense reflected below)		1,516		69		162			(1	)		1,746
Depreciation and amortization expense		568		33		20			—			621
Total cost of sales		38,473		1,263		1,385			(690	)		40,431
Other operating expenses		6		—		—			—			6
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—			214			214
Depreciation and amortization expense		—		—		—			11			11
Operating income by segment	$	3,810	$	212	$	1		$	(231	)	$	3,792

Three months ended September 30, 2021
Revenues:
Revenues from external customers	$	27,989	$	342	$	1,189		$	—		$	29,520
Intersegment revenues		3		60		115			(178	)		—
Total revenues		27,992		402		1,304			(178	)		29,520
Cost of sales:
Cost of materials and other		25,395		256		1,150			(177	)		26,624
Operating expenses (excluding depreciation and amortization expense reflected below)		1,195		26		128			(1	)		1,348
Depreciation and amortization expense (c)		549		11		70			—			630
Total cost of sales		27,139		293		1,348			(178	)		28,602
Other operating expenses		18		1		—			—			19
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—			195			195
Depreciation and amortization expense		—		—		—			11			11
Operating income (loss) by segment	$	835	$	108	$	(44	)	$	(206	)	$	693

See Operating Highlights by Segment. See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining		Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Nine months ended September 30, 2022
Revenues:
Revenues from external customers	$	128,588	$	2,417	$	3,632		$	—		$	134,637
Intersegment revenues		24		1,490		507			(2,021	)		—
Total revenues		128,612		3,907		4,139			(2,021	)		134,637
Cost of sales:
Cost of materials and other (a)		111,308		3,129		3,533			(2,011	)		115,959
Operating expenses (excluding depreciation and amortization expense reflected below)		4,111		178		464			(2	)		4,751
Depreciation and amortization expense (c)		1,682		87		37			—			1,806
Total cost of sales		117,101		3,394		4,034			(2,013	)		122,516
Other operating expenses		38		—		2			—			40
General and administrative expenses (excluding depreciation and amortization expense reflected below) (d)		—		—		—			652			652
Depreciation and amortization expense		—		—		—			34			34
Operating income by segment	$	11,473	$	513	$	103		$	(694	)	$	11,395

Nine months ended September 30, 2021
Revenues:
Revenues from external customers	$	73,426	$	1,190	$	3,458		$	—		$	78,074
Intersegment revenues		7		215		259			(481	)		—
Total revenues		73,433		1,405		3,717			(481	)		78,074
Cost of sales:
Cost of materials and other (b)		67,417		724		3,204			(480	)		70,865
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		3,730		86		403			(1	)		4,218
Depreciation and amortization expense (c)		1,626		35		111			—			1,772
Total cost of sales		72,773		845		3,718			(481	)		76,855
Other operating expenses		68		1		—			—			69
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—			579			579
Depreciation and amortization expense		—		—		—			35			35
Operating income (loss) by segment	$	592	$	559	$	(1	)	$	(614	)	$	536

See Operating Highlights by Segment. See Notes to Earnings Release Tables.


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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income (loss) attributable to Valero Energy Corporation stockholders	$	2,817		$	463		$	8,415		$	(79	)
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—			58			(104	)		219
Income tax expense related to modification of RVO		—			(13	)		23			(49	)
Modification of RVO, net of taxes		—			45			(81	)		170
Gain on sale of ethanol plant (c)		—			—			(23	)		—
Income tax expense related to gain on sale of ethanol plant		—			—			5			—
Gain on sale of ethanol plant, net of taxes		—			—			(18	)		—
Environmental reserve adjustment (d)		—			—			20			—
Income tax benefit related to environmental reserve adjustment		—			—			(5	)		—
Environmental reserve adjustment, net of taxes		—			—			15			—
Loss (gain) on early retirement of debt (e)		(26	)		—			24			—
Income tax (benefit) expense related to loss (gain) on early retirement of debt		5			—			(6	)		—
Loss (gain) on early retirement of debt, net of taxes		(21	)		—			18			—
Change in estimated useful life of ethanol plant (c)		—			48			—			48
Income tax benefit related to the change in estimated useful life of ethanol plant		—			(11	)		—			(11	)
Change in estimated useful life of ethanol plant, net of taxes		—			37			—			37
Gain on sale of MVP interest (e)		—			—			—			(62	)
Income tax expense related to gain on sale of MVP interest		—			—			—			14
Gain on sale of MVP interest, net of taxes		—			—			—			(48	)
Diamond Pipeline asset impairment (e)		—			—			—			24
Income tax benefit related to Diamond Pipeline asset impairment		—			—			—			(5	)
Diamond Pipeline asset impairment, net of taxes		—			—			—			19
Income tax expense related to changes in statutory tax rates (f)		—			—			—			64
Total adjustments		(21	)		82			(66	)		242
Adjusted net income attributable to Valero Energy Corporation stockholders	$	2,796		$	545		$	8,349		$	163

See Notes to Earnings Release Tables.


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 September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings (loss) per common share – assuming dilution	$	7.19		$	1.13	$	20.93		$	(0.20	)
Adjustments:
Modification of RVO (a)		—			0.11		(0.20	)		0.42
Gain on sale of ethanol plant (c)		—			—		(0.05	)		—
Environmental reserve adjustment (d)		—			—		0.04			—
Loss (gain) on early retirement of debt (e)		(0.05	)		—		0.05			—
Change in estimated useful life of ethanol plant (c)		—			0.09		—			0.09
Gain on sale of MVP interest (e)		—			—		—			(0.12	)
Diamond Pipeline asset impairment (e)		—			—		—			0.04
Income tax expense related to changes in statutory tax rates (f)		—			—		—			0.16
Total adjustments		(0.05	)		0.20		(0.16	)		0.59
Adjusted earnings per common share – assuming dilution	$	7.14		$	1.33	$	20.77		$	0.39

See Notes to Earnings Release Tables.


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 September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
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	$	3,810	$	835	$	11,473		$	592
Adjustments:
Modification of RVO (a)		—		58		(104	)		219
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		1,516		1,195		4,111			3,730
Depreciation and amortization expense		568		549		1,682			1,626
Other operating expenses		6		18		38			68
Refining margin	$	5,900	$	2,655	$	17,200		$	6,235

Refining operating income	$	3,810	$	835	$	11,473		$	592
Adjustments:
Modification of RVO (a)		—		58		(104	)		219
Other operating expenses		6		18		38			68
Adjusted Refining operating income	$	3,816	$	911	$	11,407		$	879

Renewable Diesel segment
Renewable Diesel operating income	$	212	$	108	$	513		$	559
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		69		26		178			86
Depreciation and amortization expense		33		11		87			35
Other operating expenses		—		1		—			1
Renewable Diesel margin	$	314	$	146	$	778		$	681

Renewable Diesel operating income	$	212	$	108	$	513		$	559
Adjustment: Other operating expenses		—		1		—			1
Adjusted Renewable Diesel operating income	$	212	$	109	$	513		$	560

See Notes to Earnings Release Tables.


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 September 30,					Nine Months Ended September 30,
	2022		2021			2022			2021
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income by segment
Ethanol segment
Ethanol operating income (loss)	$	1	$	(44	)	$	103		$	(1	)
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		162		128			464			403
Depreciation and amortization expense (c)		20		70			37			111
Other operating expenses		—		—			2			—
Ethanol margin	$	183	$	154		$	606		$	513

Ethanol operating income (loss)	$	1	$	(44	)	$	103		$	(1	)
Adjustments:
Gain on sale of ethanol plant (c)		—		—			(23	)		—
Change in estimated useful life of ethanol plant (c)		—		48			—			48
Other operating expenses		—		—			2			—
Adjusted Ethanol operating income	$	1	$	4		$	82		$	47

See Notes to Earnings Release Tables.


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 September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
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) (h)
U.S. Gulf Coast region
Refining operating income (loss)	$	2,072	$	341	$	6,467		$	(8	)
Adjustments:
Modification of RVO (a)		—		41		(74	)		157
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		870		674		2,339			2,279
Depreciation and amortization expense		350		332		1,023			998
Other operating expenses		6		17		29			58
Refining margin	$	3,298	$	1,405	$	9,784		$	3,484

Refining operating income (loss)	$	2,072	$	341	$	6,467		$	(8	)
Adjustments:
Modification of RVO (a)		—		41		(74	)		157
Other operating expenses		6		17		29			58
Adjusted Refining operating income	$	2,078	$	399	$	6,422		$	207

U.S. Mid-Continent region
Refining operating income	$	600	$	209	$	1,701		$	322
Adjustments:
Modification of RVO (a)		—		11		(19	)		39
Operating expenses (excluding depreciation and amortization expense reflected below) (b)		210		174		581			523
Depreciation and amortization expense		85		84		251			253
Other operating expenses		—		1		—			10
Refining margin	$	895	$	479	$	2,514		$	1,147

Refining operating income	$	600	$	209	$	1,701		$	322
Adjustments:
Modification of RVO (a)		—		11		(19	)		39
Other operating expenses		—		1		—			10
Adjusted Refining operating income	$	600	$	221	$	1,682		$	371

See Notes to Earnings Release Tables.


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 September 30,				Nine Months Ended September 30,
	2022		2021		2022			2021
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) (h) (continued)
North Atlantic region
Refining operating income	$	785	$	237	$	2,293		$	293
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		226		186		624			476
Depreciation and amortization expense		62		67		197			179
Other operating expenses		—		—		9			—
Refining margin	$	1,073	$	490	$	3,123		$	948

Refining operating income	$	785	$	237	$	2,293		$	293
Adjustment: Other operating expenses		—		—		9			—
Adjusted Refining operating income	$	785	$	237	$	2,302		$	293

U.S. West Coast region
Refining operating income (loss)	$	353	$	48	$	1,012		$	(15	)
Adjustments:
Modification of RVO (a)		—		6		(11	)		23
Operating expenses (excluding depreciation and amortization expense reflected below)		210		161		567			452
Depreciation and amortization expense		71		66		211			196
Refining margin	$	634	$	281	$	1,779		$	656

Refining operating income (loss)	$	353	$	48	$	1,012		$	(15	)
Adjustment: Modification of RVO (a)		—		6		(11	)		23
Adjusted Refining operating income	$	353	$	54	$	1,001		$	8

See Notes to Earnings Release Tables.


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,
	2022		2021		2022		2021
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		325		301		342		338
Medium/light sour crude oil		497		249		438		295
Sweet crude oil		1,479		1,601		1,439		1,390
Residuals		214		275		223		239
Other feedstocks		123		125		117		118
Total feedstocks		2,638		2,551		2,559		2,380
Blendstocks and other		367		313		364		325
Total throughput volumes		3,005		2,864		2,923		2,705

Yields (thousand barrels per day)
Gasolines and blendstocks		1,457		1,451		1,434		1,359
Distillates		1,158		1,055		1,107		995
Other products (i)		418		390		409		381
Total yields		3,033		2,896		2,950		2,735

Operating statistics (b) (g) (j)
Refining margin	$	5,900	$	2,655	$	17,200	$	6,235
Adjusted Refining operating income	$	3,816	$	911	$	11,407	$	879
Throughput volumes (thousand barrels per day)		3,005		2,864		2,923		2,705

Refining margin per barrel of throughput	$	21.34	$	10.07	$	21.55	$	8.45
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		5.48		4.53		5.15		5.05
Depreciation and amortization expense per barrel of throughput		2.06		2.08		2.11		2.21
Adjusted Refining operating income per barrel of throughput	$	13.80	$	3.46	$	14.29	$	1.19

See Notes to Earnings Release Tables.


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,
	2022		2021		2022		2021
Operating statistics (g) (j)
Renewable Diesel margin	$	314	$	146	$	778	$	681
Adjusted Renewable Diesel operating income	$	212	$	109	$	513	$	560
Sales volumes (thousand gallons per day)		2,231		671		2,084		819

Renewable Diesel margin per gallon of sales	$	1.53	$	2.37	$	1.37	$	3.05
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.34		0.42		0.32		0.39
Depreciation and amortization expense per gallon of sales		0.15		0.19		0.15		0.16
Adjusted Renewable Diesel operating income per gallon of sales	$	1.04	$	1.76	$	0.90	$	2.50

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

Septem

Valero Energy Reports Third Quarter 2022 Results