Reported net income attributable to Valero stockholders of $2.6 billion, or $7.49 per share
Returned $2.2 billion to stockholders through dividends and stock buybacks

Valero Energy Corporation (NYSE:VLO, "Valero"))) today reported net income attributable to Valero stockholders of $2.6 billion, or $7.49 per share, for the third quarter of 2023, compared to $2.8 billion, or $7.19 per share, for the third quarter of 2022. 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.

Refining

The Refining segment reported operating income of $3.4 billion for the third quarter of 2023, compared to $3.8 billion for the third quarter of 2022. Refining throughput volumes averaged 3.0 million barrels per day in the third quarter of 2023.

"Our refineries operated well and achieved 95 percent throughput capacity utilization, which is a testament to our team's relentless focus on operational excellence," said Lane Riggs, Valero's Chief Executive Officer and President. "Product demand remained strong in our U.S. wholesale system, which matched the second quarter record of over 1 million barrels per day of sales volume."

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $123 million of operating income for the third quarter of 2023, compared to $212 million for the third quarter of 2022. Segment sales volumes averaged 3.0 million gallons per day in the third quarter of 2023, which was 761 thousand gallons per day higher than the third quarter of 2022. The higher sales volumes were due to the impact of additional volumes from the DGD Port Arthur plant, which started up in the fourth quarter of 2022. Operating income was lower than the third quarter of 2022 primarily due to lower renewable diesel margin in the third quarter of 2023.

Ethanol

The Ethanol segment reported $197 million of operating income for the third quarter of 2023, compared to $1 million for the third quarter of 2022. Ethanol production volumes averaged 4.3 million gallons per day in the third quarter of 2023, which was 831 thousand gallons per day higher than the third quarter of 2022. Operating income was higher than the third quarter of 2022 primarily as a result of higher production volumes and lower corn prices in the third quarter of 2023.

Corporate and Other

General and administrative expenses were $250 million in the third quarter of 2023, compared to $214 million in the third quarter of 2022. The effective tax rate for the third quarter of 2023 was 23 percent.

Investing and Financing Activities

Net cash provided by operating activities was $3.3 billion in the third quarter of 2023. Included in this amount was a $33 million favorable change in working capital and $82 million of adjusted net cash provided by operating activities associated with the other joint venture member's share of DGD. Excluding these items, adjusted net cash provided by operating activities was $3.2 billion in the third quarter of 2023.

Capital investments totaled $394 million in the third quarter of 2023, of which $303 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, capital investments attributable to Valero were $352 million.

Valero returned $2.2 billion to stockholders in the third quarter of 2023, of which $360 million was paid as dividends and $1.8 billion was for the purchase of approximately 13 million shares of common stock, resulting in a payout ratio of 68 percent of adjusted net cash provided by operating activities.

Valero continues to target an annual payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines payout ratio as the sum of dividends paid and the total cost of 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 the other joint venture member's share of DGD.

Liquidity and Financial Position

Valero ended the third quarter of 2023 with $9.2 billion of total debt, $2.3 billion of finance lease obligations and $5.8 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 17 percent as of September 30, 2023.

Strategic Update

The Sustainable Aviation Fuel (SAF) project at the DGD Port Arthur plant remains on schedule and is expected to be completed in 2025 and cost $315 million, with half of that attributable to Valero. The project is expected to give the plant the optionality to upgrade approximately 50 percent of its current 470 million gallon renewable diesel annual production capacity to SAF. With the completion of this project, DGD is expected to become one of the largest manufacturers of SAF in the world.

"While there are broader factors that may drive market volatility, we remain focused on things we can control," said Riggs, "including operating efficiently in a safe, reliable and environmentally responsible manner, maintaining capital discipline by adhering to a minimum return threshold on growth projects, and honoring our commitment to shareholder returns."

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 it 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 owns two renewable diesel plants located in the U.S. Gulf Coast region with a combined production capacity of approximately 1.2 billion gallons per year, and Valero owns 12 ethanol plants located in the U.S. Mid-Continent region 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 investorvalero.com for more information.

Valero Contacts

Investors:

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

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 Valero'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 earnings release tables include, and those made on the conference call may include, statements relating to Valero's low-carbon fuels strategy, expected timing, cost and performance of projects, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, 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 Valero'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 current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose profits, windfall or margin taxes or penalties, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero's 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 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 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 (e) 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,
		2023			2022			2023			2022
Statement of income data
Revenues	$	38,404		$	44,454		$	109,352		$	134,637
Cost of sales:
Cost of materials and other (a)		32,385			38,064			91,820			115,959
Operating expenses (excluding depreciation and amortization expense reflected below)		1,578			1,746			4,495			4,751
Depreciation and amortization expense (b)		671			621			1,979			1,806
Total cost of sales		34,634			40,431			98,294			122,516
Other operating expenses		6			6			18			40
General and administrative expenses (excluding depreciation and amortization expense reflected below) (c)		250			214			703			652
Depreciation and amortization expense		11			11			32			34
Operating income		3,503			3,792			10,305			11,395
Other income, net (d)		122			74			357			87
Interest and debt expense, net of capitalized interest		(149	)		(138	)		(443	)		(425	)
Income before income tax expense		3,476			3,728			10,219			11,057
Income tax expense		813			816			2,288			2,410
Net income		2,663			2,912			7,931			8,647
Less: Net income attributable to noncontrolling interests		41			95			298			232
Net income attributable to Valero Energy Corporation stockholders	$	2,622		$	2,817		$	7,633		$	8,415

Earnings per common share	$	7.49		$	7.20		$	21.22		$	20.94
Weighted-average common shares outstanding (in millions)		349			390			359			400

Earnings per common share – assuming dilution	$	7.49		$	7.19		$	21.21		$	20.93
Weighted-average common shares outstanding – assuming dilution (in millions)		349			390			359			401

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, 2023
Revenues:
Revenues from external customers	$	36,521	$	759	$	1,124	$	—		$	38,404
Intersegment revenues		8		672		310		(990	)		—
Total revenues		36,529		1,431		1,434		(990	)		38,404
Cost of sales:
Cost of materials and other		31,115		1,169		1,092		(991	)		32,385
Operating expenses (excluding depreciation and amortization expense reflected below)		1,366		84		125		3			1,578
Depreciation and amortization expense		597		55		20		(1	)		671
Total cost of sales		33,078		1,308		1,237		(989	)		34,634
Other operating expenses		6		—		—		—			6
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		250			250
Depreciation and amortization expense		—		—		—		11			11
Operating income by segment	$	3,445	$	123	$	197	$	(262	)	$	3,503

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

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, 2023
Revenues:
Revenues from external customers	$	102,924	$	2,990	$	3,438	$	—		$	109,352
Intersegment revenues		8		2,367		790		(3,165	)		—
Total revenues		102,932		5,357		4,228		(3,165	)		109,352
Cost of sales:
Cost of materials and other		87,398		4,143		3,422		(3,143	)		91,820
Operating expenses (excluding depreciation and amortization expense reflected below)		3,832		274		383		6			4,495
Depreciation and amortization expense		1,751		172		59		(3	)		1,979
Total cost of sales		92,981		4,589		3,864		(3,140	)		98,294
Other operating expenses		17		—		1		—			18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		—		—		—		703			703
Depreciation and amortization expense		—		—		—		32			32
Operating income by segment	$	9,934	$	768	$	363	$	(760	)	$	10,305

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 (b)		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) (c)		—		—		—		652			652
Depreciation and amortization expense		—		—		—		34			34
Operating income by segment	$	11,473	$	513	$	103	$	(694	)	$	11,395

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 (h) (millions of dollars) (unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
		2023		2022			2023			2022
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	$	2,622	$	2,817		$	7,633		$	8,415
Adjustments:
Modification of renewable volume obligation (RVO) (a)		—		—			—			(104	)
Income tax expense related to modification of RVO		—		—			—			23
Modification of RVO, net of taxes		—		—			—			(81	)
Gain on sale of ethanol plant (b)		—		—			—			(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 (c)		—		—			—			20
Income tax benefit related to environmental reserve adjustment		—		—			—			(5	)
Environmental reserve adjustment, net of taxes		—		—			—			15
Loss (gain) on early retirement of debt (d)		—		(26	)		(11	)		24
Income tax (benefit) expense related to loss (gain) on early retirement of debt		—		5			2			(6	)
Loss (gain) on early retirement of debt, net of taxes		—		(21	)		(9	)		18
Total adjustments		—		(21	)		(9	)		(66	)
Adjusted net income attributable to Valero Energy Corporation stockholders	$	2,622	$	2,796		$	7,624		$	8,349

Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	7.49	$	7.19		$	21.21		$	20.93
Adjustments:
Modification of RVO (a)		—		—			—			(0.20	)
Gain on sale of ethanol plant (b)		—		—			—			(0.05	)
Environmental reserve adjustment (c)		—		—			—			0.04
Loss (gain) on early retirement of debt (d)		—		(0.05	)		(0.02	)		0.05
Total adjustments		—		(0.05	)		(0.02	)		(0.16	)
Adjusted earnings per common share – assuming dilution	$	7.49	$	7.14		$	21.19		$	20.77

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 (e) (millions of dollars) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	3,445	$	3,810	$	9,934	$	11,473
Adjustments:
Modification of RVO (a)		—		—		—		(104	)
Operating expenses (excluding depreciation and amortization expense reflected below)		1,366		1,516		3,832		4,111
Depreciation and amortization expense		597		568		1,751		1,682
Other operating expenses		6		6		17		38
Refining margin	$	5,414	$	5,900	$	15,534	$	17,200

Refining operating income	$	3,445	$	3,810	$	9,934	$	11,473
Adjustments:
Modification of RVO (a)		—		—		—		(104	)
Other operating expenses		6		6		17		38
Adjusted Refining operating income	$	3,451	$	3,816	$	9,951	$	11,407

Renewable Diesel segment
Renewable Diesel operating income	$	123	$	212	$	768	$	513
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		84		69		274		178
Depreciation and amortization expense		55		33		172		87
Renewable Diesel margin	$	262	$	314	$	1,214	$	778

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 (e) (millions of dollars) (unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2023			2022	2023			2022
Reconciliation of operating income by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment (continued)
Ethanol segment
Ethanol operating income	$	197	$	1	$	363	$	103
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		125		162		383		464
Depreciation and amortization expense (b)		20		20		59		37
Other operating expenses		—		—		1		2
Ethanol margin	$	342	$	183	$	806	$	606

Ethanol operating income	$	197	$	1	$	363	$	103
Adjustments:
Gain on sale of ethanol plant (b)		—		—		—		(23	)
Other operating expenses		—		—		1		2
Adjusted Ethanol operating income	$	197	$	1	$	364	$	82


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 (e) (millions of dollars) (unaudited)
	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f)
U.S. Gulf Coast region
Refining operating income	$	1,799	$	2,072	$	5,995	$	6,467
Adjustments:
Modification of RVO (a)		—		—		—		(74	)
Operating expenses (excluding depreciation and amortization expense reflected below)		761		870		2,121		2,339
Depreciation and amortization expense		375		350		1,082		1,023
Other operating expenses		—		6		11		29
Refining margin	$	2,935	$	3,298	$	9,209	$	9,784

Refining operating income	$	1,799	$	2,072	$	5,995	$	6,467
Adjustments:
Modification of RVO (a)		—		—		—		(74	)
Other operating expenses		—		6		11		29
Adjusted Refining operating income	$	1,799	$	2,078	$	6,006	$	6,422

U.S. Mid-Continent region
Refining operating income	$	582	$	600	$	1,507	$	1,701
Adjustments:
Modification of RVO (a)		—		—		—		(19	)
Operating expenses (excluding depreciation and amortization expense reflected below)		194		210		569		581
Depreciation and amortization expense		85		85		250		251
Refining margin	$	861	$	895	$	2,326	$	2,514

Refining operating income	$	582	$	600	$	1,507	$	1,701
Adjustment: Modification of RVO (a)		—		—		—		(19	)
Adjusted Refining operating income	$	582	$	600	$	1,507	$	1,682

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 (e) (millions of dollars) (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Reconciliation of Refining segment operating income to Refining margin (by region), and reconciliation of Refining segment operating income to adjusted Refining segment operating income (by region) (f) (continued)
North Atlantic region
Refining operating income	$	612	$	785	$	1,552	$	2,293
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)		189		226		547		624
Depreciation and amortization expense		63		62		192		197
Other operating expenses		1		—		1		9
Refining margin	$	865	$	1,073	$	2,292	$	3,123

Refining operating income	$	612	$	785	$	1,552	$	2,293
Adjustment: Other operating expenses		1		—		1		9
Adjusted Refining operating income	$	613	$	785	$	1,553	$	2,302

U.S. West Coast region
Refining operating income	$	452	$	353	$	880	$	1,012
Adjustments:
Modification of RVO (a)		—		—		—		(11	)
Operating expenses (excluding depreciation and amortization expense reflected below)		222		210		595		567
Depreciation and amortization expense		74		71		227		211
Other operating expenses		5		—		5		—
Refining margin	$	753	$	634	$	1,707	$	1,779

Refining operating income	$	452	$	353	$	880	$	1,012
Adjustments:
Modification of RVO (a)		—		—		—		(11	)
Other operating expenses		5		—		5		—
Adjusted Refining operating income	$	457	$	353	$	885	$	1,001

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,
		2023		2022		2023		2022
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil		496		325		437		342
Medium/light sour crude oil		312		497		319		438
Sweet crude oil		1,514		1,479		1,488		1,439
Residuals		192		214		209		223
Other feedstocks		119		123		118		117
Total feedstocks		2,633		2,638		2,571		2,559
Blendstocks and other		389		367		403		364
Total throughput volumes		3,022		3,005		2,974		2,923

Yields (thousand barrels per day)
Gasolines and blendstocks		1,473		1,457		1,452		1,434
Distillates		1,158		1,158		1,125		1,107
Other products (g)		428		418		425		409
Total yields		3,059		3,033		3,002		2,950

Operating statistics (e) (h)
Refining margin	$	5,414	$	5,900	$	15,534	$	17,200
Adjusted Refining operating income	$	3,451	$	3,816	$	9,951	$	11,407
Throughput volumes (thousand barrels per day)		3,022		3,005		2,974		2,923

Refining margin per barrel of throughput	$	19.47	$	21.34	$	19.13	$	21.55
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.91		5.48		4.72		5.15
Depreciation and amortization expense per barrel of throughput		2.15		2.06		2.15		2.11
Adjusted Refining operating income per barrel of throughput	$	12.41	$	13.80	$	12.26	$	14.29

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,
		2023		2022		2023		2022
Operating statistics (e) (h)
Renewable Diesel margin	$	262	$	314	$	1,214	$	778
Renewable Diesel operating income	$	123	$	212	$	768	$	513
Sales volumes (thousand gallons per day)		2,992		2,231		3,460		2,084

Renewable Diesel margin per gallon of sales	$	0.95	$	1.53	$	1.29	$	1.37
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales		0.30		0.34		0.29		0.32
Depreciation and amortization expense per gallon of sales		0.20		0.15		0.19		0.15
Renewable Diesel operating income per gallon of sales	$	0.45	$	1.04	$	0.81	$	0.90

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,
		2023		2022		2023		2022
Operating statistics (e) (h)
Ethanol margin	$	342	$	183	$	806	$	606
Adjusted Ethanol operating income	$	197	$	1	$	364	$	82
Production volumes (thousand gallons per day)		4,329		3,498		4,319		3,799

Ethanol margin per gallon of production	$	0.86	$	0.57	$	0.68	$	0.59
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production		0.32		0.50		0.32		0.45
Depreciation and amortization expense per gallon of production (b)		0.05		0.07		0.05		0.04
Gain on sale of ethanol plant per gallon of production (b)		—		—		—		0.02
Adjusted Ethanol operating income per gallon of production	$	0.49	$	—	$	0.31	$	0.08

See Notes to Earnings Release Tables.

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,
		2023		2022		2023		2022
Operating statistics by region (f)
U.S. Gulf Coast region (e) (h)
Refining margin	$	2,935	$	3,298	$	9,209	$	9,784
Adjusted Refining operating income	$	1,799	$	2,078	$	6,006	$	6,422
Throughput volumes (thousand barrels per day)		1,834		1,813		1,783		1,752

Refining margin per barrel of throughput	$	17.39	$	19.76	$	18.92	$	20.45
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.51		5.21		4.36		4.89
Depreciation and amortization expense per barrel of throughput		2.22		2.09		2.22		2.14
Adjusted Refining operating income per barrel of throughput	$	10.66	$	12.46	$	12.34	$	13.42

U.S. Mid-Continent region (e) (h)
Refining margin	$	861	$	895	$	2,326	$	2,514
Adjusted Refining operating income	$	582	$	600	$	1,507	$	1,682
Throughput volumes (thousand barrels per day)		456		441		461		437

Refining margin per barrel of throughput	$	20.53	$	22.07	$	18.49	$	21.10
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.62		5.19		4.52		4.88
Depreciation and amortization expense per barrel of throughput		2.02		2.10		1.98		2.11
Adjusted Refining operating income per barrel of throughput	$	13.89	$	14.78	$	11.99	$	14.11

See Notes to Earnings Release Tables.

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,
		2023		2022		2023		2022
Operating statistics by region (f) (continued)
North Atlantic region (e) (h)
Refining margin	$	865	$	1,073	$	2,292	$	3,123
Adjusted Refining operating income	$	613	$	785	$	1,553	$	2,302
Throughput volumes (thousand barrels per day)		461		479		463		482

Refining margin per barrel of throughput	$	20.39	$	24.34	$	18.14	$	23.72
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		4.47		5.11		4.33		4.74
Depreciation and amortization expense per barrel of throughput		1.48		1.43		1.52		1.50
Adjusted Refining operating income per barrel of throughput	$	14.44	$	17.80	$	12.29	$	17.48

U.S. West Coast region (e) (h)
Refining margin	$	753	$	634	$	1,707	$	1,779
Adjusted Refining operating income	$	457	$	353	$	885	$	1,001
Throughput volumes (thousand barrels per day)		271		272		267		252

Refining margin per barrel of throughput	$	30.19	$	25.36	$	23.38	$	25.89
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput		8.89		8.39		8.15		8.26
Depreciation and amortization expense per barrel of throughput		2.97		2.84		3.11		3.07
Adjusted Refining operating income per barrel of throughput	$	18.33	$	14.13	$	12.12	$	14.56

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
		2023			2022			2023			2022
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	86.18		$	97.59		$	82.12		$	102.21
Brent less West Texas Intermediate (WTI) crude oil		3.72			5.83			4.68			3.91
Brent less WTI Houston crude oil		2.21			3.69			3.19			2.28
Brent less Dated Brent crude oil		(0.78	)		(2.97	)		(0.10	)		(2.92	)
Brent less Argus Sour Crude Index crude oil		3.43			8.23			5.53			6.58
Brent less Maya crude oil		8.77			13.11			14.16			9.84
Brent less Western Canadian Select Houston crude oil		9.98			17.68			12.19			13.22
WTI crude oil		82.46			91.76			77.44			98.29

Natural gas (dollars per million British Thermal Units)		2.38			7.31			2.21			6.29

RVO (dollars per barrel) (i)		7.42			8.11			7.77			7.45

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock of Oxygenate Blending (CBOB) gasoline less Brent		14.70			5.70			12.57			12.82
Ultra-low-sulfur (ULS) diesel less Brent		30.87			41.01			25.26			36.89
Propylene less Brent (not RVO adjusted)		(57.98	)		(46.73	)		(46.32	)		(38.04	)
U.S. Mid-Continent:
CBOB gasoline less WTI		25.46			19.27			22.25			19.04
ULS diesel less WTI		37.10			52.25			32.12			41.81
North Atlantic:
CBOB gasoline less Brent		22.93			20.17			18.96			21.73
ULS diesel less Brent		33.91			44.19			28.19			44.22
U.S. West Coast:
California Reformulated Gasoline Blendstock of Oxygenate Blending 87 gasoline less Brent		43.33			41.48			32.89			36.59
California Air Resources Board diesel less Brent		47.66			43.68			31.43			39.70

See Notes to Earnings Release Tables.

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS (unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	3.03	$	3.55	$	2.80	$	3.54
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)		1.40		1.71		1.51		1.61
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)		74.46		86.21		73.65		109.71
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)		0.64		0.73		0.61		0.77
USGC distillers corn oil (dollars per pound)		0.72		0.73		0.65		0.77
USGC fancy bleachable tallow (dollars per pound)		0.68		0.78		0.62		0.76

Ethanol
Chicago Board of Trade corn (dollars per bushel)		4.99		6.60		5.95		7.02
New York Harbor ethanol (dollars per gallon)		2.39		2.58		2.42		2.60

VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES OTHER FINANCIAL DATA (millions of dollars) (unaudited)
	September 30,		December 31,
		2023		2022
Balance sheet data
Current assets	$	26,577	$	24,133
Cash and cash equivalents included in current assets		5,831		4,862
Inventories included in current assets		7,513		6,752
Current liabilities		17,592		17,461
Valero Energy Corporation stockholders' equity		25,975		23,561
Total equity		28,057		25,468
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))	$	167	$	—
Debt, less current portion of debt (excluding VIEs)		8,020		8,380
Total debt (excluding VIEs)		8,187		8,380
Current portion of debt attributable to VIEs		963		861
Debt, less current portion of debt attributable to VIEs		—		—
Total debt attributable to VIEs		963		861
Total debt		9,150		9,241
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)		179		184
Finance lease obligations, less current portion (excluding VIEs)		1,411

Valero Energy Reports Third Quarter 2023 Results