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VLO
VLO Valero (VLO) Q4 FY24 earnings call
Valero delivered strong operational performance in Q4 FY24, processing record heavy sour crude and achieving record ethanol production, despite a weak margin environment. The company successfully started up its DGD sustainable aviation fuel project and continued its commitment to shareholder returns with a 78% payout ratio for the year and a 6% dividend increase. Management anticipates gradually tightening supply-demand balances for products through 2025, supported by low light product inventories.
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VLO operating KPIs by quarter
| KPI | This call Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Refinery throughput | 3M bbl/dRefining throughput volumes in the fourth quarter of 2024 averaged 3 million barrels per day or 94% throughput capacity utilization.Source: earnings call transcript | 2.8M bbl/dRefining throughput volumes in the first quarter of 2025 averaged 2.8 million barrels per day or 89% throughput capacity utilization.Source: earnings call transcript | 3.1M bbl/dRefining throughput volumes in the third quarter of 2025 averaged 3.1 million barrels per day or 97% throughput capacity utilization.Source: earnings call transcript | 3.1M bbl/dRefining throughput volumes in the fourth quarter of 2025 averaged 3.1 million barrels per day or 98% throughput capacity utilization.Source: earnings call transcript | 2.9M bbl/dRefining throughput volumes in the first quarter of 2026 averaged 2.9 million barrels per day, refining cash operating expenses was $5.13 per barrel in the first quarter of 2026.Source: earnings call transcript | 3M bbl/dRefining throughput volumes in the second quarter of 2026 averaged 3 million barrels per day.Source: earnings call transcript | 3M bbl/dRefining throughput volumes in the third quarter of 2026 averaged 3 million barrels per day.Source: earnings call transcript | 0% |
| Refinery utilization | 94%Refining throughput volumes in the fourth quarter of 2024 averaged 3 million barrels per day or 94% throughput capacity utilization.Source: earnings call transcript | 89%Refining throughput volumes in the first quarter of 2025 averaged 2.8 million barrels per day or 89% throughput capacity utilization.Source: earnings call transcript | 97%Our refinery throughput utilization was 97% with the Gulf Coast and North Atlantic region setting new all-time highs for throughput following last quarter's record performance in the Gulf Coast.Source: earnings call transcript | 98%Refining throughput volumes in the fourth quarter of 2025 averaged 3.1 million barrels per day or 98% throughput capacity utilization.Source: earnings call transcript | — | — | — | +1 pt |
| Capital expenditures Sustaining the business | $452MRegarding investing activities, we made $547 million of capital investments in the fourth quarter of 2024 of which $452 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $582MRegarding investing activities, we made $660 million of capital investments in the first quarter of 2025, of which $582 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $364MRegarding investing activities, we made $409 million of capital investments in the third quarter of 2025, of which $364 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance, and the balance was for growing the business.Source: earnings call transcript | $368MRegarding investing activities, we made $412 million of capital investments in the fourth quarter of 2025, of which $368 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $404MRegarding investing activities, we made $448 million of capital investments in the first quarter of 2026, of which $404 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance looks for growing the business.Source: earnings call transcript | $290MRegarding investing activities, we made $350 million of capital investments in the second quarter of 2026, of which $290 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | $371MRegarding investing activities, we made $432 million of capital investments in the third quarter of 2026, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.Source: earnings call transcript | +27.9% |
| Ethanol production volumes | — | 4.5M gal/dEthanol production volumes averaged 4.5 million gallons per day in the first quarter of 2025.Source: earnings call transcript | 4.6M gal/dEthanol production volumes averaged 4.6 million gallons per day in the third quarter of 2025, achieving record production.Source: earnings call transcript | 4.8M gal/dEthanol production volumes averaged 4.8 million gallons per day in the fourth quarter of 2025, also setting a quarterly and full year record.Source: earnings call transcript | 4.6M gal/dEthanol production volumes averaged 4.6 million gallons per day in the first quarter of 2026.Source: earnings call transcript | 4.7M gal/dEthanol production volumes averaged 4.7 million gallons per day in the second quarter of 2026.Source: earnings call transcript | 4.8M gal/dEthanol production volumes averaged 4.8 million gallons per day in the third quarter of 2026.Source: earnings call transcript | +2.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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