European Investor
30 Jan 2025, 18:09
Valero Energy Corporation (NYSE: VLO) reported net income of $281 million, or $0.88 per share, for the fourth quarter of 2024, down from $1.2 billion, or $3.55 per share, in the same period of 2023. Adjusted net income was $207 million, or $0.64 per share. Full-year 2024 net income was $2.8 billion, or $8.58 per share, compared to $8.8 billion, or $24.92 per share, in 2023. Adjusted full-year net income was $2.7 billion, or $8.48 per share.
The Refining segment reported fourth-quarter operating income of $437 million, a decline from $1.6 billion in Q4 2023. Refining throughput averaged 3.0 million barrels per day. The Renewable Diesel segment, through the Diamond Green Diesel (DGD) joint venture, posted operating income of $170 million, up from $84 million. The Ethanol segment’s operating income dropped sharply to $20 million from $190 million in Q4 2023.
General and administrative expenses were $266 million for the fourth quarter and $961 million for the full year. The effective tax rate for 2024 was 19 percent.
Valero returned $601 million to shareholders in Q4, including $339 million in dividends and $262 million in stock buybacks. Total 2024 shareholder returns reached $4.3 billion, comprising $2.9 billion in buybacks and $1.4 billion in dividends, representing 78 percent of adjusted net cash provided by operating activities.
Capital investments totaled $547 million in Q4 and $2.1 billion for the year. The company completed the Sustainable Aviation Fuel (SAF) project at DGD Port Arthur and is advancing an FCC Unit Optimization project at the St. Charles Refinery, expected to be completed in 2026.
Valero ended 2024 with $8.1 billion in total debt, $2.4 billion in finance lease obligations, and $4.7 billion in cash and cash equivalents. The net debt-to-capitalization ratio stood at 17 percent.
CEO Lane Riggs highlighted the company’s strong safety and environmental performance in 2024. Despite market challenges, Valero remains focused on operational excellence, capital discipline, and shareholder returns.
The Refining segment reported fourth-quarter operating income of $437 million, a decline from $1.6 billion in Q4 2023. Refining throughput averaged 3.0 million barrels per day. The Renewable Diesel segment, through the Diamond Green Diesel (DGD) joint venture, posted operating income of $170 million, up from $84 million. The Ethanol segment’s operating income dropped sharply to $20 million from $190 million in Q4 2023.
General and administrative expenses were $266 million for the fourth quarter and $961 million for the full year. The effective tax rate for 2024 was 19 percent.
Valero returned $601 million to shareholders in Q4, including $339 million in dividends and $262 million in stock buybacks. Total 2024 shareholder returns reached $4.3 billion, comprising $2.9 billion in buybacks and $1.4 billion in dividends, representing 78 percent of adjusted net cash provided by operating activities.
Capital investments totaled $547 million in Q4 and $2.1 billion for the year. The company completed the Sustainable Aviation Fuel (SAF) project at DGD Port Arthur and is advancing an FCC Unit Optimization project at the St. Charles Refinery, expected to be completed in 2026.
Valero ended 2024 with $8.1 billion in total debt, $2.4 billion in finance lease obligations, and $4.7 billion in cash and cash equivalents. The net debt-to-capitalization ratio stood at 17 percent.
CEO Lane Riggs highlighted the company’s strong safety and environmental performance in 2024. Despite market challenges, Valero remains focused on operational excellence, capital discipline, and shareholder returns.