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Valero Energy Reports 2025 Fourth Quarter and Full Year Results

•Reported net income attributable to Valero stockholders of $1.1 billion, or $3.73 per share, for the fourth quarter and $2.3 billion, or $7.57 per share, for the year
•Reported adjusted net income attributable to Valero stockholders of $1.2 billion, or $3.82 per share, for the fourth quarter and $3.3 billion, or $10.61 per share, for the year
•Stockholder cash returns totaled $1.4 billion in the fourth quarter and $4.0 billion in the year
•Increased quarterly cash dividend on common stock by 6 percent to $1.20 per share on January 22, 2026
•The St. Charles FCC Unit optimization project is still expected to begin operations in the second half of 2026

SAN ANTONIO, January 29, 2026 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $1.1 billion, or $3.73 per share, for the fourth quarter of 2025, compared to net income of $281 million, or $0.88 per share, for the fourth quarter of 2024. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $1.2 billion, or $3.82 per share, for the fourth quarter of 2025, compared to $207 million, or $0.64 per share, for the fourth quarter of 2024.

For 2025, net income attributable to Valero stockholders was $2.3 billion, or $7.57 per share, compared to $2.8 billion, or $8.58 per share, in 2024. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders was $3.3 billion, or $10.61 per share, in 2025, compared to $2.7 billion, or $8.48 per share, in 2024.

“2025 was our best year for mechanical availability, personnel safety, and environmental performance, building on the personnel and process safety records we set in 2024,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “We also achieved record refining throughput and ethanol production in both the fourth quarter and the full year. These accomplishments reflect the hard work, expertise, and dedication of our entire team.”

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Refining
The Refining segment reported operating income of $1.7 billion for the fourth quarter of 2025, compared to $437 million for the fourth quarter of 2024. Adjusted operating income was $1.7 billion for the fourth quarter of 2025, compared to $441 million for the fourth quarter of 2024. Refining throughput volumes averaged 3.1 million barrels per day in the fourth quarter of 2025.

Renewable Diesel
The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported $92 million of operating income for the fourth quarter of 2025, compared to $170 million for the fourth quarter of 2024. Segment sales volumes averaged 3.1 million gallons per day in the fourth quarter of 2025.

Ethanol
The Ethanol segment reported $117 million of operating income for the fourth quarter of 2025, compared to $20 million for the fourth quarter of 2024. Ethanol production volumes averaged 4.8 million gallons per day in the fourth quarter of 2025.

Corporate and Other
General and administrative expenses were $315 million in the fourth quarter of 2025 and $1.0 billion for the year. The effective tax rate for 2025 was 25 percent.

Investing and Financing Activities
Net cash provided by operating activities was $2.1 billion in the fourth quarter of 2025. Included in this amount was a $349 million unfavorable impact from working capital and $269 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 $2.1 billion in the fourth quarter of 2025.

Net cash provided by operating activities in 2025 was $5.8 billion. Included in this amount was a $192 million unfavorable impact from working capital and $30 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 in 2025 was $6.0 billion.

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Capital investments totaled $412 million in the fourth quarter of 2025, of which $368 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 other variable interest entities, capital investments attributable to Valero were $405 million in the fourth quarter of 2025 and $1.8 billion for the year.

Valero stockholder cash returns totaled $1.4 billion in the fourth quarter of 2025, resulting in a payout ratio of 66 percent of adjusted net cash provided by operating activities. In 2025, Valero stockholder cash returns totaled $4.0 billion, resulting in a payout ratio of 67 percent for the year.

On January 22, 2026, Valero announced an increase of its quarterly cash dividend on common stock from $1.13 per share to $1.20 per share, demonstrating its strong financial position.

“Valero’s strong financial results and record operating performance highlight our operational and commercial excellence. We remain committed to our capital allocation framework that prioritizes balance sheet strength, disciplined capital investments, and shareholder returns,” said Riggs.

Liquidity and Financial Position
Valero ended 2025 with $8.3 billion of total debt, $2.4 billion of total finance lease obligations, and $4.7 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 18 percent as of December 31, 2025.

Strategic Update
Valero continues to make progress on the FCC Unit optimization project at the St. Charles Refinery that will enhance the refinery’s ability to produce high-value products. This $230 million project is still expected to begin operations in the second half of 2026.

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
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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 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
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,” “commitment,” “plans,” “forecast, “guidance” 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, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, 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
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events, and other matters affecting Valero’s operations and financial performance 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 taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, 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 (loss), adjusted Ethanol operating income, adjusted Refining operating expenses (excluding depreciation and amortization expense), 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
December 31,		Year Ended
December 31,
2025202420252024
Statement of income data
Revenues$30,372 $30,756 $122,687 $129,881 
Cost of sales:
Cost of materials and other (a)
24,238 26,409 101,096 110,616 
Taxes other than income taxes (b)
1,740 1,517 6,720 5,900 
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
1,685 1,514 6,344 5,831 
Depreciation and amortization expense
805 687 3,095 2,729 
Total cost of sales28,468 30,127 117,255 125,076 
Asset impairment loss (d)
— — 1,131 — 
Other operating expenses (e)
2 4 15 44 
General and administrative expenses (excluding
depreciation and amortization expense reflected below)
315 266 1,042 961 
Depreciation and amortization expense 12 11 63 45 
Operating income
1,575 348 3,181 3,755 
Other income, net
88 110 380 499 
Interest and debt expense, net of capitalized interest(139)(135)(556)(556)
Income before income tax expense (benefit)
1,524 323 3,005 3,698 
Income tax expense (benefit) (f)
355 (34)759 692 
Net income
1,169 357 2,246 3,006 
Less: Net income (loss) attributable to noncontrolling interests
35 76 (102)236 
Net income attributable to Valero Energy Corporation
stockholders
$1,134 $281 $2,348 $2,770 
Earnings per common share
$3.73 $0.89 $7.57 $8.58 
Weighted-average common shares outstanding (in millions)303 315 309 322 
Earnings per common share – assuming dilution
$3.73 $0.88 $7.57 $8.58 
Weighted-average common shares outstanding –
assuming dilution (in millions)
303 316 309 322 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 1


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended December 31, 2025
Revenues:
Revenues from external customers$28,663 $731 $978 $— $30,372 
Intersegment revenues3 665 275 (943)— 
Total revenues28,666 1,396 1,253 (943)30,372 
Cost of sales:
Cost of materials and other (a)
23,065 1,162 951 (940)24,238 
Taxes other than income taxes (b)
1,740 — — — 1,740 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,440 80 165 — 1,685 
Depreciation and amortization expense
725 62 20 (2)805 
Total cost of sales26,970 1,304 1,136 (942)28,468 
Other operating expenses
2 — — — 2 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 315 315 
Depreciation and amortization expense — — — 12 12 
Operating income by segment
$1,694 $92 $117 $(328)$1,575 
Three months ended December 31, 2024
Revenues:
Revenues from external customers$29,334 $522 $900 $— $30,756 
Intersegment revenues2 724 214 (940)— 
Total revenues29,336 1,246 1,114 (940)30,756 
Cost of sales:
Cost of materials and other
25,493 919 933 (936)26,409 
Taxes other than income taxes (b)
1,517 — — — 1,517 
Operating expenses (excluding depreciation and
amortization expense reflected below)
1,287 88 141 (2)1,514 
Depreciation and amortization expense
598 69 20 — 687 
Total cost of sales28,895 1,076 1,094 (938)30,127 
Other operating expenses4 — — — 4 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 266 266 
Depreciation and amortization expense— — — 11 11 
Operating income by segment
$437 $170 $20 $(279)$348 

See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 2


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
FINANCIAL HIGHLIGHTS BY SEGMENT
(millions of dollars)
(unaudited)
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Year ended December 31, 2025
Revenues:
Revenues from external customers$116,158 $2,508 $4,021 $— $122,687 
Intersegment revenues8 2,089 956 (3,053)— 
Total revenues116,166 4,597 4,977 (3,053)122,687 
Cost of sales:
Cost of materials and other (a)
96,080 4,178 3,913 (3,075)101,096 
Taxes other than income taxes (b)
6,720 — — — 6,720 
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
5,426 308 611 (1)6,344 
Depreciation and amortization expense
2,754 267 79 (5)3,095 
Total cost of sales110,980 4,753 4,603 (3,081)117,255 
Asset impairment loss (d)
1,131 — — — 1,131 
Other operating expenses
15 — — — 15 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 1,042 1,042 
Depreciation and amortization expense— — — 63 63 
Operating income (loss) by segment
$4,040 $(156)$374 $(1,077)$3,181 
Year ended December 31, 2024
Revenues:
Revenues from external customers$123,853 $2,410 $3,618 $— $129,881 
Intersegment revenues10 2,656 868 (3,534)— 
Total revenues123,863 5,066 4,486 (3,534)129,881 
Cost of sales:
Cost of materials and other
106,638 3,944 3,558 (3,524)110,616 
Taxes other than income taxes (b)
5,900 — — — 5,900 
Operating expenses (excluding depreciation and
amortization expense reflected below) 
4,946 350 536 (1)5,831 
Depreciation and amortization expense
2,391 265 77 (4)2,729 
Total cost of sales119,875 4,559 4,171 (3,529)125,076 
Other operating expenses (e)
17 — 27 — 44 
General and administrative expenses (excluding
depreciation and amortization expense reflected
below)
— — — 961 961 
Depreciation and amortization expense— — — 45 45 
Operating income by segment
$3,971 $507 $288 $(1,011)$3,755 

See Operating Highlights by Segment beginning on Table Page 8.
See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 3


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
December 31,		Year Ended
December 31,
2025202420252024
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
$1,134 $281 $2,348 $2,770 
Adjustments:
Last-in, first-out (LIFO) liquidation adjustment (a)
37 — 37 — 
Income tax benefit related to the LIFO liquidation
adjustment
(9)— (9)— 
LIFO liquidation adjustment, net of taxes28 — 28 — 
Employee retention and separation costs (c)
— — 50 — 
Income tax benefit related to employee retention
and separation costs
— — (11)— 
Employee retention and separation costs, net of taxes— — 39 — 
Asset impairment loss (d)
— — 1,131 — 
Income tax benefit related to asset impairment loss— — (254)— 
Asset impairment loss, net of taxes— — 877 — 
Project liability adjustment (e)
— — — 29 
Income tax benefit related to project liability adjustment 
— — — (7)
Project liability adjustment, net of taxes
— — — 22 
Second-generation biofuel tax credit (f)
— (74)— (53)
Total adjustments28 (74)944 (31)
Adjusted net income attributable to
Valero Energy Corporation stockholders
$1,162 $207 $3,292 $2,739 


Reconciliation of earnings per common share –
assuming dilution to adjusted earnings per common
share – assuming dilution
Earnings per common share – assuming dilution
$3.73 $0.88 $7.57 $8.58 
Adjustments:
LIFO liquidation adjustment (a)
0.09 — 0.09 — 
Employee retention and separation costs (c)
— — 0.12 — 
Asset impairment loss (d)
— — 2.83 — 
Project liability adjustment (e)
— — — 0.07 
Second-generation biofuel tax credit (f)
— (0.24)— (0.17)
Total adjustments0.09 (0.24)3.04 (0.10)
Adjusted earnings per common share – assuming dilution
$3.82 $0.64 $10.61 $8.48 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 4


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
December 31,		Year Ended
December 31,
2025202420252024
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
$1,694 $437 $4,040 $3,971 
Adjustments:
LIFO liquidation adjustment (a)
37 — 37 — 
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
1,440 1,287 5,426 4,946 
Depreciation and amortization expense725 598 2,754 2,391 
Asset impairment loss (d)
— — 1,131 — 
Other operating expenses 2 4 15 17 
Refining margin$3,898 $2,326 $13,403 $11,325 
Refining operating income
$1,694 $437 $4,040 $3,971 
Adjustments:
LIFO liquidation adjustment (a)
37 — 37 — 
Employee retention and separation costs (c)
— — 50 — 
Asset impairment loss (d)— — 1,131 — 
Other operating expenses2 4 15 17 
Adjusted Refining operating income
$1,733 $441 $5,273 $3,988 
Renewable Diesel segment
Renewable Diesel operating income (loss)
$92 $170 $(156)$507 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
80 88 308 350 
Depreciation and amortization expense62 69 267 265 
Renewable Diesel margin$234 $327 $419 $1,122 
Ethanol segment
Ethanol operating income
$117 $20 $374 $288 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
165 141 611 536 
Depreciation and amortization expense
20 20 79 77 
Other operating expenses (e)
— — — 27 
Ethanol margin$302 $181 $1,064 $928 
Ethanol operating income
$117 $20 $374 $288 
Adjustment: Other operating expenses (e)
— — — 27 
Adjusted Ethanol operating income
$117 $20 $374 $315 

See Notes to Earnings Release Tables beginning on Table Page 17.
Table Page 5


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
December 31,		Year Ended
December 31,
2025202420252024
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 (loss) (by region) (i)
U.S. Gulf Coast region
Refining operating income
$1,130 $314 $3,253 $2,426 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
806 719 3,003 2,744 
Depreciation and amortization expense386 375 1,540 1,495 
Other operating expenses — 4 9 12 
Refining margin$2,322 $1,412 $7,805 $6,677 
Refining operating income
$1,130 $314 $3,253 $2,426 
Adjustment: Other operating expenses— 4 9 12 
Adjusted Refining operating income
$1,130 $318 $3,262 $2,438 
U.S. Mid-Continent region
Refining operating income
$143 $30 $508 $449 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
211 194 816 753 
Depreciation and amortization expense87 79 325 333 
Other operating expenses2 — 5 3 
Refining margin$443 $303 $1,654 $1,538 
Refining operating income
$143 $30 $508 $449 
Adjustment: Other operating expenses2 — 5 3 
Adjusted Refining operating income
$145 $30 $513 $452 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 6


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
December 31,		Year Ended
December 31,
2025202420252024
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 (loss) (by region) (i) (continued)
North Atlantic region
Refining operating income
$620 $233 $1,587 $1,162 
Adjustments:
Operating expenses (excluding depreciation and
amortization expense reflected below)
210 169 763 698 
Depreciation and amortization expense79 70 303 268 
Other operating expenses— — — 1 
Refining margin$909 $472 $2,653 $2,129 
Refining operating income
$620 $233 $1,587 $1,162 
Adjustment: Other operating expenses— — — 1 
Adjusted Refining operating income
$620 $233 $1,587 $1,163 
U.S. West Coast region
Refining operating loss
$(199)$(140)$(1,308)$(66)
Adjustments:
LIFO liquidation adjustment (a)
37 — 37 — 
Operating expenses (excluding depreciation and
amortization expense reflected below) (c)
213 205 844 751 
Depreciation and amortization expense (g)
173 74 586 295 
Asset impairment loss (d)
— — 1,131 — 
Other operating expenses— — 1 1 
Refining margin$224 $139 $1,291 $981 
Refining operating loss
$(199)$(140)$(1,308)$(66)
Adjustments:
LIFO liquidation adjustment (a)
37 — 37 — 
Employee retention and separation costs (c)
— — 50 — 
Asset impairment loss (d)
— — 1,131 — 
Other operating expenses— — 1 1 
Adjusted Refining operating loss
$(162)$(140)$(89)$(65)

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 7


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil520 608 536 504 
Medium/light sour crude oil282 239 215 241 
Sweet crude oil1,620 1,508 1,630 1,501 
Residuals169 126 159 165 
Other feedstocks118 104 91 113 
Total feedstocks2,709 2,585 2,631 2,524 
Blendstocks and other404 410 357 388 
Total throughput volumes3,113 2,995 2,988 2,912 
Yields (thousand barrels per day)
Gasolines and blendstocks1,544 1,494 1,470 1,433 
Distillates1,170 1,141 1,141 1,103 
Other products (j)
423 393 403 406 
Total yields3,137 3,028 3,014 2,942 
Operating statistics (h) (k)
Refining margin (from Table Page 5)
$3,898 $2,326 $13,403 $11,325 
Adjusted Refining operating income (from Table Page 5)
$1,733 $441 $5,273 $3,988 
Throughput volumes (thousand barrels per day)3,113 2,995 2,988 2,912 
Refining margin per barrel of throughput$13.61 $8.44 $12.29 $10.62 
Less:
Adjusted operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
5.03 4.67 4.93 4.64 
Depreciation and amortization expense per barrel of
throughput
2.53 2.17 2.53 2.24 
Adjusted Refining operating income per barrel of
throughput
$6.05 $1.60 $4.83 $3.74 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 8


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)

Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Operating statistics (h) (k)
Renewable Diesel margin (from Table Page 5)
$234 $327 $419 $1,122 
Renewable Diesel operating income (loss) (from Table Page 5)
$92 $170 $(156)$507 
Sales volumes (thousand gallons per day)3,101 3,356 2,748 3,530 
Renewable Diesel margin per gallon of sales$0.82 $1.06 $0.42 $0.87 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of sales
0.28 0.28 0.31 0.27 
Depreciation and amortization expense per gallon of sales0.22 0.23 0.27 0.21 
Renewable Diesel operating income (loss) per gallon of sales
$0.32 $0.55 $(0.16)$0.39 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 9


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
ETHANOL SEGMENT OPERATING HIGHLIGHTS
(millions of dollars, except per gallon amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Operating statistics (h) (k)
Ethanol margin (from Table Page 5)
$302 $181 $1,064 $928 
Adjusted Ethanol operating income (from Table Page 5)
$117 $20 $374 $315 
Production volumes (thousand gallons per day)4,756 4,627 4,611 4,538 
Ethanol margin per gallon of production$0.69 $0.42 $0.63 $0.56 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per gallon of production
0.38 0.33 0.36 0.32 
Depreciation and amortization expense per gallon of production
0.04 0.04 0.05 0.05 
Adjusted Ethanol operating income per gallon of production
$0.27 $0.05 $0.22 $0.19 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 10


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Operating statistics by region (i)
U.S. Gulf Coast region (h) (k)
Refining margin (from Table Page 6)
$2,322 $1,412 $7,805 $6,677 
Adjusted Refining operating income (from Table Page 6)
$1,130 $318 $3,262 $2,438 
Throughput volumes (thousand barrels per day)1,863 1,829 1,806 1,763 
Refining margin per barrel of throughput$13.54 $8.39 $11.84 $10.35 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.70 4.27 4.56 4.25 
Depreciation and amortization expense per barrel of
throughput
2.25 2.23 2.33 2.32 
Adjusted Refining operating income per barrel of
throughput
$6.59 $1.89 $4.95 $3.78 
U.S. Mid-Continent region (h) (k)
Refining margin (from Table Page 6)
$443 $303 $1,654 $1,538 
Adjusted Refining operating income (from Table Page 6)
$145 $30 $513 $452 
Throughput volumes (thousand barrels per day)462 473 451 445 
Refining margin per barrel of throughput$10.41 $6.97 $10.04 $9.44 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.97 4.47 4.95 4.62 
Depreciation and amortization expense per barrel of
throughput
2.04 1.81 1.97 2.05 
Adjusted Refining operating income per barrel of
throughput
$3.40 $0.69 $3.12 $2.77 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 11


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION
(millions of dollars, except per barrel amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Operating statistics by region (i) (continued)
North Atlantic region (h) (k)
Refining margin (from Table Page 7)
$909 $472 $2,653 $2,129 
Adjusted Refining operating income (from Table Page 7)
$620 $233 $1,587 $1,163 
Throughput volumes (thousand barrels per day)523 434 482 443 
Refining margin per barrel of throughput$18.92 $11.85 $15.09 $13.12 
Less:
Operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
4.38 4.24 4.34 4.30 
Depreciation and amortization expense per barrel of
throughput
1.63 1.78 1.72 1.65 
Adjusted Refining operating income per barrel of
throughput
$12.91 $5.83 $9.03 $7.17 
U.S. West Coast region (h) (k)
Refining margin (from Table Page 7)
$224 $139 $1,291 $981 
Adjusted Refining operating loss (from Table Page 7)
$(162)$(140)$(89)$(65)
Throughput volumes (thousand barrels per day)265 259 249 261 
Refining margin per barrel of throughput$9.19 $5.80 $14.17 $10.26 
Less:
Adjusted operating expenses (excluding depreciation and
amortization expense reflected below) per barrel of
throughput
8.72 8.60 8.72 7.86 
Depreciation and amortization expense per barrel of
throughput (g)
7.09 3.09 6.43 3.08 
Adjusted Refining operating loss per barrel of
throughput
$(6.62)$(5.89)$(0.98)$(0.68)

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 12


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Refining
Feedstocks (dollars per barrel)
Brent crude oil$63.11 $73.98 $68.18 $79.79 
Brent less West Texas Intermediate (WTI) crude oil3.89 3.62 3.29 3.95 
Brent less WTI Houston crude oil3.08 2.31 2.29 2.48 
Brent less Dated Brent crude oil(0.55)(0.71)(0.82)(0.91)
Brent less Argus Sour Crude Index crude oil4.93 4.16 3.24 4.33 
Brent less Maya crude oil8.78 10.75 8.46 11.43 
Brent less Western Canadian Select Houston crude oil8.42 8.34 7.21 10.36 
WTI crude oil59.23 70.36 64.90 75.84 
Natural gas (dollars per million British thermal units)3.23 2.14 3.04 1.88 
Renewable volume obligation (RVO) (dollars per barrel) (l)
6.11 4.04 5.85 3.75 
Product margins (RVO adjusted unless otherwise noted)
(dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB)
gasoline less Brent
4.10 1.86 6.11 6.06 
Ultra-low-sulfur (ULS) diesel less Brent23.86 12.41 19.10 15.76 
Polymer Grade Propylene less Brent (not RVO adjusted)(16.58)(3.05)(6.45)4.70 
U.S. Mid-Continent:
CBOB gasoline less WTI5.82 5.46 10.70 10.48 
ULS diesel less WTI27.55 14.63 22.70 17.87 
North Atlantic:
CBOB gasoline less Brent10.80 7.07 10.93 11.08 
ULS diesel less Brent28.95 15.10 23.32 18.32 
U.S. West Coast:
California Reformulated Gasoline Blendstock for
Oxygenate Blending 87 gasoline less Brent
18.72 10.94 26.38 21.58 
California Air Resources Board diesel less Brent30.27 16.61 25.17 18.89 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 13


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Renewable Diesel
New York Mercantile Exchange ULS diesel
(dollars per gallon)
$2.33 $2.23 $2.31 $2.44 
Biodiesel Renewable Identification Number (RIN)
(dollars per RIN)
1.03 0.66 1.01 0.59 
California Low-Carbon Fuel Standard carbon credit
(dollars per metric ton)
53.53 72.27 56.36 60.19 
U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)
0.56 0.45 0.56 0.43 
USGC distillers corn oil (dollars per pound)0.57 0.48 0.58 0.48 
USGC fancy bleachable tallow (dollars per pound)0.53 0.45 0.55 0.44 
Ethanol
Chicago Board of Trade corn (dollars per bushel)4.31 4.27 4.40 4.24 
New York Harbor ethanol (dollars per gallon)1.84 1.70 1.87 1.79 

Table Page 14


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars)
(unaudited)
December 31,
20252024
Balance sheet data
Current assets$23,210 $23,737 
Cash and cash equivalents included in current assets4,688 4,657 
Inventories included in current assets7,591 7,761 
Current liabilities14,109 15,495 
Valero Energy Corporation stockholders’ equity23,725 24,512 
Total equity26,605 27,521 
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))
$672 $441 
Debt, less current portion of debt (excluding VIEs)7,566 7,586 
Total debt (excluding VIEs)8,238 8,027 
Current portion of debt attributable to VIEs23 58 
Total debt8,261 8,085 
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)228 217 
Finance lease obligations, less current portion (excluding VIEs)1,488 1,492 
Total finance lease obligations (excluding VIEs)1,716 1,709 
Current portion of finance lease obligations attributable to VIEs26 27 
Finance lease obligations, less current portion attributable to VIEs616 642 
Total finance lease obligations attributable to VIEs642 669 
Total finance lease obligations 2,358 2,378 
Total debt and finance lease obligations$10,619 $10,463 


Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Reconciliation of net cash provided by operating activities to
adjusted net cash provided by operating activities (h)
Net cash provided by operating activities
$2,057 $1,070 $5,826 $6,683
Exclude:
Changes in current assets and current liabilities(349)— (192)795
Diamond Green Diesel LLC’s (DGD) adjusted net cash
provided by operating activities attributable to the
other joint venture member’s ownership interest in DGD
269 119 30 371
Adjusted net cash provided by operating activities
$2,137 $951 $5,988 $5,517

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 15


VALERO ENERGY CORPORATION
EARNINGS RELEASE TABLES
OTHER FINANCIAL DATA
(millions of dollars, except per share amounts)
(unaudited)
Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
Reconciliation of capital investments to capital
investments attributable to Valero (h)
Capital expenditures (excluding VIEs)$215 $250 $719 $649 
Capital expenditures of VIEs:
DGD4 52 71 250 
Other VIEs1 1 6 8 
Deferred turnaround and catalyst cost expenditures
(excluding VIEs)
182 235 990 1,079 
Deferred turnaround and catalyst cost expenditures
of DGD
8 9 99 71 
Investments in nonconsolidated joint ventures2 — 3 — 
Capital investments412 547 1,888 2,057 
Adjustments:
DGD’s capital investments attributable to the other joint
venture member
(6)(31)(85)(161)
Capital expenditures of other VIEs(1)(1)(6)(8)
Capital investments attributable to Valero$405 $515 $1,797 $1,888 
Dividends per common share$1.13 $1.07 $4.52 $4.28 

Year Ending
December 31, 2026
Reconciliation of expected capital investments to
expected capital investments attributable to Valero (h)
Expected capital investments$1,725 
Adjustment: DGD’s capital investments attributable to the
other joint venture member
(25)
Expected capital investments attributable to Valero$1,700 

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 16




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES

(a)Cost of materials and other for the three months and year ended December 31, 2025 includes a charge of $37 million related to the liquidation of certain LIFO inventory layers attributable to our Refining segment. Inventory levels for our West Coast refining operations decreased during the year ended December 31, 2025 in connection with our plan to cease refining operations at the Benicia Refinery by the end of April 2026.
(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 year ended December 31, 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, which includes retention incentive payments and separation benefits.
(d)In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to cease refining operations 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 year ended December 31, 2025.
(e)In March 2021, we announced our participation in a then-proposed large-scale carbon capture and sequestration pipeline system with Navigator Energy Services (Navigator). In October 2023, Navigator announced that it decided to cancel this project. Under the terms of the agreements associated with the project, we had some rights from and obligations to Navigator, including a portion of the aggregate project costs. As a result, we recognized a charge of $29 million in the year ended December 31, 2024 related to our obligation to Navigator.
(f)In December 2024, the Internal Revenue Service approved our application for registration as a producer of second-generation biofuels with respect to the cellulosic ethanol produced at our ethanol plants. As a result, we recognized a current income tax benefit of $79 million in December 2024 for the tax credit attributable to volumes of cellulosic ethanol produced and sold by us in the U.S. from 2020 through 2024. Of the $79 million benefit, $5 million and $26 million is attributable to the three months and year ended December 31, 2024, respectively, and $53 million is attributable to years ended December 31, 2020 through 2023.
(g)Depreciation and amortization expense for the three months and year ended December 31, 2025 includes incremental depreciation expense of approximately $100 million and $300 million, respectively, related to the Benicia Refinery. In connection with our plan to cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, will depreciate the revised carrying value of the refinery’s long-lived assets to the estimated salvage value through April 2026.

(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 Valero Energy 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

Table Page 17




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
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 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.

–Project liability adjustment – The project liability adjustment related to the cancellation of Navigator’s project (see note (e)) is not indicative of our ongoing operations.

–Second-generation biofuel tax credit – The income tax benefit from the second-generation biofuel tax credit recognized by us in December 2024 is attributable to volumes produced and sold from 2020 to 2024 (see note (f)). Therefore, the adjustments reflect the portion of the credit that is not attributable to volumes produced and sold in the three months and year ended December 31, 2024.

◦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 segment’s operating and financial performance as it is the most comparable measure to the industry’s 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 segment’s operating and financial performance as it is the most comparable measure to the industry’s 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), depreciation and amortization expense, and other operating expenses. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.

◦Adjusted Refining operating income (loss) 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 (loss) is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.
◦Adjusted Ethanol operating income is defined as Ethanol segment operating income excluding other operating expenses. We believe adjusted Ethanol operating income is an important measure of our Ethanol segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.
Table Page 18




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
◦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 segment’s operating and financial performance because it excludes items that are not indicative of that segment’s 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):
Year Ended
December 31,
20252024
Refining segment
Operating expenses (excluding depreciation and amortization expense)$5,426 $4,946 
Adjustment: Employee retention and separation costs(50)— 
Adjusted operating expenses (excluding depreciation and amortization expense)$5,376 $4,946 
U.S. West Coast region
Operating expenses (excluding depreciation and amortization expense)$844 $751 
Adjustment: Employee retention and separation costs(50)— 
Adjusted operating expenses (excluding depreciation and amortization expense)$794 $751 
◦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.

–DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s 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, DGD’s members use DGD’s 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, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s 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 DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe
Table Page 19




VALERO ENERGY CORPORATION
NOTES TO EARNINGS RELEASE TABLES (Continued)
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):

Three Months Ended
December 31,		Year Ended
December 31,
2025202420252024
DGD operating cash flow data
Net cash provided by (used in) operating activities
$254 $352 $(110)$889 
Exclude: Changes in current assets and current
liabilities
(285)116 (170)148 
Adjusted net cash provided by operating activities
539 236 60741 
Other joint venture member’s ownership interest50%50%50 %50%
DGD’s adjusted net cash provided by
operating activities attributable to the other joint
venture member’s ownership interest in DGD
$269 $119 $30$371 

◦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 DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.
In general, DGD’s members use DGD’s 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 DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s 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.

(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.
Table Page 20