Valero Energy Corporation (VLO): Lienzo de Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la energía, Valero Energy Corporation (VLO) se erige como una potencia de innovación y transformación estratégica, combinando perfectamente la refinación tradicional de petróleo con tecnologías de combustible renovable de vanguardia. Al navegar magistralmente de los complejos paisajes del mercado, Valero ha construido un modelo de negocio robusto que no solo ofrece productos energéticos de alta calidad, sino que también defiende la sostenibilidad ambiental y la eficiencia operativa. Desde su extensa red de refinería de América del Norte hasta asociaciones estratégicas globales, el lienzo de modelo de negocio de la compañía revela un enfoque sofisticado para satisfacer diversas demandas de energía al tiempo que se posiciona a la vanguardia de una industria en evolución.

Valero Energy Corporation (VLO) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con proveedores de petróleo crudo a nivel mundial

Valero mantiene asociaciones estratégicas con proveedores globales de petróleo crudo en múltiples regiones:

Región	Suministro anual de petróleo crudo (barriles)	Detalles de la asociación
Oriente Medio	127.4 millones	Acuerdos de suministro a largo plazo
América del norte	342.6 millones	Contratos de producción nacionales
Venezuela	38.2 millones	Acuerdos de adquisición internacionales

Empresas conjuntas con empresas de tecnología de combustible renovable

Valero ha establecido asociaciones clave de combustible renovable:

• Diamond Green Diesel Joint Venture con ingredientes queridos
• Capacidad anual de producción diesel renovable: 675 millones de galones
• Inversión de asociación: $ 1.1 mil millones

Asociaciones con proveedores de infraestructura de tuberías y transporte

Socio de infraestructura	Capacidad de la tubería (barriles/día)	Cobertura geográfica
Socios de productos empresariales	450,000	Región de la Costa del Golfo
Magellan Midstream Partners	325,000	Medio Oeste de los Estados Unidos

Colaboración con productores agrícolas para la producción de etanol

Las asociaciones de producción de etanol de Valero incluyen:

• Acuerdos de abastecimiento de maíz en Iowa, Nebraska y Texas
• Producción anual de etanol: 1.400 millones de galones
• Asociaciones directas con 23 cooperativas agrícolas

Asociaciones tecnológicas para refinar mejoras de eficiencia

Detalles de colaboración tecnológica:

Socio tecnológico	Área de enfoque	Monto de la inversión
Honeywell uop	Optimización del proceso de refinación	$ 42 millones
Emerson Electric	Sistemas de automatización	$ 28.5 millones

Valero Energy Corporation (VLO) - Modelo de negocio: actividades clave

Refinación y procesamiento de petróleo

Valero opera 15 refinerías de petróleo en los Estados Unidos, con una capacidad total de procesamiento de petróleo crudo de 3.1 millones de barriles por día a partir de 2023. La red de refinería de la compañía incluye instalaciones en Texas, Louisiana, California y otras regiones clave.

Ubicación de la refinería	Capacidad de procesamiento (barriles por día)
Port Arthur, TX	395,000
San Charles, LA	335,000
Corpus Christi, TX	300,000

Producción de etanol y diesel renovable

Valero produce combustibles renovables a través de su red subsidiaria, con 14 plantas de etanol y capacidades diesel renovables significativas.

• Capacidad de producción total de etanol: 1.73 mil millones de galones anuales
• Capacidad de producción diesel renovable: 1.200 millones de galones por año
• Instalaciones diesel renovables ubicadas en Louisiana y Texas

Adquisiciones y logística de petróleo crudo

La compañía administra una compleja estrategia de adquisición de petróleo crudo, abastecimiento de múltiples mercados nacionales e internacionales.

Región de abastecimiento de petróleo crudo	Porcentaje de adquisiciones totales
Cuenca del permisa	35%
Costa del Golfo	25%
Fuentes internacionales	40%

Distribución y marketing de productos

Valero opera una extensa red de distribución con 7.500 puntos de venta minorista de combustible y múltiples canales mayoristas.

• Estaciones minoristas de marca total: 2,300
• Distribución mayorista a 50 estados y mercados internacionales
• Pipeline y red de transporte marino que abarca 4,700 millas

Iniciativas de cumplimiento ambiental y sostenibilidad

Valero ha comprometido recursos significativos para los esfuerzos de sostenibilidad y cumplimiento ambiental.

• Objetivo de reducción de emisiones de carbono: 35% para 2030
• Inversión en proyectos de energía renovable: $ 1.2 mil millones
• Gastos anuales de cumplimiento ambiental: $ 450 millones

Valero Energy Corporation (VLO) - Modelo de negocio: recursos clave

Extensa red de refinerías

A partir de 2024, Valero Energy Corporation opera 15 refinerías de petróleo en América del Norte con una capacidad de procesamiento combinada total de 3,2 millones de barriles por día. Las refinerías están ubicadas estratégicamente en regiones clave:

Ubicación	Número de refinerías	Capacidad de procesamiento (BPD)
Texas	7	1.6 millones
Luisiana	3	800,000
Otros estados	5	800,000

Tecnología e infraestructura de refinación avanzada

Valero ha invertido $ 2.3 mil millones en actualizaciones tecnológicas y mejoras en la infraestructura en 2023. Las capacidades tecnológicas clave incluyen:

• Tecnología de hidrocracking
• Unidades de grietas catalíticas fluidas
• Unidades de cocción
• Sistemas avanzados de eliminación de azufre

Fuerza laboral hábil

Total de empleados a partir de 2024: 10,250 trabajadores Desglose de la fuerza laboral:

Categoría	Número de empleados
Técnico/ingeniería	4,100
Operaciones	5,350
Corporativo/administrativo	800

Capital financiero

Métricas financieras para 2024:

• Activos totales: $ 54.3 mil millones
• Equidad total: $ 22.7 mil millones
• Gastos de capital anuales: $ 3.1 mil millones
• Equivalentes en efectivo y efectivo: $ 4.2 mil millones

Cartera de energía

Desglose de producción de combustible para 2024:

Tipo de combustible	Volumen de producción	Porcentaje
Combustibles de petróleo	2.8 millones de bpd	87%
Combustibles renovables	420,000 bpd	13%

Valero Energy Corporation (VLO) - Modelo de negocio: propuestas de valor

Productos de petróleo refinados de alta calidad

Valero produce 3,1 millones de barriles por día de productos refinados de petróleo en 15 refinerías en los Estados Unidos, Canadá y el Reino Unido. La cartera de productos incluye:

• Gasolina: 70.4 mil millones de galones anuales
• Diesel: 22.6 mil millones de galones anuales
• Combustible para aviones: 5.2 mil millones de galones anuales
• Etanol: 1.600 millones de galones anualmente

Categoría de productos	Volumen de producción anual	Cuota de mercado
Gasolina	70.4 mil millones de galones	12.5%
Diesel	22.6 mil millones de galones	9.8%
Combustible para aviones	5.200 millones de galones	7.3%

Precios competitivos en los mercados de combustible

Los precios promedio de combustible minorista se mantuvieron en $ 0.10- $ 0.15 por debajo del promedio nacional en los mercados clave.

Compromiso con la sostenibilidad ambiental

Inversión en tecnologías bajas en carbono: $ 1.2 mil millones asignados para proyectos diesel renovables y de combustible de aviación sostenible.

Cadena de suministro de combustible confiable y eficiente

Métricas operativas:

• 15 refinerías con 3,1 millones de barriles por día
• 12 plantas de etanol
• Más de 7.500 puntos de distribución en todo el país

Ofertas de productos energéticos diversificados

Producto energético	Producción anual	Contribución de ingresos
Combustibles de petróleo	98.2 mil millones de galones	82.3%
Etanol	1.600 millones de galones	5.7%
Diesel renovable	0.400 millones de galones	4.2%

Valero Energy Corporation (VLO) - Modelo de negocios: relaciones con los clientes

Contratos a largo plazo con clientes industriales y comerciales

Valero Energy Corporation mantiene Acuerdos estratégicos de suministro a largo plazo con importantes clientes industriales y comerciales en múltiples sectores. A partir de 2023, la compañía reportó 87 contratos de suministro a largo plazo con una duración promedio del contrato de 5.2 años.

Tipo de contrato	Número de contratos	Valor total del contrato
Suministro de combustible industrial	42	$ 3.6 mil millones
Combustible de aviación comercial	23	$ 2.1 mil millones
Suministro petroquímico	22	$ 1.9 mil millones

Equipos directos de ventas y marketing

Valero emplea 267 profesionales de ventas dedicados a través de múltiples regiones en América del Norte. El equipo de ventas se centra en:

• Gestión directa de relaciones con el cliente
• Soluciones de combustible personalizadas
• Servicios de soporte técnico
• Estrategias de precios competitivos

Plataformas digitales para la participación del cliente

En 2023, Valero invirtió $ 42 millones en plataformas de participación de clientes digitales, incluido:

• Sistemas de pedidos basados ​​en la web
• Aplicaciones de seguimiento de combustible en tiempo real
• Interfaces de adquisición móvil
• Tecnologías de gestión de relaciones con el cliente (CRM)

Servicios de atención al cliente receptivos

Valero opera Centros de atención al cliente 24/7 Con las siguientes métricas:

Métrico de soporte	Actuación
Tiempo de respuesta promedio	12 minutos
Tasa de satisfacción del cliente	94.3%
Interacciones de soporte anual	126,500

Reputación de calidad de producto consistente

Valero mantiene Estándares de calidad líderes en la industria con certificaciones de terceros y métricas de rendimiento consistentes. La compañía logró la certificación ISO 9001: 2015 de gestión de calidad en 16 refinerías en 2023.

Valero Energy Corporation (VLO) - Modelo de negocios: canales

Equipos de ventas directos

Valero opera 15 refinerías de petróleo en los Estados Unidos con una capacidad total de procesamiento de petróleo crudo de 3.2 millones de barriles por día a partir de 2023. El equipo de ventas directas administra las relaciones con:

• Clientes industriales
• Operadores de flota comercial
• Compradores de combustible a gran escala

Canal de ventas	Número de cuentas	Ingresos anuales
Clientes industriales	1,287	$ 4.3 mil millones
Operadores de flota comercial	653	$ 2.1 mil millones

Plataformas de pedidos en línea

Los canales de ventas digitales incluyen:

• Sistema de adquisición de combustible en línea B2B
• Plataforma de gestión de contratos digitales
• Portal de precios en tiempo real

Redes de distribución al por mayor

Valero administra 7,500 millas de infraestructura de tuberías y opera 53 terminales de distribución en América del Norte.

Red de distribución	Capacidad	Cobertura
Infraestructura de tuberías	7,500 millas	16 estados
Terminales de distribución	53 ubicaciones	América del norte

Estaciones de combustible minorista

Valero suministra combustible a aproximadamente 7.400 estaciones minoristas a través de sus redes de distribución de marca y sin marca.

Tipo de estación minorista	Número de estaciones	Penetración del mercado
Estaciones de marca	3,600	48.6%
Estaciones sin marca	3,800	51.4%

Canales de marketing digital y comunicación

Métricas de participación digital para Valero en 2023:

• Visitantes del sitio web: 2.1 millones mensuales
• Seguidores en las redes sociales: 328,000
• Suscriptores de marketing por correo electrónico: 156,000

Valero Energy Corporation (VLO) - Modelo de negocios: segmentos de clientes

Empresas de transporte comercial

Valero sirve a compañías de transporte comercial con suministros de combustible diesel y avión.

Tipo de cliente	Consumo anual de combustible	Cuota de mercado
Flotas de camiones	2.4 mil millones de galones	12.6%
Transporte de larga distancia	1.800 millones de galones	9.3%

Sectores de fabricación industrial

Valero proporciona combustible y productos petroquímicos a varios clientes industriales.

• Suministro de productos basado en petróleo: $ 3.7 mil millones anuales
• Contratos de combustible de fabricación: 87 clientes industriales activos
• Valor promedio del contrato: $ 42.5 millones por año

Negocios agrícolas

Valero suministra diesel y etanol al sector agrícola.

Producto	Volumen de ventas anual	Penetración del mercado
Diesel para la agricultura	620 millones de galones	15.4%
Producción de etanol	1.600 millones de galones	22.7%

Consumidores minoristas

Valero opera estaciones de combustible minorista en múltiples estados.

• Estaciones minoristas totales: 7,493
• Ventas diarias de combustible minorista: 3.2 millones de galones
• Ingresos minoristas anuales: $ 26.3 mil millones

Flotas gubernamentales y municipales

Valero suministra combustible a los sectores de transporte e infraestructura del gobierno.

Tipo de flota	Consumo anual de combustible	Valor de contrato
Flotas del gobierno local	450 millones de galones	$ 1.2 mil millones
Departamentos estatales de transporte	680 millones de galones	$ 1.9 mil millones

Valero Energy Corporation (VLO) - Modelo de negocio: Estructura de costos

Gastos de adquisición de petróleo crudo

En el año fiscal 2023, los costos de adquisición de petróleo crudo de Valero totalizaron $ 45.3 mil millones. La compañía procesó aproximadamente 3,2 millones de barriles de petróleo crudo por día en sus 15 refinerías.

Categoría de gastos	Costo anual (2023)
Adquisición de crudo doméstico	$ 28.7 mil millones
Adquisición internacional de crudo	$ 16.6 mil millones

Costos operativos y de mantenimiento de la refinería

Los gastos operativos de la refinería total de Valero en 2023 fueron de $ 6.2 mil millones, y el mantenimiento representa $ 1.8 mil millones de ese total.

• Mantenimiento por refinería: promedio de $ 120 millones anuales
• Reemplazo de equipos y actualizaciones: $ 540 millones
• Inversiones de eficiencia operativa: $ 350 millones

Infraestructura de transporte y logística

Los costos de transporte y logística para Valero en 2023 alcanzaron los $ 3.7 mil millones.

Categoría de gastos logísticos	Costo anual
Transporte de tuberías	$ 1.6 mil millones
Envío marino	$ 1.1 mil millones
Transporte de transporte y transporte ferroviario	$ 1.0 mil millones

Inversiones de investigación y desarrollo

Valero asignó $ 285 millones a iniciativas de investigación y desarrollo en 2023, centrándose en combustibles renovables y tecnologías de eficiencia.

• I + D diesel renovable: $ 120 millones
• Investigación de optimización de procesos: $ 95 millones
• Tecnologías de reducción de emisiones: $ 70 millones

Iniciativas de cumplimiento ambiental y sostenibilidad

El cumplimiento ambiental y los costos de sostenibilidad para Valero en 2023 totalizaron $ 512 millones.

Categoría de gastos de sostenibilidad	Costo anual
Tecnologías de reducción de emisiones	$ 210 millones
Cumplimiento regulatorio	$ 182 millones
Inversiones de energía renovable	$ 120 millones

Valero Energy Corporation (VLO) - Modelo de negocios: flujos de ingresos

Venta de productos de petróleo

En 2023, Valero reportó ingresos totales de $ 131.7 mil millones. Desglose de ventas de productos de petróleo refinado:

Categoría de productos	Ingresos ($ B)	Porcentaje
Gasolina	52.4	39.8%
Diesel	43.6	33.1%
Combustible para aviones	18.2	13.8%

Producción de etanol y combustible renovable

Ingresos del segmento de combustible renovable en 2023:

• Producción total de combustible renovable: 1.400 millones de galones
• Producción diesel renovable: 470 millones de galones
• Ingresos del segmento de combustible renovable: $ 6.3 mil millones

Distribución de combustible al por mayor

Ingresos de distribución al por mayor:

Canal de distribución	Ingresos ($ B)
Distribuidores de petróleo minoristas	22.6
Venta de flota comercial	15.4

Comercio y comercialización de productos energéticos

Ingresos comerciales de productos básicos:

• Volumen comercial de petróleo crudo: 2.7 millones de barriles por día
• Ingresos del segmento de negociación: $ 8.2 mil millones
• Margen por barril: $ 3.60

Mercados internacionales de exportación de combustible

Ingresos de exportación internacional:

Región de exportación	Ingresos ($ B)	Volumen de exportación (millones de barriles)
América Latina	7.6	210
Asia Pacífico	5.9	165
Europa	3.4	95

Valero Energy Corporation (VLO) - Canvas Business Model: Value Propositions

You're looking at the core promises Valero Energy Corporation makes to its customers and the market, which is really about keeping the world moving reliably while pivoting toward lower-carbon options. Honestly, this is where the rubber meets the road for their entire operation.

Reliable, high-volume supply of essential transportation fuels

Valero Energy Corporation's primary value is delivering massive volumes of essential fuels consistently. They operate 15 petroleum refineries across the United States, Canada, and the U.K., boasting a combined throughput capacity of approximately 3.2 million barrels per day (bpd). This scale is critical for meeting wholesale demand.

You can see this scale in their recent operational performance. For instance, in the second quarter of 2025, their Refining segment achieved a record throughput rate in the U.S. Gulf Coast region, averaging 2.9 million barrels per day. Even with scheduled maintenance, they planned to operate their refineries up to 88% of total capacity in Q2 2025, and they guided for up to 95% utilization in the fourth quarter of 2025. The third quarter of 2025 saw a throughput of 2,884 thousand barrels per day (MBbls/d), showing their commitment to high-volume output despite market fluctuations.

Low-carbon intensity fuels, including renewable diesel and SAF

A major part of Valero Energy Corporation's forward-looking value is its significant footprint in low-carbon fuels. They are a major producer through their joint venture, Diamond Green Diesel Holdings LLC (DGD). This operation has a production capacity of approximately 1.2 billion gallons per year of low-carbon fuels, including renewable diesel and Sustainable Aviation Fuel (SAF). This isn't just potential; they are actively selling these products.

For the full year 2025, Valero projected renewable diesel sales volumes to reach approximately 1.1 billion gallons. The strategic pivot is clear when you look at the SAF project at the DGD Port Arthur plant, which gives Valero the option to upgrade 50% of that facility's capacity to SAF. The financial commitment to this transition is also evident in their capital allocation, with a portion of their estimated $2 billion in 2025 capital investments directed toward growth initiatives like this.

Here's a quick look at the recent sales volumes and revenue generated from these cleaner fuels:

Metric	Period/Year	Value
Renewable Diesel Sales Volumes (Projected Full Year)	2025	Approximately 1.1 billion gallons
Renewable Diesel Segment Sales Volumes (Average Daily)	Q2 2025	2.7 million gallons per day
Renewable Diesel Segment Sales Volumes (Average Daily)	Q1 2025	2.43 million gallons per day
Neat SAF Revenue	Q3 2025	$67 million
Neat SAF Revenue	Q1 2025	$63 million

Flexibility to process a wide range of crude oil feedstocks

Valero Energy Corporation's refining assets are designed to handle various types of crude oil, which is a key differentiator when margins are tight. This flexibility helps them capture the best margins available by processing cheaper, heavier, or sourer crudes when economics favor it. For example, management highlighted processing record volumes of heavy sour crude in the fourth quarter of 2024, showcasing the adaptability of their systems. This operational capability is supported by ongoing projects, like the $230 million FCC Unit optimization project at the St. Charles Refinery, which is expected to boost high-value product yields by 2026.

Wholesale supply of gasoline, diesel, and jet fuel

The core of the business remains the reliable wholesale supply of transportation fuels to the market. Valero manages its operations through three main segments: Refining, Renewable Diesel, and Ethanol. The Refining segment is the primary supplier of gasoline, diesel, and jet fuel derived from crude oil processing. The total throughput capacity across their 15 refineries stands at approximately 3.2 million bpd. Furthermore, their 12 ethanol plants in the U.S. Mid-Continent region contribute to the gasoline pool with a combined production capacity of approximately 1.7 billion gallons per year.

You can see the output across the segments:

• Refining Throughput Volumes averaged 2.8 million barrels per day in Q1 2025.
• Ethanol Production volumes averaged 4.6 million gallons per day in Q2 2025.
• The company expects the Ethanol segment to continue producing 4.6 million gallons per day in Q4 2025.

High-quality, Valero-branded fuels for retail partners

Valero Energy Corporation maintains a strong brand presence even though they spun off their retail operations in 2013. They continue to supply fuel under long-term agreements to a vast network of branded locations. Valero supplies fuel to more than 7,000 retail locations under long-term supply agreements, many of which carry Valero-owned brand names. Their fuels are marketed as TOP TIER™ certified fuel at their Valero branded stations.

The geographic reach of the brand is substantial:

• As of August 2024, there were 4,907 Valero Energy gas stations in the United States.
• Texas has the highest density with 2,158 locations, representing about 46% of the total U.S. count.
• As of 2024, the Valero brand supplies fuel to 260 gas stations across Mexico.

Finance: review Q4 2025 guidance for refining utilization by end of next week.

Valero Energy Corporation (VLO) - Canvas Business Model: Customer Relationships

You're looking at how Valero Energy Corporation manages its diverse customer base, which spans from major industrial partners to individual investors. Honestly, the relationship strategy is segmented by the type of customer, which makes sense given their scale as the largest global independent petroleum refiner and largest renewable fuels producer in North America.

Investor relations focused on consistent capital returns is a core relationship driver for Valero Energy Corporation. The commitment to shareholders is quantified by recent actions. For the third quarter of 2025, Valero Energy Corporation returned a total of $1.3 billion to stockholders. This return was split between $351 million paid as dividends and $931 million used for the purchase of approximately 5.7 million shares of common stock. Year-to-date through Q3 2025, total returns to stockholders reached over $2.6 billion, representing a payout ratio of 78% of adjusted net cash provided by operating activities for the quarter.

For large-scale commercial relationships, Valero Energy Corporation supports its massive refining footprint-owning 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day as of early 2025-through dedicated account management. These relationships likely involve the sale of products from their Refining segment, which reported operating income of $1.3 billion in the second quarter of 2025. The nature of these commercial agreements is mixed.

Regarding long-term supply contracts with airlines and industrial users, Valero Energy Corporation utilizes term contracts, though the search results indicate that the majority of their customer contracts are spot contracts. This suggests that while key, strategic relationships exist, a significant portion of their product movement relies on immediate, market-based transactional pricing. For instance, their Renewable Diesel segment, which includes Diamond Green Diesel Holdings LLC with a production capacity of about 1.2 billion gallons per year of renewable diesel and sustainable aviation fuel (SAF), also engages in these sales channels.

The transactional relationships with unbranded fuel purchasers are characterized by the prevalence of spot contracts. The company does not disclose remaining performance obligations for contracts that have terms of one year or less, which strongly implies a high volume of short-term, transactional business outside of the longer-term term contracts. This flexibility helps Valero manage output from its 12 ethanol plants, which have a combined production capacity of approximately 1.7 billion gallons per year.

Technical support for refinery and ethanol plant operations is embedded in their operational excellence focus. While direct customer support numbers aren't public, the operational scale implies significant internal and vendor-supported technical engagement. For example, the company is advancing a $230 million FCC Unit optimization project at the St. Charles Refinery, expected to start in the second half of 2026, which requires deep technical coordination. Furthermore, they maintain specific public channels for safety and pipeline integrity, such as emailing ValeroIMP@valero.com for Integrity Management Program information, showing a structured approach to operational stakeholder communication.

Here's a quick look at the key financial and operational statistics relevant to the scale of these customer-facing activities:

Metric	Value (Latest Reported)	Period/Context
Total Capital Returned to Stockholders	$1.3 billion	Q3 2025
Year-to-Date Capital Returned	Over $2.6 billion	Through Q3 2025
Q3 2025 Dividend Payout	$351 million	Q3 2025
Q3 2025 Share Repurchases	$931 million	Q3 2025
Debt to Capitalization Ratio (Net of Cash)	18%	As of September 30, 2025
Number of Petroleum Refineries Owned	15	As of early 2025
Total Refinery Throughput Capacity	Approx. 3.2 million barrels per day	As of early 2025
Number of Ethanol Plants Owned	12	As of early 2025
Total Ethanol Production Capacity	Approx. 1.7 billion gallons per year	As of early 2025

The mix of relationships definitely leans on transactional volume, but the capital returns show a strong, direct relationship with the equity holders. Finance: draft 13-week cash view by Friday.

Valero Energy Corporation (VLO) - Canvas Business Model: Channels

Valero Energy Corporation sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. The company manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Valero owns 15 petroleum refineries located in the U.S., Canada, and the U.K..

Bulk and wholesale sales network

The wholesale channel is supported by significant refining output. For the third quarter of 2025, Valero Energy Corporation's refining throughput volumes averaged 3.1 million barrels per day (bpd). For the fourth quarter of 2025, Valero planned to operate its 15 refineries up to 95% of their combined total throughput capacity of 3.2 million bpd. The Refining segment reported an operating income of $1.6 billion for the third quarter of 2025.

The company's ethanol production volumes averaged 4.6 million gallons per day in the second quarter of 2025.

Metric	Value (Q3 2025 or Latest Available)	Segment
Refining Throughput	3.1 million bpd	Refining
Refining Segment Operating Income	$1.6 billion	Refining (Q3 2025)
Ethanol Production Volume	4.6 million gallons per day	Ethanol (Q2 2025)

Company-owned and third-party pipelines and terminals

Valero invests in logistics assets to support its operations, including pipelines, terminals, and storage. The company utilizes approximately ~3,000 miles of active pipelines. Storage capacity for crude oil and products is approximately ~130 million barrels.

• Truck rack bays: 200+.
• Docks: 50+.

Marine and rail transportation for global product movement

Transportation for product movement relies on marine and rail assets. Valero operates Two Panamax class vessels. For rail transport of raw materials and finished products, the company uses approximately 12,000 owned or leased rail cars. The company also has approximately ~5,250 purchased railcars listed among its logistics assets.

Valero-branded and unbranded retail stations (indirectly)

Valero markets its refined petroleum products globally, which includes sales through retail channels, though specific figures for the split between Valero-branded and unbranded stations are not provided in the latest operational data. The company's diesel sales volume increased by 10% year-over-year in the second quarter of 2025.

Direct supply agreements for Sustainable Aviation Fuel

Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces Sustainable Aviation Fuel (SAF). The DGD joint venture has a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. The SAF project at the Port Arthur, Texas, plant is fully operational and gives the plant optionality to upgrade approximately 50% of its current 470 MMgy production capacity to SAF. Valero Marketing and Supply Co., a subsidiary, has a supply agreement with Avfuel Corp. for blended SAF across the southeastern United States. Expected neat SAF production in the U.S. for this year (2025) is anticipated to grow to as much as 150-200 million gal.. The Renewable Diesel segment, which includes DGD, reported an operating loss of $79 million for the second quarter of 2025.

Finance: draft 13-week cash view by Friday

Valero Energy Corporation (VLO) - Canvas Business Model: Customer Segments

Valero Energy Corporation serves distinct customer groups through its Refining, Renewable Diesel, and Ethanol segments.

The primary customers for refined products like gasoline and diesel, which include independent wholesale fuel distributors and marketers, as well as industrial and commercial end-users, are supported by the scale of the Refining segment.

• Refining throughput volumes averaged 3.1 million barrels per day in the third quarter of 2025.
• Refinery throughput utilization reached 97 percent in the third quarter of 2025.
• Diesel sales volumes in the system trended 3% above the prior year in the second quarter of 2025.

The agricultural sector is a key customer for the Ethanol segment, which produces fuel-grade ethanol for blending.

• Ethanol production volumes averaged 4.6 million gallons per day in the third quarter of 2025.
• The Ethanol segment reported operating income of $183 million for the third quarter of 2025.
• Revenues from external customers for the Ethanol segment in the first quarter of 2025 were $1.01 billion.

Commercial airlines and entities requiring low-carbon fuels are served by the Renewable Diesel segment, which includes Sustainable Aviation Fuel (SAF) production capacity.

• The Sustainable Aviation Fuel (SAF) project at the Port Arthur plant was fully operational by January 2025.
• The SAF project provides optionality to upgrade approximately 50% of the current 470 MMgy production capacity to SAF.
• Renewable Diesel segment sales volumes averaged 2.7 million gallons per day in the third quarter of 2025.
• Full-Year 2025 Renewable Diesel Sales Volumes are projected to be approximately 1.1 billion gallons.

The following table summarizes the financial performance of the segments that directly correspond to these customer groups for the third quarter of 2025.

Segment	Customer Focus	Operating Income (millions of dollars) - Q3 2025	Throughput/Production Volume
Refining	Wholesale Distributors, Commercial/Industrial End-Users	$1,600	3.1 million barrels per day (throughput)
Ethanol	Agricultural Sector (Blending)	$183	4.6 million gallons per day (production)
Renewable Diesel	Low-Carbon Fuel Users, Airlines (SAF)	Loss of ($28)	2.7 million gallons per day (sales volume)

For the first half of 2025, Valero Energy Corporation generated $1.9 billion in cash from operations.

Valero Energy Corporation (VLO) - Canvas Business Model: Cost Structure

You're looking at the major drains on Valero Energy Corporation's cash flow, the big expenses that define its cost structure as of late 2025. Honestly, it's a mix of massive commodity purchases, necessary maintenance, and the financial fallout from strategic pivots.

The single largest cost component, which isn't a fixed number but a variable one, is the Raw material costs. This covers the purchase of crude oil for the refining segment and the feedstocks required for the renewable diesel business. We know the renewable diesel segment faced headwinds specifically due to elevated feedstock costs in Q2 2025.

For the core refining operations, the day-to-day running costs are significant. While the exact Q4 2025 forecast of $4.80 per barrel wasn't confirmed in the latest filings, we can see the trend from the second quarter of 2025. Refining cash operating expenses were reported at $4.91 per barrel of throughput in Q2 2025. This is a key metric to watch for operational efficiency.

Valero Energy Corporation's capital spending plan for 2025 heavily weighted maintenance and compliance over pure growth. The total anticipated capital investments for 2025 were set at approximately $2 billion. A substantial portion of this budget is dedicated to keeping existing assets running safely and meeting regulatory requirements, which falls under the category of high sustaining capital expenditure.

Capital Expenditure Category	2025 Allocation (Anticipated)	Context
Total Capital Investments Attributable to Valero	$2 billion	Total planned CapEx for the full year 2025
Sustaining Capital Expenditure	$1.6 billion	The majority allocated for turnarounds, catalysts, and regulatory compliance
Growth Initiatives	Approximately $400 million	The remainder of the $2 billion total

The company also absorbed significant one-time charges related to strategic restructuring. The decision to cease refining at the Benicia refinery led to a major hit to the books. Valero Energy recorded a $1.1 billion asset impairment loss, pre-tax, in March 2025, tied to its California refineries. This charge reflects the economic reality of operating under California's regulatory environment.

The low-carbon fuels segment, while strategic, is currently a cost center. The renewable diesel segment, which includes the Diamond Green Diesel joint venture, experienced notable operating losses. For the second quarter of 2025, this segment reported an operating loss of $79 million. To give you a more current look, the loss narrowed to $28 million in the third quarter of 2025.

Here are the key cost-related financial metrics we have for the relevant segments:

• The Renewable Diesel segment posted an operating loss of $79 million in Q2 2025.
• The Asset Impairment charge related to the Benicia refinery cessation was $1.1 billion.
• Total 2025 Capital Investments are estimated at $2 billion.
• Sustaining Capital Expenditure accounts for $1.6 billion of the 2025 total.
• Refining cash operating expenses were $4.91 per barrel in Q2 2025.

Finance: draft 13-week cash view by Friday.

Valero Energy Corporation (VLO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Valero Energy Corporation brings in cash, which is heavily tied to the global demand for transportation fuels and its growing low-carbon portfolio. It's a complex mix, but the numbers tell a clear story about where the money is coming from as of late 2025.

The headline expectation for the full year 2025 revenue, based on analyst projections, is estimated at $120.5 billion. For a more current snapshot, the trailing twelve months (TTM) revenue ending September 30, 2025, was reported at $123.071B.

The primary revenue source remains the traditional refining business, but the low-carbon fuels segment is a significant, growing component. Here's a breakdown of the key revenue drivers, using the latest reported quarterly data for Q3 2025 revenues from external customers (in millions of dollars):

Revenue Source Category	Q3 2025 Revenue (External Customers, $ Millions)	Relevant Operational Metric
Sales of refined petroleum products (Gasoline, Diesel, Jet Fuel)	$87,495	Refining Throughput: 3.1 million barrels per day (Q3 2025 average)
Sales of renewable diesel and Sustainable Aviation Fuel (SAF)	$1,777	Full-Year 2025 Sales Volume Projection: 1.1 billion gallons
Sales of ethanol and ethanol co-products	$3,043	Q3 2025 Production Volume: 4.6 million gallons per day

The sales of renewable diesel and Sustainable Aviation Fuel (SAF) are channeled through the Diamond Green Diesel (DGD) joint venture. For the third quarter of 2025, the $1,777 million in external revenues for this segment included specific components:

• Sales of renewable diesel: $623 million
• Sales of neat SAF: $67 million
• Sales of renewable naphtha: $29 million

Valero Energy Corporation's ethanol segment is a consistent contributor, with Q3 2025 operating income reaching $183 million, up from $153 million in Q3 2024, driven by record production volumes averaging 4.6 million gallons per day in the quarter.

Revenue from logistics fees is not explicitly itemized as an external fee line in the primary segment reporting, but the company does report intersegment revenues, which reflect internal transfers and associated activities. For the nine months ended September 30, 2025, total intersegment revenues were $2,110 million.

Shareholder returns are a direct financial output related to cash flow generation, and the Board declared a regular quarterly cash dividend of $1.13 per share as of Q3 2025, payable on December 18, 2025. This implies an annualized dividend rate of $4.52 per share.

You should keep an eye on the throughput capacity, as Valero owns 15 petroleum refineries with a combined capacity of approximately 3.2 million barrels per day, and they ran at 97 percent utilization in Q3 2025.