Valero Energy Corporation (VLO): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'énergie, Valero Energy Corporation (VLO) est une puissance de l'innovation et de la transformation stratégique, mélangeant parfaitement le raffinage traditionnel du pétrole avec des technologies de carburant renouvelables de pointe. En naviguant magistralement des paysages de marché complexes, Valero a construit un modèle commercial robuste qui non seulement fournit des produits énergétiques de haute qualité mais champions également la durabilité environnementale et l'efficacité opérationnelle. De son vaste réseau de raffineries nord-américaines aux partenariats mondiaux stratégiques, le canevas du modèle commercial de l'entreprise révèle une approche sophistiquée pour répondre à diverses demandes d'énergie tout en se positionnant à la pointe d'une industrie en évolution.

Valero Energy Corporation (VLO) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des fournisseurs de pétrole brut dans le monde

Valero entretient des partenariats stratégiques avec des fournisseurs mondiaux de pétrole brut dans plusieurs régions:

Région	Alimentation annuelle du pétrole brut (barils)	Détails du partenariat
Moyen-Orient	127,4 millions	Accords d'approvisionnement à long terme
Amérique du Nord	342,6 millions	Contrats de production intérieure
Venezuela	38,2 millions	Accords d'achat internationaux

Coentreprises avec des sociétés de technologie de carburant renouvelable

Valero a établi des partenariats clés en carburant renouvelable:

• Joint-venture diesel vert diamant avec des ingrédients chéri
• Capacité de production diesel renouvelable annuelle: 675 millions de gallons
• Investissement de partenariat: 1,1 milliard de dollars

Partenariats avec les fournisseurs d'infrastructures de pipeline et de transport

Partenaire d'infrastructure	Capacité du pipeline (barils / jour)	Couverture géographique
Partners des produits d'entreprise	450,000	Région de la côte du golfe
Magellan Midstream Partners	325,000	Midwest des États-Unis

Collaboration avec les producteurs agricoles pour la production d'éthanol

Les partenariats de production d'éthanol de Valero comprennent:

• Accords d'approvisionnement en maïs dans l'Iowa, le Nebraska et le Texas
• Production annuelle de l'éthanol: 1,4 milliard de gallons
• Partenariats directs avec 23 coopératives agricoles

Partenariats technologiques pour affiner les améliorations de l'efficacité

Détails de collaboration technologique:

Partenaire technologique	Domaine de mise au point	Montant d'investissement
Honeywell uop	Affiner l'optimisation du processus	42 millions de dollars
Emerson Electric	Systèmes d'automatisation	28,5 millions de dollars

Valero Energy Corporation (VLO) - Modèle d'entreprise: activités clés

Raffinage et traitement du pétrole

Valero exploite 15 raffineries de pétrole à travers les États-Unis, avec une capacité totale de traitement du pétrole brut de 3,1 millions de barils par jour à partir de 2023. Le réseau de raffinerie de la société comprend des installations au Texas, en Louisiane, en Californie et à d'autres régions clés.

Emplacement de la raffinerie	Capacité de traitement (barils par jour)
Port Arthur, TX	395,000
St. Charles, LA	335,000
Corpus Christi, TX	300,000

Production d'éthanol et diesel renouvelable

Valero produit des combustibles renouvelables via son réseau subsidiaire, avec 14 usines d'éthanol et des capacités diesel renouvelables importantes.

• Capacité totale de production d'éthanol: 1,73 milliard de gallons par an
• Capacité de production diesel renouvelable: 1,2 milliard de gallons par an
• Installations diesel renouvelables situées en Louisiane et au Texas

Procure de pétrole brut et logistique

La société gère une stratégie complexe d'approvisionnement en pétrole brut, en provenant de plusieurs marchés nationaux et internationaux.

Région d'approvisionnement en pétrole brut	Pourcentage de l'approvisionnement total
Bassin permien	35%
Côte du golfe	25%
Sources internationales	40%

Distribution et marketing des produits

Valero exploite un vaste réseau de distribution avec 7 500 points de vente au détail et plusieurs canaux en gros.

• Stations de vente au détail de marque totale: 2 300
• Distribution de gros à 50 États et marchés internationaux
• Réseau de transport de pipelines et de transport maritime s'étendant sur 4 700 miles

Initiatives de conformité environnementale et de durabilité

Valero a commis des ressources importantes aux efforts de durabilité environnementale et de conformité.

• Cible de réduction des émissions de carbone: 35% d'ici 2030
• Investissement dans les projets d'énergie renouvelable: 1,2 milliard de dollars
• Dépenses annuelles de conformité environnementale: 450 millions de dollars

Valero Energy Corporation (VLO) - Modèle d'entreprise: Ressources clés

Réseau étendu de raffineries

En 2024, Valero Energy Corporation exploite 15 raffineries de pétrole à travers l'Amérique du Nord avec une capacité de traitement combinée totale de 3,2 millions de barils par jour. Les raffineries sont stratégiquement situées dans les régions clés:

Emplacement	Nombre de raffineries	Capacité de traitement (BPD)
Texas	7	1,6 million
Louisiane	3	800,000
Autres États	5	800,000

Technologie de raffinage avancée et infrastructure

Valero a investi 2,3 milliards de dollars dans les améliorations technologiques et les améliorations des infrastructures en 2023. Les capacités technologiques clés comprennent:

• Technologie d'hydrocraquage
• Unités de fissuration catalytique fluide
• Unités de coke
• Systèmes d'élimination avancés de soufre

Main-d'œuvre qualifiée

Total des employés à partir de 2024: 10 250 travailleurs Répartition des effectifs:

Catégorie	Nombre d'employés
Technique / ingénierie	4,100
Opérations	5,350
Entreprise / administrative	800

Capital financier

Mesures financières pour 2024:

• Actif total: 54,3 milliards de dollars
• Équité totale: 22,7 milliards de dollars
• Dépenses en capital annuelles: 3,1 milliards de dollars
• Equivalents en espèces et en espèces: 4,2 milliards de dollars

Portefeuille d'énergie

Répartition de la production de carburant pour 2024:

Type de carburant	Volume de production	Pourcentage
Combustibles pétroliers	2,8 millions de BPD	87%
Carburants renouvelables	420 000 bpd	13%

Valero Energy Corporation (VLO) - Modèle d'entreprise: propositions de valeur

Produits de pétrole raffiné de haute qualité

Valero produit 3,1 millions de barils par jour de produits de pétrole raffinés dans 15 raffineries aux États-Unis, au Canada et au Royaume-Uni. Le portefeuille de produits comprend:

• Essence: 70,4 milliards de gallons par an
• Diesel: 22,6 milliards de gallons par an
• Fourbour à jet: 5,2 milliards de gallons par an
• Éthanol: 1,6 milliard de gallons par an

Catégorie de produits	Volume de production annuel	Part de marché
Essence	70,4 milliards de gallons	12.5%
Diesel	22,6 milliards de gallons	9.8%
Carburant à jet	5,2 milliards de gallons	7.3%

Prix ​​compétitifs sur les marchés du carburant

Les prix moyens du carburant de détail maintenus à 0,10 $ à 0,15 $ en dessous de la moyenne nationale sur les principaux marchés.

Engagement envers la durabilité environnementale

Investissement dans les technologies à faible teneur en carbone: 1,2 milliard de dollars alloués aux projets de diesel renouvelable et de carburant d'aviation durable.

Chaîne d'approvisionnement en carburant fiable et efficace

Métriques opérationnelles:

• 15 raffineries avec une capacité de 3,1 millions de barils par jour
• 12 plantes à l'éthanol
• Plus de 7 500 points de distribution à l'échelle nationale

Offres de produits énergétiques diversifiés

Produit énergétique	Production annuelle	Contribution des revenus
Combustibles pétroliers	98,2 milliards de gallons	82.3%
Éthanol	1,6 milliard de gallons	5.7%
Diesel renouvelable	0,4 milliard de gallons	4.2%

Valero Energy Corporation (VLO) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels et commerciaux

Valero Energy Corporation maintient Accords d'approvisionnement à long terme stratégiques avec les principaux clients industriels et commerciaux dans plusieurs secteurs. En 2023, la société a déclaré 87 contrats d'approvisionnement à long terme d'une durée de contrat moyenne de 5,2 ans.

Type de contrat	Nombre de contrats	Valeur totale du contrat
Alimentation industrielle	42	3,6 milliards de dollars
Carburant d'aviation commerciale	23	2,1 milliards de dollars
Approvisionnement pétrochimique	22	1,9 milliard de dollars

Équipes de vente directe et marketing

Valero emploie 267 professionnels des ventes dédiés dans plusieurs régions d'Amérique du Nord. L'équipe de vente se concentre sur:

• Gestion directe de la relation client
• Solutions de carburant personnalisés
• Services de support technique
• Stratégies de tarification compétitives

Plateformes numériques pour l'engagement des clients

En 2023, Valero a investi 42 millions de dollars en plateformes de fiançailles clients numériques, y compris:

• Systèmes de commande basés sur le Web
• Applications de suivi du carburant en temps réel
• Interfaces d'approvisionnement mobile
• Technologies de gestion de la relation client (CRM)

Services de support client réactifs

Valero fonctionne Centres de support client 24/7 avec les mesures suivantes:

Métrique de soutien	Performance
Temps de réponse moyen	12 minutes
Taux de satisfaction client	94.3%
Interactions de soutien annuelles	126,500

Réputation de la qualité cohérente du produit

Valero maintient Normes de qualité de pointe de l'industrie avec des certifications tierces et des métriques de performance cohérentes. La société a obtenu la certification ISO 9001: 2015 de la gestion de la qualité dans 16 raffineries en 2023.

Valero Energy Corporation (VLO) - Modèle d'entreprise: canaux

Équipes de vente directes

Valero exploite 15 raffineries de pétrole à travers les États-Unis avec une capacité totale de traitement du pétrole brut de 3,2 millions de barils par jour à partir de 2023. L'équipe de vente directe gère les relations avec:

• Clients industriels
• Opérateurs de flotte commerciale
• Acheteurs de carburant à grande échelle

Canal de vente	Nombre de comptes	Revenus annuels
Clients industriels	1,287	4,3 milliards de dollars
Opérateurs de flotte commerciale	653	2,1 milliards de dollars

Plateformes de commande en ligne

Les canaux de vente numériques comprennent:

• Système d'approvisionnement en ligne en ligne B2B
• Plateforme de gestion des contrats numériques
• Portail de prix en temps réel

Réseaux de distribution en gros

Valero gère 7 500 miles d'infrastructures de pipeline et exploite 53 bornes de distribution à travers l'Amérique du Nord.

Réseau de distribution	Capacité	Couverture
Infrastructure de pipeline	7 500 miles	16 États
Terminaux de distribution	53 emplacements	Amérique du Nord

Stations de carburant au détail

Valero fournit du carburant à environ 7 400 stations de vente au détail via ses réseaux de distribution de marque et sans marque.

Type de station de vente au détail	Nombre de stations	Pénétration du marché
Stations de marque	3,600	48.6%
Stations sans marque	3,800	51.4%

Canaux de marketing numérique et de communication

Métriques d'engagement numérique pour Valero en 2023:

• Visiteurs du site Web: 2,1 millions par mois
• Abonnés des médias sociaux: 328 000
• Abonders du marketing par e-mail: 156 000

Valero Energy Corporation (VLO) - Modèle d'entreprise: segments de clientèle

Sociétés de transport commercial

Valero dessert des sociétés de transport commercial avec des approvisionnements diesel et de carburant à jet.

Type de client	Consommation de carburant annuelle	Part de marché
Fleets de camionnage	2,4 milliards de gallons	12.6%
Transport long-courrier	1,8 milliard de gallons	9.3%

Secteurs de la fabrication industrielle

Valero fournit du carburant et des produits pétrochimiques à divers clients industriels.

• Offre de produits à base de pétrole: 3,7 milliards de dollars par an
• Contrats de carburant de fabrication: 87 clients industriels actifs
• Valeur du contrat moyen: 42,5 millions de dollars par an

Entreprises agricoles

Valero fournit du diesel et de l'éthanol dans le secteur agricole.

Produit	Volume des ventes annuelles	Pénétration du marché
Diesel pour l'agriculture	620 millions de gallons	15.4%
Production d'éthanol	1,6 milliard de gallons	22.7%

Consommateurs de vente au détail

Valero exploite des stations de carburant au détail dans plusieurs États.

• Total des stations de vente au détail: 7 493
• Ventes quotidiennes de carburant au détail: 3,2 millions de gallons
• Revenus de détail annuels: 26,3 milliards de dollars

Flottes gouvernementales et municipales

Valero fournit du carburant aux secteurs gouvernementaux des transports et des infrastructures.

Type de flotte	Consommation de carburant annuelle	Valeur du contrat
Flottes du gouvernement local	450 millions de gallons	1,2 milliard de dollars
Départements des transports d'État	680 millions de gallons	1,9 milliard de dollars

Valero Energy Corporation (VLO) - Modèle d'entreprise: Structure des coûts

Frais d'achat de pétrole brut

Au cours de l'exercice 2023, les coûts d'approvisionnement en pétrole brut de Valero ont totalisé 45,3 milliards de dollars. La société a traité environ 3,2 millions de barils de pétrole brut par jour dans ses 15 raffineries.

Catégorie de dépenses	Coût annuel (2023)
Acquisition du brut domestique	28,7 milliards de dollars
Acquisition internationale du brut	16,6 milliards de dollars

Frais opérationnels et d'entretien de la raffinerie

Les dépenses opérationnelles de la raffinerie de Valero en 2023 étaient de 6,2 milliards de dollars, avec une comptabilité de maintenance de 1,8 milliard de dollars de ce total.

• Entretien par raffinerie: moyenne de 120 millions de dollars par an
• Remplacement et mises à niveau de l'équipement: 540 millions de dollars
• Investissements d'efficacité opérationnelle: 350 millions de dollars

Infrastructure de transport et de logistique

Les coûts de transport et de logistique de Valero en 2023 ont atteint 3,7 milliards de dollars.

Catégorie de dépenses logistiques	Coût annuel
Transport de pipeline	1,6 milliard de dollars
Expédition maritime	1,1 milliard de dollars
Camionnage et transport ferroviaire	1,0 milliard de dollars

Investissements de recherche et développement

Valero a alloué 285 millions de dollars aux initiatives de recherche et développement en 2023, en se concentrant sur les carburants renouvelables et les technologies d'efficacité.

• R&D diesel renouvelable: 120 millions de dollars
• Recherche d'optimisation des processus: 95 millions de dollars
• Technologies de réduction des émissions: 70 millions de dollars

Initiatives de conformité environnementale et de durabilité

La conformité environnementale et les coûts de durabilité pour Valero en 2023 ont totalisé 512 millions de dollars.

Catégorie de dépenses de durabilité	Coût annuel
Technologies de réduction des émissions	210 millions de dollars
Conformité réglementaire	182 millions de dollars
Investissements en énergie renouvelable	120 millions de dollars

Valero Energy Corporation (VLO) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

En 2023, Valero a déclaré un chiffre d'affaires total de 131,7 milliards de dollars. Répartition des ventes de produits du pétrole raffiné:

Catégorie de produits	Revenus ($ b)	Pourcentage
Essence	52.4	39.8%
Diesel	43.6	33.1%
Carburant à jet	18.2	13.8%

Éthanol et production de carburant renouvelable

Revenus du segment des carburants renouvelables en 2023:

• Production totale de carburant renouvelable: 1,4 milliard de gallons
• Production diesel renouvelable: 470 millions de gallons
• Revenus de segment de carburant renouvelable: 6,3 milliards de dollars

Distribution de carburant en gros

Revenus de distribution en gros:

Canal de distribution	Revenus ($ b)
Distributeurs de pétrole de détail	22.6
Ventes de flotte commerciale	15.4

Trading and Marketing of Energy Commodities

Revenus d'échange de produits d'énergie:

• Volume de trading de pétrole brut: 2,7 millions de barils par jour
• Revenus de segment de négociation: 8,2 milliards de dollars
• Marge par baril: 3,60 $

Marchés internationaux d'exportation de carburant

Revenus internationaux d'exportation:

Région d'exportation	Revenus ($ b)	Volume d'exportation (millions de barils)
l'Amérique latine	7.6	210
Asie-Pacifique	5.9	165
Europe	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.