Valero Energy Corporation (VLO): Business Model Canvas [Dec-2025 Updated]

You're looking to understand the engine room of Valero Energy Corporation (VLO), and what you'll see is a textbook example of an incumbent managing a massive energy transition. Forget simple fuel sales; their model is a dual-engine machine: high-complexity refining cash flow funding a serious pivot into low-carbon fuels, like their Diamond Green Diesel (DGD) venture pushing 1.2 billion gallons of renewable diesel capacity per year. With an estimated $120.5 billion in 2025 revenue and $4.8 billion in cash as of Q3 2025, they are definitely making strategic moves. Keep reading below for the full nine-block Business Model Canvas that maps out exactly how they are positioning their 15 refineries for the next decade.

Valero Energy Corporation (VLO) - Canvas Business Model: Key Partnerships

Diamond Green Diesel (DGD) joint venture with Darling Ingredients

Valero Energy Corporation is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF). The DGD Port Arthur, Texas, plant completed a Sustainable Aviation Fuel (SAF) project in the first quarter of 2025. This project gives the DGD plant the optionality to upgrade approximately 50 percent of its current 470 million gallon annual renewable diesel production capacity to SAF. The total cost for this SAF project was $315 million, with Valero attributable for half. Once the Port Arthur plant is operating, Diamond Green Diesel will have a total renewable diesel production capacity of nearly 1.2 billion gallons per year in the U.S. Gulf Coast region. Despite the strategic importance, Valero Energy Corporation's renewable diesel segment, which consists of the Diamond Green Diesel joint venture, reported an operating loss of $79 million for the second quarter of 2025.

Global crude oil suppliers for diverse feedstock procurement

Valero Energy Corporation 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 as of the second quarter of 2025. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025. The company's operations rely on securing crude oil and other feedstocks to maintain this scale of production.

Southwest Airlines for Sustainable Aviation Fuel (SAF) offtake

Valero Marketing and Supply Company entered into a supply agreement with Southwest Airlines for Sustainable Aviation Fuel (SAF) to be used at Chicago Midway International Airport (MDW). Under the two-year agreement, Southwest has the right to purchase up to approximately 12 million gallons of neat SAF for its operations in 2025. This minimum purchase commitment was for a minimum of 3.6 million gallons of neat SAF (equal to roughly 12 million gallons blended) by the end of 2024, with an option to increase up to 25 million gallons of neat SAF (around 84 million gallons blended) over the contract term. The neat SAF supplied is expected to achieve a lifecycle greenhouse gas emission reduction ranging from 74% to 84% compared to conventional jet fuel.

Summit Carbon Solutions for carbon capture and storage projects

Valero Energy Corporation is a shipper on Summit Carbon Solutions' proposed carbon capture and storage project. Valero agreed to transport greenhouse gases from eight of its ethanol plants across Iowa, Nebraska, Minnesota, and South Dakota. The participation from these eight Valero facilities adds 1.1 billion gallons of ethanol per year to the project scope. This integration is expected to lead to the capture of 3.1 million metric tons of CO2 annually from Valero's facilities alone. With Valero's inclusion, the multi-state pipeline project now extends to 57 ethanol production facilities across the upper Midwest, with a total capture potential of over 16 million metric tons (mmt) of CO2 per year. The proposed pipeline is an $8 billion project.

Pipeline and logistics providers like Enterprise Products Partners

Valero utilizes an extensive logistics infrastructure, including approximately 3,000 miles of active pipelines and approximately 12,000 owned or leased rail cars to transport raw materials and finished products. The SAF supplied to Southwest Airlines is planned for delivery via existing fuel delivery infrastructure, which includes the Explorer Pipeline and West Shore's Chicagoland pipeline network. Enterprise Products Partners, a major logistics provider, reported that by the end of the first quarter of 2025, the majority of its legacy margin-based contracts at its propylene splitters were converted to fee-based processing agreements.

• Valero's owned/leased railcars: approximately 12,000.
• Valero's active pipeline mileage: approximately 3,000 miles.
• Valero's storage capacity for crude oil and products: approximately 130 million barrels.
• Number of Valero truck rack bays: 200+.

Valero Energy Corporation (VLO) - Canvas Business Model: Key Activities

High-complexity petroleum refining and processing

Valero Energy Corporation operates 15 petroleum refineries across the United States, Canada, and the U.K.. The combined throughput capacity for this refining system is approximately 3.2 million barrels per day. Refining segment operating income reached $1.6 billion for the third quarter of 2025. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025. Refining cash operating expenses guidance for the fourth quarter of 2025 is approximately $4.80 per barrel.

The operational scale across regions for the fourth quarter of 2025 is projected as follows:

Large-scale renewable diesel and ethanol production

Valero Energy Corporation is a major manufacturer of low-carbon fuels through its segments and joint ventures. The Diamond Green Diesel (DGD) joint venture produces 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. Sales volumes for renewable diesel averaged 2.7 million gallons per day in the second quarter of 2025. The Ethanol segment operates 12 plants in the U.S. Mid-Continent region, with a combined production capacity of approximately 1.7 billion gallons per year. Ethanol production volumes averaged a record 4.6 million gallons per day in the third quarter of 2025.

Key renewable fuel production metrics:

• Diamond Green Diesel (DGD) annual capacity: 1.2 billion gallons
• Ethanol plant count: 12
• Ethanol annual capacity: 1.7 billion gallons
• Q3 2025 Ethanol production volume average: 4.6 million gallons per day

Global crude oil and feedstock procurement and trading

The core of the refining activity involves securing and processing the most economic crude oils, demonstrating the system's flexibility. Valero Energy Corporation focuses on operational excellence programs to enhance refining efficiency and feedstock flexibility. The company is a key player in the renewable fuels market, which involves procuring feedstocks like used cooking oil and inedible corn oil for its DGD joint venture. The company is also advancing projects to increase the yield of high-value products, such as the $230 million FCC Unit optimization project at the St. Charles Refinery, expected to finish in 2026.

Product distribution via extensive logistics network

Product distribution relies on extensive supply networks, pipeline partnerships, terminal operations, and marine transportation pathways. Valero Energy Corporation serves customers across multiple regions, including the United States, Canada, the United Kingdom, Ireland, Latin America, Mexico, and Peru. Wholesale partners utilize these channels for transportation fuels for ground, marine, and aviation applications. The company has secured supply agreements for its Sustainable Aviation Fuel (SAF) with partners like Avfuel Corporation across terminals in New Jersey, Texas, and Florida in 2025.

The distribution network supports:

• Domestic and global movement of refined products
• Supply of transportation fuels to wholesale distributors and retailers
• Delivery of SAF to major hubs like O\'Hare International Airport

Strategic capital allocation, with $2 billion planned for 2025

Valero Energy Corporation announced planned capital investments attributable to the company for 2025 to be approximately $2 billion. Of this total, about $1.6 billion is allocated to sustaining the business, with the balance directed toward growth initiatives. For the third quarter of 2025, Valero returned $1.3 billion to stockholders through dividends and share buybacks. The company ended the third quarter of 2025 with a debt to capitalization ratio, net of cash, of just 18%.

Capital investment breakdown for 2025:

Valero Energy Corporation (VLO) - Canvas Business Model: Key Resources

You're looking at the hard assets that power Valero Energy Corporation's business, the things they own that are absolutely necessary to create and deliver their products. These aren't just line items on a balance sheet; they are the physical engine of the company.

The foundation of Valero Energy Corporation's resource base is its massive refining footprint. As of late 2025, Valero Energy Corporation owns and operates 15 petroleum refineries spread across the United States, Canada, and the United Kingdom. This network gives them a combined throughput capacity of approximately 3.2 million barrels per day of crude oil processing capability. To give you a sense of current utilization, in the third quarter of 2025, their refining throughput volumes averaged 3.1 million barrels per day, representing a utilization rate of 97 percent for that period. Honestly, that level of consistent high utilization speaks volumes about their operational readiness.

Beyond traditional fuels, Valero Energy Corporation is heavily invested in low-carbon fuels through its joint venture, Diamond Green Diesel Holdings LLC (DGD). This venture is a key resource for future growth. DGD has a total renewable diesel production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. Furthermore, a recent project at the DGD Port Arthur plant, completed in early 2025, gives the facility the option to upgrade about 50 percent of its current capacity to Sustainable Aviation Fuel (SAF).

Here's a quick look at the scale of Valero Energy Corporation's core physical and financial resources as reported at the end of Q3 2025:

The logistics network is a critical, often overlooked, resource that connects the refineries to the market. Valero Energy Corporation maintains an extensive system to move its products efficiently. This infrastructure includes approximately 3,000 miles of active pipelines and storage capacity totaling around 130 million barrels. They also operate over 50 docks to support marine transportation.

You can't run a complex refining business without deep know-how. Valero Energy Corporation's proprietary refining technology and operational expertise are key intangible assets. This expertise is demonstrated by their ability to achieve high utilization rates and their successful execution of complex projects, like the FCC Unit optimization project at the St. Charles Refinery, a $230 million investment expected to come online in the second half of 2026 to improve high-value product yield. Their commitment to operational excellence is also evidenced by having many facilities designated as OSHA's highest plant-safety designation, the Voluntary Protection Program (VPP) Star Sites.

Finally, the balance sheet itself is a resource that enables strategic flexibility. As of September 30, 2025, Valero Energy Corporation ended the third quarter with $4.8 billion in cash and cash equivalents. This strong liquidity position, coupled with a modest debt to capitalization ratio of 18 percent (net of cash), means Valero Energy Corporation has the financial cushion to sustain capital returns and weather market volatility. They returned $1.3 billion to stockholders in Q3 2025 alone, showing how this financial strength translates directly into shareholder value.

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:

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:

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.

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.

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.

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):

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.