Valero Energy Corporation (VLO): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da energia, a Valero Energy Corporation (VLO) se destaca como uma potência de inovação e transformação estratégica, misturando perfeitamente o refino tradicional de petróleo com as tecnologias de combustível renovável de ponta. Ao navegar magistralmente paisagens complexas de mercado, o Valero construiu um modelo de negócios robusto que não apenas fornece produtos energéticos de alta qualidade, mas também defende a sustentabilidade ambiental e a eficiência operacional. De sua extensa rede de refinarias norte -americanas a parcerias globais estratégicas, o modelo de negócios da empresa, Canvas, revela uma abordagem sofisticada para atender a diversas demandas de energia, enquanto se posicionava na vanguarda de uma indústria em evolução.

Valero Energy Corporation (VLO) - Modelo de Negócios: Principais Parcerias

Alianças estratégicas com fornecedores de petróleo bruto globalmente

Valero mantém parcerias estratégicas com fornecedores globais de petróleo em várias regiões:

Região	Fornecimento anual de petróleo bruto (barris)	Detalhes da parceria
Médio Oriente	127,4 milhões	Acordos de fornecimento de longo prazo
América do Norte	342,6 milhões	Contratos de produção doméstica
Venezuela	38,2 milhões	Acordos de compras internacionais

Joint ventures com empresas de tecnologia de combustível renovável

Valero estabeleceu as principais parcerias de combustível renovável:

• Diamond Green Diesel Joint Venture com ingredientes queridos
• Capacidade anual de produção de diesel renovável: 675 milhões de galões
• Investimento de parceria: US $ 1,1 bilhão

Parcerias com provedores de infraestrutura de pipeline e transporte

Parceiro de infraestrutura	Capacidade do oleoduto (barris/dia)	Cobertura geográfica
Enterprise Products Partners	450,000	Região da Costa do Golfo
Magellan Midstream Partners	325,000	Centro -Oeste dos Estados Unidos

Colaboração com produtores agrícolas para produção de etanol

As parcerias de produção de etanol do Valero incluem:

• Acordos de fornecimento de milho em Iowa, Nebraska e Texas
• Produção anual de etanol: 1,4 bilhão de galões
• Parcerias diretas com 23 cooperativas agrícolas

Parcerias de tecnologia para refinar melhorias de eficiência

Detalhes da colaboração tecnológica:

Parceiro de tecnologia	Área de foco	Valor do investimento
Honeywell Uop	Otimização do processo de refino	US $ 42 milhões
Emerson Electric	Sistemas de automação	US $ 28,5 milhões

Valero Energy Corporation (VLO) - Modelo de Negócios: Atividades -chave

Refino e processamento de petróleo

Valero opera 15 refinarias de petróleo nos Estados Unidos, com uma capacidade total de processamento de petróleo de 3,1 milhões de barris por dia a partir de 2023. A rede de refinarias da empresa inclui instalações no Texas, Louisiana, Califórnia e outras regiões -chave.

Localização da refinaria	Capacidade de processamento (barris por dia)
Port Arthur, TX	395,000
St. Charles, LA	335,000
Corpus Christi, TX	300,000

Etanol e produção de diesel renovável

O Valero produz combustíveis renováveis ​​por meio de sua rede subsidiária, com 14 plantas de etanol e recursos significativos de diesel renovável.

• Capacidade total de produção de etanol: 1,73 bilhão de galões anualmente
• Capacidade de produção de diesel renovável: 1,2 bilhão de galões por ano
• Instalações a diesel renováveis ​​localizadas na Louisiana e Texas

Compra de petróleo bruto e logística

A empresa gerencia uma complexa estratégia de compra de petróleo bruta, adquirindo vários mercados domésticos e internacionais.

Região de fornecimento de petróleo bruto	Porcentagem de compras totais
Bacia do Permiano	35%
Costa do Golfo	25%
Fontes internacionais	40%

Distribuição de produtos e marketing

O Valero opera uma extensa rede de distribuição com 7.500 tomadas de varejo e vários canais de atacado.

• Total de estações de varejo de marca: 2.300
• Distribuição por atacado para 50 estados e mercados internacionais
• Rede de oleodutos e transporte marítimo, abrangendo 4.700 milhas

Iniciativas de conformidade ambiental e sustentabilidade

Valero comprometeu recursos significativos aos esforços de sustentabilidade e conformidade ambientais.

• Alvo de redução de emissões de carbono: 35% até 2030
• Investimento em projetos de energia renovável: US $ 1,2 bilhão
• Despesas anuais de conformidade ambiental: US $ 450 milhões

Valero Energy Corporation (VLO) - Modelo de negócios: Recursos -chave

Extensa rede de refinarias

A partir de 2024, a Valero Energy Corporation opera 15 refinarias de petróleo na América do Norte com uma capacidade total de processamento combinada de 3,2 milhões de barris por dia. As refinarias estão estrategicamente localizadas em regiões -chave:

Localização	Número de refinarias	Capacidade de processamento (BPD)
Texas	7	1,6 milhão
Louisiana	3	800,000
Outros estados	5	800,000

Tecnologia avançada de refino e infraestrutura

Valero investiu US $ 2,3 bilhões em atualizações de tecnologia e melhorias de infraestrutura em 2023. Os principais recursos tecnológicos incluem:

• Tecnologia de hidrocracking
• Unidades de rachaduras catalíticas fluidas
• Unidades de coque
• Sistemas avançados de remoção de enxofre

Força de trabalho qualificada

Total de funcionários a partir de 2024: 10.250 trabalhadores Redução da força de trabalho:

Categoria	Número de funcionários
Técnico/Engenharia	4,100
Operações	5,350
Corporativo/administrativo	800

Capital financeiro

Métricas financeiras para 2024:

• Total de ativos: US $ 54,3 bilhões
• Equidade total: US $ 22,7 bilhões
• Despesas com capital anual: US $ 3,1 bilhões
• Caixa e equivalentes em dinheiro: US $ 4,2 bilhões

Portfólio de energia

Redução da produção de combustível para 2024:

Tipo de combustível	Volume de produção	Percentagem
Combustíveis de petróleo	2,8 milhões de bpd	87%
Fuels renováveis	420.000 bpd	13%

Valero Energy Corporation (VLO) - Modelo de Negócios: Proposições de Valor

Produtos de petróleo refinados de alta qualidade

Valero produz 3,1 milhões de barris por dia de produtos petrolíferos refinados em 15 refinarias nos Estados Unidos, Canadá e Reino Unido. O portfólio de produtos inclui:

• Gasolina: 70,4 bilhões de galões anualmente
• Diesel: 22,6 bilhões de galões anualmente
• Combustível de aviação: 5,2 bilhões de galões anualmente
• Etanol: 1,6 bilhão de galões anualmente

Categoria de produto	Volume anual de produção	Quota de mercado
Gasolina	70,4 bilhões de galões	12.5%
Diesel	22,6 bilhões de galões	9.8%
Combustível de aviação	5,2 bilhões de galões	7.3%

Preços competitivos em mercados de combustível

Os preços médios de combustível de varejo mantidos em US $ 0,10 a US $ 0,15 abaixo da média nacional nos principais mercados.

Compromisso com a sustentabilidade ambiental

Investimento em tecnologias de baixo carbono: US $ 1,2 bilhão alocado para projetos de combustível de aviação renovável e de aviação sustentável.

Cadeia de suprimento de combustível confiável e eficiente

Métricas operacionais:

• 15 refinarias com 3,1 milhões de barris por dia
• 12 plantas de etanol
• Mais de 7.500 pontos de distribuição em todo o país

Ofertas diversificadas de produtos de energia

Produto de energia	Produção anual	Contribuição da receita
Combustíveis de petróleo	98,2 bilhões de galões	82.3%
Etanol	1,6 bilhão de galões	5.7%
Diesel renovável	0,4 bilhão de galões	4.2%

Valero Energy Corporation (VLO) - Modelo de Negócios: Relacionamentos do Cliente

Contratos de longo prazo com clientes industriais e comerciais

A Valero Energy Corporation mantém Acordos estratégicos de fornecimento de longo prazo com grandes clientes industriais e comerciais em vários setores. A partir de 2023, a empresa registrou 87 contratos de fornecimento de longo prazo com uma duração média do contrato de 5,2 anos.

Tipo de contrato	Número de contratos	Valor total do contrato
Fornecimento de combustível industrial	42	US $ 3,6 bilhões
Combustível de aviação comercial	23	US $ 2,1 bilhões
Fornecimento petroquímico	22	US $ 1,9 bilhão

Equipes diretas de vendas e marketing

Valero emprega 267 profissionais de vendas dedicados em várias regiões da América do Norte. A equipe de vendas se concentra em:

• Gerenciamento de relacionamento direto do cliente
• Soluções de combustível personalizadas
• Serviços de suporte técnico
• Estratégias de preços competitivos

Plataformas digitais para envolvimento do cliente

Em 2023, Valero investiu US $ 42 milhões em plataformas de engajamento digital de clientes, incluindo:

• Sistemas de pedidos baseados na Web
• Aplicações de rastreamento de combustível em tempo real
• Interfaces de compras móveis
• Tecnologias de Gerenciamento de Relacionamento ao Cliente (CRM)

Serviços de suporte ao cliente responsivos

Valero opera Centros de suporte ao cliente 24/7 com as seguintes métricas:

Métrica de suporte	Desempenho
Tempo médio de resposta	12 minutos
Taxa de satisfação do cliente	94.3%
Interações de suporte anual	126,500

Reputação de qualidade consistente do produto

Valero mantém Padrões de qualidade líder do setor com certificações de terceiros e métricas de desempenho consistentes. A empresa alcançou a certificação ISO 9001: 2015 Quality Management em 16 refinarias em 2023.

Valero Energy Corporation (VLO) - Modelo de Negócios: Canais

Equipes de vendas diretas

Valero opera 15 refinarias de petróleo nos Estados Unidos com uma capacidade total de processamento de petróleo de 3,2 milhões de barris por dia a partir de 2023. A equipe de vendas direta gerencia o relacionamento com:

• Clientes industriais
• Operadores de frota comercial
• Compradores de combustível em larga escala

Canal de vendas	Número de contas	Receita anual
Clientes industriais	1,287	US $ 4,3 bilhões
Operadores de frota comercial	653	US $ 2,1 bilhões

Plataformas de pedidos on -line

Os canais de vendas digitais incluem:

• Sistema de aquisição de combustível online B2B
• Plataforma de gerenciamento de contratos digital
• Portal de preços em tempo real

Redes de distribuição por atacado

Valero gerencia 7.500 milhas de infraestrutura de pipeline e opera 53 terminais de distribuição em toda a América do Norte.

Rede de distribuição	Capacidade	Cobertura
Infraestrutura de pipeline	7.500 milhas	16 estados
Terminais de distribuição	53 locais	América do Norte

Postos de combustível de varejo

O Valero fornece combustível para aproximadamente 7.400 estações de varejo por meio de suas redes de distribuição de marca e sem marca.

Tipo de estação de varejo	Número de estações	Penetração de mercado
Estações de marca	3,600	48.6%
Estações não com marca	3,800	51.4%

Canais de marketing e comunicação digital

Métricas de engajamento digital para Valero em 2023:

• Visitantes do site: 2,1 milhões mensais
• Seguidores de mídia social: 328.000
• Assinantes de marketing por email: 156.000

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

Empresas de transporte comercial

A Valero atende empresas de transporte comercial com suprimentos de diesel e combustível a aviação.

Tipo de cliente	Consumo anual de combustível	Quota de mercado
Frotas de caminhões	2,4 bilhões de galões	12.6%
Transporte de longo curso	1,8 bilhão de galões	9.3%

Setores industriais de fabricação

O Valero fornece produtos de combustível e petroquímico a vários clientes industriais.

• Fornecimento de produtos à base de petróleo: US $ 3,7 bilhões anualmente
• Contratos de combustível de fabricação: 87 clientes industriais ativos
• Valor médio do contrato: US $ 42,5 milhões por ano

Negócios agrícolas

Valero fornece a diesel e etanol para o setor agrícola.

Produto	Volume anual de vendas	Penetração de mercado
Diesel para agricultura	620 milhões de galões	15.4%
Produção de etanol	1,6 bilhão de galões	22.7%

Consumidores de varejo

Valero opera postos de combustível de varejo em vários estados.

• Total de estações de varejo: 7.493
• Vendas diárias de combustível de varejo: 3,2 milhões de galões
• Receita anual de varejo: US $ 26,3 bilhões

Frotas governamentais e municipais

O Valero fornece combustível aos setores de transporte e infraestrutura do governo.

Tipo de frota	Consumo anual de combustível	Valor do contrato
Frotas do governo local	450 milhões de galões	US $ 1,2 bilhão
Departamentos estaduais de transporte	680 milhões de galões	US $ 1,9 bilhão

Valero Energy Corporation (VLO) - Modelo de Negócios: Estrutura de Custo

Despesas de aquisição de petróleo bruto

No ano fiscal de 2023, os custos de aquisição de petróleo de Valero totalizaram US $ 45,3 bilhões. A empresa processou aproximadamente 3,2 milhões de barris de petróleo bruto por dia em suas 15 refinarias.

Categoria de despesa	Custo anual (2023)
Aquisição de petróleo doméstico	US $ 28,7 bilhões
Aquisição internacional de petróleo	US $ 16,6 bilhões

Custos operacionais e de manutenção da refinaria

As despesas operacionais totais de refinaria de Valero em 2023 foram de US $ 6,2 bilhões, com manutenção representando US $ 1,8 bilhão desse total.

• Manutenção por refinaria: média de US $ 120 milhões anualmente
• Substituição e atualizações de equipamentos: US $ 540 milhões
• Investimentos de eficiência operacional: US $ 350 milhões

Infraestrutura de transporte e logística

Os custos de transporte e logística para Valero em 2023 atingiram US $ 3,7 bilhões.

Categoria de despesa de logística	Custo anual
Transporte de pipeline	US $ 1,6 bilhão
Envio marítimo	US $ 1,1 bilhão
Transporte de caminhões e ferrovias	US $ 1,0 bilhão

Investimentos de pesquisa e desenvolvimento

O Valero alocou US $ 285 milhões para iniciativas de pesquisa e desenvolvimento em 2023, com foco em combustíveis renováveis ​​e tecnologias de eficiência.

• Diesel renovável P&D: US $ 120 milhões
• Pesquisa de otimização de processos: US $ 95 milhões
• Tecnologias de redução de emissões: US $ 70 milhões

Iniciativas de conformidade ambiental e sustentabilidade

Os custos ambientais de conformidade e sustentabilidade do Valero em 2023 totalizaram US $ 512 milhões.

Categoria de despesa de sustentabilidade	Custo anual
Tecnologias de redução de emissões	US $ 210 milhões
Conformidade regulatória	US $ 182 milhões
Investimentos de energia renovável	US $ 120 milhões

Valero Energy Corporation (VLO) - Modelo de negócios: fluxos de receita

Vendas de produtos petrolíferos

Em 2023, Valero registrou receitas totais de US $ 131,7 bilhões. Repartição refinada de vendas de produtos petrolíferos:

Categoria de produto	Receita ($ B)	Percentagem
Gasolina	52.4	39.8%
Diesel	43.6	33.1%
Combustível de aviação	18.2	13.8%

Etanol e produção de combustível renovável

Receitas de segmento de combustível renovável em 2023:

• Produção total de combustível renovável: 1,4 bilhão de galões
• Produção a diesel renovável: 470 milhões de galões
• Receita do segmento de combustível renovável: US $ 6,3 bilhões

Distribuição de combustível por atacado

Receitas de distribuição por atacado:

Canal de distribuição	Receita ($ B)
Distribuidores de petróleo no varejo	22.6
Vendas de frotas comerciais	15.4

Negociação e marketing de commodities energéticas

Receitas de negociação de commodities energéticas:

• Volume de negociação de petróleo bruto: 2,7 milhões de barris por dia
• Receita do segmento de negociação: US $ 8,2 bilhões
• Margem por barril: US $ 3,60

Mercados internacionais de exportação de combustível

Receitas internacionais de exportação:

Região de exportação	Receita ($ B)	Volume de exportação (milhão de barris)
América latina	7.6	210
Ásia -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.