Valero Energy Corporation
Valero Energy Announces Preliminary Financial Results for Q4 and Full Year 2024
Summary
Valero Energy Corporation announced its preliminary unaudited financial and operating results for the fourth quarter and full year ended December 31, 2024. The preliminary results show a decrease in revenues to $30.76 billion for Q4 2024 from $35.41 billion in Q4 2023, and a decrease in full-year revenues to $129.88 billion for 2024 from $144.77 billion in 2023. Net income for Q4 2024 was $357 million, down from $1.22 billion in Q4 2023, while full-year net income was $3.01 billion for 2024, compared to $9.15 billion in 2023. The decrease in net income is primarily due to higher costs of sales, lower operating income, and a one-time charge related to the Navigator project. The Company also benefited from a tax credit related to second-generation biofuels.
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About Valero Energy Corporation
Valero Energy Corporation is a leading international manufacturer and marketer of transportation fuels and petrochemical products. Operating as an independent petroleum refiner, Valero plays a crucial role in the energy sector, producing essential fuels like gasoline, diesel, and jet fuel. The company operates multiple refineries and ethanol plants across various strategic locations, primarily in the United States and Canada, optimizing access to feedstock supplies and distribution networks. One of Valero's distinguishing features is its commitment to sustainable and environmentally responsible practices, investing in renewable diesel production and reducing carbon emissions. As a key player in the energy market, Valero supplies a broad portfolio of customers, including retail outlets, wholesalers, and enterprise clients, leveraging its extensive logistic capabilities. Founded in 1980 and headquartered in San Antonio, Texas, Valero Energy Corporation significantly contributes to global energy supply chains while continuously adapting to changing regulatory and market dynamics.
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