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Valero Energy Corp.

Valero Energy Corp. (VLO)

Valero Energy Corporation (Valero), incorporated on June 8, 1981, is an independent petroleum refiner and ethanol producer. The Company's segments include refining, ethanol and Valero Energy Partners LP (VLP). The refining segment includes its refining operations and the associated marketing activities. The ethanol segment includes its ethanol operations and the associated marketing activities, and logistics assets that support its ethanol operations. The Company owns logistics assets (crude oil pipelines, refined petroleum product pipelines, terminals, tanks, marine docks, truck rack bays and other assets) that support its refining operations. Some of these assets are owned by VLP, which is a midstream master limited partnership owned by the Company. VLP's assets include crude oil and refined petroleum products pipeline and terminal systems in the United States Gulf Coast and the United States Mid-Continent regions. The Company's refineries produce conventional gasolines, premium gasolines, gasoline meeting the specifications of the California Air Resources Board (CARB), diesel, low-sulfur diesel, ultra-low-sulfur diesel, CARB diesel, other distillates, jet fuel, asphalt, petrochemicals, lubricants and other refined petroleum products.

Refining

As of December 31, 2016, the Company owned 15 petroleum refineries located in the United States, Canada and the United Kingdom with a combined throughput capacity of approximately 3.1 million barrels per day. The Company sells its refined petroleum products in both the wholesale rack and bulk markets. These sales include refined petroleum products that are manufactured in its refining operations, as well as refined petroleum products purchased or received on exchange from third parties. As of December 31, 2016, the Company also sold its refined petroleum products in approximately 7,400 outlets under its brand names in the United States, Canada, the United Kingdom and Ireland. The Company's refineries have access to marine transportation facilities and interconnect with common-carrier pipeline systems, enabling the Company to sell products in the United States, Canada, the United Kingdom and other countries.

The Company sells branded and unbranded gasoline and distillate production, as well as other products, such as asphalt, lube oils, and natural gas liquids (NGLs). The principal purchasers of its refined petroleum products from terminal truck racks are wholesalers, distributors, retailers, and truck-delivered end users throughout the United States, Canada, the United Kingdom and Ireland. The majority of its rack volume is sold through unbranded channels. The remainder is sold to distributors and dealers that are members of the Valero-brand family. As of December 31, 2016, the Company had approximately 5,700 branded sites in the United States, approximately 900 branded sites in the United Kingdom and Ireland, and approximately 800 branded sites in Canada. These sites are independently owned and are supplied by the Company under multi-year contracts. For branded sites, products are sold under the Valero, Beacon, Diamond Shamrock and Shamrock brands in the United States; the Texaco brand in the United Kingdom and Ireland, and the Ultramar brand in Canada.

The Company sells its gasoline and distillate production, as well as other products, such as asphalt, petrochemicals and NGLs, through bulk sales channels in the United States and international markets. Its bulk sales are made to various oil companies and traders, as well as certain bulk end users, such as railroads, airlines, and utilities. Its bulk sales are transported primarily by pipeline, barges, and tankers to major tank farms and trading hubs.

Ethanol

As of December 31, 2016, the Company owned 11 ethanol plants in the Mid-Continent region of the United States with a combined production capacity of approximately 1.4 billion gallons per year. It sells ethanol in the wholesale bulk market, and some of its logistics assets supporting its ethanol operations. The Company sources its corn supply from local farmers and commercial elevators. The Company sells its ethanol primarily to refiners and gasoline blenders under term and spot contracts in bulk markets, such as New York, Chicago, the United States Gulf Coast, Florida, and the United States West Coast. The Company ships its dry distillers grains by truck or rail primarily to animal feed customers in the United States and Mexico. It also sells modified distillers grains locally at its plant sites, and corn oil by truck or rail. The Company distributes its ethanol through logistics assets, which include railcars owned by it.

Fundamentals

Optimized Dividends

Annual Dividends

Year Amount Change
2006 0.0c
2007 0.0c 0%
2008 0.0c 0%
2009 0.0c 0%
2010 0.0c 0%
2011 0.0c 0%
2012 70.0c 100%
2013 90.5c 29.3%
2014 120.0c 32.6%
2015 190.0c 58.3%
2016 250.0c 31.6%
2017 290.0c 16.0%
2018 330.0c 13.8%
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Dividends

Ex-Div Date Pay Date Year Type Frequency Status Amount
21 May 2012 20 Jun 2012 2012 Interim Quarterly Paid 15c
13 Aug 2012 12 Sep 2012 2012 Interim Quarterly Paid 17.5c
19 Nov 2012 12 Dec 2012 2012 Interim Quarterly Paid 17.5c
11 Feb 2013 13 Mar 2013 2012 Final Quarterly Paid 20c
20 May 2013 19 Jun 2013 2013 Interim Quarterly Paid 20c
12 Aug 2013 11 Sep 2013 2013 Interim Quarterly Paid 23c
25 Nov 2013 18 Dec 2013 2013 Interim Quarterly Paid 22.5c
10 Feb 2014 12 Mar 2014 2013 Final Quarterly Paid 25c
19 May 2014 18 Jun 2014 2014 Interim Quarterly Paid 25c
18 Aug 2014 17 Sep 2014 2014 Interim Quarterly Paid 27.5c
17 Nov 2014 17 Dec 2014 2014 Interim Quarterly Paid 27.5c
09 Feb 2015 03 Mar 2015 2014 Final Quarterly Paid 40c
11 May 2015 10 Jun 2015 2015 Interim Quarterly Paid 40c
31 Jul 2015 02 Sep 2015 2015 Interim Quarterly Paid 40c
19 Nov 2015 17 Dec 2015 2015 Interim Quarterly Paid 50c
05 Feb 2016 03 Mar 2016 2015 Final Quarterly Paid 60c
23 May 2016 21 Jun 2016 2016 Interim Quarterly Paid 60c
09 Aug 2016 08 Sep 2016 2016 Interim Quarterly Paid 60c
18 Nov 2016 15 Dec 2016 2016 Interim Quarterly Paid 60c
13 Feb 2017 07 Mar 2017 2016 Final Quarterly Paid 70c
15 May 2017 07 Jun 2017 2017 Interim Quarterly Paid 70c
07 Aug 2017 07 Sep 2017 2017 Interim Quarterly Paid 70c
20 Nov 2017 12 Dec 2017 2017 Interim Quarterly Paid 70c
12 Feb 2018 06 Mar 2018 2017 Final Quarterly Paid 80c
16 May 2018 05 Jun 2018 2018 Interim Quarterly Paid 80c
06 Aug 2018 05 Sep 2018 2018 Interim Quarterly Paid 80c
19 Nov 2018 12 Dec 2018 2018 Interim Quarterly Paid 80c
12 Feb 2019 05 Mar 2019 2018 Final Quarterly Paid 90c
14 May 2019 04 Jun 2019 2019 Interim Quarterly Paid 90c
05 Aug 2019 04 Sep 2019 2019 Interim Quarterly Paid 90c
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