Valero Energy Reports Third Quarter 2015 Results and 25 Percent Dividend Increase
SAN ANTONIO, Oct. 28, 2015 /PRNewswire/ -- Valero Energy Corporation (NYSE: VLO, "Valero") today reported net income from continuing operations attributable to Valero stockholders of $1.4 billion, or $2.79 per share, in the third quarter of 2015 compared to $1.1 billion, or $2.00 per share, in the third quarter of 2014.
Valero also reported that its Board of Directors approved a 25 percent increase in the regular quarterly cash dividend on common stock from $0.40 per share to $0.50 per share, effective with the quarterly dividend payable on December 17, 2015 to holders of record at the close of business on November 23, 2015. The increase in the dividend raises the company's annualized cash dividend to $2.00 per share.
"So far this year, we've invested $1.7 billion into our business, increased our dividend over 80 percent, and more than doubled our buyback total," said Joe Gorder, Valero Chairman, President and Chief Executive Officer. "We had solid operations and made great strides on strategic investments including the crude unit projects at Corpus Christi and Houston."
The company expects the Corpus Christi and Houston crude units to be completed in the fourth quarter of 2015, and the first half of 2016, respectively.
RefiningThe refining segment generated third quarter 2015 operating income of $2.3 billion compared to $1.7 billion in the third quarter of 2014. The $631 million increase in operating income primarily resulted from a $2.57 increase in throughput margin per barrel from $11.81 in the third quarter of 2014 to $14.38 in the third quarter of 2015, driven mainly by stronger gasoline and other product margins. Partially offsetting these factors were lower distillate margins and discounts for most sweet and sour crude oils relative to Brent crude oil.
Third quarter 2015 refining throughput volumes averaged 2.8 million barrels per day, which was in line with the third quarter of 2014. Valero's refineries operated at 96 percent throughput capacity utilization in the third quarter of 2015. The company delivered export volumes of 330 thousand barrels per day, a record for a third quarter.
"With strong product margins and healthy demand, we delivered solid results this quarter," said Gorder. "We are seeing good seasonal demand for our products in the fourth quarter."
EthanolThe ethanol segment generated third quarter 2015 operating income of $35 million compared to $198 million in the third quarter of 2014. The $163 million decrease in operating income was mainly due to lower gross margin per gallon driven primarily by a decline in ethanol prices. Average ethanol production volumes were 3.9 million gallons per day in the third quarter of 2015, an increase of 297,000 gallons per day versus the third quarter of 2014, primarily due to incremental production volumes from the Mount Vernon plant, which was acquired in 2014 and began operating in August 2014.
Corporate and OtherGeneral and administrative expenses totaled $179 million in the third quarter of 2015 compared to $180 million in the third quarter of 2014. The effective tax rate was 32.4 percent in the third quarter of 2015.
Capital AllocationCapital spending was $467 million in the third quarter of 2015, of which $109 million was for turnarounds and catalyst.
Valero returned a total of $1.3 billion in cash to stockholders in the third quarter of 2015, of which $199 million was paid in dividends and $1.1 billion was used to purchase 17.2 million shares of Valero common stock. Year to date, dividends and stock buybacks totaled $2.7 billion.
Valero is on target to reach a payout ratio of 75 percent for 2015, with a year-to-date ratio of 73 percent. The company defines total payout ratio as the sum of dividends plus stock buybacks divided by net income from continuing operations attributable to Valero stockholders.
Liquidity and Financial PositionValero ended the third quarter of 2015 with $7.4 billion in total debt and $5.3 billion of cash and temporary cash investments, of which $51 million was held by Valero Energy Partners LP ("VLP"). Valero's debt-to-capital ratio, net of $2 billion in cash, was approximately 20 percent.
Strategic UpdateWith the drop-down transaction that occurred on October 1, 2015, Valero has completed a total of $1.14 billion of drop-down transactions to VLP in 2015, exceeding its $1 billion goal for the year. This latest drop down puts VLP on track to increase its quarterly distribution to the level needed to achieve the top tier of incentive distributions to the general partner (Valero) by early 2016. The company remains committed to growing VLP through drop-down transactions with an estimated $1 billion of potentially MLP-eligible EBITDA related to existing assets.
"We continue to fuel VLP's growth through drop-down transactions with supportive financing arrangements that benefit both parties," said Gorder.
Capital expenditures are expected to be within prior guidance of approximately $2.65 billion for 2015 and consistent with prior guidance for 2016 at approximately $2.4 billion. These estimates exclude the St. Charles methanol project that remains under evaluation.
Conference CallValero's senior management will hold a conference call at 11 a.m. ET today to discuss this earnings release and to provide an update on company operations and strategy.
About ValeroValero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,000 people, and its assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.9 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year, a 50-megawatt wind farm, and renewable diesel production from a joint venture. Through subsidiaries, Valero owns the general partner of Valero Energy Partners LP (NYSE: VLP), a midstream master limited partnership. Approximately 7,400 outlets carry the Valero, Diamond Shamrock, Shamrock, and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.
Valero ContactsInvestors:John Locke, Vice President – Investor Relations, 210-345-3077Karen Ngo, Manager – Investor Relations, 210-345-4574
Media:Bill Day, Vice President – Communications, 210-345-2928
To download our investor relations mobile app, which offers access to SEC filings, press releases, quotes, and upcoming events, please visit Apple's iTunes App Store for your iPhone and iPad or Google's Play Store for your Android mobile device.
Safe-Harbor StatementStatements contained in this release that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," "intend," and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and on Valero's website at www.valero.com, and VLP's annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the SEC and on VLP's website at www.valeroenergypartners.com.
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES EARNINGS RELEASE(Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts) (Unaudited) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Statement of Income Data: |
||||||||||||||||
|
Operating revenues |
$ |
22,579 |
$ |
34,408 |
$ |
69,027 |
$ |
102,985 |
||||||||
|
Costs and expenses: |
||||||||||||||||
|
Cost of sales |
18,677 |
31,023 |
58,234 |
93,820 |
||||||||||||
|
Operating expenses: |
||||||||||||||||
|
Refining |
986 |
987 |
2,885 |
2,926 |
||||||||||||
|
Ethanol |
116 |
118 |
344 |
358 |
||||||||||||
|
General and administrative expenses |
179 |
180 |
504 |
510 |
||||||||||||
|
Depreciation and amortization expense |
482 |
430 |
1,348 |
1,265 |
||||||||||||
|
Total costs and expenses |
20,440 |
32,738 |
63,315 |
98,879 |
||||||||||||
|
Operating income |
2,139 |
1,670 |
5,712 |
4,106 |
||||||||||||
|
Other income, net |
3 |
11 |
35 |
38 |
||||||||||||
|
Interest and debt expense, net of capitalized interest |
(112) |
(98) |
(326) |
(296) |
||||||||||||
|
Income from continuing operations before income tax expense |
2,030 |
1,583 |
5,421 |
3,848 |
||||||||||||
|
Income tax expense |
657 |
521 |
1,715 |
1,293 |
||||||||||||
|
Income from continuing operations |
1,373 |
1,062 |
3,706 |
2,555 |
||||||||||||
|
Loss from discontinued operations |
— |
— |
— |
(64) |
||||||||||||
|
Net income |
1,373 |
1,062 |
3,706 |
2,491 |
||||||||||||
|
Less: Net income (loss) attributable to noncontrolling interests |
(4) |
3 |
14 |
16 |
||||||||||||
|
Net income attributable to Valero Energy Corporation stockholders |
$ |
1,377 |
$ |
1,059 |
$ |
3,692 |
$ |
2,475 |
||||||||
|
Net income attributable to Valero Energy Corporation stockholders: |
||||||||||||||||
|
Continuing operations |
$ |
1,377 |
$ |
1,059 |
$ |
3,692 |
$ |
2,539 |
||||||||
|
Discontinued operations |
— |
— |
— |
(64) |
||||||||||||
|
Total |
$ |
1,377 |
$ |
1,059 |
$ |
3,692 |
$ |
2,475 |
||||||||
|
Earnings per common share: |
||||||||||||||||
|
Continuing operations |
$ |
2.79 |
$ |
2.01 |
$ |
7.31 |
$ |
4.78 |
||||||||
|
Discontinued operations |
— |
— |
— |
(0.12) |
||||||||||||
|
Total |
$ |
2.79 |
$ |
2.01 |
$ |
7.31 |
$ |
4.66 |
||||||||
|
Weighted-average common shares outstanding (in millions) |
491 |
526 |
503 |
529 |
||||||||||||
|
Earnings per common share – assuming dilution: |
||||||||||||||||
|
Continuing operations |
$ |
2.79 |
$ |
2.00 |
$ |
7.30 |
$ |
4.76 |
||||||||
|
Discontinued operations |
— |
— |
— |
(0.12) |
||||||||||||
|
Total |
$ |
2.79 |
$ |
2.00 |
$ |
7.30 |
$ |
4.64 |
||||||||
|
Weighted-average common shares outstanding -assuming dilution (in millions) |
494 |
530 |
506 |
533 |
||||||||||||
|
Dividends per common share |
$ |
0.400 |
$ |
0.275 |
$ |
1.200 |
$ |
0.775 |
||||||||
|
See Notes to Earnings Release. | ||||||||||||||||
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES EARNINGS RELEASE (Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts) (Unaudited) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Operating income by business segment: |
||||||||||||||||
|
Refining |
$ |
2,295 |
$ |
1,664 |
$ |
6,097 |
$ |
4,023 |
||||||||
|
Ethanol |
35 |
198 |
155 |
628 |
||||||||||||
|
Corporate |
(191) |
(192) |
(540) |
(545) |
||||||||||||
|
Total |
$ |
2,139 |
$ |
1,670 |
$ |
5,712 |
$ |
4,106 |
||||||||
|
Depreciation and amortization expense by business segment: |
||||||||||||||||
|
Refining |
$ |
455 |
$ |
406 |
$ |
1,280 |
$ |
1,194 |
||||||||
|
Ethanol |
15 |
12 |
32 |
36 |
||||||||||||
|
Corporate |
12 |
12 |
36 |
35 |
||||||||||||
|
Total |
$ |
482 |
$ |
430 |
$ |
1,348 |
$ |
1,265 |
||||||||
|
Operating highlights: |
||||||||||||||||
|
Refining: |
||||||||||||||||
|
Throughput margin per barrel |
$ |
14.38 |
$ |
11.81 |
$ |
13.52 |
$ |
10.86 |
||||||||
|
Operating costs per barrel: |
||||||||||||||||
|
Operating expenses |
3.80 |
3.81 |
3.80 |
3.90 |
||||||||||||
|
Depreciation and amortization expense |
1.75 |
1.57 |
1.69 |
1.59 |
||||||||||||
|
Total operating costs per barrel |
5.55 |
5.38 |
5.49 |
5.49 |
||||||||||||
|
Operating income per barrel |
$ |
8.83 |
$ |
6.43 |
$ |
8.03 |
$ |
5.37 |
||||||||
|
Throughput volumes (thousand barrels per day): |
||||||||||||||||
|
Feedstocks: |
||||||||||||||||
|
Heavy sour crude oil |
398 |
473 |
425 |
460 |
||||||||||||
|
Medium/light sour crude oil |
416 |
465 |
421 |
482 |
||||||||||||
|
Sweet crude oil |
1,307 |
1,208 |
1,210 |
1,119 |
||||||||||||
|
Residuals |
292 |
237 |
273 |
225 |
||||||||||||
|
Other feedstocks |
119 |
123 |
142 |
134 |
||||||||||||
|
Total feedstocks |
2,532 |
2,506 |
2,471 |
2,420 |
||||||||||||
|
Blendstocks and other |
291 |
308 |
310 |
326 |
||||||||||||
|
Total throughput volumes |
2,823 |
2,814 |
2,781 |
2,746 |
||||||||||||
|
Yields (thousand barrels per day): |
||||||||||||||||
|
Gasolines and blendstocks |
1,386 |
1,338 |
1,357 |
1,317 |
||||||||||||
|
Distillates |
1,065 |
1,087 |
1,060 |
1,049 |
||||||||||||
|
Other products (a) |
406 |
420 |
402 |
413 |
||||||||||||
|
Total yields |
2,857 |
2,845 |
2,819 |
2,779 |
||||||||||||
|
See Notes to Earnings Release. | ||||||||||||||||
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES EARNINGS RELEASE (Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts) (Unaudited) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Refining operating highlights by region (b): |
||||||||||||||||
|
U.S. Gulf Coast: |
||||||||||||||||
|
Operating income |
$ |
1,038 |
$ |
927 |
$ |
2,996 |
$ |
2,470 |
||||||||
|
Throughput volumes (thousand barrels per day) |
1,571 |
1,613 |
1,570 |
1,589 |
||||||||||||
|
Throughput margin per barrel |
$ |
12.93 |
$ |
11.47 |
$ |
12.52 |
$ |
11.00 |
||||||||
|
Operating costs per barrel: |
||||||||||||||||
|
Operating expenses |
3.87 |
3.63 |
3.76 |
3.69 |
||||||||||||
|
Depreciation and amortization expense |
1.88 |
1.59 |
1.77 |
1.61 |
||||||||||||
|
Total operating costs per barrel |
5.75 |
5.22 |
5.53 |
5.30 |
||||||||||||
|
Operating income per barrel |
$ |
7.18 |
$ |
6.25 |
$ |
6.99 |
$ |
5.70 |
||||||||
|
U.S. Mid-Continent: |
||||||||||||||||
|
Operating income |
$ |
500 |
$ |
470 |
$ |
1,215 |
$ |
950 |
||||||||
|
Throughput volumes (thousand barrels per day) |
470 |
469 |
446 |
431 |
||||||||||||
|
Throughput margin per barrel |
$ |
16.74 |
$ |
16.24 |
$ |
15.33 |
$ |
13.76 |
||||||||
|
Operating costs per barrel: |
||||||||||||||||
|
Operating expenses |
3.51 |
3.80 |
3.68 |
4.03 |
||||||||||||
|
Depreciation and amortization expense |
1.68 |
1.56 |
1.68 |
1.66 |
||||||||||||
|
Total operating costs per barrel |
5.19 |
5.36 |
5.36 |
5.69 |
||||||||||||
|
Operating income per barrel |
$ |
11.55 |
$ |
10.88 |
$ |
9.97 |
$ |
8.07 |
||||||||
|
North Atlantic: |
||||||||||||||||
|
Operating income |
$ |
415 |
$ |
239 |
$ |
1,167 |
$ |
582 |
||||||||
|
Throughput volumes (thousand barrels per day) |
507 |
467 |
492 |
466 |
||||||||||||
|
Throughput margin per barrel |
$ |
12.78 |
$ |
10.02 |
$ |
12.74 |
$ |
9.10 |
||||||||
|
Operating costs per barrel: |
||||||||||||||||
|
Operating expenses |
2.76 |
3.29 |
2.88 |
3.40 |
||||||||||||
|
Depreciation and amortization expense |
1.13 |
1.17 |
1.17 |
1.13 |
||||||||||||
|
Total operating costs per barrel |
3.89 |
4.46 |
4.05 |
4.53 |
||||||||||||
|
Operating income per barrel |
$ |
8.89 |
$ |
5.56 |
$ |
8.69 |
$ |
4.57 |
||||||||
|
U.S. West Coast: |
||||||||||||||||
|
Operating income |
$ |
342 |
$ |
28 |
$ |
719 |
$ |
21 |
||||||||
|
Throughput volumes (thousand barrels per day) |
275 |
265 |
273 |
260 |
||||||||||||
|
Throughput margin per barrel |
$ |
21.61 |
$ |
9.14 |
$ |
17.70 |
$ |
8.38 |
||||||||
|
Operating costs per barrel: |
||||||||||||||||
|
Operating expenses |
5.79 |
5.84 |
5.88 |
5.91 |
||||||||||||
|
Depreciation and amortization expense |
2.28 |
2.14 |
2.17 |
2.17 |
||||||||||||
|
Total operating costs per barrel |
8.07 |
7.98 |
8.05 |
8.08 |
||||||||||||
|
Operating income per barrel |
$ |
13.54 |
$ |
1.16 |
$ |
9.65 |
$ |
0.30 |
||||||||
|
See Notes to Earnings Release. | ||||||||||||||||
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES EARNINGS RELEASE (Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts) (Unaudited) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Average market reference prices and differentials: |
||||||||||||||||
|
Feedstocks (dollars per barrel): |
||||||||||||||||
|
Brent crude oil |
$ |
51.13 |
$ |
103.28 |
$ |
56.59 |
$ |
106.97 |
||||||||
|
Brent less West Texas Intermediate (WTI) crude oil |
4.73 |
5.78 |
5.66 |
7.21 |
||||||||||||
|
Brent less Alaska North Slope (ANS) crude oil |
(0.31) |
1.77 |
0.58 |
1.44 |
||||||||||||
|
Brent less Louisiana Light Sweet (LLS) crude oil |
1.94 |
3.07 |
2.43 |
3.12 |
||||||||||||
|
Brent less Mars crude oil |
6.82 |
6.73 |
6.40 |
7.12 |
||||||||||||
|
Brent less Maya crude oil |
8.48 |
12.45 |
9.24 |
14.95 |
||||||||||||
|
LLS crude oil |
49.19 |
100.21 |
54.16 |
103.85 |
||||||||||||
|
LLS less Mars crude oil |
4.88 |
3.66 |
3.97 |
4.00 |
||||||||||||
|
LLS less Maya crude oil |
6.54 |
9.38 |
6.81 |
11.83 |
||||||||||||
|
WTI crude oil |
46.40 |
97.50 |
50.93 |
99.76 |
||||||||||||
|
Natural gas (dollars per million British Thermal Units) |
2.72 |
3.96 |
2.73 |
4.58 |
||||||||||||
|
Products (dollars per barrel, unless otherwise noted): |
||||||||||||||||
|
U.S. Gulf Coast: |
||||||||||||||||
|
CBOB gasoline less Brent |
12.40 |
6.04 |
10.95 |
5.05 |
||||||||||||
|
Ultra-low-sulfur diesel less Brent |
12.13 |
13.92 |
13.76 |
13.96 |
||||||||||||
|
Propylene less Brent |
(13.85) |
3.39 |
(3.95) |
0.34 |
||||||||||||
|
CBOB gasoline less LLS |
14.34 |
9.11 |
13.38 |
8.17 |
||||||||||||
|
Ultra-low-sulfur diesel less LLS |
14.07 |
16.99 |
16.19 |
17.08 |
||||||||||||
|
Propylene less LLS |
(11.91) |
6.46 |
(1.52) |
3.46 |
||||||||||||
|
U.S. Mid-Continent: |
||||||||||||||||
|
CBOB gasoline less WTI |
22.71 |
13.96 |
19.09 |
14.35 |
||||||||||||
|
Ultra-low-sulfur diesel less WTI |
20.36 |
21.73 |
20.36 |
22.86 |
||||||||||||
|
North Atlantic: |
||||||||||||||||
|
CBOB gasoline less Brent |
16.28 |
11.57 |
13.49 |
9.55 |
||||||||||||
|
Ultra-low-sulfur diesel less Brent |
14.54 |
15.20 |
17.59 |
17.33 |
||||||||||||
|
U.S. West Coast: |
||||||||||||||||
|
CARBOB 87 gasoline less ANS |
31.59 |
17.48 |
27.21 |
15.80 |
||||||||||||
|
CARB diesel less ANS |
14.84 |
20.19 |
17.39 |
18.26 |
||||||||||||
|
CARBOB 87 gasoline less WTI |
36.63 |
21.49 |
32.29 |
21.57 |
||||||||||||
|
CARB diesel less WTI |
19.88 |
24.20 |
22.47 |
24.03 |
||||||||||||
|
New York Harbor corn crush (dollars per gallon) |
0.20 |
0.81 |
0.22 |
0.90 |
||||||||||||
|
See Notes to Earnings Release. | ||||||||||||||||
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES EARNINGS RELEASE (Millions of Dollars, Except per Share, per Barrel, and per Gallon Amounts) (Unaudited) | ||||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Ethanol: |
||||||||||||||||
|
Operating income |
$ |
35 |
$ |
198 |
$ |
155 |
$ |
628 |
||||||||
|
Production (thousand gallons per day) |
3,853 |
3,556 |
3,808 |
3,311 |
||||||||||||
|
Gross margin per gallon of production |
$ |
0.47 |
$ |
1.00 |
$ |
0.51 |
$ |
1.13 |
||||||||
|
Operating costs per gallon of production: |
||||||||||||||||
|
Operating expenses |
0.33 |
0.36 |
0.33 |
0.40 |
||||||||||||
|
Depreciation and amortization expense |
0.04 |
0.04 |
0.03 |
0.04 |
||||||||||||
|
Total operating costs per gallon of production |
0.37 |
0.40 |
0.36 |
0.44 |
||||||||||||
|
Operating income per gallon of production |
$ |
0.10 |
$ |
0.60 |
$ |
0.15 |
$ |
0.69 |
||||||||
|
September 30, |
December 31, | |||||||||||||||
|
2015 |
2014 | |||||||||||||||
|
Balance Sheet Data: |
||||||||||||||||
|
Current assets |
$ |
16,827 |
$ |
16,614 |
||||||||||||
|
Cash and temporary cash investments, including $51 and $237, respectively, held by Valero Energy Partners LP, included in current assets |
5,301 |
3,689 |
||||||||||||||
|
Inventories included in current assets |
6,557 |
6,623 |
||||||||||||||
|
Replacement cost (market value) of LIFO inventories in excess of LIFO carrying amounts |
1,018 |
857 |
||||||||||||||
|
Current liabilities |
8,289 |
9,980 |
||||||||||||||
|
Current portion of debt and capital lease obligations included in current liabilities |
129 |
606 |
||||||||||||||
|
Debt and capital lease obligations, less current portion |
7,252 |
5,780 |
||||||||||||||
|
Total debt and capital lease obligations |
7,381 |
6,386 |
||||||||||||||
|
Valero Energy Corporation stockholders' equity |
21,321 |
20,677 |
||||||||||||||
|
Three Months Ended |
Nine Months Ended | |||||||||||||||
|
September 30, |
September 30, | |||||||||||||||
|
2015 |
2014 |
2015 |
2014 | |||||||||||||
|
Valero Energy Partners LP: |
||||||||||||||||
|
Weighted-average limited partner units outstanding: |
||||||||||||||||
|
Common units - public (basic and diluted) |
17 |
17 |
17 |
17 |
||||||||||||
|
Common units - Valero (basic and diluted) |
13 |
12 |
13 |
12 |
||||||||||||
|
Subordinated units - Valero (basic and diluted) |
29 |
29 |
29 |
29 |
||||||||||||
|
Distributions declared: |
||||||||||||||||
|
Limited partner units - public |
$ |
5 |
$ |
4 |
$ |
15 |
$ |
12 |
||||||||
|
Limited partner units - Valero |
14 |
9 |
38 |
27 |
||||||||||||
|
General partner units - Valero |
1 |
1 |
3 |
1 |
||||||||||||
|
Total distribution declared |
$ |
20 |
$ |
14 |
$ |
56 |
$ |
40 |
||||||||
|
See Notes to Earnings Release. | ||||||||||||||||
|
VALERO ENERGY CORPORATION AND SUBSIDIARIES | |
|
NOTES TO EARNINGS RELEASE | |
|
(a) |
Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt. |
|
(b) |
The regions reflected herein contain the following refineries: U.S. Gulf Coast- Corpus Christi East, Corpus Christi West, Houston, Meraux, Port Arthur, St. Charles, Texas City, and Three Rivers Refineries; U.S. Mid-Continent- Ardmore, McKee, and Memphis Refineries; North Atlantic- Pembroke and Quebec City Refineries; and U.S. West Coast- Benicia and Wilmington Refineries. |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/valero-energy-reports-third-quarter-2015-results-and-25-percent-dividend-increase-300167748.html
SOURCE Valero Energy Corporation