瓦莱罗能源 2025年季度报告

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ The number of shares of the registrant’s only class of common stock, $0.01par value, outstanding as of April17, 2025 was313,206,121. PART I – FINANCIAL INFORMATION ITEM1. FINANCIAL STATEMENTSConsolidated Balance Sheets as of March 31, 2025 and December 31, 2024Consolidated Statements of Incomefor the Three Months Ended March 31, 2025 and 2024Consolidated Statements of Comprehensive Incomefor the Three Months Ended March 31, 2025 and 2024 PARTI – FINANCIAL INFORMATION VALERO ENERGY CORPORATIONCONSOLIDATED BALANCE SHEETS(millions of dollars, except par value) VALERO ENERGY CORPORATIONCONSOLIDATED STATEMENTS OF EQUITY 1.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of PresentationGeneral The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more ofits consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer toDiamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generallyaccepted accounting principles (GAAP) for interim financial information and with the instructions to Form10-Q andArticle10 of RegulationS-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of theinformation and notes required by GAAP for complete financial statements. In the opinion of management, these interimunaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the The balance sheet as of December31, 2024 has been derived from our audited financial statements as of that date. Forfurther information, refer to our audited financial statements and notes thereto included in our annual report on Form10-K Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions thataffect the amounts reported in these interim unaudited financial statements and accompanying notes. Actual results coulddiffer from those estimates. On an ongoing basis, we review our estimates based on currently available information. Accounting Pronouncements Recently AdoptedASU2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU)2023- 07,Segment Reporting (Topic280): Improvements to Reportable Segment Disclosures, to improve interim and annualdisclosures about a public entity’s reportable segments primarily through enhanced disclosures about significant segmentexpenses and other segment related items. We adopted this ASU effective January1, 2024 and it did not affect our ASU2023-09 In December 2023, the FASB issued ASU2023-09,Income Taxes (Topic740): Improvements to Income Tax Disclosures,to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation anddisaggregation of income taxes paid by jurisdiction. This ASU Table of Contents VALERO ENERGY CORPORATIONCONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. Weadopted this ASU effective January1, 2025 and it did not affect our financial position or our results of operations, but will Accounting Pronouncement Not Yet Adopted ASU2024-03 In November 2024, the FASB issued ASU2024-03,Income Statement Reporting—Comprehensive Income—ExpenseDisaggregation Disclosures (Subtopic220-40): Disaggregation of Income Statement Expenses, to improve interim andannual disclosures about a public business entity’s expenses by requiring more detailed information in the notes to thefinancialstatements about certain expense categories,including purchases of inventory,employee compensation, 2.IMPAIRMENT In recent years, the State of California adopted legislation that has subjected our refining and marketing operations topotential increased operational restrictions and new reporting requirements. The considerable uncertainty and potential In late March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend tocease refining operations by the end of April 2026. In addition, we considered strategic alternatives for our remainingoperations in California. As a result, we updated our evaluation of potential impairment and concluded that the carryingvalues of our Benicia and Wilmington refineries were not recoverable as of March31, 2025. Therefore, we reduced thecarrying values of these assets to their estimated fair values and recognize