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 Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024Consolidated Statements of Income Consolidated Statements of Comprehensive Incomefor the Three Months Ended March 31, 2025 and 2024 ITEM 1. LEGAL PROCEEDINGSITEM 1A. RISK FACTORS result in additional annual disclosures. 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 and financialstatements about certain expense categories,including purchases of inventory,employee compensation,depreciation, amortization, and selling expenses. We expect to adopt this ASU effective January1, 2027 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures. 2.IMPAIRMENT In recent years, the State of California adopted legislation that has subjected our refining and marketing operations to operations in California.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 the assets based on a range of potential settlement dates. noncurrent assets of $722million will be depreciated to the estimated salvage value of $107million beginning April 2025through April 2026. Furthermore, we continue to evaluate strategic alternatives for our remaining operations in California. CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Inventories consisted of the following (inmillions):March 31,December 31, Materials and supplies As of March31, 2025 and December31, 2024, the replacement cost (market value) of last-in, first-out (LIFO) inventoriesexceeded their LIFO carrying amounts by $3.7billion and $4.0billion, respectively. Our non-LIFO inventories accounted for $1.2billion and $1.3billion of our total inventories as of March31, 2025 and December31, 2024, respectively.4.DEBT On February7, 2025, we issued $650million of5.150percent Senior Notes due February15, 2030. Proceeds from this debt issuance totaled $649million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189million outstanding principal balance of our3.65percent Senior Notes thatmatured on March15, 2025 and the $251million outstanding principal balance of our2.850percent Senior Notes thatmatured on April15, 2025. 8 CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Credit FacilitiesWe had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (inmillions):March 31, 2025FacilityOutstandingLetters of Credit DGD Loan Agreement (c)IEnova Revolver (d) Uncommitted facility of DGD letter of creditfacility (a)Letters of credit issued as of March31, 2025 expire at various times in 2025 through 2026.(b)Creditors of the VIEs do not have recourse against us. CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) Borrowings:Accounts receivable sales facility IEnova Revolver DGD Revolver DGD Loan Agreement— 6,633,843shares, respectively. Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expirationdates as follows (inmillions): CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued) 6.VARIABLE INTEREST ENTITIES Consolidated VIEsWe consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary.As ofMarch31, 2025, the significant consolidated VIEs included: waste and renewable feedstocks (predominantly animal fats, used cooking oils, vegetable oils, and inedibledistillers corn oils (DCOs)) into renewable diesel, renewable naphtha, and neat sustainable aviation fuel (SAF); have provided credit facilities to some of the VIEs in support of their construction or acquisition activities and workingcapital requirements, these transactions are eliminated in consolidation. Our financial position, results of operations, and Other current assetsProperty, plant, and equipment, netLiabilities of debt and finance lease obligationsDebt and finance lease obligations, less current portion642—— Nonconso