Exhibit 99.01

Valero Energy Reports Second Quarter 2025 Results

•Reported net income attributable to Valero stockholders of $714 million, or $2.28 per share

•Repaid the outstanding principal balance of $251 million of 2.85% Senior Notes that matured in April

•Declared a regular quarterly cash dividend on common stock of $1.13 per share on July 17

•Returned $695 million to stockholders through dividends and stock buybacks

SAN ANTONIO, July 24, 2025 – Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $714 million, or $2.28 per share, for the second quarter of 2025, compared to net income of $880 million, or $2.71 per share, for the second quarter of 2024.

Refining

The Refining segment reported operating income of $1.3 billion for the second quarter of 2025, compared to operating income of $1.2 billion for the second quarter of 2024. Refining throughput volumes averaged 2.9 million barrels per day in the second quarter of 2025.

“We delivered solid financial results for the second quarter, driven by our strong operational and commercial execution,” said Lane Riggs, Valero’s Chairman, Chief Executive Officer and President. “In fact, we set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter, demonstrating the benefits of our investments in growth and optimization projects.”

Renewable Diesel

The Renewable Diesel segment, which consists of the Diamond Green Diesel joint venture (DGD), reported an operating loss of $79 million for the second quarter of 2025, compared to operating income of $112 million for the second quarter of 2024. Segment sales volumes averaged 2.7 million gallons per day in the second quarter of 2025.

Ethanol

The Ethanol segment reported $54 million of operating income for the second quarter of 2025, compared to $105 million for the second quarter of 2024. Ethanol production volumes averaged 4.6 million gallons per day in the second quarter of 2025.

Corporate and Other

General and administrative expenses were $220 million in the second quarter of 2025, compared to $203 million in the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 30 percent.

Investing and Financing Activities

Net cash provided by operating activities was $936 million in the second quarter of 2025. Included in this amount was a $325 million unfavorable impact from working capital and $86 million of adjusted net cash used in operating activities associated with the other joint venture member’s share of DGD. Excluding these items, adjusted net cash provided by operating activities was $1.3 billion in the second quarter of 2025.

Capital investments totaled $407 million in the second quarter of 2025, of which $371 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to the other joint venture member’s share of DGD and other variable interest entities, capital investments attributable to Valero were $399 million in the second quarter of 2025.

Valero returned $695 million to stockholders in the second quarter of 2025, of which $354 million was paid as dividends and $341 million was for the purchase of approximately 2.6 million shares of common stock, resulting in a payout ratio of 52 percent of adjusted net cash provided by operating activities.

On July 17, Valero announced a quarterly cash dividend on common stock of $1.13 per share, payable on September 2, 2025 to holders of record at the close of business on July 31, 2025.

“We remain committed to maintaining our track record of commercial and operational excellence, which has been a hallmark of Valero’s strategy for over a decade,” said Riggs. “Our commitment remains underpinned by a strong balance sheet that also provides us plenty of financial flexibility,” said Riggs.

Liquidity and Financial Position

Valero repaid the $251 million outstanding principal balance of its 2.85% Senior Notes that matured in April, ending the second quarter of 2025 with $8.4 billion of total debt, $2.3 billion of total finance lease obligations, and $4.5 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 19 percent as of June 30, 2025.

Strategic Update

Valero is progressing with an FCC Unit optimization project at the St. Charles Refinery that will enable the refinery to increase the yield of high value products. The project is estimated to cost $230 million and is expected to be completed in 2026.

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.

Valero Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Director – Investor Relations and Finance, 210-345-3331

Gautam Srivastava, Director – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release and the accompanying earnings release tables, or made during the conference call, that state Valero’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,” “target,” “commitment,” “plans,” “forecast, “guidance” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying earnings release tables include, and those made on the conference call may include, statements relating to Valero’s low-carbon fuels strategy, expected timing, cost and performance of projects, our plans, actions, assets and operations in California and expected timing and cost of obligations and other financial statement impacts, future market and industry conditions, future operating and financial performance, future production and manufacturing ability and size, and management of future risks, among other matters. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting Valero’s operations and financial performance or the demand for Valero’s products. These factors also include, but are not limited to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse to or restrict refining and marketing operations, or that impose taxes or penalties on profits, windfalls, or margins above a certain level, tariffs and their effects on trading relationships, global geopolitical and other conflicts and tensions, the impact of inflation on margins and costs, economic activity levels, and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and financial performance. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10‑Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income attributable to Valero

stockholders, adjusted earnings per common share – assuming dilution, Refining margin, Renewable Diesel margin, Ethanol margin, adjusted Refining operating income, adjusted Ethanol operating income, adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a definition of non-GAAP measures and a reconciliation to their most directly comparable GAAP measures. Note (e) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

FINANCIAL HIGHLIGHTS

(millions of dollars, except per share amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Statement of income data
Revenues	$	29,889	$	34,490	$	60,147	$	66,249
Cost of sales:
Cost of materials and other	26,332		30,943		53,880		58,625

Operating expenses (excluding depreciation and amortization expense reflected below)	1,522		1,424		3,045		2,835
Depreciation and amortization expense	786		684		1,466		1,367
Total cost of sales	28,640		33,051		58,391		62,827

Asset impairment loss (a)	—		—		1,131		—
Other operating expenses (b)	4		3		8		37
General and administrative expenses (excluding depreciation and amortization expense reflected below)	220		203		481		461
Depreciation and amortization expense	28		12		39		24


Operating income	997		1,221		97		2,900
Other income, net	86		122		206		266
Interest and debt expense, net of capitalized interest	(141)		(140)		(278)		(280)
Income before income tax expense	942		1,203		25		2,886
Income tax expense	279		277		14		630


Net income	663		926		11		2,256
Less: Net income (loss) attributable to noncontrolling interests	(51)		46		(108)		131
Net income attributable to Valero Energy Corporation stockholders	$	714	$	880	$	119	$	2,125





Earnings per common share	$	2.28	$	2.71	$	0.37	$	6.47



Weighted-average common shares outstanding (in millions)	312		324		313		327

Earnings per common share – assuming dilution	$	2.28	$	2.71	$	0.37	$	6.47



Weighted-average common shares outstanding – assuming dilution (in millions)	312		324		313		327

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 1

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

FINANCIAL HIGHLIGHTS BY SEGMENT

(millions of dollars)

(unaudited)


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Three months ended June 30, 2025
Revenues:
Revenues from external customers	$	28,324	$	565	$	1,000	$	—	$	29,889
Intersegment revenues	2		533		205		(740)		—
Total revenues	28,326		1,098		1,205		(740)		29,889
Cost of sales:


Cost of materials and other	25,042		1,044		988		(742)		26,332

Operating expenses (excluding depreciation and amortization expense reflected below)	1,307		72		144		(1)		1,522
Depreciation and amortization expense	707		61		19		(1)		786
Total cost of sales	27,056		1,177		1,151		(744)		28,640

Other operating expenses	4		—		—		—		4
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		220		220
Depreciation and amortization expense	—		—		—		28		28

Operating income (loss) by segment	$	1,266	$	(79)	$	54	$	(244)	$	997

Three months ended June 30, 2024
Revenues:
Revenues from external customers	$	33,044	$	554	$	892	$	—	$	34,490
Intersegment revenues	3		630		229		(862)		—
Total revenues	33,047		1,184		1,121		(862)		34,490
Cost of sales:


Cost of materials and other	29,995		930		874		(856)		30,943

Operating expenses (excluding depreciation and amortization expense reflected below)	1,219		80		125		—		1,424
Depreciation and amortization expense	604		62		19		(1)		684

Total cost of sales	31,818		1,072		1,018		(857)		33,051

Other operating expenses	5		—		(2)		—		3
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		203		203
Depreciation and amortization expense	—		—		—		12		12

Operating income by segment	$	1,224	$	112	$	105	$	(220)	$	1,221

See Operating Highlights by Segment beginning on Table Page 8.

Table Page 2

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

FINANCIAL HIGHLIGHTS BY SEGMENT

(millions of dollars)

(unaudited)


	Refining		Renewable Diesel		Ethanol		Corporate and Eliminations		Total
Six months ended June 30, 2025
Revenues:
Revenues from external customers	$	57,081	$	1,058	$	2,008	$	—	$	60,147
Intersegment revenues	4		940		422		(1,366)		—
Total revenues	57,085		1,998		2,430		(1,366)		60,147
Cost of sales:


Cost of materials and other	51,311		1,939		2,020		(1,390)		53,880
Operating expenses (excluding depreciation and amortization expense reflected below)	2,598		150		298		(1)		3,045
Depreciation and amortization expense	1,301		129		38		(2)		1,466
Total cost of sales	55,210		2,218		2,356		(1,393)		58,391
Asset impairment loss (a)	1,131		—		—		—		1,131
Other operating expenses	8		—		—		—		8
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		481		481
Depreciation and amortization expense	—		—		—		39		39
Operating income (loss) by segment	$	736	$	(220)	$	74	$	(493)	$	97

Six months ended June 30, 2024
Revenues:
Revenues from external customers	$	63,187	$	1,256	$	1,806	$	—	$	66,249
Intersegment revenues	5		1,339		419		(1,763)		—
Total revenues	63,192		2,595		2,225		(1,763)		66,249
Cost of sales:
Cost of materials and other	56,606		1,996		1,783		(1,760)		58,625

Operating expenses (excluding depreciation and amortization expense reflected below)	2,403		170		262		—		2,835
Depreciation and amortization expense	1,204		127		38		(2)		1,367
Total cost of sales	60,213		2,293		2,083		(1,762)		62,827

Other operating expenses (b)	10		—		27		—		37
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—		—		—		461		461
Depreciation and amortization expense	—		—		—		24		24
Operating income by segment	$	2,969	$	302	$	115	$	(486)	$	2,900

See Operating Highlights by Segment beginning on Table Page 8.

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 3

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS

REPORTED UNDER U.S. GAAP (e)

(millions of dollars, except per share amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of net income attributable to Valero Energy Corporation stockholders to adjusted net income attributable to Valero Energy Corporation stockholders
Net income attributable to Valero Energy Corporation stockholders	$	714	$	880	$	119	$	2,125
Adjustments:
Asset impairment loss (a)	—		—		1,131		—
Income tax benefit related to asset impairment loss	—		—		(254)		—
Asset impairment loss, net of taxes	—		—		877		—
Project liability adjustment (b)	—		—		—		29
Income tax benefit related to project liability adjustment	—		—		—		(7)
Project liability adjustment, net of taxes	—		—		—		22























Second-generation biofuel tax credit (c)	—		7		—		14

Total adjustments	—		7		877		36
Adjusted net income attributable to Valero Energy Corporation stockholders	$	714	$	887	$	996	$	2,161




Reconciliation of earnings per common share – assuming dilution to adjusted earnings per common share – assuming dilution
Earnings per common share – assuming dilution	$	2.28	$	2.71	$	0.37	$	6.47
Adjustments:


Asset impairment loss (a)	—		—		2.80		—
Project liability adjustment (b)	—		—		—		0.07





Second-generation biofuel tax credit (c)	—		0.02		—		0.04

Total adjustments	—		0.02		2.80		0.11
Adjusted earnings per common share – assuming dilution	$	2.28	$	2.73	$	3.17	$	6.58

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 4

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS

REPORTED UNDER U.S. GAAP (e)

(millions of dollars)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income by segment to adjusted operating income by segment
Refining segment
Refining operating income	$	1,266	$	1,224	$	736	$	2,969
Adjustments:


Operating expenses (excluding depreciation and amortization expense reflected below)	1,307		1,219		2,598		2,403
Depreciation and amortization expense	707		604		1,301		1,204
Asset impairment loss (a)	—		—		1,131		—
Other operating expenses	4		5		8		10
Refining margin	$	3,284	$	3,052	$	5,774	$	6,586

Refining operating income	$	1,266	$	1,224	$	736	$	2,969
Adjustments:

Asset impairment loss (a)	—		—		1,131		—
Other operating expenses	4		5		8		10
Adjusted Refining operating income	$	1,270	$	1,229	$	1,875	$	2,979

Renewable Diesel segment
Renewable Diesel operating income (loss)	$	(79)	$	112	$	(220)	$	302
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)	72		80		150		170
Depreciation and amortization expense	61		62		129		127

Renewable Diesel margin	$	54	$	254	$	59	$	599

Ethanol segment
Ethanol operating income	$	54	$	105	$	74	$	115
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)	144		125		298		262
Depreciation and amortization expense	19		19		38		38

Other operating expenses (b)	—		(2)		—		27
Ethanol margin	$	217	$	247	$	410	$	442

Ethanol operating income	$	54	$	105	$	74	$	115



Adjustment: Other operating expenses (b)	—		(2)		—		27
Adjusted Ethanol operating income	$	54	$	103	$	74	$	142

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 5

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS

REPORTED UNDER U.S. GAAP (e)

(millions of dollars)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (f)
U.S. Gulf Coast region
Refining operating income	$	846	$	686	$	1,183	$	1,693
Adjustments:




Operating expenses (excluding depreciation and amortization expense reflected below)	737		656		1,457		1,320
Depreciation and amortization expense	387		377		763		750
Other operating expenses	3		3		7		6


Refining margin	$	1,973	$	1,722	$	3,410	$	3,769

Refining operating income	$	846	$	686	$	1,183	$	1,693





Adjustment: Other operating expenses	3		3		7		6


Adjusted Refining operating income	$	849	$	689	$	1,190	$	1,699

U.S. Mid-Continent region
Refining operating income	$	127	$	111	$	177	$	380
Adjustments:




Operating expenses (excluding depreciation and amortization expense reflected below)	200		188		395		373
Depreciation and amortization expense	78		88		154		175
Other operating expenses	—		—		—		2
Refining margin	$	405	$	387	$	726	$	930

Refining operating income	$	127	$	111	$	177	$	380


Adjustment: Other operating expenses	—		—		—		2
Adjusted Refining operating income	$	127	$	111	$	177	$	382

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 6

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS

REPORTED UNDER U.S. GAAP (e)

(millions of dollars)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of Refining segment operating income (loss) to Refining margin (by region), and reconciliation of Refining segment operating income (loss) to adjusted Refining segment operating income (by region) (f) (continued)
North Atlantic region
Refining operating income	$	219	$	325	$	435	$	723
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)	182		176		354		355
Depreciation and amortization expense	75		67		144		130
Other operating expenses	—		1		—		1
Refining margin	$	476	$	569	$	933	$	1,209

Refining operating income	$	219	$	325	$	435	$	723
Adjustment: Other operating expenses	—		1		—		1
Adjusted Refining operating income	$	219	$	326	$	435	$	724

U.S. West Coast region
Refining operating income (loss)	$	74	$	102	$	(1,059)	$	173
Adjustments:

Operating expenses (excluding depreciation and amortization expense reflected below)	188		199		392		355
Depreciation and amortization expense (d)	167		72		240		149
Asset impairment loss (a)	—		—		1,131		—
Other operating expenses	1		1		1		1
Refining margin	$	430	$	374	$	705	$	678

Refining operating income (loss)	$	74	$	102	$	(1,059)	$	173
Adjustments:
Asset impairment loss (a)	—		—		1,131		—




Other operating expenses	1		1		1		1
Adjusted Refining operating income	$	75	$	103	$	73	$	174

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 7

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

REFINING SEGMENT OPERATING HIGHLIGHTS

(millions of dollars, except per barrel amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Throughput volumes (thousand barrels per day)
Feedstocks:
Heavy sour crude oil	554		520		555		434
Medium/light sour crude oil	240		265		237		253
Sweet crude oil	1,509		1,530		1,535		1,518
Residuals	167		201		131		176
Other feedstocks	105		109		78		116
Total feedstocks	2,575		2,625		2,536		2,497
Blendstocks and other	347		385		339		388
Total throughput volumes	2,922		3,010		2,875		2,885

Yields (thousand barrels per day)
Gasolines and blendstocks	1,444		1,490		1,410		1,419
Distillates	1,111		1,144		1,094		1,068
Other products (g)	392		407		394		423
Total yields	2,947		3,041		2,898		2,910

Operating statistics (e) (h)
Refining margin (from Table Page 5)	$	3,284	$	3,052	$	5,774	$	6,586
Adjusted Refining operating income (from Table Page 5)	$	1,270	$	1,229	$	1,875	$	2,979
Throughput volumes (thousand barrels per day)	2,922		3,010		2,875		2,885

Refining margin per barrel of throughput	$	12.35	$	11.14	$	11.09	$	12.54
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput	4.91		4.45		4.99		4.58
Depreciation and amortization expense per barrel of throughput	2.66		2.20		2.50		2.29
Adjusted Refining operating income per barrel of throughput	$	4.78	$	4.49	$	3.60	$	5.67

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 8

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

RENEWABLE DIESEL SEGMENT OPERATING HIGHLIGHTS

(millions of dollars, except per gallon amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating statistics (e) (h)
Renewable Diesel margin (from Table Page 5)	$	54	$	254	$	59	$	599
Renewable Diesel operating income (loss) (from Table Page 5)	$	(79)	$	112	$	(220)	$	302
Sales volumes (thousand gallons per day)	2,732		3,492		2,584		3,610

Renewable Diesel margin per gallon of sales	$	0.22	$	0.80	$	0.13	$	0.91
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of sales	0.29		0.25		0.32		0.26
Depreciation and amortization expense per gallon of sales	0.25		0.20		0.28		0.19
Renewable Diesel operating income (loss) per gallon of sales	$	(0.32)	$	0.35	$	(0.47)	$	0.46

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 9

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

ETHANOL SEGMENT OPERATING HIGHLIGHTS

(millions of dollars, except per gallon amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating statistics (e) (h)
Ethanol margin (from Table Page 5)	$	217	$	247	$	410	$	442
Adjusted Ethanol operating income (from Table Page 5)	$	54	$	103	$	74	$	142
Production volumes (thousand gallons per day)	4,583		4,474		4,525		4,470

Ethanol margin per gallon of production	$	0.52	$	0.61	$	0.50	$	0.54
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per gallon of production	0.34		0.31		0.36		0.32
Depreciation and amortization expense per gallon of production	0.05		0.05		0.05		0.05


Adjusted Ethanol operating income per gallon of production	$	0.13	$	0.25	$	0.09	$	0.17

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 10

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION

(millions of dollars, except per barrel amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating statistics by region (f)
U.S. Gulf Coast region (e) (h)
Refining margin (from Table Page 6)	$	1,973	$	1,722	$	3,410	$	3,769
Adjusted Refining operating income (from Table Page 6)	$	849	$	689	$	1,190	$	1,699
Throughput volumes (thousand barrels per day)	1,841		1,827		1,756		1,711

Refining margin per barrel of throughput	$	11.78	$	10.36	$	10.72	$	12.11
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput	4.40		3.95		4.58		4.24
Depreciation and amortization expense per barrel of throughput	2.31		2.27		2.40		2.41
Adjusted Refining operating income per barrel of throughput	$	5.07	$	4.14	$	3.74	$	5.46

U.S. Mid-Continent region (e) (h)
Refining margin (from Table Page 6)	$	405	$	387	$	726	$	930
Adjusted Refining operating income (from Table Page 6)	$	127	$	111	$	177	$	382
Throughput volumes (thousand barrels per day)	423		438		438		444

Refining margin per barrel of throughput	$	10.52	$	9.73	$	9.16	$	11.49
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput	5.20		4.71		4.98		4.60
Depreciation and amortization expense per barrel of throughput	2.01		2.22		1.94		2.16
Adjusted Refining operating income per barrel of throughput	$	3.31	$	2.80	$	2.24	$	4.73

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 11

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

REFINING SEGMENT OPERATING HIGHLIGHTS BY REGION

(millions of dollars, except per barrel amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating statistics by region (f) (continued)
North Atlantic region (e) (h)
Refining margin (from Table Page 7)	$	476	$	569	$	933	$	1,209
Adjusted Refining operating income (from Table Page 7)	$	219	$	326	$	435	$	724
Throughput volumes (thousand barrels per day)	396		469		444		459

Refining margin per barrel of throughput	$	13.20	$	13.32	$	11.61	$	14.47
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput	5.04		4.12		4.40		4.24
Depreciation and amortization expense per barrel of throughput	2.07		1.56		1.79		1.56
Adjusted Refining operating income per barrel of throughput	$	6.09	$	7.64	$	5.42	$	8.67

U.S. West Coast region (e) (h)
Refining margin (from Table Page 7)	$	430	$	374	$	705	$	678
Adjusted Refining operating income (from Table Page 7)	$	75	$	103	$	73	$	174
Throughput volumes (thousand barrels per day)	262		276		237		271

Refining margin per barrel of throughput	$	18.02	$	14.86	$	16.42	$	13.76
Less:
Operating expenses (excluding depreciation and amortization expense reflected below) per barrel of throughput	7.91		7.92		9.15		7.21
Depreciation and amortization expense per barrel of throughput (d)	6.99		2.86		5.59		3.02
Adjusted Refining operating income per barrel of throughput	$	3.12	$	4.08	$	1.68	$	3.53

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 12

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Refining
Feedstocks (dollars per barrel)
Brent crude oil	$	66.59	$	84.96	$	70.74	$	83.40
Brent less West Texas Intermediate (WTI) crude oil	2.72		4.22		3.08		4.49
Brent less WTI Houston crude oil	1.89		2.73		1.99		2.83
Brent less Dated Brent crude oil	(1.08)		0.09		(0.92)		(0.65)

Brent less Argus Sour Crude Index crude oil	2.02		3.90		2.29		4.43
Brent less Maya crude oil	8.11		11.49		8.95		11.89
Brent less Western Canadian Select Houston crude oil	6.25		11.14		6.75		11.36
WTI crude oil	63.87		80.74		67.67		78.91

Natural gas (dollars per million British thermal units)	2.83		1.74		3.11		1.77

Renewable volume obligation (RVO) (dollars per barrel) (i)	6.14		3.39		5.45		3.54

Product margins (RVO adjusted unless otherwise noted) (dollars per barrel)
U.S. Gulf Coast:
Conventional Blendstock for Oxygenate Blending (CBOB) gasoline less Brent	8.99		7.95		6.29		8.04
Ultra-low-sulfur (ULS) diesel less Brent	14.79		14.12		15.74		19.37
Propylene less Brent (not RVO adjusted)	(11.50)		(45.72)		(13.02)		(46.49)
U.S. Mid-Continent:
CBOB gasoline less WTI	14.91		13.28		12.09		11.20
ULS diesel less WTI	20.60		17.17		18.55		20.05
North Atlantic:
CBOB gasoline less Brent	13.43		16.22		9.17		12.54
ULS diesel less Brent	18.79		16.27		19.84		22.24
U.S. West Coast:
California Reformulated Gasoline Blendstock for Oxygenate Blending 87 gasoline less Brent	36.98		31.88		30.06		25.91
California Air Resources Board diesel less Brent	20.22		18.12		20.30		22.36

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 13

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

AVERAGE MARKET REFERENCE PRICES AND DIFFERENTIALS

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Renewable Diesel
New York Mercantile Exchange ULS diesel (dollars per gallon)	$	2.16	$	2.51	$	2.27	$	2.61
Biodiesel Renewable Identification Number (RIN) (dollars per RIN)	1.09		0.51		0.94		0.55
California Low-Carbon Fuel Standard carbon credit (dollars per metric ton)	52.36		51.29		59.27		57.42

U.S. Gulf Coast (USGC) used cooking oil (dollars per pound)	0.56		0.42		0.53		0.41
USGC distillers corn oil (dollars per pound)	0.59		0.46		0.56		0.47
USGC fancy bleachable tallow (dollars per pound)	0.56		0.43		0.53		0.42

Ethanol

Chicago Board of Trade corn (dollars per bushel)	4.52		4.43		4.62		4.39
New York Harbor ethanol (dollars per gallon)	1.84		1.90		1.83		1.77

Table Page 14

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

OTHER FINANCIAL DATA

(millions of dollars)

(unaudited)


			June 30,			December 31,
			2025			2024
Balance sheet data
Current assets			$	23,804		$	23,737
Cash and cash equivalents included in current assets	4,537	4,657

Inventories included in current assets			7,538			7,761
Current liabilities			14,677			15,495
Valero Energy Corporation stockholders’ equity		24,078			24,512
Total equity		26,947			27,521
Debt and finance lease obligations:
Debt –
Current portion of debt (excluding variable interest entities (VIEs))			$	—		$	441
Debt, less current portion of debt (excluding VIEs)			8,233			7,586
Total debt (excluding VIEs)			8,233			8,027
Current portion of debt attributable to VIEs			137			58


Total debt			8,370			8,085
Finance lease obligations –
Current portion of finance lease obligations (excluding VIEs)			217			217
Finance lease obligations, less current portion (excluding VIEs)			1,404			1,492
Total finance lease obligations (excluding VIEs)			1,621			1,709



Current portion of finance lease obligations attributable to VIEs			28			27
Finance lease obligations, less current portion attributable to VIEs			628			642
Total finance lease obligations attributable to VIEs			656			669
Total finance lease obligations			2,277			2,378
Total debt and finance lease obligations			$	10,647		$	10,463



	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of net cash provided by operating activities to adjusted net cash provided by operating activities (e)
Net cash provided by operating activities	$	936	$	2,472	$	1,888	$	4,318
Exclude:
Changes in current assets and current liabilities	(325)		789		(168)		629
Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD	(86)		83		(153)		205
Adjusted net cash provided by operating activities	$	1,347	$	1,600	$	2,209	$	3,484

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 15

VALERO ENERGY CORPORATION

EARNINGS RELEASE TABLES

OTHER FINANCIAL DATA

(millions of dollars, except per share amounts)

(unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Reconciliation of capital investments to capital investments attributable to Valero (e)
Capital expenditures (excluding VIEs)	$	144	$	119	$	333	$	247
Capital expenditures of VIEs:
DGD	4		73		63		142
Other VIEs	2		2		3		5
Deferred turnaround and catalyst cost expenditures (excluding VIEs)	247		184		621		636
Deferred turnaround and catalyst cost expenditures of DGD	10		42		46		51
Investments in nonconsolidated joint ventures	—		—		1		—
Capital investments	407		420		1,067		1,081
Adjustments:
DGD’s capital investments attributable to the other joint venture member	(6)		(58)		(54)		(97)
Capital expenditures of other VIEs	(2)		(2)		(3)		(5)
Capital investments attributable to Valero	$	399	$	360	$	1,010	$	979

Dividends per common share	$	1.13	$	1.07	$	2.26	$	2.14

See Notes to Earnings Release Tables beginning on Table Page 17.

Table Page 16

VALERO ENERGY CORPORATION

NOTES TO EARNINGS RELEASE TABLES

(a)In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to cease refining operations by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we evaluated the assets of the Benicia and Wilmington refineries for impairment as of March 31, 2025 and concluded that the carrying values of these assets were not recoverable. Therefore, we reduced the carrying values of the Benicia and Wilmington refineries to their estimated fair values and recognized a combined asset impairment loss of $1.1 billion in the six months ended June 30, 2025.

(b)In March 2021, we announced our participation in a then-proposed large-scale carbon capture and sequestration pipeline system with Navigator Energy Services (Navigator). In October 2023, Navigator announced that it decided to cancel this project. Under the terms of the agreements associated with the project, we had some rights from and obligations to Navigator, including a portion of the aggregate project costs. As a result, we recognized a charge of $29 million in the six months ended June 30, 2024 related to our obligation to Navigator.

(c)In December 2024, the Internal Revenue Service approved our application for registration as a producer of second-generation biofuels with respect to the cellulosic ethanol produced at our ethanol plants. As a result, we recognized a current income tax benefit of $79 million in December 2024 for the tax credit attributable to volumes of cellulosic ethanol produced and sold by us in the U.S. from 2020 through 2024. Of the $79 million benefit, $7 million and $14 million is attributable to the three and six months ended June 30, 2024, respectively.

(d)Depreciation and amortization expense for the three and six months ended June 30, 2025 includes incremental depreciation expense of approximately $100 million related to the Benicia Refinery. In connection with our plan to cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery, and as a result, will depreciate the revised carrying value of the refinery’s long-lived assets to the estimated salvage value through April 2026.

(e)We use certain financial measures (as noted below) in the earnings release tables and accompanying earnings release that are not defined under GAAP and are considered to be non-GAAP measures.

We have defined these non-GAAP measures and believe they are useful to the external users of our financial statements, including industry analysts, investors, lenders, and rating agencies. We believe these measures are useful to assess our ongoing financial performance because, when reconciled to their most comparable GAAP measures, they provide improved comparability between periods after adjusting for certain items that we believe are not indicative of our core operating performance and that may obscure our underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable GAAP measures nor should they be considered in isolation or as a substitute for an analysis of our results of operations as reported under GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because we may define them differently, which diminishes their utility.

Non-GAAP measures are as follows:

◦Adjusted net income attributable to Valero Energy Corporation stockholders is defined as net income attributable to Valero Energy Corporation stockholders adjusted to reflect the items noted below, along with their related income tax effect, as applicable. The income tax effect for the adjustments was calculated using a combined U.S. federal and state statutory rate of 22.5 percent. We have adjusted for these items because we believe that they are not indicative of our core operating performance and that their adjustment results in an important measure of our ongoing financial performance to better assess our underlying business results and trends. The basis for our belief with respect to each adjustment is provided below.

–Asset impairment loss – The asset impairment loss attributable to our Benicia and Wilmington refineries (see note (a)) is not indicative of our ongoing operations or our expectations about the profitability of our refining business.

–Project liability adjustment – The project liability adjustment related to the cancellation of Navigator’s project (see note (b)) is not indicative of our ongoing operations.

–Second-generation biofuel tax credit – The income tax benefit from the second-generation biofuel tax credit recognized by us in December 2024 is attributable to volumes produced and sold from 2020 to 2024 (see note (c)). Therefore, the adjustment reflects the portion of the credit that is attributable to volumes produced and sold during the three and six months ended June 30, 2024.

Table Page 17

VALERO ENERGY CORPORATION

NOTES TO EARNINGS RELEASE TABLES (Continued)

◦Adjusted earnings per common share – assuming dilution is defined as adjusted net income attributable to Valero Energy Corporation stockholders divided by the number of weighted-average shares outstanding in the applicable period, assuming dilution.

◦Refining margin is defined as Refining segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, the asset impairment loss (see note (a)), and other operating expenses. We believe Refining margin is an important measure of our Refining segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.

◦Renewable Diesel margin is defined as Renewable Diesel segment operating income (loss) excluding operating expenses (excluding depreciation and amortization expense) and depreciation and amortization expense. We believe Renewable Diesel margin is an important measure of our Renewable Diesel segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.

◦Ethanol margin is defined as Ethanol segment operating income excluding operating expenses (excluding depreciation and amortization expense), depreciation and amortization expense, and other operating expenses. We believe Ethanol margin is an important measure of our Ethanol segment’s operating and financial performance as it is the most comparable measure to the industry’s market reference product margins, which are used by industry analysts, investors, and others to evaluate our performance.

◦Adjusted Refining operating income is defined as Refining segment operating income (loss) excluding the asset impairment loss (see note (a)) and other operating expenses. We believe adjusted Refining operating income is an important measure of our Refining segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.

◦Adjusted Ethanol operating income is defined as Ethanol segment operating income excluding other operating expenses. We believe adjusted Ethanol operating income is an important measure of our Ethanol segment’s operating and financial performance because it excludes items that are not indicative of that segment’s core operating performance.

◦Adjusted net cash provided by operating activities is defined as net cash provided by operating activities excluding the items noted below. We believe adjusted net cash provided by operating activities is an important measure of our ongoing financial performance to better assess our ability to generate cash to fund our investing and financing activities. The basis for our belief with respect to each excluded item is provided below.

–Changes in current assets and current liabilities – Current assets net of current liabilities represents our operating liquidity. We believe that the change in our operating liquidity from period to period does not represent cash generated by our operations that is available to fund our investing and financing activities.

–DGD’s adjusted net cash provided by operating activities attributable to the other joint venture member’s ownership interest in DGD – We are a 50 percent joint venture member in DGD and we consolidate DGD’s financial statements. Our Renewable Diesel segment includes the operations of DGD and the associated activities to market its products. Because we consolidate DGD’s financial statements, all of DGD’s net cash provided by operating activities (or operating cash flow) is included in our consolidated net cash provided by operating activities.

In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each member and only a portion of DGD’s operating cash flow should be attributed to our net cash provided by operating activities. Therefore, we have adjusted our net cash provided by operating activities for the portion of DGD’s operating cash flow attributable to the other joint venture member’s ownership interest because we believe

Table Page 18

VALERO ENERGY CORPORATION

NOTES TO EARNINGS RELEASE TABLES (Continued)

that it more accurately reflects the operating cash flow available to us to fund our investing and financing activities. The adjustment is calculated as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
DGD operating cash flow data
Net cash provided by (used in) operating activities	$	(262)	$	451	$	(101)		$	445
Exclude: Changes in current assets and current liabilities	(89)		285		205			35
Adjusted net cash provided by (used in) operating activities	(173)		166		(306)			410
Other joint venture member’s ownership interest	50%		50%		50		%	50%
DGD’s adjusted net cash provided by (used in) operating activities attributable to the other joint venture member’s ownership interest in DGD	$	(86)	$	83	$	(153)		$	205

◦Capital investments attributable to Valero is defined as all capital expenditures and deferred turnaround and catalyst cost expenditures presented in our consolidated statements of cash flows, excluding the portion of DGD’s capital investments attributable to the other joint venture member and all of the capital expenditures of VIEs other than DGD.

In general, DGD’s members use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Because DGD’s operating cash flow is effectively attributable to each member, only 50 percent of DGD’s capital investments should be attributed to our net share of total capital investments. We also exclude the capital expenditures of other VIEs that we consolidate because we do not operate those VIEs. We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.

(f)The Refining segment 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.

(g)Primarily includes petrochemicals, gas oils, No. 6 fuel oil, petroleum coke, sulfur, and asphalt.

(h)We use certain operating statistics (as noted below) in the earnings release tables and the accompanying earnings release to evaluate performance between comparable periods. Different companies may calculate them in different ways.

All per barrel of throughput, per gallon of sales, and per gallon of production amounts are calculated by dividing the associated dollar amount by the throughput volumes, sales volumes, and production volumes for the period, as applicable.

Throughput volumes, sales volumes, and production volumes are calculated by multiplying throughput volumes per day, sales volumes per day, and production volumes per day (as provided in the accompanying tables), respectively, by the number of days in the applicable period. We use throughput volumes, sales volumes, and production volumes for the Refining segment, Renewable Diesel segment, and Ethanol segment, respectively, due to their general use by others who operate facilities similar to those included in our segments. We believe the use of such volumes results in per unit amounts that are most representative of the product margins generated and the operating costs incurred as a result of our operation of those facilities.

(i)The RVO cost represents the average market cost on a per barrel basis to comply with the Renewable Fuel Standard program. The RVO cost is calculated by multiplying (i) the average market price during the applicable period for the RINs associated with each class of renewable fuel (i.e., biomass-based diesel, cellulosic biofuel, advanced biofuel, and total renewable fuel) by (ii) the quotas for the volume of each class of renewable fuel that must be blended into petroleum-based transportation fuels consumed in the U.S., as set or proposed by the U.S. Environmental Protection Agency, on a percentage basis for each class of renewable fuel and adding together the results of each calculation.

Table Page 19

VALERO ENERGY CORP/TX 8-K