Valero Energy Corp/Tx (NYSE: VLO)

Valero Energy Corporation is an international manufacturer and marketer of transportation fuels, renewable diesel, and ethanol. The company refines crude oil into gasoline, diesel, jet fuel, and other petroleum based products, produces renewable diesel from feedstocks such as used cooking oil and animal fats, and manufactures ethanol and corn based co products from corn. Its operations include refineries, renewable diesel plants, and ethanol plants primarily located in the United States, supplying both domestic and export markets. In the first quarter of 2026, Valero’s refining throughput averaged 2,914 thousand barrels per day, renewable diesel sales averaged 3,027 thousand gallons per day, and ethanol production averaged 4,619 thousand gallons per day. The company also maintains an extensive logistics network comprising pipelines, terminals, and storage facilities that facilitate the transportation of crude oil to its refineries and the distribution of refined products to markets.

Valero Energy Corporation generates revenue mainly from the sale of refined petroleum based products including gasoline, diesel, and jet fuel, as well as renewable diesel and ethanol, together with corn based co products. These products are sold to wholesale distributors, retail outlets, blending companies, and industrial users. A portion of its revenue is derived from exporting refined fuels and renewable diesel to international markets.

The company operates through the following segments: Refining, Renewable Diesel, and Ethanol.

• Refining: This segment processes crude oil into transportation fuels such as gasoline, diesel, and jet fuel, and also yields other petroleum based products.

• Renewable Diesel: This segment produces renewable diesel from renewable feedstocks including used cooking oil, animal fats, and other sustainable sources.

• Ethanol: This segment manufactures ethanol and corn based co products from corn feedstock.

Valero Energy Corporation ranks among the largest independent refiners in the United States and is a notable producer of renewable diesel and ethanol. It competes with other major independent and integrated refiners as well as renewable fuel producers. The company’s competitive advantages stem from its integrated operations across refining, renewable diesel, and ethanol, its substantial throughput volumes, its diversified product portfolio that helps mitigate market volatility, and its extensive infrastructure comprising refineries, renewable diesel plants, ethanol plants, and associated logistics assets. In addition, Valero’s renewable diesel and ethanol plants contribute to its production of low carbon fuels.

Valero Energy Corporation sells its products primarily to wholesale distributors, retail outlets, and blended fuel wholesalers, as well as to industrial users and other energy companies. Its customer base is concentrated in the refining industry and among wholesalers and retailers of petroleum based products, which helps ensure steady demand for its fuels and co products. Its products are sold to customers throughout the United States and to various overseas markets.