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This article discusses Valero’s Revenue By Segment split across Corporate and Eliminations, Refining, Ethanol, and VLP from 2016-2021.
Valero generates its revenue from the following segments:
|Segment||Q1 2020||Q1 2021||YoY Growth||Revenue Share Q1 2021|
|Corporate and eliminations||-$119.0||-$142.0||19.32%||-0.68%|
(figures in millions, except percentages)
Valero’s total revenue declined from $22,102 million in Q1 2020 to $20,743 million in Q1 2021, marking a decline of 6.15% on a year-on-year basis. The main reason for the decline in Valero’s revenue during this period was the Winter storm “URI” which disrupted the company’s facilities and operations, especially in the United States Mid-Continent and the United States Gulf Coast regions.
Valero’s revenue from the Ethanol segment increased from $875 million in Q1 2020 to $985 million in Q1 2021, an increase of 12.57% on a year-on-year basis. During this period, the Ethanol segment contributed 4.75% to the company’s total revenue.
The company’s Ethanol plants are located in Indiana, Iowa, Minnesota, Nebraska, Ohio, South Dakota, and Wisconsin. The main products manufactured by the company’s ethanol plants are ethanol and distillers grains. These plants produce 1.69 billion gallons of ethanol every year. Ethanol is a renewable fuel and is mixed with gasoline and used as fuel in vehicles. Ethanol reduces the greenhouse gas emissions by 28% compared to non-blended gasoline.
Valero’s revenue from the Refining segment declined from $20,987 million in Q1 2020 to $19,470 million in Q1 2021, a decline of 7.29% on a year-on-year basis. In Q1 2021, this segment contributed 93.86% to Valero’s total revenue.
Valero has 15 petroleum refineries which are located in the United Kingdom, Canada, and the United States. These refineries have a combined estimated capacity of 3.2 million barrels per day (BPD). The major products manufactured by the Refining segment are Gasoline, Distillates and Blend stocks and many other products.
Valero has formed a joint venture with Darling Ingredients Inc. to produce Diamond Green Diesel which is made from cooking oil, animal fats, and distiller’s corn oil. This diesel reduces greenhouse gas emissions by up to 80% compared with normal diesel. Valero is the second-largest producer of renewable diesel in the world. The diesel refinery is located in Norco, Louisiana, and produces 290 million gallons of renewable diesel every year. Valero’s Diamond Green Diesel is sold in different regions of Europe, Canada, and California.
Valero is also the manufacturer and supplier of top-tier gasoline. The company’s major brands include Shamrock, Diamond Shamrock, Valero, Total, and Beacon.
Valero Energy Partners LP (VLP)
Valero’s revenue from the VLP segment rose from $359 million in Q1 2020 to $431 million in Q1 2021, marking an increase of 20.06% on a year-on-year basis. In Q1 2021, the VLP segment contributed 2.08% to the company’s total revenue. In 2019, the VLP segment was combined with the refining segment.
Corporate and Eliminations
Valero’s revenue from Corporate and Eliminations stood at -$142 million in Q1 2021. In Q1 2021, this segment contributed -0.68% to Valero’s total revenue. The Corporate and Eliminations segment includes the General and Administrative expenses of the company.
Valero Energy is a manufacturer and supplier of natural gas, petrochemical products, jet fuels, lubricants, low sulphur diesel, and ethanol. The company was founded in 1980. Joseph Gorder is the current CEO and President of the company. The company’s main office is located in San Antonio, Texas, United States. Valero employs more than 9,900 people in different regions of the United States, Canada, the United Kingdom, Ireland, Mexico, and many more.
The company operates more than 7,000 retail and wholesale outlets in different regions of the United States, Canada, the Caribbean, and the United Kingdom under different brand names like Diamond Shamrock, Shamrock, Texaco, and Valero.
Valero Energy faces tough competition from Chevron, ExxonMobil, Delek US Holdings, Marathon Petroleum, Phillips 66, and Continental Resources. Over the years, Valero has made acquisitions like Pembroke Refinery, Pure Biofuels Corp, and Parkway Pipeline LLP. These acquisitions have helped the company in increasing its product portfolio and fight competition in the market.
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