2025 Valero Report on Guiding Principles - Flipbook - Page 75
Introduction
Safety
Environment
Community
People
Governance
Appendix
Refining Segment Adjusted EBITDA per Barrel
Re昀椀ning segment adjusted EBITDA is de昀椀ned as Re昀椀ning segment operating income (loss) excluding depreciation and
amortization expense and the effect of items that Valero believes are not indicative of its core operating performance
and that may obscure Valero’s underlying business results, trends and comparability between periods. Re昀椀ning segment
adjusted EBITDA per barrel is annual Re昀椀ning segment adjusted EBITDA divided by re昀椀nery throughput volume for the
period. Throughput volume is calculated by multiplying throughput volumes per day by the number of days in the
applicable period.
Reconciliation of Re昀椀ning Segment Operating Income (Loss) to Re昀椀ning Segment Adjusted EBITDA per Barrel
(in millions except per barrel amounts)
Year Ended December 31,
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$5,904
$6,881
$3,730
$3,975
$5,143
$4,022
($1,342)
$1,862
$15,803
$11,511
$3,971
1,559
1,699
1,734
1,800
1,910
2,062
2,138
2,169
2,247
2,351
2,391
7,463
8,580
5,464
5,775
7,053
6,084
796
4,031
18,050
13,862
6,362
-
-
56
-
-
-
-
-
-
-
-
(229)
-
-
-
-
-
222
-
-
-
-
LCM inventory valuation adjustment
-
740
(697)
-
-
-
(19)
-
-
-
-
Blender's tax credit
-
-
-
-
(8)
(2)
-
-
-
-
-
Modi昀椀cation of RVO
-
-
-
-
-
-
105
(1)
(104)
-
-
Other operating expenses
-
-
-
58
45
20
34
83
63
17
17
Re昀椀ning segment adjusted EBITDA (A)
$7,234
$9,320
$4,823
$5,833
$7,090
$6,102
$1,138
$4,113
$18,009
$13,879
$6,379
Throughput (million barrels) (B)
1,009
1,022
1,045
1,073
1,090
1,077
935
1,017
1,078
1,087
1,066
Re昀椀ning segment adjusted EBITDA per
barrel (A/B)
$7.16
$9.12
$4.62
$5.43
$6.50
$5.67
$1.21
$4.04
$16.71
$12.76
$5.98
Re昀椀ning segment operating income (loss)
Plus: depreciation and amortization
expense
Re昀椀ning segment EBITDA
Adjustments:
Asset impairment loss
LIFO liquidation adjustment
Total Re昀椀ning segment adjusted EBITDA per barrel, 2015 - 2024
$72.04
Number of years, 2015 - 2024
10
Average Re昀椀ning segment adjusted EBITDA per barrel, 2015 - 2024
$7.20
Note: 2014 through 2017 exclude the results of VLP; 2018 through 2024 exclude the results of DGD which are re昀氀ected in the Renewable
Diesel Segment.
Valero Report on Guiding Principles •
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