Renewable Diesel Driving Low Carbon Results
Non-GAAP Disclosures:
Free Cash Flow
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES UNDER GAAP TO FREE CASH FLOW
(unaudited, in millions)
2012
2013
2014
Net cash provided by operating activities
Less: Capital expenditures
Less: Deferred turnaround and catalyst cost expenditures
$ 5,270
$ 5,564
$ 4,241
Year Ended December 31,
2015
$ 5,611
2016
2017
2018
2019
2020
$ 4,820
2,931
2,121
2,153
1,618
1,278
$ 5,482
1,353
$ 4,371
$ 5,531
$948
1,628
1,769
1,537
479
634
649
673
718
523
915
780
648
Less: Investments in joint ventures
57
76
14
141
4
406
181
164
54
Less: Changes in current assets and current liabilities
(302)
922
(1,810)
(1,306)
976
1,289
(1,297)
294
(345)
Free cash flow
$ 2,105
$ 1,811
$ 3,235 $ 4,485
$ 1,844
$ 1,911
$ 2,944
$ 2,524
($946)
Total free cash flow, 2012 - 2020
Number of years
Average free cash flow, 2012-2020
INVESTOR PRESENTATION | JUNE 2021
$19,913
9
$2,213
Valero 52View entire presentation