Visibility to Growth and Disciplined Capital Management
VLO
Guidance
4Q19(1)
Throughput (MBPD)
U.S. Gulf Coast
U.S. Mid-Continent
1,710 to 1,760
North Atlantic
U.S. West Coast
Refining cash operating expenses per barrel throughput
Ethanol
Production (millions of gallons per day)
Operating expenses per gallon of production
Cash opex
410 to 430
475 to 495
260 to 280
$3.95
4.3
$0.39
$0.33
Non-cash opex
$0.06
Depreciation and amortization expense ($MM)
$565
•
Net interest expense ($MM)
$113
2019(1)
Renewable Diesel
Sales volume (thousands of gallons per day)
Operating expenses per gallon of production
Cash opex
Non-cash opex
Payout ratio(2) of adjusted net cash provided by operating activities
Effective tax rate
•
General and administrative expenses ($MM)
•
RINS expense ($MM)
Capital expenditures ($MM)
Sustaining
Growth
750
$0.45
$0.29
$0.16
40 to 50%
22%
$840
$300 to $400
$2,500
60%
40%
(1) Unless otherwise stated, guidance as provided on the 3Q19 earnings call and is included
here for informational purposes only.
(2) Payout ratio is the sum of dividends and stock buybacks divided by adjusted net cash
provided by operating activities. Adjusted net cash provided by operating activities is
calculated as net cash provided by operating activities excluding changes in working
capital (i.e. current assets and current liabilities).
23
Texas City Refinery.
ValeroView entire presentation