Visibility to Growth and Disciplined Capital Management
Non-GAAP Disclosures:
Adjusted EBITDA and Net Debt-to-Adjusted EBITDA
39
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND NET DEBT-TO-ADJUSTED EBITDA
(Unaudited, in Millions, Except Ratio Amount)
Net income
Nine Months Ended
September 30, 2018
$
2,331
Year Ended Nine Months Ended
December 31, 2018 September 30, 2019
$
3,353 $
1,454
Less: Deferred turnaround and catalyst cost expenditures
Less: Blender's tax credit
661
915
599
170
170
Plus: Loss on early redemption of debt
38
38
22
Plus: Texas City Refinery fire expenses
14
17
Plus: Environmental reserve adjustment
108
108
Plus: Depreciation and amortization expense
1,538
2,069
1,684
Plus: Interest and debt expense, net of capitalized interest
356
470
335
Plus: Income tax expense
674
879
376
Adjusted EBITDA
4,228
5,849
3,272
TTM adjusted EBITDA = $5,849 + $3,272 - $4,228
$
4,893
September 30, 2019
Debt and finance lease obligations, less current portion
Current portion of debt and finance lease obligations
Cash and cash equivalents
Total debt net of cash
TTM net debt-to-adjusted EBITDA = $7,435 / $4,893:
9,170
402
(2,137)
7,435
1.5x
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