Renewable Diesel Driving Low Carbon Results
Non-GAAP Disclosures:
Adjusted EBITDA
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Unaudited, in Millions)
Year Ended December 31,
2009
2012
2013
Net income (loss)
($1,982)
$2,080
$2,728
2014
$3,711
2015
$4,101
2016
$2,417
2017
2018
$4,156
$3,353
Plus: Depreciation and amortization expense
1,361
1,549
1,720
1,690
1,842
1,894
1,986
2,069
2019
$2,784
2,255
2020
($1,107)
2,351
Plus: Interest and debt expense, net of capitalized interest
416
314
365
397
433
446
468
470
454
563
Plus: Income tax expense (benefit)
(43)
1,626
1,254
1,777
1,870
765
(949)
879
702
(903)
Less: Income (loss) from discontinued operations
(1,709)
(1,034)
6
$1,461
$6,603
$6,061
(64)
$7,639
$8,246
$5,522
$5,661
$6,771
$6,195
$904
EBITDA
Adjustments:
Aruba (discontinued operations)
Asset impairment loss
Blender's tax credits
Environmental reserve adjustments
Gain on disposition of retained interest in CST Brands, Inc.
LCM inventory valuation adjustment (gain) loss
LIFO liquidation adjustment (gain) loss
Loss on early redemption of debt
Texas City Refinery fire expenses
64
222
86
56
170
(12)
108
(158)
(325)
790
(747)
(233)
(19)
224
38
22
17
EBITDA attributable to noncontrolling interest
3
(8)
(108)
(144)
(171)
(218)
(283)
(313)
(331)
Adjusted EBITDA attributable to VLO stockholders
$1,747
$6,692
$5,728
$7,298
$8,892
$4,660
$5,613
$6,639
$5,746
$778
Total Adjusted EBITDA attributable to VLO stockholders, 2012-2019
$51,268
Number of Years, 2012-2019
8
Average Adjusted EBITDA attributable to VLO stockholders, 2012-2019
INVESTOR PRESENTATION | JUNE 2021
$6,409
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