Skip to main content Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation Investor Presentation | Shale Experts
Loading...
Pm

Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation

Valero Energy Corporation · Mar 6, 2015 · 73 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 1
    Investor Presentation March 2015
  2. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 2
    Who We Are Worlds Largest Independent Refiner 15 refineries, 2.9 million barrels per day (BPD) of high-complexity throughput capacity Greater than 70% of refining capacity located in U.S. Gulf Coast and Mid-Continent Approximately…
  3. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 3
    Assets Concentrated in Advantaged Locations Capacities (MBPD) Nelson Refinery Throughput Crude Oil Index Corpus Christi 325 205 19.9 Houston 175 90 15.4 Meraux 135 125 9.7 Port Arthur 375 335 12.4 St. Charles 290 215 16.0 Texas City…
  4. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 4
    Key Market Trends U.S. and Canadian crude oil, natural gas, and natural gas liquids (NGLs) production growth is providing cost advantages to North American refiners - Lower crude prices may temporarily constrain production growth…
  5. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 5
    Production Growth Provides Resource Advantage to North American Refiners U.S. Crude Oil Production and U.S. Natural Gas Production MBPD Imports MBPD (Bcf/day) 10,500 9,000 70 Imports 10,000 8,500 Production 65 8,000 9,500 7,500…
  6. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 6
    Global Petroleum Demand Projected to Grow Emerging markets in Latin America, Middle East, Africa, and Asia lead demand growth World Petroleum Demand Growth MMBPD 3.5 2.5 1.5 0.5 -0.5 -1.5 -2.5 Non-OECD OECD (excl.…
  7. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 7
    U.S. Growing Market Share by Exports Refined products demand is growing in developing countries and Atlantic Basin (capacity closures) U.S. Gulf Coast (PADD III) is the largest source of exported products MMBPD U. S. Product…
  8. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 8
    Strategy to Enhance Stockholder Returns Demonstrate commitment to safe and reliable operations Operations Continuously improve our top-tier operating performance Excellence Optimize margins with refining systems feedstock and…
  9. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 9
    Persistent Focus Drives Results in Safety, Operations Excellence Environmental, and Regulatory Compliance Personnel Safety Tier 1 Process Safety Environmental Events 1.8 40 20 0.20 1.6 Total Recordable Incident Rate (TRIR)…
  10. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 10
    Top-Tier Operating Performance through Continuous Improvements Reliability drives safe and profitable operations 1st Quartile 2012 Seven of our refineries are first 2010 quartile in mechanical availability 2nd Quartile 2008…
  11. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 11
    Investments, Reliability Programs, and Commercial Optimization Drive Higher Utilization Valero Refinery Utilization Rates System-wide mechanical availability near 1st Quartile since 2011 95% 96% 92% 88% 87% 2010 2011…
  12. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 12
    Optimizing Margins with Feedstock Flexibility in Our Complex Refinery System Investments enhanced our Range of Flexibility in Valeros Gulf Coast capability to adjust Region Quarterly Feedstock Mix 2010-2014 feedstocks and optimize…
  13. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 13
    Port Arthur and St. Charles Hydrocrackers Performing Better Than Expected 120 MBPD of combined new capacity successfully started end of 2012 and mid-2013 Designed to produce high-quality distillates from low-quality feedstocks and…
  14. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 14
    Disciplined Capital Allocation Capital Returns to Framework Emphasizes Stockholders Stockholders Non-Discretionary Sustaining Capex Dividend Growth Debt and Cash Estimate 1.5 billion or Focus on sustainability Maintain…
  15. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 15
    Increasing Focus on Dividends and Stock Buybacks Dividend Per Share of Valero Increased dividend by 45% in 0.40 1Q15 versus 4Q14 0.35 0.30 Regular dividend increases over 0.25 0.20 last three years 0.15 Accelerated stock…
  16. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 16
    Advancing Growth Investments While Disciplined Capital Managing Capital Spending Lower Investment millions 2,815 2,650 400 2,400 915 Logistics Growth 715 790 690 Refining, Renewables, & 300 (1) Other Growth 695 655…
  17. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 17
    Logistics Investments Enhance Valeros Feedstock Flexibility and Export Capability Pipelines Completed tie-in to pipeline in Childress, TX and secured incremental 40 to 50 MBPD Midland-priced crude as substitute for Cushing-priced…
  18. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 18
    Crude Topper Investments Very Attractive 160 MBPD new topping capacity Combined Projects Estimates designed to process up to 50 API Total investment(1) 750 MM domestic sweet crude Annual EBITDA contribution(2) 500 MM Unlevered IRR…
  19. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 19
    Key Natural Gas and NGLs Upgrading Investments Increase distillate yield partially from hydrogen via natural gas Completed Merauxs 20 MBPD capacity expansion in 4Q14; Hydrocracker expect approximately 90 million annual EBITDA…
  20. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 20
    Ethanol Investments Have Performed Well 11 plants acquired between Cumulative Capex and EBITDA 2Q09 and 1Q14 for 794MM, millions Excellent less than 35% of replacement 2,229 value Acquisitions 1.3 billion gallons total annual…
  21. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 21
    Our Sponsored MLP Unlocking Valero Energy Partners (NYSE:VLP) Asset Value Valero owns entire 2% general partner interest, all incentive Growth-oriented distribution rights, and 69.6% LP interest logistics MLP with High-quality…
  22. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 22
    VLP Delivering Growth Adjusted EBITDA Attributable to VLP 1st acquisition Texas Crude (millions) Systems Business in July 2014 for 154 million 200 2nd acquisition Houston and St. Charles Terminal Services Business in March 2015…
  23. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 23
    Drop Down of St. Charles and Houston Terminal Services Business to VLP Operations Financing Crude oil, intermediates, and refined 671 million transaction closed on petroleum product terminaling services March 1, 2015 in Houston,…
  24. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 24
    Estimated EBITDA from Inventory of Eligible MLP Assets Total Approximately 800 Million Pipelines(1) Over 1,200 miles of active pipelines Expect start-up of 440-mile Diamond Pipeline from Cushing to Memphis refinery in 1H17 Racks,…
  25. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 25
    We Believe Valero Is an Excellent Investment Majority of capacity located in U.S. Gulf Coast and Mid- Continent with access to cost-advantaged crude, natural gas, NGLs, and corn Proven operations excellence Excellent investment and…
  26. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 26
    Appendix Topic Pages Valero 2014 Highlights and 2015 Goals 28-29 Valero Energy Partners LP and CST Brands Spinoff 30-32 Capital Spending and Key Investment Details 33-42 Other Valero Operations Highlights 43-48 Macro Outlook and Key…
  27. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 27
    Key 2014 Highlights Operations Excellence Achieved record annual system refinery capacity utilization of approximately 96% in 2014 Increased average consumption of price-advantaged North American light sweet crudes in 2014 by…
  28. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 28
    Key 2015 Goals Operations Excellence Start up Montreal crude terminal with the Enbridge Line 9B reversal and lower Quebec refinerys crude costs versus Brent compared to 2014 Grow product export market share and increase branded…
  29. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 29
    Significant Inventory of Estimated MLP Eligible EBITDA at Valero millions 46 814 800 (15) 34 24 (75) Dec 2013 July 2014 Drop March 2015 Drop 2014 - 2015 2016 - 2017 Diamond Pipeline Current Guidance Guidance (with Down…
  30. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 30
    Valeros GP Interest in VLP Nearing the High Splits Marginal Percentage Interest in Distributions Target Quarterly Distribution per Unit Unitholders GP Minimum quarterly 0.2125 98% 2% First target above 0.2125 up to 0.244375 98%…
  31. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 31
    Unlocked Value via Retail Spinoff in 2013 CST Brands, Inc. (NYSE: CST) has traded at approximately double the earnings valuation of VLO VLO received nearly 1 billion in cash net of tax liability and working capital benefit to CST…
  32. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 32
    Allocating Significant Growth Capital to Logistics millions 915 185 715 5 Marine, Docks, and Other Logistics 220 400 Pipelines and Tanks 45 665 510 180 175 Railcars and Unloading 45 2014 2015E 2016E Railcars spending…
  33. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 33
    Refining & Renewables Capital Focused on Capturing Benefits of Key Long-Term Trends millions 790 40 690 43 150 Nat Gas & Petchems 141 110 Other Projects 180 300 Hydrocracking 490 115 326 105 Advantaged Crude 30…
  34. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 34
    McKee Diesel Recovery Improvement and CDU Expansion Startup Expected in 2H15 Project Estimates Investment Highlights Total investment 140 MM Adding 25 MBPD crude unit capacity Annual EBITDA contribution(1) 100 MM and parallel light…
  35. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 35
    Meraux Hydrocracker Conversion Completed December 2014 Project Estimates Investment Highlights Total investment 260 MM Converted hydrotreater into high- Annual EBITDA contribution(1) 90 MM pressure hydrocracker and Unlevered IRR…
  36. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 36
    Houston and Corpus Christi Crude Topping Units Expected Online in 1st Half of 2016 Houston Corpus Christi Houston Estimates Incremental Volume (MBPD) Estimates Incremental Volume (MBPD) Feeds Feeds Eagle Ford crude 90 Eagle Ford…
  37. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 37
    Diamond Pipeline Project Estimates Investment Highlights Total investment(1) 484 MM Valero holds option until January Cumulative spend through 2014 Zero 2016 to acquire 50% interest in Annual EBITDA contribution(2) 46 MM pipeline…
  38. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 38
    Estimated Key Price Sensitivities on Project Economics McKee Diesel Corpus Change in Estimated EBITDA(1) Relative to 2014(2) Prices Recovery & CDU Meraux HCU Christi Houston (millions/year) Expansion Expansion Topper Topper ICE Brent,…
  39. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 39
    Project Price Set Assumptions Driver (/bbl) 2014 Average ICE Brent 99.49 ICE Brent WTI 6.35 ICE Brent LLS 2.75 USGC CBOB ICE Brent 3.52 G3 CBOB WTI 12.27 USGC ULSD ICE Brent 14.25 G3 ULSD WTI 23.88 Natural gas (Houston Ship Channel,…
  40. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 40
    Port Arthur and St. Charles Hydrocrackers Performance Details Benefits Realized in Reported Results Trailing 4 Quarters mm, except /bbl amounts 4Q12 3Q14 Increase Gulf Coast Capture Rate 58.8% 63.2% 4.4% x Gulf Coast Indicator/bbl,…
  41. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 41
    Gated Investment Management Process PHASE 1 PHASE 2 PHASE 3 PHASE 4 APPROVED Opportunity Lead Case Refinement Execution Startup and Evaluation Development Define project Detail Evaluate Identify Select lead case scope and engineering,…
  42. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 42
    Valeros Light Crude Processing Capacity in North America MBPD McKee Crude Unit Expansion 25 MBPD additional capacity expected in 2H15 Distillate recovery improvements Houston Crude Topper 90 MBPD capacity expected 1H16 1,410…
  43. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 43
    Valero Continues to Process Cost-Advantaged U.S. and Canadian Crude MBPD MBPD 1,200 1,600 1,400 1,000 1,200 800 1,000 600 800 600 400 400 200 200 0 0 2010 2011 2012 2013 1Q14 2Q14 3Q14 4Q14 Gulf Coast Mid-Con West Coast…
  44. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 44
    Valero Leads Peers in Total Location- Advantaged Crude Capacity MBPD 1,948 1,714 Canada U.S. Gulf Coast 1,211 U.S. Midcontinent 443 129 VLO MPC PSX HFC TSO Source: Company 10-K reports. Crude distillation capacity…
  45. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 45
    Expect Quebec City Refinery to Have Cost-Advantaged Access to 100% North American Crude Slate in 2015 Quebec City Refinery Crude Slate 100% 80% Foreign Imports 60% North American 40% 20% 0% 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14…
  46. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 46
    U.S. Natural Gas Provides Opex and Feedstock Cost Advantages Valeros refining operations consume approximately 864,000 mmBtu/day of natural gas, split almost equally between operating expense and cost of goods sold Significant…
  47. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 47
    Valeros Capacity for Additional Product Exports Export markets pull volume from Valeros U.S. Product Exports U.S., enabling high refinery (MBPD) 700 utilization and improved margins 600 Gasoline Diesel Supported by global…
  48. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 48
    Long-Term Macro Market Expectations Economic activity and total petroleum demand increases Transportation fuels demand grows Global Outlook Refining capacity growth slows after 2015; utilization stabilizes then expected to increase…
  49. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 49
    U.S. and Canadian Production Growth Provides Crude Cost Advantage to North American Refiners U.S. and Canadian Crude Production vs. U.S. Crude Imports MMBPD 18 Largest growth from U.S. shale crude and heavy 16 Canadian crude 14…
  50. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 50
    Estimated Crude Oil Transportation Costs Alberta to Eastern Canada Rail 11 to 12/bbl Rail 9/bbl Alberta to Bakken 1 to 2/bbl U.S. Ship Bakken 4 to USGC to Canada 5/bbl Foreign Ship 2/bbl to USEC to West Coast Rail 12 to Rail…
  51. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 51
    Crude Oil Differentials Versus ICE Brent 15% Maya Mars ANS WTI LLS Premium 10% 5% 0% -5% -10% Discount -15% -20% -25% -30% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1Q15 Source: Argus; 1Q15…
  52. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 52
    Valeros Regional Refinery Indicator Margins /bbl Midcontinent WTI Cracking 25 West Coast ANS Medium Sour Coking North Atlantic Brent Cracking Gulf Coast Heavy Sour Coking 20 15 10 5 2004 2005 2006 2007 2008 2009…
  53. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 53
    Valeros Regional Indicator Margins Defined Gulf Coast Indicator: (GC Colonial 85 CBOB A grade- LLS) x 60% + (GC ULSD 10ppm Colonial Pipeline prompt - LLS) x 40% + (LLS - Maya Formula Pricing) x 40% + (LLS - Mars Month 1) x 40%…
  54. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 54
    Low Cost U.S. Natural Gas Provides Competitive Advantage U.S. natural gas is significantly discounted to Brent on an energy equivalent basis Prices expected to remain low and disconnected from global oil and gas markets for…
  55. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 55
    U.S. Refining Capacity Is Globally Competitive and Continues to Take Market Share U.S. flipped from importer to exporter on lower local product demand and higher refinery utilization, particularly in PADDS 2, 3, and 4, driven by…
  56. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 56
    World Refinery Capacity Growth New capacity additions expected in Asia and Middle East Announced new capacity in Brazil, Mexico, and Colombia likely to be smaller and start later than planned Expansions in Ecuador, Peru, Algeria, and…
  57. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 57
    Capacity Rationalization in Atlantic Basin Marginal refiners in U.S. East Coast, Caribbean and Western Europe are shutting capacity Demand growth, poor reliability, and low utilization in Latin American refineries provide…
  58. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 58
    Global Refining Capacity Rationalization CDU Capacity Year CDU Capacity Year Location Owner Closed (MBPD) Closed Location Owner Closed (MBPD) Closed Perth Amboy, NJ Chevron 80 2008 Coryton, U.K. Petroplus 175 2012 Bakersfield,CA Big…
  59. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 59
    Global Refining Capacity For Sale or Under Strategic Review Location Owner CDU Capacity (MBPD) Lytton, Australia Caltex 109 Nishihara, Japan Petrobras/Sumitomo 95 Inchon, Korea SK Energy 270 Whitegate, Ireland Phillips 66 71 Barbers…
  60. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 60
    U.S. Crude Fundamentals U.S. Crude Inventory (MB) 420,000 410,000 400,000 390,000 380,000 370,000 360,000 350,000 340,000 330,000 5 Yr Range 5 Yr Low 2013 2014 2015 2010 - 2014 Avg. 320,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov…
  61. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 61
    U.S. Gasoline Fundamentals USGC Brent Gasoline Crack (per bbl) 9.4 U.S. Gasoline Demand (mmbpd) 24 20 9.2 16 12 9.0 8 8.8 4 0 8.6 -4 8.4 -8 -12 8.2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul…
  62. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 62
    U.S. Distillate Fundamentals USGC Brent ULSD Crack (per bbl) U.S. Distillate Demand (mmbpd) 25 4.4 4.2 20 4.0 15 3.8 3.6 10 3.4 5 3.2 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov…
  63. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 63
    U.S. Transport Indicators U.S. VMT Growth vs. Gasoline Demand Growth Airline Traffic Indicators U.S. Gasoline Demand Growth 3.5 International U.S. VMT Growth 3.0 Domestic 85% Source: U.S. DOE PSM / U.S. DOT FHA 5.0% Most recent…
  64. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 64
    U.S. Transport Indicators: Trucking ATA Seasonally Adj Truck Tonnage Index ATA Non-Seasonally Adj Truck Tonnage Index 140 145 Current Year Current Year 135 12-Mth Moving Avg 12-Mth Moving Avg 135 130 125 125 Index, 2000 = 100…
  65. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 65
    Increase in U.S. Gasoline Exports 700 12 Month Moving Average, MBPD Other 600 Europe 500 Other Latin America Mexico 400 Canada 300 Latest 4 Wk avg estimate (Finished only) 200 100 0 2005 2006 2007 2008 2009 2010 2011…
  66. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 66
    Decrease in U.S. Gasoline Imports 12 Month Moving Average, MBPD Other 1400 Europe 1200 Other Latin America Canada 1000 Latest 4 Wk avg estimate (Fin+Blendstock) 800 600 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013…
  67. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 67
    Increase in U.S. Diesel Exports 1400 12 Month Moving Average, MBPD 1200 Other 1000 Europe Other Latin America 800 Mexico Canada 600 Latest 4 Wk avg estimate 400 200 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014…
  68. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 68
    U.S. Is Net Refined Products Exporter Valeros share of U.S. exports has averaged 20% to 25% over the past few years MMBPD 21 U.S. Demand for Refined Products and Net Trade 20 U.S. Petroleum Demand Excluding Ethanol and Non-Refinery…
  69. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 69
    U.S. Shifted to Net Exporter Net refined products exports increased from 335 MBPD in 2010 to 2,450 MBPD in 2014 Diesel net exports averaged 917 MBPD in 2014 (Jan-Nov) Gasoline net exports averaged 50 MBPD in 2014 (Jan Nov) Gasoline…
  70. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 70
    Mexico Statistics Crude Unit Throughput (MBPD) Crude Unit Utilization 1,350 90% 1,300 85% 1,250 80% 1,200 1,150 75% 1,100 70% 1,050 65% 1,000 950 60% 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013…
  71. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 71
    100 150 200 250 300 350 0 50 MBPD Feb-05 May-05 Aug-05 Nov-05 Feb-06 Source: EIA, November 2014 May-06 Aug-06 Nov-06 Feb-07 May-07 Aug-07 Nov-07 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09…
  72. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 72
    Non-GAAP Reconciliations Reconciliation of VLO Ethanol Operating Income to EBITDA Ethanol (millions) 2Q09 4Q09 2010 2011 2012 2013 2014 Cumulative Operating income 165 209 396 (47) 491 786 2,000 + Depreciation and amortization…
  73. Bank of America Merrill Lynch 2015 Refining Conference – Valero Energy Corporation – slide 73
    Investor Relations Contacts For more information, please contact: John Locke Executive Director, Investor Relations 210-345-3077 john.lockevalero.com Karen Ngo Manager, Investor Relations 210-345-4574 karen.ngovalero.com 74

From the store

Browse maps, data & reports in the Shale Experts store