VALERO ENERGY CORP (VLO) [Rocket]

In millions, except per share items	Jun-30-23	Dec-31-22	Jun-30-22	Dec-31-21	Sep-30-21	Jun-30-21	Dec-31-20	Sep-30-20
	10-Q	8-K	10-Q	10-K	10-Q	10-Q	10-K	10-Q
Revenues:
Refining							60,848.0	71,976.0
Ethanol							3,243.0	3,318.0
Other							821.0	893.0
Total revenues							64,912.0	76,187.0
Revenue growth [+]							-40.1%	-30.2%
Refining							-41.4%	-31.4%
Ethanol							-15.5%	-9.5%
Cost of goods sold [+]							133,607.0	151,719.0
Excise and sales taxes							4,797.0	4,947.0
Depreciation and amortization							2,303.0	2,294.0
Other direct costs								37.0
Gross profit							-68,695.0	-75,532.0
Gross margin							-105.8%	-99.1%
Selling, general and administrative [+]							756.0	775.0
General and administrative							756.0	775.0
Other operating expenses							-67,920.0	-76,988.0
EBITDA [+]							772.0	2,975.0
EBITDA growth							-86.1%	-41.1%
EBITDA margin							1.2%	3.9%
Depreciation and amortization							2,351.0	2,345.0
EBIT [+]							-1,579.0	630.0
EBIT growth							-141.2%	-81.4%
EBIT margin							-2.4%	0.8%
Interest expense							563.0	529.0
Interest expense							563.0	529.0
Other income (expense), net							132.0	143.0
Pre-tax income							-2,010.0	244.0
Income taxes							-903.0	-288.0
Tax rate							44.9%	-118.0%
Minority interest							314.0	534.0
Net income							-1,421.0	-2.0
Net margin							-2.2%	0.0%

Basic EPS [+]							($3.49)	$0.00
Growth							-159.7%	-100.1%
Diluted EPS [+]							($3.49)	$0.00
Growth							-159.9%	-100.1%

Dividends per share [+]				$0.00	$0.00		$3.93	$3.84
Growth				-100.0%	-100.0%	-100.0%	45.3%	47.2%

Shares outstanding (basic) [+]							407.0	408.5
Growth							-1.7%	-2.1%
Shares outstanding (diluted) [+]							407.3	409.0
Growth							-2.0%	-2.4%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.