Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Valero Energy Corp., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenues, includes excise taxes on sales by certain of foreign operations	144,766)	176,383)	113,977)	64,912)	108,324)
Cost of materials and other	(123,087)	(150,770)	(102,714)	(58,933)	(96,476)
Lower of cost or market (LCM) inventory valuation adjustment	—)	—)	—)	19)	—)
Operating expenses, excluding depreciation and amortization expense	(6,089)	(6,389)	(5,776)	(4,435)	(4,868)
Depreciation and amortization expense	(2,658)	(2,428)	(2,358)	(2,303)	(2,202)
Cost of sales	(131,834)	(159,587)	(110,848)	(65,652)	(103,546)
Gross profit (loss)	12,932)	16,796)	3,129)	(740)	4,778)
Asset impairment loss	—)	(61)	—)	—)	—)
Other operating expenses	(33)	(66)	(87)	(35)	(21)
General and administrative expenses, excluding depreciation and amortization expense	(998)	(934)	(865)	(756)	(868)
Depreciation and amortization expense	(43)	(45)	(47)	(48)	(53)
Operating income (loss)	11,858)	15,690)	2,130)	(1,579)	3,836)
Other income, net	502)	179)	16)	132)	104)
Interest and debt expense, net of capitalized interest	(592)	(562)	(603)	(563)	(454)
Income (loss) before income tax (expense) benefit	11,768)	15,307)	1,543)	(2,010)	3,486)
Income tax (expense) benefit	(2,619)	(3,428)	(255)	903)	(702)
Net income (loss)	9,149)	11,879)	1,288)	(1,107)	2,784)
Net income attributable to noncontrolling interests	(314)	(351)	(358)	(314)	(362)
Net income (loss) attributable to Valero Energy Corporation stockholders	8,835)	11,528)	930)	(1,421)	2,422)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Revenues, includes excise taxes on sales by certain of foreign operations	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Valero Energy Corp. revenues, includes excise taxes on sales by certain of foreign operations increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Operating income (loss)	The net result for the period of deducting operating expenses from operating revenues.	Valero Energy Corp. operating income (loss) increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Income (loss) before income tax (expense) benefit	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Valero Energy Corp. income (loss) before income tax (expense) benefit increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Net income (loss) attributable to Valero Energy Corporation stockholders	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Valero Energy Corp. net income (loss) attributable to Valero Energy Corporation stockholders increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Valero Energy Corp. (NYSE:VLO)

Income Statement