Valero Energy Corp., current enterprise value calculation

Current share price (P)	$128.73
No. shares of common stock outstanding	316,585,228
US$ in millions
Common equity (market value)¹	40,754)
Add: Noncontrolling interests (per books)	2,178)
Total equity	42,932)
Add: Current portion of debt and finance lease obligations (per books)	1,406)
Add: Debt and finance lease obligations, less current portion (per books)	10,118)
Total equity and debt	54,456)
Less: Cash and cash equivalents	5,424)
Enterprise value (EV)	49,032)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 128.73 × 316,585,228

Valero Energy Corp., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$139.78	$132.43	$85.84	$75.81	$71.72
No. shares of common stock outstanding¹	332,481,908	371,150,836	409,303,630	408,562,891	409,337,126
US$ in millions
Common equity (market value)³	46,474)	49,152)	35,135)	30,973)	29,358)
Add: Noncontrolling interests (book value)	2,178)	1,907)	1,387)	841)	733)
Total equity	48,652)	51,059)	36,522)	31,814)	30,091)
Add: Current portion of debt and finance lease obligations (book value)	1,406)	1,109)	1,264)	723)	494)
Add: Debt and finance lease obligations, less current portion (book value)	10,118)	10,526)	12,606)	13,954)	9,178)
Total equity and debt	60,176)	62,694)	50,392)	46,491)	39,763)
Less: Cash and cash equivalents	5,424)	4,862)	4,122)	3,313)	2,583)
Enterprise value (EV)	54,752)	57,832)	46,270)	43,178)	37,180)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Valero Energy Corp. Annual Report.

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 139.78 × 332,481,908

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Valero Energy Corp. EV increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Valero Energy Corp. (NYSE:VLO)

Enterprise Value (EV)