Overview

• U.S. petroleum refiner's Q1 revenue and adjusted EPS beat analyst expectations

• Company raised quarterly dividend by 6% and returned $938 mln to shareholders

• Refining, renewable diesel, and ethanol segments all reported higher operating income yr/yr

Outlook

• St. Charles FCC Unit optimization project expected to begin operations in Q3 2026

• Company says it is well-positioned to benefit from the current margin environment

• Valero remains focused on operational excellence and system-wide optimization

Result Drivers

• REFINING MARGINS - Higher refining margins and increased throughput volumes drove a sharp rise in operating income for the Refining segment

• RENEWABLE DIESEL TURNAROUND - Renewable Diesel segment returned to profitability on higher sales volumes and improved margins

• ETHANOL MARGIN GAINS - Ethanol segment operating income rose with improved margins and higher production volumes

Company press release: ID:nBw5R7XZta

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$32.38 bln	$30.73 bln (9 Analysts)
Q1 Adjusted EPS	Beat	$4.22	$3.16 (17 Analysts)
Q1 EPS		$4.22

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

• Wall Street's median 12-month price target for Valero Energy Corp is $250.00, about 0.5% above its April 29 closing price of $251.30

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 13 three months ago

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