2024 ESG Report FINAL - Report - Page 81
Re昀椀ning Segment Adjusted EBITDA per Barrel
Re昀椀ning segment adjusted EBITDA is de昀椀ned as Re昀椀ning segment operating income (loss) excluding depreciation and amortization
expense and the effect of special items that Valero believes are not indicative of its core operating performance and that may
obscure Valero’s underlying business results, trends and comparability between periods. Re昀椀ning segment adjusted EBITDA per
barrel is annual Re昀椀ning segment adjusted EBITDA divided by re昀椀nery throughput volume for the period. Throughput volumes are
calculated by multiplying throughput volumes per day by the number of days in the applicable period.
Reconciliation of Re昀椀ning Segment Operating Income (Loss) to Re昀椀ning Segment Adjusted EBITDA per Barrel
(in millions except per barrel amounts)
Year Ended December 31,
2014
2015
2016
2017
2018
2019
2020
2021
2022
$5,904
$6,881
$3,730
$3,975
$5,143
$4,022
($1,342)
$1,862
$15,803
$11,511
1,559
1,699
1,734
1,800
1,910
2,062
2,138
2,169
2,247
2,351
7,463
8,580
5,464
5,775
7,053
6,084
796
4,031
18,050
13,862
-
-
56
-
-
-
-
-
-
-
(229)
-
-
-
-
-
222
-
-
-
LCM inventory valuation adjustment
-
740
(697)
-
-
-
(19)
-
-
-
Blender's tax credit
-
-
-
-
(8)
(2)
-
-
-
-
Modi昀椀cation of RVO
-
-
-
-
-
-
105
(1)
(104)
-
Other operating expenses
-
-
-
58
45
20
34
83
63
17
$7,234
$9,320
$4,823
$5,833
$7,090
$6,102
$1,138
$4,113
$18,009
$13,879
Throughput (million barrels) (B)
1,009
1,022
1,045
1,073
1,090
1,077
935
1,017
1,078
1,087
Re昀椀ning segment adjusted EBITDA per barrel
(A/B)
$7.16
$9.12
$4.62
$5.43
$6.50
$5.67
$1.21
$4.04
$16.71
$12.76
Re昀椀ning segment operating income (loss)
Plus: depreciation and amortization expense
Re昀椀ning segment EBITDA
2023
Adjustments:
Asset impairment loss
LIFO liquidation adjustment
Re昀椀ning segment adjusted EBITDA (A)
Average re昀椀ning segment adjusted EBITDA per barrel, 2014 - 2023
$7.32
Note: 2014 through 2017 exclude the results of VLP; 2018 through 2023 exclude the results of DGD which are re昀氀ected in the Renewable Diesel Segment.
Environmental, Social and Governance Report •
81
