VLO · 10-K filed 25 Feb 2026 · year to 31 Dec 2025

Valero Energy

30 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Partners and platforms

Diamond Green Diesel (DGD)

approximately 1.2 billion gallons per yearnamed as a risk

For example, while we operate the DGD Plants and perform certain day-to-day operating and management functions for DGD, we do not have full control of every aspect of DGD’s business and certain significant decisions concerning DGD require approval from the other joint venture member, including acquiring or disposing of assets above a certain dollar threshold, making certain changes to its business plan, raising debt or equity capital, altering its distribution policy, and certain other transactions.Risk factors (Item 1A)

ERCOT (Texas electric grid)

exposed to its pricenamed as a risk

For example, the real-time market structure of the largest grid operator in Texas exposes many of our refineries and operations located in Texas to “scarcity pricing” during periods of supply and demand imbalance.Risk factors (Item 1A)

Also named by AEP, CEG, CNP, NRG, SRE, VST

Darling Ingredients Inc.

depends onnamed as a risk

DGD is party to a raw material supply agreement with Darling under which Darling is obligated to offer to DGD a portion of its feedstock requirements at market pricing, but DGD is not obligated to purchase all or any part of its feedstock from Darling.Business (Item 1)

Colonial Pipeline

depends onnamed as a risk

A breach could also originate from or compromise our customers’, vendors’, suppliers’, or other third-party networks outside of our control that could impact our business and operations, as occurred with the Colonial Pipeline cybersecurity incident in May 2021.Risk factors (Item 1A)

Other companies

OPEC+

exposed to its pricenamed as a risk

The ability of the members of the Organization of Petroleum Exporting Countries (OPEC) and other petroleum-producing nations that collectively make up OPEC+ to agree on and to maintain crude oil price and production controls has also had, and is likely to continue to have, a significant impact on the market prices of crude oil and certain of our products.Risk factors (Item 1A)

Also named by APA, CHRD, CPAY, CRC, CRGY, DMLP, KMI, KRP and 9 more

Places

U.S. Mid-Continent region

concentrated in · approximately 1.7 billion gallons per yearnamed as a risk

Our 12 ethanol plants are located in the Mid-Continent region of the U.S., and they have a combined ethanol production capacity of approximately 1.7 billion gallons per year.Business (Item 1)

Also named by OKE

Benicia Refinery

operates in · 170,000named as a risk

In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to idle the processing units and cease refining operations by the end of April 2026.Business (Item 1)

California

earns fromnamed as a risk

A significant portion of our low-carbon fuels are sold in California, Canada, the U.K., and the European Union (EU).Risk factors (Item 1A)

Also named by A, AAON, AFRM, ALK, ALLY, AN, ARE, AVAV and 88 more

Mexico

operates innamed as a risk

Mexico has also implemented an informal, nationwide retail price cap on regular gasoline that could be expanded to other fuels, or could become legally binding.Risk factors (Item 1A)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Venezuela

named as a risk

There is also ongoing uncertainty regarding the ultimate impacts of recent events involving Venezuela, including with respect to foreign trade and product margins, among others.Risk factors (Item 1A)

Also named by BKR, CL, COP, CRC, CVX, EME, FLS, JNJ and 3 more

U.S. Gulf Coast

concentrated innamed as a risk

Our operations could also be subject to significant interruption if any of our refineries or plants were to experience a major accident or mechanical failure; be damaged by severe weather and natural disasters/acts of nature (such as hurricanes, winter storms, and earthquakes); or man-made disruptions (such as cybersecurity incidents, terrorism, protests, or human error); or otherwise be forced to shut down or curtail operations.Risk factors (Item 1A)

Also named by CP, DOW, ECL, OLN, PAA, PWR

Latin America

earns from

Our U.S. Gulf Coast refineries are well positioned to support export growth to Latin America, and all of our refineries with waterborne access are well positioned to support export growth in other countries around the world.Business (Item 1)

Also named by AMT, DCI, DOW, EZPW, FLS, MCO, SNEX, SOFI and 2 more

Commodities and inputs

Corn

depends on · 592named as a risk

Our Ethanol segment relies on corn sourced from local farmers and commercial elevators in the Mid-Continent region of the U.S. and such supply is acutely exposed to the effects that weather and other environmental events in that region can have on the amount or timing of crop production.Risk factors (Item 1A)

Also named by ADM, BF/B, CAG, CALM, CL, DE, FLO, FPI and 10 more

Crude oil

exposed to its pricenamed as a risk

A significant portion of our profitability is derived from the ability to purchase and process crude oil feedstocks that historically have been cheaper than benchmark crude oils.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Natural gas

exposed to its pricenamed as a risk

However, increases in the prices for natural gas and electricity, and disruptions to our supplies thereof, have had, and could again have, a material adverse effect on our business, financial condition, results of operations, and liquidity.Risk factors (Item 1A)

Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more

Waste and renewable feedstocks (animal fats, used cooking oils, distillers corn oil)

exposed to its pricenamed as a risk

We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations.Market risk (Item 7A)

RINs and LCFS credits

exposed to its pricenamed as a risk

We are also exposed to the volatility in the market price of RINs, LCFS credits, and other credits, as described in Note 20 of Notes to Consolidated Financial Statements.Risk factors (Item 1A)

Regulators

U.S. Environmental Protection Agency (EPA)

subject tonamed as a risk

We are an obligated party under this program and our Refining segment incurs obligations as a result of being a producer and importer of petroleum-based transportation fuels consumed in the U.S., but we also generate RINs under this program as a result of being a producer of qualifying renewable fuels through our Renewable Diesel and Ethanol segments.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

California Air Resources Board (CARB)

subject tonamed as a risk

The California Air Resources Board (CARB) adopted the LCFS program to help achieve GHG emissions reductions required by California’s Global Warming Solutions Act by decreasing the carbon intensity (CI) of transportation fuels consumed in the state.Business (Item 1)

Also named by CMI, CRC, CVLG, F, FND, GM, GNRC, HTLD and 11 more

Laws and programs

California Low Carbon Fuel Standard (LCFS)

subject to · 20 percent of the total credits per producer or importernamed as a risk

Our Refining segment produces and imports petroleum-based transportation fuels in California and thus must blend low-CI fuels or purchase credits to meet the CI benchmark.Business (Item 1)

Also named by CRC, CVX, DINO, DTE, GPRE, MPC, PBF, SEB and 2 more

Section 45Z clean fuel production credit

subject to · $1.00 per gallonnamed as a risk

Also, for fuel produced on or after January 1, 2026, this credit generally is limited to $1.00 per gallon for all eligible fuels under the OBBB.Business (Item 1)

Also named by GPRE

U.S. tariffs

subject tonamed as a risk

However, DGD’s foreign feedstock supplies have recently been impacted, and could continue to be impacted, by U.S. tariffs, as well as by many of the other developments discussed in “We are subject to risks arising from the Renewable and Low-Carbon Fuel Programs, and other regulations, policies, international certifications, and standards impacting low-carbon fuels.”Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

Renewable Fuel Standard (RFS)

subject tonamed as a risk

While the final RFS Set II rules have not been finalized, the EPA’s proposals present considerable risks that the final RFS Set II rules could require RVOs for 2026-2027 that are infeasible, significantly impact RIN prices and availability, and adversely impact both our Refining and Renewable Diesel segments.Risk factors (Item 1A)

Also named by ADM, AMRC, CF, CLMT, CVX, DAL, DINO, DTE and 13 more

California Senate Bill No. 2 (SBx 1-2)

subject tonamed as a risk

For example, California’s Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2) and Assembly Bill No. 1 continue to present considerable uncertainty and risks for us.Risk factors (Item 1A)

South Coast Air Quality Management District Rule 1109.1

subject tonamed as a risk

Such risks remain particularly acute in California.Risk factors (Item 1A)

California Oil Refinery Cost Disclosure Act (SB 1322)

subject tonamed as a risk

For example, California’s Oil Refinery Cost Disclosure Act (SB 1322) requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information.Risk factors (Item 1A)

New York and Vermont climate cost recovery laws

subject tonamed as a risk

The states of New York and Vermont have also enacted legislation establishing various cost recovery programs designed to upgrade infrastructure and fund community initiatives they designate as purported climate mitigation investments, under which “responsible parties,” which the programs have deemed to include refiners and other fossil fuel companies, bear the costs on a strict liability basis, and other U.S. states have proposed or are considering similar legislation.Risk factors (Item 1A)

Canada Clean Fuel Regulations (CFR)

subject to

As a primary supplier of gasoline and diesel in Canada, our Refining segment is subject to Canada’s low-carbon fuel programs described above and thus must blend low-CI fuels or purchase credits to meet the annual CI reduction requirements of the applicable program.Business (Item 1)

Also named by WCN, WM

U.K. Renewable Transport Fuel Obligation (RTFO)

subject to

As a supplier of gasoline and diesel in the U.K., our Refining segment is subject to the U.K.’s RTFO program described above and thus must blend qualifying low-carbon fuels or purchase RTFCs to satisfy our annual obligation.Business (Item 1)

Section 45Q carbon oxide sequestration credit

subject to

Also, Section 45Q of the Code provides tax credits for carbon oxide sequestration to certain taxpayers who capture and sequester, store, or use qualified carbon oxides (e.g., carbon dioxide).Business (Item 1)