<SEC-DOCUMENT>0001035002-24-000042.txt : 20240719
<SEC-HEADER>0001035002-24-000042.hdr.sgml : 20240719
<ACCEPTANCE-DATETIME>20240617143538
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001035002-24-000042
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240617

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALERO ENERGY CORP/TX
		CENTRAL INDEX KEY:			0001035002
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				741828067
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000
		BUSINESS PHONE:		2103454524

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 696000
		CITY:			SAN ANTONIO
		STATE:			TX
		ZIP:			78269-6000
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
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<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="ie7193517f02d45e3a45e12a07689ccda_35"></div><div style="min-height:81pt;width:100%"><div><font><br></font></div></div><div><img alt="image.jpg" src="image.jpg" style="height:73px;margin-bottom:5pt;vertical-align:text-bottom;width:98px"></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Jason W. Fraser</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Executive Vice President</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">and Chief Financial Officer</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:112%">VIA EDGAR TRANSMISSION</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:112%">June&#160;17, 2024</font></div><div><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Office of Energy &#38; Transportation</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">100 F Street, NE</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Washington, DC 20549</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Attention&#58; Gus Rodriguez and John Cannarella</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:72.435%"><tr><td style="width:1.0%"></td><td style="width:8.413%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:89.387%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Re&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Valero Energy Corporation</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Form&#160;10-K for the Fiscal Year ended December&#160;31, 2023</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">Filed February&#160;22, 2024</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">File No.&#160;001-13175</font></td></tr></table></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Dear Messrs. Rodriguez and Cannarella&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Set forth below is the response of Valero Energy Corporation (the &#8220;Company&#8221;) to the comment from the staff of the Division of Corporation Finance (the &#8220;Staff&#8221;) of the U.S. Securities and Exchange Commission (the &#8220;Commission&#8221;) that appeared in the Staff&#8217;s letter dated June&#160;4, 2024 regarding the above-referenced Annual Report on Form&#160;10-K filed by the Company on February&#160;22, 2024 (the &#8220;2023 Form&#160;10-K&#8221;). As used in this letter, the terms &#8220;we,&#8221; &#8220;us,&#8221; or &#8220;our&#8221; also refer to the Company.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">For ease of reference, the comment is reproduced below in bold and is followed by the Company&#8217;s response to such comment.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">One Valero Way </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">San Antonio, Texas 78249-1616</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Post Office Box 696000 &#8226; San Antonio, Texas 78269-6000 &#8226; Telephone (210) 345-2280</font></div></div></div><div id="ie7193517f02d45e3a45e12a07689ccda_48"></div><hr style="page-break-after:always"><div style="min-height:117pt;width:100%"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Messrs. Rodriguez and Cannarella</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">June&#160;17, 2024</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Page&#160;2</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Form&#160;10-K for the Fiscal Year ended December&#160;31, 2023</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Management&#8217;s Discussion and Analysis</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;text-decoration:underline">Liquidity and Capital Resources, page&#160;57</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:11pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%;padding-left:9.75pt">We note that you included an investor presentation called Leading Producer of Liquid Transportation Fuels as Exhibit&#160;99.1 to the Form 8-K that you filed on May&#160;1, 2024, and that in presenting information related to Sustaining Capex and Growth Capital Investments on page&#160;56, you show that Total Growth Capital Investments decreased from $1,936&#160;million in 2012 to $1,370&#160;million in 2022 and to $430&#160;million in 2023. </font></div><div style="padding-left:18pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">Please expand your disclosures in your periodic reports as necessary to discuss and analyze the reasons for the decline in your growth capital investments, and the potential impact of the decline in growth capital investments on your short and long-term liquidity and profitability, to comply with Item 303&#160;(b)(1) of Regulation S-K.</font></div><div style="padding-left:18pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%;text-decoration:underline">Response&#58;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As disclosed in the 2023 Form 10-K, we have developed an extensive multi-year capital investment program, which we update and revise based on changing internal and external factors (see the 2023 Form&#160;10-K, page&#160;59). While we provide our expectations with respect to capital investments for the current fiscal year in our annual reports on Form 10-K, our capital investment program aims to manage our capital investments on average over a multi-year period rather than focusing on any one year given the year-to-year variability with respect to timing, costs, and other aspects of capital projects, particularly growth capital projects. Capital projects may be accelerated, deferred, or even cancelled based on costs, market and economic conditions, regulatory approvals, project execution, competing uses of capital, and other variables&#59; and capital investments and costs may particularly increase or decrease at the beginning and ending of a project.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">We respectfully note that while the Staff&#8217;s comment letter discusses changes in our total growth capital investments, our multi-year capital investment program is based on a non-GAAP financial measure that we refer to as &#8220;capital investments attributable to Valero&#8221; (see the 2023 Form&#160;10-K, page&#160;61 for a definition and reconciliation thereof). We believe capital investments attributable to Valero is an important measure because it more accurately reflects our capital investments.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Staff&#8217;s comment letter refers to a decrease in our total growth capital investments from $1.37&#160;billion in 2022 to $430&#160;million in 2023. Growth capital investments attributable to Valero, however, only decreased from $919&#160;million in 2022 to $309&#160;million in 2023. Contributing to this decrease was a shift in the timing of the construction of Diamond Green Diesel Holdings LLC&#8217;s (&#8220;DGD&#8221;) (a consolidated joint venture) second plant. In our Form&#160;10-K for the fiscal year ended December&#160;31, 2021, which was filed on February&#160;22, 2022 (the &#8220;2021 Form&#160;10-K&#8221;), we disclosed that &#8220;&#91;o&#93;ver the next 15&#160;months, we expect to invest approximately $800&#160;million to complete the construction of DGD&#8217;s second plant&#8221; and that &#8220;&#91;t&#93;his new plant is expected to commence operations in the first quarter of 2023&#8221; (see the 2021 Form&#160;10-K, pages&#160;4 and 10). This project was ultimately completed ahead of schedule and began operations in the fourth quarter of 2022. Consequently, in our Form 10-K for the fiscal year ended December&#160;31, 2022, which was filed on February&#160;23, 2023 (the &#8220;2022 Form&#160;10-K&#8221;), we disclosed that &#8220;&#91;t&#93;he second DGD plant commenced operations in the fourth quarter of 2022&#8221; (see the 2022 Form&#160;10-K, page&#160;10). As a </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">One Valero Way </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">San Antonio, Texas 78249-1616</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Post Office Box 696000 &#8226; San Antonio, Texas 78269-6000 &#8226; Telephone (210) 345-2280</font></div></div></div><hr style="page-break-after:always"><div style="min-height:117pt;width:100%"><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Messrs. Rodriguez and Cannarella</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">U.S. Securities and Exchange Commission</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">June&#160;17, 2024</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Page&#160;3</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font><br></font></div></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">result, various growth capital investments initially expected to be made in 2023 associated with the completion of this project were accelerated into 2022, resulting in growth capital investments being higher in 2022 and lower in 2023 than initially expected. While this was not the only item that affected our 2022 and 2023 capital investments, it is an example of how the variability in our year-to-year growth capital investments primarily reflects shifts in expected timing and costs of capital projects rather than a change in our capital allocation strategy or underlying fundamentals that would be material to an investor&#8217;s understanding of and ability to assess our financial condition and results of operations or our future liquidity or profitability.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Before finalizing our MD&#38;A disclosures, including our disclosures therein with respect to capital investments, we take into consideration each of the items set forth in Item&#160;303 of Regulation S-K and the instructions thereto. Consequently, we believe that the disclosures we make with respect to our capital investments, as outlined above, provide the material information required to be disclosed under Item&#160;303 of Regulation S-K.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">However, we acknowledge the Staff&#8217;s comment and will include additional disclosure in future annual reports to more clearly describe the potential variability within growth capital investments attributable to Valero. We will also continue to thoroughly assess our financial condition, cash flows, and other changes in financial condition and results of operations and take into consideration each of the items set forth in Item&#160;303 of Regulation S-K, including the instructions thereto, in assessing whether any changes to our capital investments disclosures are necessary.</font></div><div style="text-align:justify"><font><br></font></div><div id="ie7193517f02d45e3a45e12a07689ccda_41"></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Should you have any questions or comments regarding the foregoing, please do not hesitate to contact the undersigned at (210)&#160;345-2280.</font></div><div style="text-align:justify"><font><br></font></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.314%"><tr><td style="width:1.0%"></td><td style="width:6.054%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:52.312%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Sincerely,</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#47;s&#47; Jason W. Fraser</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Jason W. Fraser</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Executive Vice President and Chief Financial Officer</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Valero Energy Corporation</font></td></tr><tr style="height:15pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="padding-left:18pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">cc&#58; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Richard J. Walsh</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">Elizabeth F. Selva</font></div><div style="padding-left:18pt;text-indent:-18pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">One Valero Way </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">San Antonio, Texas 78249-1616</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Post Office Box 696000 &#8226; San Antonio, Texas 78269-6000 &#8226; Telephone (210) 345-2280</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
