Quarterly guidance

Gulf Coast Refining Throughput
1.855 million to 1.905 million barrels per day
Mid-Continent Refining Throughput
440,000 to 460,000 barrels per day
West Coast Refining Throughput
100,000 to 110,000 barrels per day
North Atlantic Refining Throughput
480,000 to 500,000 barrels per day
Refining Cash Operating Expenses
Approximately $4.85 per barrel
Renewable Diesel Sales Volumes
Approximately 325 million gallons
Ethanol Production Volumes
4.9 million gallons per day

Annual guidance

Capital Investments
Approximately $2 billion attributable to Valero for 2026
G&A Expenses
Approximately $1.1 billion for 2026

Outlook

Refining fundamentals
Refining fundamentals remain favorable, supported by low product inventories, limited excess refining capacity, and continued demand for transportation fuels.
Crude differentials
Long-term outlook on crude differentials remains very constructive as incremental supply looks to be dominated by heavier and more sour barrels from Canada, Venezuela, and the Middle East.
Global freight rates
Extreme run-up in freight rates is causing severe dislocations in global crude pricing as refiners seek barrels closer to home.
Transportation fuel demand
Wholesale networks show resilient demand with gasoline sales up 4% year-over-year in the U.S. and diesel sales up 2% year-over-year.
Cash balance and capital allocation
While the long-term $4 billion to $5 billion cash target remains unchanged, management maintains cash above that range to preserve optionality in a volatile market while honoring commitments.