SEC Comment Letter 0000000000-24-006394 to VALERO ENERGY CORP/TX (VLO) (CIK 0001035002) (VLO)
VALERO ENERGY CORP/TX (VLO) (CIK 0001035002)
Date: June 4, 2024 · CIK: 0001035002 · Accession: 0000000000-24-006394
AI Filing Summary & Sentiment
File numbers found in text: 001-13175
Letter
United States securities and exchange commission logo June 4, 2024 Jason W. Fraser Chief Financial Officer Valero Energy Corporation One Valero Way San Antonio, Texas 78249 Re:Valero Energy Corporation Form 10-K for the Fiscal Year ended December 31, 2023 Filed February 22, 2024 File No. 001-13175 Dear Jason W. Fraser: We have limited our review of your filing to the financial statements and related disclosures and have the following comment. Please respond to this letter within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe a comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this letter, we may have additional comments. Form 10-K for the Fiscal Year ended December 31, 2023 Management's Discussion and Analysis Liquidity and Capital Resources , page 57 1.We note that you included an investor presentation called Leading Producer of Liquid Transportation Fuels as Exhibit 99.1 to the Form 8-K that you filed on May 1, 2024, and that in presenting information related to Sustaining Capex and Growth Capital Investments on page 56, you show that Total Growth Capital Investments decreased from $1,936 million in 2012 to $1,370 million in 2022 and to $430 million in 2023.
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 (b)(1) of Regulation S-K.
FirstName LastNameJason W. Fraser Comapany NameValero Energy Corporation June 4, 2024 Page 2 FirstName LastName Jason W. Fraser Valero Energy Corporation June 4, 2024 Page 2 In closing, we remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or absence of action by the staff. Please contact Gus Rodriguez at 202-551-3752 or John Cannarella at 202-551-3337 with any questions. Sincerely, Division of Corporation Finance Office of Energy & Transportation
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United States securities and exchange commission logo
June 4, 2024
Jason W. Fraser
Chief Financial Officer
Valero Energy Corporation
One Valero Way
San Antonio, Texas 78249
Re:Valero Energy Corporation
Form 10-K for the Fiscal Year ended December 31, 2023
Filed February 22, 2024
File No. 001-13175
Dear Jason W. Fraser:
We have limited our review of your filing to the financial statements and related
disclosures and have the following comment.
Please respond to this letter within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe a
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this letter, we may have additional comments.
Form 10-K for the Fiscal Year ended December 31, 2023
Management's Discussion and Analysis
Liquidity and Capital Resources , page 57
1.We note that you included an investor presentation called Leading Producer of Liquid
Transportation Fuels as Exhibit 99.1 to the Form 8-K that you filed on May 1, 2024, and
that in presenting information related to Sustaining Capex and Growth Capital
Investments on page 56, you show that Total Growth Capital Investments decreased from
$1,936 million in 2012 to $1,370 million in 2022 and to $430 million in 2023.
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 (b)(1) of Regulation S-K.
FirstName LastNameJason W. Fraser
Comapany NameValero Energy Corporation
June 4, 2024 Page 2
FirstName LastName
Jason W. Fraser
Valero Energy Corporation
June 4, 2024
Page 2
In closing, we remind you that the company and its management are responsible for the
accuracy and adequacy of their disclosures, notwithstanding any review, comments, action or
absence of action by the staff.
Please contact Gus Rodriguez at 202-551-3752 or John Cannarella at 202-551-3337 with
any questions.
Sincerely,
Division of Corporation Finance
Office of Energy & Transportation