![]() ![]() On the financial side, we improved our liquidity by raising $4 billion of debt at attractive rates, and we reduced our capital budget by over $500 million, while keeping our high-return projects moving forward. We also made significant progress on our international strategy to expand our product supply chain into higher-growth markets with the start of waterborne product shipments to our new Veracruz terminal, making Valero one of the largest fuel importers into Mexico. In fact, we set several operational records in 2020, recording our best ever year on employee safety performance, achieving the milestone two years in a row, and the best ever year for process safety and environmental performance.Īnd applying our refining expertise to optimize our renewable diesel segment, we set records for sales volumes and margin in 2020. Throughout the pandemic, our team has been thorough and decisive in its operational and financial response, while maintaining focus on safety and reliability. crude oil and product inventories within the normal five-year inventory band. And as the pandemic-related restrictions were eased in some regions and mobility increased, product demand increased substantially, steadily reducing crude oil and product inventories. In response, we lowered our refinery utilization rates to more closely match product supply with demand. ![]() The energy business was among those confronted by unprecedented demand contraction, which began in the first quarter of 2020 as COVID-19 cases accelerated globally, resulting in an increase in crude oil and product inventories to record high levels. The COVID-19 pandemic has had an extraordinary impact on families, communities, and businesses across the globe. Thanks, Homer, and good morning, everyone. Now, I'll turn the call over to Joe for opening remarks. There are many factors that could cause actual results to differ from our expectations, including those we've described in our filings with the SEC. In summary, it says that statements in the press release and on this conference call that state the Company's or management's expectations or predictions of the future, are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws. I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release. If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call. Also attached to the earnings release are tables that provide additional financial information on our business segments. If you have not received the earnings release and would like a copy, you can find one on our website at. ![]() With me today are Joe Gorder, our Chairman and CEO Lane Riggs, our President and COO Jason Fraser, our Executive Vice President and CFO Gary Simmons, our Executive Vice President and Chief Commercial Officer, and several other members of Valero's senior management team. Good morning, everyone, and welcome to Valero Energy Corporation's fourth quarter 2020 earnings conference call. It is now my pleasure to introduce your host, Homer Bhullar, Vice President of Investor Relations. As a remainder, this conference is being recorded. A question-and-answer session will follow the formal presentation. At this time, all participants are in a listen-only mode. Ladies and gentlemen, greetings and welcome to the Valero Energy Fourth Quarter 2020 Earnings Conference Call. Mark Schmeltekopf - SVP, and Chief Accounting Officer Martin Parrish - SVP, Alternative Energy and Project Development Gary Simmons - EVP and Chief Commercial Officer Valero Energy Corporation ( NYSE: VLO) Q4 2020 Results Conference Call Janu10:00 AM ET ![]()
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