VLO - Valero Energy Corporation (VLO) Q4 2023 Earnings Call Transcript

2024-01-25 13:55:23 ET

Start Time: 10:00

End Time: 10:59

Valero Energy Corporation (VLO)

Q4 2023 Earnings Conference Call

January 25, 2024, 10:00 AM ET

Company Participants

Lane Riggs - CEO and President

Gary Simmons - EVP and COO

Greg Bram - VP, Refining Services

Jason Fraser - EVP and CFO

Eric Fisher - SVP, Product Supply, Trading and Wholesale

Homer Bhullar - VP, IR and Finance

Conference Call Participants

John Royall - JPMorgan

Theresa Chen - Barclays

Neil Mehta - Goldman Sachs

Doug Leggate - Bank of America

Manav Gupta - UBS

Sam Margolin - Wolf Research

Paul Sansky - Sansky Research

Roger Read - Wells Fargo

Ryan Todd - Piper Sandler

Paul Cheng - Scotiabank

Joe Laetsch - Morgan Stanley

Jason Gabelman - TD Cowen

Matthew Blair - Tudor, Pickering, Holt

Presentation

Operator

Greetings, and welcome to Valero Energy Corp. Fourth Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Homer Bhullar, Vice President, Investor Relations and Finance. Thank you. You may begin.

Homer Bhullar

Good morning, everyone, and welcome to Valero Energy Corporation's fourth quarter 2023 earnings conference call. With me today are Lane Riggs, our CEO and President; Jason Fraser, our Executive Vice President and CFO; Gary Simmons, our Executive Vice President and COO; and several other members of Valero's senior management team.

If you have not received the earnings release and would like a copy, you can find one on our website at investorvalero.com. Also attached to the earnings release are tables that provide additional financial information on our business segments and reconciliations and disclosures for adjusted financial metrics mentioned on this call. If you have any questions after reviewing these tables, please feel free to contact our Investor Relations team after the call.

I would now like to direct your attention to the forward-looking statement disclaimer contained in the press release. 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. There are many factors that could cause actual results to differ from our expectations, including those we've described in our earnings release and filings with the SEC.

Now, I'll turn the call over to Lane for opening remarks.

Lane Riggs

Thank you, Homer, and good morning, everyone. We are pleased to report strong financial results for the fourth quarter and the full year. With the exception of our 2022 results, we delivered the highest fourth quarter and full year adjusted earnings in company's history in 2023, demonstrating the earnings capability of our portfolio....

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