Valero recently reported fourth quarter 2021 adjusted net income attributable to Valero stockholders of $1 billion, or $2.47 per share, as a result of strong margins and solid operational performance across all its business segments. For the year, Valero reported adjusted net income attributable to Valero stockholders of $1.2 billion, or $2.81 per share, with continued improvement in economic activity as businesses opened up and people felt safe to travel and experience life again.
In 2021, the company achieved its best year ever for employee and process safety, a testament to Valero’s long-standing commitment to safe, reliable and environmentally responsible operations. In fact, Valero has set records for process safety for three consecutive years.
Despite the pandemic and weather-related challenges, Valero’s low-carbon growth projects remained on track in 2021. Valero continues to expand its renewables business as demand grows globally for lower carbon products.
The Diamond Green Diesel (DGD) joint venture expansion project at Valero’s St. Charles, Louisiana, refinery began operations during the fourth quarter, on-budget and ahead of schedule. The expansion brings DGD’s total annual renewable diesel capacity to 700 million gallons per year. Work is progressing ahead of schedule on DGD 3 at Valero’s Port Arthur refinery, which is now expected to be operational in the first quarter of 2023. Once complete, DGD’s total annual capacity is expected to be 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.
Also, BlackRock and Navigator’s large-scale carbon sequestration project, which reduces the carbon intensity of ethanol while providing higher product margin, remains on schedule with startup activities expected in late 2024. As the world’s second largest producer of ethanol, Valero is expected to be the anchor shipper, with eight of its ethanol plants connected to this system.
Turning to the community, 2021 was a record-setting year with more than $17 million pledged to United Way across the United States, more than $6 million of which was dedicated to the United Way of San Antonio and Bexar County
To appreciate a company’s true value, you have to understand the heart of its people. The Valero Texas Open, which has become one of the most philanthropic golf tournaments on the PGA TOUR, has also provided a wonderful platform to rally San Antonio and Texas as a whole around a common goal of giving back. This year marks the 100th anniversary of the tournament. Together, through the Valero Benefit for Children and Champions fore Charity, more than $187 million has been raised over the tournament’s history for charities, positively impacting many lives in San Antonio and the communities where Valero operates across the U.S. The charitable aspect drives this tournament, and Valero is setting a goal to exceed $200 million in 2022!