Valero Energy Corporation (VLO)

Executive Summary

Valero Energy at $247.49 per share is, in our view at T&T Capital Management, the highest-quality independent refiner in North America and one of the cleaner mid-cycle plays available in the U.S. energy complex today. The franchise operates 15 petroleum refineries with approximately 3.2 million barrels per day of throughput capacity across the U.S. Gulf Coast, Mid-Continent, U.S. West Coast, Eastern Canada (Quebec), and the United Kingdom (Pembroke). Through Diamond Green Diesel — the 50/50 joint venture with Darling Ingredients — Valero is also the largest renewable-diesel producer in the United States at 1.2 billion gallons per year of capacity. The company also operates 12 ethanol plants representing 1.6 billion gallons per year of capacity.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers