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Valero pays all Covid debt, with $2.7 billion of debt repaid in 2022
By Devika Patel
Knoxville, Tenn., Jan. 27 – Valero Energy Corp. paid off $2.7 billion of debt in 2022, including all of the debt the company incurred during the Covid-19 pandemic, but still has a healthy cash balance of nearly $5 billion.
“We continue to strengthen our balance sheet, paying off all of the incremental debt incurred during the pandemic,” chairman and chief executive officer Joseph W. Gorder said on the company’s fourth quarter and year ended Dec. 31, 2022 earnings conference call on Thursday.
The company reduced debt by $2.7 billion in 2022, with $442 million of that debt cut during the fourth quarter, bringing Valero’s total debt reduction to $4 billion since the second half of 2021.
“We completed additional debt reduction transactions in the fourth quarter that reduced Valero’s debt by $442 million through opportunistic open market repurchases,” vice president of investor relations and finance Homer Bhullar said on the call.
“This reduction, combined with a series of debt reduction and refinancing transactions since the second half of 2021, have collectively reduced Valero's debt by over $4 billion,” Bhullar said.
Valero also has a strong cash balance.
“We’ve paid off our pandemic debt and built our cash balance up to a good level,” executive vice president and chief financial officer Jason W. Fraser said on the call.
Valero ended 2022 with $9,241,000,000 of total debt and $4,862,000,000 of cash and cash equivalents, compared to $11.95 billion of total debt and $4,122,000,000 of cash and cash equivalents at the end of 2021.
San Antonio-based Valero is an oil refinery owner and operator.
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