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瓦莱罗能源Valero Energy(VLO)2025年10-K年度报告「NYSE」(英文版)(162页).pdf

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1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-K(Mark One)ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31,2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 193

2、4For the transition period from _ to _Commission file number 001-13175VALERO ENERGY CORPORATION(Exact name of registrant as specified in its charter)Delaware74-1828067(State or other jurisdiction of(I.R.S.Employerincorporation or organization)Identification No.)One Valero WaySan Antonio,Texas 78249(

3、Address of principal executive offices)(Zip Code)Registrants telephone number,including area code:(210)345-2000Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock,par value$0.01 per shareVLONew York Stock

4、 ExchangeSecurities registered pursuant to Section 12(g)of the Act:None.Indicate by check mark if the registrant is a well-known seasoned issuer,as defined in Rule 405 of the Securities Act.Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Sect

5、ion 15(d)of the Act.Yes No Indicate by check mark whether the registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during thepreceding 12 months(or for such shorter period that the registrant was required to file such reports),and(2)has

6、 been subject to such filing requirements for the past 90days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months(or for su

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1. **公司概况**:Valero Energy Corporation为财富500强企业,总部位于美国德克萨斯州,主营石油炼制、可再生柴油及乙醇业务,拥有15座炼厂(产能320万桶/日)、12座乙醇厂(产能17亿加仑/年)及合资企业DGD(可再生柴油产能12亿加仑/年)。 2. **战略重点**:通过综合液体燃料策略,满足全球能源需求,重点布局低碳燃料(如可再生柴油、乙醇及可持续航空燃料SAF),已投资60亿美元发展低碳业务。 3. **市场与合规**:产品销往美国、加拿大、英国、爱尔兰及拉丁美洲,受多项低碳燃料法规(如美国RFS、加州LCFS、加拿大CFR及英国RTFO)驱动,同时享受美国联邦税收激励(如清洁燃料生产税收抵免)。 4. **运营与风险**:炼厂分布优化以降低成本,但面临油价波动、政策变化及供应链风险;2025年员工9,811人,强调安全文化(TRIR 0.13)及多元化发展。
**低碳燃料战略** **炼油厂布局** **员工福利政策**
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