Independent refiner and low-carbon fuels producer
Valero Energy Corporation
Valero Energy refines crude oil and other feedstocks into gasoline, diesel, and jet fuel while also selling renewable diesel and ethanol. Revenue comes from wholesale distributors and transportation-fuel users such as airlines, while major outlays go to crude and waste-based feedstocks and terminal and logistics services.
VLO Updated Sep 11, 2026 2 AI consumers· 2 recurring
Per the valuechain.wiki graph, Valero Energy Corporation is directly linked to 2 companies (1 supply, 1 revenue relationships) and reaches 3 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-09-11).
Financials & Segments
- Total revenue · FY2025 total revenue of $122.687 billion (SEC Form 10-K, 2026-02-25)
- Segments · Refining · Renewable Diesel · Ethanol
Revenue from
- Southwest Airlines Medium confidence· Count 3,600,000 gallons_neat_SAF · 2-year agreement beginning as early as Q4 2024 · Southwest Airlines' minimum contracted purchase of neat SAF
Valero Marketing and Supply supplies sustainable aviation fuel to Southwest Airlines for use at Chicago Midway. The two-year agreement discloses minimum and optional volumes but not its dollar value.Confirms EN Southwest Airlines Published Oct 17, 2024: Southwest Airlines Brings Sustainable Aviation Fuel to Chicago Midway International Airport - JetBlue Airways Medium confidence· Count 1,000,000 gallons_neat_SAF · 12-month agreement in service by March 2025 · Minimum neat SAF volume supplied by Valero for JetBlue demand
JetBlue uses Valero-supplied sustainable aviation fuel at New York JFK through World Fuel Services. JetBlue is the end-demand customer, while World Fuel handles distribution and the intermediary commercial relationship.Confirms EN JetBlue Airways Published Mar 13, 2025: JetBlue Marks First Regular Supply of Sustainable Aviation Fuel for Commercial Air Travel in New York
Pays to
- Darling Ingredients High confidence· Amount $1.2B · FY2025 · Raw materials purchased by DGD from Darling Ingredients
Valero-consolidated DGD buys low-carbon feedstocks such as animal fats and used cooking oil from Darling Ingredients under a market-priced raw-material supply agreement. DGD purchased $1.2 billion of raw materials from Darling in 2025.Confirms EN SEC EDGAR Published Mar 3, 2026: Darling Ingredients Form 10-K Exhibit 99.1: DGD 2025 Financial StatementsMentions EN S&P Global Commodity Insights Published May 11, 2022: Darling Ingredients diversifies DGD renewable fuel feedstock supply with acquisitions - Sempra High confidence
Valero exclusively uses three Veracruz and inland terminals operated by Sempra's Mexican affiliate IEnova under long-term agreements. Valero accounts for the arrangements as finance leases but does not separately disclose the service payments to Sempra.
Investments
- Diamond Green Diesel Holdings LLC High confidence· Amount $321M · FY2025 · Cash contribution to DGD by Valero's member entity
Valero owns DGD equally with Darling Ingredients and consolidates it because Valero controls key operating activities. Valero's member entity contributed $320.5 million in cash to DGD in 2025.Mentions KO Investing.com Korea Published Jun 22, 2026: Barclays Initiates Darling Ingredients at EqualweightConfirms EN SEC EDGAR Published Mar 3, 2026: Darling Ingredients Form 10-K Exhibit 99.1: DGD 2025 Financial Statements
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Southwest Airlines | lead1 | -8.1 | -21.4 | -11.8 | +19.1 | +25.6 | -2.9 |
| Valero Energy Corporation | node | +40.3 | +75 | +5.9 | -3 | +37 | +131.1 |
| Sempra | benef1 | +7.4 | +20.3 | -0.1 | +21.1 | +3.9 | -3.5 |
| KKR & Co. | benef2 | +85.8 | -37 | +80.5 | +79.6 | -13.3 | -15 |
YTD as of 2026-09-04 · source: Yahoo Finance
Valero Energy Corporation operates across Independent refiner and low-carbon fuels producer. It is up +131.1% in 2026. Its demand and supply links are known, but listed-counterparty return data is limited. Revenue comes from wholesale distributors and transportation-fuel users such as airlines, while major outlays go to crude and waste-based feedstocks and terminal and logistics services.
Analysis generated from returns as of 2026-09-04