{"slug":"valero-energy","name":"발레로 에너지","name_en":"Valero Energy Corporation","ticker":"VLO","updated_at":"2026-09-11T14:40:43.5685+00:00","canonical":"https://valuechain.wiki/valero-energy","citable":"밸류체인 그래프 기준 발레로 에너지의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 1)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-09-11 기준).","citable_en":"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).","kicker":"독립 정유·저탄소 연료","kicker_en":"Independent refiner and low-carbon fuels producer","lead":"발레로 에너지는 원유와 원료를 휘발유, 경유, 항공유로 정제하고 재생 디젤과 에탄올도 판매한다. 매출은 도매 유통사와 항공사 등 운송연료 수요처에서 나오며, 비용은 원유·폐유 원료와 터미널·물류 서비스에 집중된다.","lead_en":"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.","categories":[{"key":"refining-fuels-marketing","ko":"정유·연료 유통","en":"Refining & Fuels Marketing","theme":"oil-gas","theme_ko":"석유·가스","theme_en":"Oil & Gas","theme_kind":"sector","primary":true}],"segments":{"parts":[{"name":"정유","note":"휘발유, 혼합원료, 중간유분과 기타 석유제품"},{"name":"재생 디젤","note":"DGD의 재생 디젤, 재생 나프타와 지속가능항공유"},{"name":"에탄올","note":"옥수수 에탄올과 관련 부산물"}],"total":"FY2025 총매출 1,226억 8,700만 달러 (SEC 10-K, 2026-02-25)","track":"C"},"segments_en":{"parts":[{"name":"Refining","note":"Gasoline, blendstocks, distillates, and other petroleum products"},{"name":"Renewable Diesel","note":"DGD renewable diesel, renewable naphtha, and sustainable aviation fuel"},{"name":"Ethanol","note":"Corn ethanol and related co-products"}],"total":"FY2025 total revenue of $122.687 billion (SEC Form 10-K, 2026-02-25)"},"returns_yearly":{"2021":40.3,"2022":75,"2023":5.9,"2024":-3,"2025":37,"2026":170.4},"return_asof":"2026-10-09","value_chain":{"leading":[{"slug":"southwest-airlines","name":"사우스웨스트항공","name_en":"Southwest Airlines","tier":1,"returns_yearly":{"2021":-8.1,"2022":-21.4,"2023":-11.8,"2024":19.1,"2025":25.6,"2026":2.2}}],"benefiting":[{"slug":"sempra","name":"셈프라","name_en":"Sempra","tier":1,"returns_yearly":{"2021":7.4,"2022":20.3,"2023":-0.1,"2024":21.1,"2025":3.9,"2026":-3.5}},{"slug":"kkr-co","name":"KKR & Co.","name_en":"KKR & Co.","tier":2,"returns_yearly":{"2021":85.8,"2022":-37,"2023":80.5,"2024":79.6,"2025":-13.3,"2026":-15}}],"analysis":"독립 정유·저탄소 연료 기업. 2026년 +131.1%로 강하게 올랐다. 수요·공급 연결은 확인되지만 상장 상대 수익률 데이터는 제한적이다.","analysis_en":"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_asof":"2026-09-04"},"edges":[{"direction":"cost","counterparty":"달링 인그리디언츠","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-03","basis":"DGD가 달링 인그리디언츠에서 구매한 원료 금액","value":1200000000,"period":"FY2025","basis_en":"Raw materials purchased by DGD from Darling Ingredients","qualifier":null},"note":"발레로가 연결하는 DGD는 달링 인그리디언츠와 시장가격 기준 원료 공급계약을 맺고 동물성 지방과 폐식용유 등 저탄소 원료를 산다. DGD의 2025년 달링 원료 구매액은 12억 달러였다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.sec.gov/Archives/edgar/data/916540/000091654026000008/ex991dgdfy2025fin.htm","title":"달링 인그리디언츠 10-K 별첨: DGD 2025 재무제표","title_en":"Darling Ingredients Form 10-K Exhibit 99.1: DGD 2025 Financial Statements","excerpt":"DGD는 2025년 달링에서 12억 달러의 원료를 구매했다.","excerpt_en":"The Company purchased $1.2 billion of raw materials from Darling."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm","title":"발레로 에너지 2025 회계연도 10-K","title_en":"Valero Energy Corporation FY2025 Form 10-K","excerpt":"DGD는 달링과 원료 공급계약을 맺고 있다.","excerpt_en":"DGD is party to a raw material supply agreement with Darling."},{"stance":"mentions","publisher":"S&P 글로벌 코모디티 인사이트","publisher_en":"S&P Global Commodity Insights","kind":"analysis","lang":"en","published_at":"2022-05-11","url":"https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/051122-darling-ingredients-diversifies-dgd-renewable-fuel-feedstock-supply-with-acquisitions","title":"달링 인그리디언츠, 인수로 DGD 재생연료 원료 공급 다변화","title_en":"Darling Ingredients diversifies DGD renewable fuel feedstock supply with acquisitions","excerpt":"달링은 인수와 수입을 통해 발레로와 공동 소유한 DGD의 저탄소 원료 공급망을 넓혔다.","excerpt_en":"Darling Ingredients added to its low carbon feedstock supply system."}]},{"direction":"investment","counterparty":"다이아몬드 그린 디젤","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-03-03","basis":"발레로 측 DGD 회원사의 현금 출자액","value":320500000,"period":"FY2025","basis_en":"Cash contribution to DGD by Valero's member entity","qualifier":null},"note":"발레로는 달링 인그리디언츠와 DGD를 절반씩 소유하며 운영권을 통해 재무제표를 연결한다. 발레로 측 회원사는 2025년에 DGD에 현금 3억 2,050만 달러를 출자했다.","note_en":"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.","sources":[{"stance":"mentions","publisher":"인베스팅닷컴 코리아","publisher_en":"Investing.com Korea","kind":"analysis","lang":"ko","published_at":"2026-06-22","url":"https://kr.investing.com/news/analyst-ratings/article-93CH-1990624","title":"바클레이즈, 달링 인그리디언츠 '동일 비중' 투자의견 제시","title_en":"Barclays Initiates Darling Ingredients at Equalweight","excerpt":"발레로 에너지와의 50대50 합작 투자사인 DGD의 현금 흐름이 정책 환경의 도움을 받을 것으로 분석했다.","excerpt_en":"The analysis identifies DGD as a 50/50 joint venture with Valero Energy."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-03","url":"https://www.sec.gov/Archives/edgar/data/916540/000091654026000008/ex991dgdfy2025fin.htm","title":"달링 인그리디언츠 10-K 별첨: DGD 2025 재무제표","title_en":"Darling Ingredients Form 10-K Exhibit 99.1: DGD 2025 Financial Statements","excerpt":"2025년에 각 회원사는 DGD에 현금 3억 2,050만 달러를 출자했다.","excerpt_en":"Each Member made cash contributions of $320.5 million."},{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm","title":"발레로 에너지 2025 회계연도 10-K","title_en":"Valero Energy Corporation FY2025 Form 10-K","excerpt":"발레로는 DGD 지분 50%를 보유한다.","excerpt_en":"We hold a 50 percent ownership interest."}]},{"direction":"cost","counterparty":"셈프라","counterparty_slug":"sempra","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-25","basis":"셈프라 계열 IEnova 터미널 사용 대가","value":null,"period":"ongoing as of FY2025","basis_en":"Payments for use of Sempra affiliate IEnova terminals","qualifier":"confirmed_no_disclosed_value"},"note":"발레로는 셈프라의 멕시코 계열사 IEnova가 운영하는 베라크루스와 내륙 터미널 3곳을 장기 계약으로 독점 사용한다. 발레로 공시는 이 계약을 금융리스로 처리하지만 상대별 서비스 지급액은 따로 공개하지 않는다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회 EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-25","url":"https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm","title":"발레로 에너지 2025 회계연도 10-K","title_en":"Valero Energy Corporation FY2025 Form 10-K","excerpt":"발레로는 Central Mexico Terminals와 터미널 계약을 맺고 있다.","excerpt_en":"We have terminaling agreements with Central Mexico Terminals."},{"stance":"confirms","publisher":"셈프라","publisher_en":"Sempra","kind":"ir","lang":"en","published_at":"2017-08-03","url":"https://www.sempra.com/newsroom/press-releases/sempra-energys-ienova-unit-valero-sign-contracts-liquid-fuels-projects","title":"셈프라 IEnova와 발레로, 멕시코 액체연료 사업 계약 체결","title_en":"Sempra Energy's IEnova Unit, Valero Sign Contracts for Liquid Fuels Projects in Mexico","excerpt":"IEnova는 발레로 자회사와 베라크루스 해상 터미널 및 내륙 저장시설 장기계약을 체결했다.","excerpt_en":"IEnova signed long-term contracts with a subsidiary of Valero Energy Corp."}]},{"direction":"revenue","counterparty":"사우스웨스트항공","counterparty_slug":"southwest-airlines","confidence":"mid","metric":{"type":"count","unit":"gallons_neat_SAF","as_of":"2024-10-17","basis":"사우스웨스트항공의 순수 SAF 최소 구매 약정량","value":3600000,"period":"2-year agreement beginning as early as Q4 2024","basis_en":"Southwest Airlines' minimum contracted purchase of neat SAF","qualifier":"minimum_commitment"},"note":"발레로 마케팅 앤드 서플라이는 사우스웨스트항공에 시카고 미드웨이 공항용 지속가능항공유를 공급한다. 2년 계약의 최소 구매량과 선택 물량은 공개됐지만 계약 금액은 공개되지 않았다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"사우스웨스트항공","publisher_en":"Southwest Airlines","kind":"ir","lang":"en","published_at":"2024-10-17","url":"https://investors.southwest.com/news-events/press-releases/detail/25/southwest-airlines-brings-sustainable-aviation-fuel-to-chicago-midway-international-airport-in-the-states-largest-saf-supply-agreement","title":"사우스웨스트항공, 시카고 미드웨이에 지속가능항공유 도입","title_en":"Southwest Airlines Brings Sustainable Aviation Fuel to Chicago Midway International Airport","excerpt":"사우스웨스트는 발레로와 2년 SAF 공급계약을 맺고 순수 SAF를 최소 360만 갤런 구매한다.","excerpt_en":"Southwest will purchase a minimum of 3.6 million gallons of neat SAF."}]},{"direction":"revenue","counterparty":"제트블루 항공","counterparty_slug":null,"confidence":"mid","metric":{"type":"count","unit":"gallons_neat_SAF","as_of":"2025-03-13","basis":"제트블루 수요를 위해 발레로가 공급하는 순수 SAF 최소 물량","value":1000000,"period":"12-month agreement in service by March 2025","basis_en":"Minimum neat SAF volume supplied by Valero for JetBlue demand","qualifier":"minimum_commitment"},"note":"제트블루는 월드 퓨얼 서비스를 통해 발레로가 공급하는 지속가능항공유를 뉴욕 JFK 공항에서 사용한다. 제트블루가 최종 수요처이며 중간 유통과 정산은 월드 퓨얼이 맡는다.","note_en":"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.","sources":[{"stance":"confirms","publisher":"제트블루","publisher_en":"JetBlue Airways","kind":"ir","lang":"en","published_at":"2025-03-13","url":"https://mediaroom.jetblue.com/latest-news/press-release-details/2025/JetBlue-Marks-First-Regular-Supply-of-Sustainable-Aviation-Fuel-SAF-for-Commercial-Air-Travel-in-New-York/default.aspx","title":"제트블루, 뉴욕 상업항공 정기 지속가능항공유 공급 개시","title_en":"JetBlue Marks First Regular Supply of Sustainable Aviation Fuel for Commercial Air Travel in New York","excerpt":"12개월 계약에 따라 발레로가 제트블루용 순수 SAF를 최소 100만 갤런 공급한다.","excerpt_en":"At least 1 million gallons of neat SAF to be provided by Valero."}]}]}