# Valero Energy Corp/Tx Moat

Status: published. Policy: company-analysis-1.

From the supplied filings, Valero operates in highly competitive, commodity-linked markets with market-related feedstock pricing and predominantly spot sales, providing little evidence of durable pricing power or customer lock-in. Realized regulatory costs and the idling of the Benicia refinery underscore erosion risks and limited resilience despite scale and broad distribution access. Management describes operational execution and capital returns, but these do not establish a structural moat under the documented market terms and risk exposures.

- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026011499/vlo-20251231.htm) · 2026-02-25
- [https://www.sec.gov/Archives/edgar/data/1035002/000103500225000005/vlo-20241231.htm](https://www.sec.gov/Archives/edgar/data/1035002/000103500225000005/vlo-20241231.htm) · 2025-02-26
- [https://www.sec.gov/Archives/edgar/data/1035002/000103500224000007/vlo-20231231.htm](https://www.sec.gov/Archives/edgar/data/1035002/000103500224000007/vlo-20231231.htm) · 2024-02-22
- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026050937/vlo-20260630.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026050937/vlo-20260630.htm) · 2026-07-30
- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026028690/vlo-20260331.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026028690/vlo-20260331.htm) · 2026-04-30
- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026019806/vlo-20260318.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026019806/vlo-20260318.htm) · 2026-03-19
- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026062625/vlo-20260917.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026062625/vlo-20260917.htm) · 2026-09-18
- [https://www.sec.gov/Archives/edgar/data/1035002/000162828026032765/vlo-20260507.htm](https://www.sec.gov/Archives/edgar/data/1035002/000162828026032765/vlo-20260507.htm) · 2026-05-08
- [https://www.sec.gov/Archives/edgar/data/1035002/000119312525254583/d34851d8k.htm](https://www.sec.gov/Archives/edgar/data/1035002/000119312525254583/d34851d8k.htm) · 2025-10-29

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