Subtext

Valero Energy Corporation VLO

SectorEnergy
Transcripts72
Date range2007-07-31 – 2025-04-24
Calls charted71

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-9-4+0+4+92007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Overall: +1.62007 Q4 · Overall: +0.72008 Q1 · Overall: -0.72008 Q2 · Overall: +1.12008 Q3 · Overall: -0.62008 Q4 · Overall: -6.52009 Q1 · Overall: -1.42009 Q2 · Overall: -6.82009 Q3 · Overall: -5.12009 Q4 · Overall: -7.52010 Q1 · Overall: +0.12010 Q2 · Overall: -0.12010 Q3 · Overall: +3.82010 Q4 · Overall: +5.32011 Q1 · Overall: +1.32011 Q2 · Overall: +2.72011 Q3 · Overall: +3.72011 Q4 · Overall: +1.62012 Q1 · Overall: -1.62012 Q2 · Overall: -4.02012 Q3 · Overall: -3.02012 Q4 · Overall: +1.22013 Q1 · Overall: -2.32013 Q2 · Overall: +0.22013 Q3 · Overall: -0.52013 Q4 · Overall: +1.72014 Q1 · Overall: +3.72014 Q2 · Overall: -1.12014 Q3 · Overall: +3.12014 Q4 · Overall: +1.12015 Q1 · Overall: +4.42015 Q2 · Overall: +3.82015 Q3 · Overall: +0.82015 Q4 · Overall: +5.02016 Q1 · Overall: +6.12016 Q2 · Overall: -0.92016 Q3 · Overall: +1.82016 Q4 · Overall: +0.72017 Q1 · Overall: +2.92017 Q2 · Overall: +3.62017 Q3 · Overall: +3.42017 Q4 · Overall: +2.72018 Q1 · Overall: +0.92018 Q2 · Overall: +4.22018 Q3 · Overall: -0.42018 Q4 · Overall: +1.52019 Q1 · Overall: -0.82019 Q2 · Overall: +1.82019 Q3 · Overall: +0.42019 Q4 · Overall: +3.92020 Q1 · Overall: -5.82020 Q2 · Overall: -2.22020 Q3 · Overall: -2.62020 Q4 · Overall: +1.62021 Q1 · Overall: -0.42021 Q2 · Overall: +2.62021 Q3 · Overall: +2.32021 Q4 · Overall: +3.02022 Q1 · Overall: -0.72022 Q2 · Overall: +3.02022 Q3 · Overall: +0.92022 Q4 · Overall: +3.92023 Q1 · Overall: +1.42023 Q2 · Overall: +4.82023 Q3 · Overall: +2.62023 Q4 · Overall: +2.22024 Q1 · Overall: -3.62024 Q2 · Overall: -0.62024 Q3 · Overall: +1.42024 Q4 · Overall: +4.42025 Q1 · Overall: -3.6
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-55-27+0+27+552007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · CEO: +5.82007 Q4 · CEO: +4.72008 Q1 · CEO: +12.52008 Q2 · CEO: +4.32008 Q3 · CEO: -3.92008 Q4 · CEO: -2.52009 Q1 · CEO: +2.92009 Q2 · CEO: -0.52009 Q3 · CEO: +1.62009 Q4 · CEO: +12.32010 Q1 · CEO: +4.72010 Q2 · CEO: -3.22010 Q3 · CEO: +4.12010 Q4 · CEO: +12.02011 Q1 · CEO: +3.82011 Q2 · CEO: +4.22011 Q3 · CEO: +3.72011 Q4 · CEO: +4.02012 Q1 · CEO: -0.62012 Q2 · CEO: -1.42012 Q3 · CEO: +0.82012 Q4 · CEO: +1.02013 Q1 · CEO: -2.82013 Q2 · CEO: +0.72013 Q3 · CEO: +2.02013 Q4 · CEO: -4.52014 Q1 · CEO: +10.72014 Q2 · CEO: +9.12014 Q3 · CEO: +8.82014 Q4 · CEO: +4.92015 Q1 · CEO: +9.12015 Q4 · CEO: +14.02016 Q3 · CEO: +12.92016 Q4 · CEO: +8.02017 Q1 · CEO: +9.22017 Q2 · CEO: +7.72017 Q3 · CEO: +13.02017 Q4 · CEO: +4.52018 Q1 · CEO: +10.72018 Q2 · CEO: +14.82018 Q3 · CEO: +12.12018 Q4 · CEO: +7.02019 Q1 · CEO: +4.72019 Q2 · CEO: +6.02019 Q3 · CEO: +12.02019 Q4 · CEO: +12.62020 Q1 · CEO: +2.32020 Q2 · CEO: -1.22020 Q3 · CEO: +11.32020 Q4 · CEO: +9.52021 Q1 · CEO: +7.62021 Q2 · CEO: +13.12021 Q3 · CEO: +8.52021 Q4 · CEO: +17.02022 Q1 · CEO: +17.42022 Q2 · CEO: +14.22022 Q3 · CEO: +14.62022 Q4 · CEO: +29.82023 Q1 · CEO: +22.72023 Q2 · CEO: +27.82023 Q3 · CEO: +14.12023 Q4 · CEO: +14.22024 Q1 · CEO: +18.82024 Q2 · CEO: +17.02024 Q3 · CEO: +7.52024 Q4 · CEO: +22.52007 Q3 · CFO: -1.12008 Q2 · CFO: +0.62008 Q3 · CFO: -11.02008 Q4 · CFO: -15.42009 Q1 · CFO: +3.42009 Q2 · CFO: -6.52009 Q3 · CFO: -6.02009 Q4 · CFO: -3.32010 Q1 · CFO: -1.72010 Q2 · CFO: +6.12010 Q3 · CFO: +10.42010 Q4 · CFO: +9.52011 Q1 · CFO: +9.12011 Q2 · CFO: +11.12011 Q3 · CFO: +16.02011 Q4 · CFO: +6.92012 Q1 · CFO: +3.22012 Q2 · CFO: +11.32012 Q3 · CFO: -11.72012 Q4 · CFO: -8.22013 Q1 · CFO: +4.52013 Q2 · CFO: +0.02013 Q3 · CFO: -14.52013 Q4 · CFO: +12.42014 Q1 · CFO: -4.62014 Q2 · CFO: -10.32014 Q3 · CFO: +2.02014 Q4 · CFO: -11.12015 Q1 · CFO: +10.72015 Q4 · CFO: +12.92016 Q3 · CFO: +9.22016 Q4 · CFO: -4.92017 Q1 · CFO: +11.62017 Q2 · CFO: +12.22017 Q3 · CFO: +14.22017 Q4 · CFO: +7.02018 Q1 · CFO: +0.02018 Q2 · CFO: +35.12018 Q3 · CFO: -5.42018 Q4 · CFO: +0.02019 Q1 · CFO: +7.82019 Q3 · CFO: +6.52019 Q4 · CFO: +0.02020 Q1 · CFO: +9.52020 Q2 · CFO: +6.42020 Q3 · CFO: -1.22020 Q4 · CFO: +8.02021 Q1 · CFO: +2.02021 Q2 · CFO: +2.52021 Q3 · CFO: +6.62021 Q4 · CFO: +10.12022 Q1 · CFO: -3.22022 Q2 · CFO: +16.22022 Q3 · CFO: +6.92022 Q4 · CFO: +5.52023 Q1 · CFO: +28.42023 Q3 · CFO: +2.92023 Q4 · CFO: +30.32024 Q1 · CFO: -13.02024 Q2 · CFO: +0.02024 Q3 · CFO: -5.32024 Q4 · CFO: +47.62025 Q1 · CFO: +7.8
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-36-18+0+18+362007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22007 Q3 · Prepared remarks: +4.82007 Q4 · Prepared remarks: +3.82008 Q1 · Prepared remarks: +7.22008 Q2 · Prepared remarks: +0.72008 Q3 · Prepared remarks: +3.32008 Q4 · Prepared remarks: -19.32009 Q1 · Prepared remarks: +1.52009 Q2 · Prepared remarks: -4.32009 Q3 · Prepared remarks: -5.02009 Q4 · Prepared remarks: -2.82010 Q1 · Prepared remarks: -0.82010 Q2 · Prepared remarks: +10.72010 Q3 · Prepared remarks: +11.32010 Q4 · Prepared remarks: +6.52011 Q1 · Prepared remarks: +7.52011 Q2 · Prepared remarks: +8.12011 Q3 · Prepared remarks: +13.12011 Q4 · Prepared remarks: +5.12012 Q1 · Prepared remarks: +1.62012 Q2 · Prepared remarks: +10.22012 Q3 · Prepared remarks: -9.22012 Q4 · Prepared remarks: +0.52013 Q1 · Prepared remarks: +0.52013 Q2 · Prepared remarks: +5.42013 Q3 · Prepared remarks: -0.82013 Q4 · Prepared remarks: +1.82014 Q1 · Prepared remarks: +2.42014 Q2 · Prepared remarks: -0.82014 Q3 · Prepared remarks: +5.92014 Q4 · Prepared remarks: +7.82015 Q1 · Prepared remarks: +8.82015 Q2 · Prepared remarks: -1.02015 Q3 · Prepared remarks: +4.22015 Q4 · Prepared remarks: +3.92016 Q1 · Prepared remarks: +4.32016 Q2 · Prepared remarks: -1.42016 Q3 · Prepared remarks: +11.12016 Q4 · Prepared remarks: +3.92017 Q1 · Prepared remarks: +4.22017 Q2 · Prepared remarks: +8.02017 Q3 · Prepared remarks: +2.92017 Q4 · Prepared remarks: +6.02018 Q1 · Prepared remarks: +5.82018 Q2 · Prepared remarks: +6.72018 Q3 · Prepared remarks: +4.22018 Q4 · Prepared remarks: +4.32019 Q1 · Prepared remarks: +3.12019 Q2 · Prepared remarks: +9.42019 Q3 · Prepared remarks: +3.42019 Q4 · Prepared remarks: +4.82020 Q1 · Prepared remarks: -3.62020 Q2 · Prepared remarks: +1.12020 Q3 · Prepared remarks: +3.22020 Q4 · Prepared remarks: -0.52021 Q1 · Prepared remarks: -3.02021 Q2 · Prepared remarks: +7.22021 Q3 · Prepared remarks: +3.42021 Q4 · Prepared remarks: +4.82022 Q1 · Prepared remarks: +5.32022 Q2 · Prepared remarks: +4.62022 Q3 · Prepared remarks: +7.42022 Q4 · Prepared remarks: +6.12023 Q1 · Prepared remarks: +8.42023 Q2 · Prepared remarks: +11.42023 Q3 · Prepared remarks: +4.92023 Q4 · Prepared remarks: +5.42024 Q1 · Prepared remarks: +31.12024 Q2 · Prepared remarks: +5.02024 Q3 · Prepared remarks: +2.42024 Q4 · Prepared remarks: +6.92025 Q1 · Prepared remarks: -3.52007 Q3 · Q&A responses: +1.72007 Q4 · Q&A responses: +1.22008 Q1 · Q&A responses: -1.32008 Q2 · Q&A responses: +4.12008 Q3 · Q&A responses: -4.02008 Q4 · Q&A responses: -1.02009 Q1 · Q&A responses: +0.32009 Q2 · Q&A responses: -3.22009 Q3 · Q&A responses: -2.12009 Q4 · Q&A responses: -5.72010 Q1 · Q&A responses: +4.02010 Q2 · Q&A responses: +0.32010 Q3 · Q&A responses: +5.32010 Q4 · Q&A responses: +9.32011 Q1 · Q&A responses: +3.12011 Q2 · Q&A responses: +3.82011 Q3 · Q&A responses: +4.12011 Q4 · Q&A responses: +2.62012 Q1 · Q&A responses: +0.02012 Q2 · Q&A responses: -2.82012 Q3 · Q&A responses: +0.12012 Q4 · Q&A responses: +2.42013 Q1 · Q&A responses: -3.32013 Q2 · Q&A responses: +2.62013 Q3 · Q&A responses: +0.92014 Q1 · Q&A responses: +5.82014 Q2 · Q&A responses: +1.92014 Q3 · Q&A responses: +4.92014 Q4 · Q&A responses: +2.12015 Q1 · Q&A responses: +10.22015 Q2 · Q&A responses: +5.32015 Q3 · Q&A responses: +4.52015 Q4 · Q&A responses: +6.72016 Q1 · Q&A responses: +7.42016 Q2 · Q&A responses: +3.32016 Q3 · Q&A responses: +2.62016 Q4 · Q&A responses: +1.52017 Q1 · Q&A responses: +4.42017 Q2 · Q&A responses: +7.52017 Q3 · Q&A responses: +6.72017 Q4 · Q&A responses: +4.22018 Q1 · Q&A responses: +1.42018 Q2 · Q&A responses: +7.62018 Q3 · Q&A responses: +0.02018 Q4 · Q&A responses: +3.52019 Q1 · Q&A responses: +0.22019 Q2 · Q&A responses: +3.32019 Q3 · Q&A responses: +2.42019 Q4 · Q&A responses: +8.82020 Q1 · Q&A responses: -3.32020 Q2 · Q&A responses: +0.02020 Q3 · Q&A responses: +4.62020 Q4 · Q&A responses: +4.52021 Q1 · Q&A responses: +4.42021 Q2 · Q&A responses: +2.92021 Q3 · Q&A responses: +3.72021 Q4 · Q&A responses: +7.02022 Q1 · Q&A responses: +3.12022 Q2 · Q&A responses: +5.22022 Q3 · Q&A responses: +1.12022 Q4 · Q&A responses: +4.22023 Q1 · Q&A responses: +3.82023 Q2 · Q&A responses: +6.62023 Q3 · Q&A responses: +7.12023 Q4 · Q&A responses: +2.52024 Q1 · Q&A responses: -2.92024 Q2 · Q&A responses: +1.72024 Q3 · Q&A responses: +5.72024 Q4 · Q&A responses: +6.12025 Q1 · Q&A responses: +0.0
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$-1.68$10.81$23.312007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: $5.872014 Q2: $6.552014 Q3: $5.972014 Q4: $5.462015 Q1: $6.122015 Q2: $6.532015 Q3: $7.052015 Q4: $7.582016 Q1: $7.172016 Q2: $6.222016 Q3: $4.752016 Q4: $5.342017 Q1: $5.342017 Q2: $5.302017 Q3: $5.232017 Q4: $6.402018 Q1: $7.522018 Q2: $8.522018 Q3: $9.652018 Q4: $9.102019 Q1: $8.332019 Q2: $8.732019 Q3: $8.492019 Q4: $9.872020 Q1: $6.352020 Q2: $1.212020 Q3: $1.532020 Q4: $0.042021 Q1: $2.382021 Q2: $3.392021 Q3: $3.672021 Q4: $6.012022 Q1: $7.492022 Q2: $13.372022 Q3: $18.062022 Q4: $16.802023 Q1: $21.592023 Q2: $17.532023 Q3: $16.732023 Q4: $14.562024 Q1: $15.382024 Q2: $15.292024 Q3: $12.242024 Q4: $9.35

Forward P/E

-107.89714.261536.402007 Q32009 Q42012 Q12014 Q22016 Q32018 Q42021 Q12023 Q22014 Q1: 9.262014 Q2: 8.492014 Q3: 8.082014 Q4: 8.752015 Q1: 10.132015 Q2: 9.142015 Q3: 8.552015 Q4: 9.262016 Q1: 9.192016 Q2: 8.252016 Q3: 11.482016 Q4: 12.452017 Q1: 12.882017 Q2: 12.212017 Q3: 13.582017 Q4: 13.662018 Q1: 12.322018 Q2: 13.842018 Q3: 11.372018 Q4: 7.802019 Q1: 10.112019 Q2: 8.952019 Q3: 9.852019 Q4: 9.582020 Q1: 5.512020 Q2: 51.722020 Q3: 31.992020 Q4: 1423.002021 Q1: 33.322021 Q2: 24.032021 Q3: 18.102021 Q4: 11.352022 Q1: 11.342022 Q2: 9.602022 Q3: 6.072022 Q4: 7.132023 Q1: 5.762023 Q2: 6.382023 Q3: 8.702023 Q4: 8.572024 Q1: 10.322024 Q2: 9.812024 Q3: 11.172024 Q4: 13.02

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q2 tone ↓ -4.8 fwd EPS ↑ +0.68 Tone cooled even as the forward EPS estimate rose.
  • 2014 Q3 tone ↑ +4.2 fwd EPS ↓ -0.58 Tone rose while the forward EPS estimate was cut.
  • 2015 Q3 tone ↓ -3.1 fwd EPS ↑ +0.52 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q3 tone ↑ +2.7 fwd EPS ↓ -1.46 Tone rose while the forward EPS estimate was cut.
  • 2018 Q3 tone ↓ -4.6 fwd EPS ↑ +1.13 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +3.7 fwd EPS ↓ -5.14 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↑ +4.2 fwd EPS ↓ -1.49 Tone rose while the forward EPS estimate was cut.
  • 2022 Q1 tone ↓ -3.7 fwd EPS ↑ +1.48 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q3 tone ↓ -2.1 fwd EPS ↑ +4.69 Tone cooled even as the forward EPS estimate rose.
  • 2022 Q4 tone ↑ +2.9 fwd EPS ↓ -1.26 Tone rose while the forward EPS estimate was cut.
  • 2023 Q1 tone ↓ -2.4 fwd EPS ↑ +4.79 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q2 tone ↑ +3.3 fwd EPS ↓ -4.05 Tone rose while the forward EPS estimate was cut.
  • 2024 Q1 tone ↓ -5.8 fwd EPS ↑ +0.81 Tone cooled even as the forward EPS estimate rose.
  • 2024 Q4 tone ↑ +3.0 fwd EPS ↓ -2.89 Tone rose while the forward EPS estimate was cut.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-24-3.6——View →
2024 Q42025-01-30+4.4$9.3513.0View →
2024 Q32024-10-24+1.4$12.2411.2View →
2024 Q22024-07-25-0.6$15.299.8View →
2024 Q12024-04-25-3.6$15.3810.3View →
2023 Q42024-01-25+2.2$14.568.6View →
2023 Q32023-10-26+2.6$16.738.7View →
2023 Q22023-07-27+4.8$17.536.4View →