Valero Energy management check
VLO · Energy · Oil & Gas Refining & Marketing · CEO R. Lane Riggs
Filings as of
3 good · 3 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $346, against $251 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.27 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.5% of net income$34.2m of reported pay in fiscal 2025, against $2.2bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $5.7m sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -6.4% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Joseph W. Gorder, R. Lane Riggs. 8 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 97 | 64 | |
| Pay for performance | 63 | 65 | |
| CEO cost | 35 | 66 | |
| Skin in the game | — | — | 49 |
| Dilution | 100 | 58 | |
| Stable leadership | 45 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Refining & Marketing, by management score. Valero Energy is 6th of 20 in its sector.
- 126EOGEOG Resources74
- 131VLOValero Energy73
- 157MPCMarathon Petroleum72
- 162HALHalliburton71
- 183SLBSchlumberger70
- 375PSXPhillips 6656
Pay versus performance
From the proxy statement filed March 19, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | R. Lane Riggs | $34.2m | $31.4m | $9.5m | $346 | $251 | $2.2bn |
| 2024 | — | $22.4m | $18.4m | $6.2m | $252 | $253 | $3.0bn |
| 2023 | Joseph W. Gorder | $30.0m | $30.3m | $9.3m | $260 | $278 | $9.1bn |
| 2022 | — | $20.1m | $35.8m | $5.8m | $246 | $257 | $11.9bn |
| 2021 | — | $22.7m | $26.0m | $8.4m | $140 | $153 | $1.3bn |
The board says pay is tied most to adjusted EPS. Its other key measures: Adjusted EPS, Relative TSR.
Insiders and the CEO's stake
Light activity: no buys, $5.7m sold in six months.
- SoldEric A FisherSVP$5.7mJun 29, 2026
Leadership and governance on file
- Sep 18, 2026Leadership change8-K 5.02
- May 8, 2026Leadership change8-K 5.02
- Oct 29, 2025Leadership change8-K 5.02
- Sep 19, 2025Leadership change8-K 5.02
- May 9, 2025Leadership change8-K 5.02
- Oct 30, 2024Leadership change8-K 5.02
- May 20, 2024Leadership change8-K 5.02
- Nov 13, 2023Leadership change8-K 5.02
- Sep 15, 2023Leadership change8-K 5.02
- Jul 21, 2023Leadership change8-K 5.02
- May 12, 2023Leadership change8-K 5.02
- Oct 31, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 8, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $22.6bn returned to owners in buybacks and dividends, 86% of net income, and $515.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $114.0bn | $176.4bn | $144.8bn | $129.9bn | $122.7bn |
| Net income | $930.0m | $11.5bn | $8.8bn | $2.8bn | $2.3bn |
| Stock-based pay | $88.0m | $103.0m | $107.0m | $100.0m | $117.0m |
| Buybacks | $27.0m | $4.6bn | $5.1bn | $2.9bn | $2.6bn |
| Dividends | $1.6bn | $1.6bn | $1.5bn | $1.4bn | $1.4bn |
| Diluted shares | 407m | 396m | 353m | 322m | 309m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.