v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT
4.    DEBT

Public Debt
On March 10, 2026, we issued $850 million of 5.150 percent Senior Notes due March 10, 2036. Proceeds from this debt issuance totaled $850 million before deducting the underwriting discount and other debt issuance costs.

In July 2026, we repaid the $100 million outstanding principal balance of our 7.65 percent Debentures that matured on July 1, 2026.
In February 2025, we issued $650 million of 5.150 percent Senior Notes due February 15, 2030. Proceeds from this debt issuance totaled $649 million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189 million outstanding principal balance of our 3.65 percent Senior Notes that matured on March 15, 2025 and the $251 million outstanding principal balance of our 2.850 percent Senior Notes that matured on April 15, 2025.

Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
June 30, 2026
Facility
Amount		Maturity
Date		Outstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 October 2030$— $2 $3,998 
Accounts receivable sales
facility (b)
1,300 July 2026— n/a1,300 
Committed facilities of VIEs (c):
DGD Revolver (d)400 February 2029— 143 257 
DGD Loan Agreement (e)100 June 2029— n/a100 
IEnova Revolver (f)1,000 February 20282 n/a998 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a6 n/a
Uncommitted facility of VIE (c):
DGD letter of credit facilityn/an/an/a129 n/a
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(a)Letters of credit issued as of June 30, 2026 expire at various times in 2026 through 2029.
(b)In July 2026, we extended the maturity date of this facility to June 2027.
(c)Creditors of the VIEs do not have recourse against us.
(d)In February 2026, DGD amended this unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) to (i) extend the maturity date to February 2029 and (ii) modify the reference interest rates from an adjusted term SOFR, a Secured Overnight Financing Rate (SOFR), to the term SOFR, and from an adjusted daily simple SOFR to the daily simple SOFR.
(e)In February 2026, DGD amended its unsecured revolving loan agreement with its members (the DGD Loan Agreement) to extend the maturity date to June 2029. The amounts shown for the DGD Loan Agreement represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.
(f)Central Mexico Terminals (defined in Note 7) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 7). The variable interest rate on the IEnova Revolver was 7.542 percent and 7.835 percent as of June 30, 2026 and December 31, 2025, respectively.
Activity under our credit facilities was as follows (in millions):
Six Months Ended
June 30,
20262025
Borrowings:
Accounts receivable sales facility$1,850 $4,100 
DGD Revolver400 300 
DGD Loan Agreement50 — 
Repayments:
Accounts receivable sales facility(1,850)(4,100)
DGD Revolver(400)(200)
DGD Loan Agreement(50)— 
IEnova Revolver(21)(21)
Other Disclosures
“Interest and debt expense, net of capitalized interest” was as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest and debt expense$152 $146 $298 $288 
Less: Capitalized interest7 5 13 10 
Interest and debt expense, net of capitalized
interest
$145 $141 $285 $278