Valero Energy Corporation has appointed Homer Bhullar as its new Chief Financial Officer, effective January 1 2026. Bhullar will succeed Jason Fraser, who will retire as CFO on December 31 2025.
Bhullar joined Valero in 2014 and has served as Vice President‑Investor Relations and Finance since April 29 2021. Prior to that, he held senior finance roles at J.P. Morgan and Citigroup, focusing on energy‑sector investment banking. He earned a bachelor’s degree in economics and an MBA in investment management and energy finance from the University of Texas at Austin.
In the new role, Bhullar’s annual base salary will increase from $500,000 to $770,000, his bonus target percentage will rise from 75 % to 85 %, and his long‑term incentive target percentage will increase from 220 % to 350 % of his base salary, effective January 1 2026.
Valero operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and owns 12 ethanol plants. The company has a strong focus on renewable fuels, investing billions in low‑carbon projects and maintaining disciplined capital allocation.
In the most recent quarter, Valero posted a strong refining margin and record throughput, while its Renewable Diesel segment reported an operating loss, contrasting with operating income in the prior year. The company plans a $1.9 billion capital investment for 2025, allocating a significant portion to sustaining operations and the remainder to growth initiatives.
The CFO transition is expected to support Valero’s disciplined capital allocation and shareholder return strategy, maintaining continuity in financial stewardship while bringing deep industry knowledge to the role.
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