Homer Bhullar
Vice President-Investor Relations and Finance at Valero Energy
Thanks, Lane. For the first quarter of 2024, net income attributable to Valero stockholders was $1.2 billion or $3.75 per share compared to $3.1 billion or $8.29 per share for the first quarter of 2023. First quarter 2024 adjusted net income attributable to Valero stockholders was $1.3 billion or $3.82 per share compared to $3.1 billion or $8.27 per share for the first quarter of 2023.
The refining segment reported $1.7 billion of operating income for the first quarter of 2024 compared to $4.1 billion for the first quarter of 2023. Refining throughput volumes in the first quarter of 2024 averaged 2.8 million barrels per day. Throughput capacity utilization was 87% in the first quarter of 2024. Refining cash operating expenses were $4.71 per barrel in the first quarter of 2024 lower than guidance of $5.10 per barrel, primarily attributed to lower energy costs and higher throughput.
Renewable Diesel segment operating income was $190 million for the first quarter of 2024 compared to $205 million for the first quarter of 2023. Renewable diesel sales volumes averaged 3.7 million gallons per day in the first quarter of 2024, which was 741,000 gallons per day higher than the first quarter of 2023. The higher sales volumes in the first quarter of 2024 were due to the impact of additional volumes from the DGD Port Arthur plant which started up in the fourth quarter of 2022 and was in the process of ramping up rates in the first quarter of 2023.
Operating income was lower than the first quarter of 2023 due to lower renewable diesel margin in the first quarter of 2024. The ethanol segment reported $10 million of operating income for the first quarter of 2024 compared to $39 million for the first quarter of 2023. Adjusted operating income was $39 million for the first quarter of 2024. Ethanol production volumes averaged 4.5 million gallons per day in the first quarter of 2024, which was 283,000 gallons per day higher than the first quarter of 2023.
For the first quarter of 2024, G&A expenses were $258 million, net interest expense was $140 million, depreciation and amortization expense was $695 million and income tax expense was $353 million. The effective rate was 21%. Net cash provided by operating activities was $1.8 billion in the first quarter of 2024. Included in this amount was $160 million unfavorable impact from working capital and $122 million of adjusted net cash provided by operating activities associated with the other joint venture member share of DGD.
Excluding these items, adjusted net cash provided by operating activities was $1.9 billion in the first quarter of 2024. Regarding investing activities, we made $661 million of capital investments in the first quarter of 2024, of which $563 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business.
Excluding capital investments attributable to the other joint venture member share of DGD and variable interest entities, capital investments attributable to Valero were $619 million in the first quarter of 2024. Moving to financing activities. We returned $1.4 billion to our stockholders in the first quarter of 2024, of which $356 million was paid as dividends and $1 billion was for the purchase of approximately 6.6 million shares of common stock resulting in a payout ratio of 74% for the quarter.
Through share repurchases, we have reduced our share count by over 20% since year-end 2021. With respect to our balance sheet, as Lane mentioned, we repaid the $167 million outstanding principal amount of our 1.2% senior notes that matured on March 15. We ended the quarter with $8.5 billion of total debt, $2.4 billion of finance lease obligations and $4.9 billion of cash and cash equivalents.
The debt-to-capitalization ratio, net of cash and equivalents was 17% as of March 31, 2024. And we ended the quarter well capitalized with $5.3 billion of available liquidity, excluding cash. Turning to guidance. We still expect capital investments attributable to Valero for 2024 to be approximately $2 billion, which includes expenditures for turnarounds, catalysts, regulatory compliance and joint venture investments.
About $1.6 billion of that is allocated to sustaining the business and the balance to growth with approximately half of the growth capital towards our low carbon fuels businesses and half towards refining projects. For modeling our second quarter operations, we expect refining throughput volumes to fall within the following ranges: Gulf Coast at 1.79 million to 1.84 million barrels per day. Mid-Continent at 410,000 to 430,000 barrels per day. West Coast at 245,000 to 265,000 barrels per day and North Atlantic at 430,000 to 450,000 barrels per day.
We expect refining cash operating expenses in the second quarter to be approximately $4.55 per barrel. With respect to the renewable diesel segment, we expect sales volumes to be approximately 1.2 billion gallons in 2024. Operating expenses in 2024 should be $0.45 per gallon, which includes $0.18 per gallon for non-cash costs such as depreciation and amortization. Our Ethanol segment is expected to produce 4.5 million gallons per day in the second quarter.
Operating expenses should average $0.38 per gallon, which includes $0.05 per gallon for non-cash costs such as depreciation and amortization. For the second quarter, net interest expense should be about $140 million and total depreciation and amortization expense should be approximately $710 million. For 2024, we expect G&A expenses to be approximately $975 million.
That concludes our opening remarks. Before we open the call to questions, please limit each turn in the Q&A to two questions. If you have more than two questions, please rejoin the queue as time permits to ensure other callers have time to ask their questions.
