ESG Report - Report - Page 2
Contents
3
A Letter From Our CEO
4
About Valero
6
Environmental, Social
And Governance
(ESG)
8
10
14
Valero's Strategy
Low-Carbon
Innovation
Efficient Climate
Solutions
16 GHG Emissions
Strategy
18 Environment
28
Safety
39
Community
50
People
65
Governance
76 SASB Report
78 Notes
79 Non-GAAP Disclosures
2
ESG Report
Please visit www.valero.com to learn more about our
company. The terms “Valero,” “we,” “our” and “us,” when
used herein, may refer to Valero Energy Corporation
(NYSE: VLO), to one or more of our consolidated
subsidiaries, or to all of them taken as a whole. The term
"DGD," when used in this report, may refer to Diamond
Green Diesel Holdings LLC, its wholly owned consolidated
subsidiary, or both of them taken as a whole.
ABOUT THIS DOCUMENT
Policies and Procedures
This document includes statements regarding various policies, values, standards,
approaches, procedures, processes, systems, programs, initiatives, assessments,
technologies, practices, and similar measures related to our operations, ESG-related data,
actions and compliance systems (“Policies and Procedures”). References to Policies and
Procedures in this document do not represent guarantees or promises about their efficacy or
continued implementation, or any assurance that such Policies and Procedures will apply in
every case. Such Policies and Procedures are subject to risks, uncertainties and other factors,
some of which are beyond the control of Valero and are difficult to predict, and there may be
exigent circumstances, factors, or considerations that may cause implementation of other
measures or exceptions in specific instances. Please see Forward-Looking Statements below
and the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2022.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 (the "Securities Act") and Section 21E of the Securities Exchange Act
of 1934 (the "Exchange Act"), including, but not limited to, statements about our Policies and
Procedures. You can identify forward-looking statements by words such as “should,” “strive,”
“pursue,” “intend,” “anticipate,” “forecast,” “track,” “would,” “continue,” “poised,” “focused,”
“opportunity,” “scheduled,” “believe,” “estimate,” “expect,” “seek,” “could,” “may,” “will,”
“targeting,” "goal," "aspiration," "plan," or other similar expressions that convey the uncertainty
of future events or outcomes. Forward-looking statements in this document include those
relating to our 2025 and 2035 GHG emissions reduction/displacement targets, our 2050
ambition regarding GHG emissions reductions/displacements, statements relating to
Valero’s low-carbon fuels strategy expected timing of completion, cost and performance of
projects, future market and industry conditions, future operating and financial performance,
expected timing of future reports, future production and manufacturing ability and size,
and management of future risks, among other matters. It is important to note that actual
results could differ materially from those projected in such forward-looking statements
based on numerous factors, including those outside of Valero’s control, such as legislative
or political changes or developments, market dynamics, cyberattacks, weather events,
and other matters affecting Valero’s operations or the demand for Valero’s products. These
factors also include, but are not limited to, the uncertainties that remain with respect to
current or contemplated legal, political or regulatory developments that are adverse to or
restrict refining and marketing operations, or that impose profits, windfall or margin taxes or
penalties, the Russia-Ukraine conflict, the impact of inflation on margins and costs, economic
activity levels, and the adverse effects the foregoing may have on Valero’s business plan,
strategy, operations and financial performance. These statements are often based upon
various assumptions, many of which are based, in turn, upon further assumptions, including
examination of historical operating trends and market conditions made by the management
of Valero. Although Valero believes that the assumptions were reasonable when made,
because assumptions are inherently subject to significant uncertainties and contingencies,
which are difficult or impossible to predict and are beyond its control, Valero cannot give
assurance that it will achieve or accomplish its expectations, beliefs or intentions, or that any
forward-looking statements will ultimately prove to be accurate. When considering these
forward-looking statements, you should keep in mind the risk factors and other cautionary
statements contained in Valero’s filings with the Securities and Exchange Commission,
including Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other
reports available on Valero’s website at www.valero.com. These risks could cause the
actual results, actions and Policies and Procedures of Valero to differ materially from those
contained in any forward-looking statement. We do not intend to update these statements
unless we are required by the securities laws to do so. Results or metrics in this document
as of any date, or for any period, ending on or prior to the date of this document are not
necessarily indicative of the results that may be expected as of any date, or for any period,
ending after the date of this document. Neither the future distribution of this document or the
information included or referenced herein, nor the continued availability thereof in archive
form on our website, should be deemed to constitute an update or reaffirmation of these
figures or statements as of any future date.
This report and the disclosures herein are not “soliciting material,” are not deemed filed with
the SEC, and are not to be incorporated by reference into any of Valero’s filings under the
Securities Act or the Exchange Act, whether made before or after the date of this document
and irrespective of any general incorporation language therein. Furthermore, references to
our website URLs are intended to be inactive textual references only.
This document represents a good faith effort by Valero to address its efforts, initiatives, and
performance on an array of diverse and broadly defined ESG-related topics of interest to
certain stakeholders. The inclusion of or reference to any information in this document is not
an indication that this information or statements related thereto are necessarily material to
investors or require disclosure in our filings with the SEC.
