2024 ESG Report FINAL - Report - Page 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 and/or consolidated joint ventures, 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,
methodologies, procedures, processes, systems, programs, initiatives, assessments, technologies, practices,
and similar measures related to our operations, ESG-related data, actions and compliance systems
(collectively, “Policies and Procedures”). References to Policies and Procedures in this document do not
represent guarantees or promises about their efficacy or continued implementation or use, or any assurance
that any 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 different
implementation thereof 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, 2023.
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,” “potential,” “committed,” “advancing,” “developing,” “evaluating,” “targeting,” "goal," "aspiration,"
"plan," or other similar expressions that convey the uncertainty of future events or outcomes. Forwardlooking statements in this document include those relating to our 2025 and 2035 GHG emissions reduction/
displacement targets, our 2038 update, our 2050 ambition, our support of the development of an onboard
CO2 capture system, 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 or issuance of future reports and other disclosures, 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 risk 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 caps or penalties, global geopolitical and other conflicts and tensions, 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 forwardlooking statements, you should keep in mind the risk factors and other cautionary statements contained in
Valero’s filings with the Securities and Exchange Commission (SEC), 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. Such statements speak only as of the date of this
report and 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.
3 A Message from Our CEO
4 About Valero
6 Highlights
8 Valero's Strategy
10 Low-Carbon Innovation
16 Efficient Climate Solutions
18 GHG Emissions
22 Environment
32 Safety
42 Community
52 People
64 Governance
76 SASB Report
78 Notes
80 Non-GAAP Disclosures
ON THE COVER: Valero
partners with organizations
to enhance habitats surrounding
its facilities. The cover shows the
Meraux Terracing Project where the
focus is to conserve, restore and
manage wetlands near
the Valero Meraux Re昀椀nery
in Louisiana.
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.
The information provided in this report is intended for interested readers in the United States. Because science is
evolving, references and analyses relied upon are merely provided as an aid to readers.
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