2024 ESG Report FINAL - Report - Page 6
Highlights
Environment
GHG Emissions
• Exceeded 2025 short-term GHG emissions target.
• Remained on track to achieve 2035 medium-term GHG emissions target.
• Disclosed 2038 company-wide GHG emissions update.
• Disclosed 2050 long-term ambition.
• Received independent third-party limited assurance on/of:
o Company-wide 2023 Scopes 1 and 2 GHG emissions, including re昀椀ning, renewable diesel and
ethanol.
o Company-wide 2023 life cycle GHG emissions displacements from our renewable diesel and
ethanol production, as well as the blending of and credits from low-carbon fuels.
o Company-wide 2023 GHG emissions from the use of our products on an intensity basis (Use of
Product GHG Emissions Intensity).
o The validation of our 2035 GHG emissions reduction/displacement target.
Low-Carbon Investments
• Invested $5.4 billion as of December 31, 2023, in low-carbon fuels businesses.
• Low-carbon projects held to the same after-tax internal rate of return (IRR) hurdle, just like other
re昀椀nery growth projects.
• Largest low-carbon liquid fuels producer with existing production capacity of renewable diesel,
renewable arctic diesel, renewable naphtha, renewable propane, ethanol and cellulosic ethanol.
• Expected to be completed in the fourth quarter of 2024, our SAF project at our Texas renewable fuel
plant to provide optionality to upgrade approximately 50% of the plant's current 470 million-gallon
renewable diesel annual production capacity to neat SAF.
• Exporting lower carbon transportation fuels produced with low-carbon hydrogen.
• Supporting the development of a prototype to reduce CO2 from internal combustion engines with an
onboard tailpipe carbon capture system.
Safety and Environmental Performance
• Achieved our best-ever re昀椀nery environment performance in 2023 as measured by environmental
scorecard metrics.
• Accomplished our best-ever re昀椀ning segment mechanical availability of 97.4% in 2023, which
minimizes environmental impacts and avoids unplanned downtime.
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