2024 ESG Report FINAL - Report - Page 8
Valero’s Strategy
Our strategic actions have enabled us to be a low-cost, ef昀椀cient, reliable and leading producer of liquid
transportation fuels for the world. Liquid transportation fuels use existing infrastructure, are affordable and scalable,
and we believe they will continue to be essential products well into the future as global energy supply increases to
meet the demand created by a growing world population and economic output.
Throughout Valero’s history, we have proactively managed our business portfolio through acquisitions and divestitures
and have made strategic investments to build a portfolio of assets that we expect to thrive under most reasonable
energy demand forecasts.
Valero is the world’s premier independent re昀椀ner with a demonstrated
commitment to capital discipline, innovation and unmatched execution
Re昀椀ning
Many of our re昀椀neries are located in regions with
advantaged operating expenses, raw material
costs and access to skilled labor. Many of our
investments have resulted in a high-complexity
coastal re昀椀ning system that offers extensive
connectivity to inland and imported crudes, as
well as operational 昀氀exibility to process a wide
range of feedstocks. An extensive wholesale
network receives more than 1.5 million barrels per
day (more than 50% of our light products), and our
global operations support optimization of product
exports.
Long-term competitive advantage3
$3,529
Free Cash Flow
n Peer Range
Average Free Cash Flow
2012-2023
$0
($ in millions)
Operational and supply 昀氀exibility coupled with low-cost operations drive pro昀椀tability3
Re昀椀ning Segment Adjusted EBITDA
Per Barrel of Throughput
Re昀椀ning Segment Cash Operating Expenses
Per Barrel of Throughput
(excludes turnaround and D&A expenses)
(excludes turnaround and D&A expenses)
n
n
Peer Range
Peer Range
Peer group includes PSX, MPC, DINO and PBF.
See non-GAAP disclosures beginning on page 80.
8
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2023
2022
2021
2020
2019
$4.00
2018
-$4.00
2017
$3.00
2016
$7.50
2015
$18.00
2014
$9.00
10-Year
Average
