ESG Report - Report - Page 3
A Letter From Our CEO
Valero remains steadfast in the execution of its strategy,
pursuing excellence in operations, investing for resilience
and earnings growth, and honoring our commitment
to stockholder returns. Our team’s execution across the
board from safe and reliable operations to marketing,
finance and administrative support is best-in-class.
Last year, Team Valero continued making economic
low-carbon investments that leverage Valero’s project
development and manufacturing expertise. In the fourth
quarter, we successfully began operations of our new
renewable diesel plant in Port Arthur, Texas, ahead of
schedule and under budget. Most recently, we announced
a $315 million investment in a sustainable aviation fuel
(SAF) project at the same facility, with expected startup
in 2025. We have invested more than $5.1 billion to date in
low-carbon fuels, which have made Valero the world’s largest producer of low-carbon liquid transportation
fuels. These fuels offer some of the lowest carbon transportation options, enabling governments, countries
and companies to reach their goals to lower GHG emissions.
These projects are supported by our continuous strong financial performance and steady execution of our
business strategy. Our low-carbon initiatives do not stop there. As you will read later in this report, we are
advancing the evaluation and/or development of other low-carbon projects such as low-carbon hydrogen,
renewable propane, carbon sequestration projects and alcohol-to-jet fuel, while also supporting the testing of
a tailpipe CO2 onboard capture system.
In 2022, we grew earnings through market expansion, margin improvement and operating cost control, with
rigorous investment evaluation and execution of capital projects. We also continued utilizing a disciplined
capital allocation framework that prioritizes an investment-grade credit rating while delivering distinctive
financial results and peer-leading returns to stockholders.
We continue to treat all our communities fairly and are committed to positively impact their lives with
charitable investments and the generous contribution of our employees’ time and talents. I am very proud
to report that in 2022 alone, we generated more than $68 million in charitable giving and our employees
volunteered more than 100,000 hours, from building homes and donating blood, to mentoring students and
providing meals for families. Recently, we published the results of an independent third-party environmental
justice audit, which assessed Valero's commitment to environmental protection, community engagement
and investment.
None of our accomplishments would be possible without the commitment of our employees and leadership
of our board of directors. We are proud of what we have accomplished and are working hard to advance the
future of transportation fuels through innovation, ingenuity and disciplined execution.
Thank you for your trust and support of Valero.
R. Lane Riggs
Chief Executive Officer and President
ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT •
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