Valero Energy Corporation is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products. The company sells its products primarily in the United States, Canada, the United Kingdom, Ireland, and Latin America. Valero owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day. It is a joint venture member in Diamond Green Diesel (DGD), which owns two renewable diesel plants with a combined production capacity of approximately 1.2 billion gallons per year, and owns 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. The company strives to be a low-cost, efficient, and reliable supplier of liquid transportation fuels.

• Employees: 9,908 (as of December 31, 2023)
• Geographic Footprint: United States, Canada, the United Kingdom, Ireland, and Latin America
• Headquarters: San Antonio, Texas
• Founded: 1981
• Number of petroleum refineries: 15
• Combined petroleum refinery throughput capacity: Approximately 3.2 million barrels per day
• Combined renewable diesel production capacity: Approximately 1.2 billion gallons per year
• Combined ethanol production capacity: Approximately 1.6 billion gallons per year
• Revenue: $144.766 billion (FY2023)
• Key Subsidiaries/Brands: Diamond Green Diesel (DGD), Valero®, Beacon®, Diamond Shamrock®, Shamrock®, Ultramar®, and Texaco®

• CEO: R. Lane Riggs
• CFO: Jason W. Fraser
• Executive Vice President and Chief Operating Officer: Gary K. Simmons
• Senior Vice President, General Counsel and Secretary: Richard J. Walsh

R. Lane Riggs was elected Chief Executive Officer and President in June 2023. He previously served as President and Chief Operating Officer. Jason W. Fraser was elected Executive Vice President and Chief Financial Officer in July 2020. Prior to that he served as Executive Vice President and General Counsel. Gary K. Simmons was elected Executive Vice President and Chief Operating Officer in July 2023. He previously served as Executive Vice President and Chief Commercial Officer. Richard J. Walsh was elected Senior Vice President, General Counsel and Secretary in April 2021.

• Annual Revenue: $144.766 billion (FY2023)
• Net Income: $8.835 billion (FY2023)
• Total Assets: $63.056 billion (as of December 31, 2023)
• Key Financial Highlights: Operating income decreased by $3.8 billion in 2023 compared to 2022. Adjusted operating income also decreased by $3.8 billion primarily due to lower gasoline and distillate margins.

Valero's main product categories and services include:

• Refined Petroleum Products: Gasolines and blendstocks, distillates, and other products.
• Renewable Diesel: Renewable diesel and renewable naphtha.
• Ethanol: Ethanol and distillers grains.

Valero manages its operations through the following reportable segments:

• Refining: Includes the operations of petroleum refineries, marketing of refined products, and logistics assets.
• Renewable Diesel: Includes the operations of DGD and the marketing of renewable diesel and renewable naphtha.
• Ethanol: Includes the operations of ethanol plants and the marketing of ethanol and co-products.

Financial information about these segments is presented in Note 17 of Notes to Consolidated Financial Statements.

Valero's strategy is to manage its business to meet the growing demand for reliable and affordable energy. The company believes that liquid transportation fuels, both petroleum-based and low-carbon, will continue to be essential. Valero has made multibillion-dollar investments to develop and grow its low-carbon renewable diesel and ethanol businesses. The company seeks to leverage its expertise in liquid fuels manufacturing and distribution to expand and optimize its low-carbon fuels businesses. Valero continually evaluates federal tax incentives and may strategically pursue opportunities to optimize the potential benefits. They also evaluate investments in economic, low-carbon projects, including carbon capture and sequestration, low-carbon hydrogen, and alcohol-to-jet fuel.

• Key strategic initiatives: Expanding low-carbon fuels businesses, optimizing low-carbon fuel production, and evaluating carbon capture and sequestration projects.
• Growth drivers: Increasing demand for low-carbon fuels and government incentives.
• Investment priorities: Capital investments in renewable diesel, ethanol, and other low-carbon projects.

Valero operates in the highly competitive refining and marketing industry. The company competes with many companies for available supplies of crude oil and other feedstocks, and for third-party retail outlets for petroleum-based products. Some competitors obtain a significant portion of their feedstocks from company-owned production and have extensive networks of retail sites. Valero's market position is influenced by global, regional, and local market conditions, as well as by regulations, policies, and standards related to low-carbon fuels.

• Market Position: Valero is a Fortune 500 company and one of the world's largest producers of low-carbon transportation fuels.
• Key Competitors: Other refining and marketing companies, as well as companies in the renewable fuels industry.
• Industry Trends: Increasing demand for low-carbon fuels, government regulations driving low-carbon fuel demand, and volatility in feedstock and product prices.

• Market Risks: Volatile margins due to fluctuating feedstock prices and product prices, industry and market developments that could decrease demand for products, and risks arising from sentiment towards climate change and fossil fuels.
• Operational Risks: Potential interruptions in refineries or plants, reliance on third-party transportation of feedstocks and products, and supply chain disruptions.
• Financial Risks: Uncertainty and illiquidity in financial markets, and changes in credit profile or ratings.
• Regulatory Risks: Risks arising from the Renewable and Low-Carbon Fuel Programs, other regulations, policies, international certifications, and standards impacting the demand for and traceability of low-carbon fuels, and risks arising from legal, political, and regulatory developments regarding climate, GHG emissions, and the environment.