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2019 Stewardship and Responsibility Report

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2019 Stewardship and Responsibility Report Stewardship and Responsibility Report AUGUST 2019 VALERO ENERGY CORPORATION Stewardship and Responsibility Report Valero Energy Corporation (NYSE: VLO), through its subsidiaries (collectively, “Valero”), is an Contents international manufacturer, distributor and marketer of transportation fuels and petrochemical products. A Letter from 4 Valero’s refining segment includes its refining the CEO operations and associated marketing activities and logistics assets. Valero is the largest global Valero Vision and independent petroleum refiner. The company owns 5 refineries located in the United States, Canada and Guiding Principles the United Kingdom. Map of Operations 6 Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland Environmental, 8 and Latin America. Approximately 7,000 outlets Social and carry Valero’s brand names, including Valero, Governance (ESG) Beacon, Diamond Shamrock and Shamrock in the U.S.; Ultramar in Canada; and Texaco in the U.K. and Safety 10 Ireland. The company’s ethanol segment includes its Environment 18 ethanol operations and associated marketing activities and logistics assets, with plants Community 30 throughout the U.S. Midwest. Valero is the world’s second-largest corn ethanol producer. Employees 42 Valero’s renewable diesel segment includes the Governance 50 operations of Diamond Green Diesel, a joint venture with Darling Ingredients Inc., producing renewable 56 diesel fuel at a plant in Louisiana. Diamond Green The Social Benefit Diesel is the world’s second-largest renewable of Valero’s Products diesel producer. Summary of Awards 57 2 VALERO ENERGY CORPORATION REFINING ETHANOL RENEWABLE DIESEL Largest global World’s World’s 2nd largest independent 2nd largest renewable diesel producer* refiner corn ethanol *in joint venture with producer Darling Ingredients Inc. 15 petroleum refineries 275 million gallons 3.1 million 14 ethanol plants per year barrels per day in the U.S. with a combined throughput* capacity production capacity of Planned 100% *Processing of crude oil 1.73 billion gallons per year and other feedstocks expansion to compatible 675 million with existing Manufacturer gallons engines and and marketer of 22% share of U.S. ethanol per year infrastructure transportation fuels, exports in 2018 by late 2021 (drop-in fuel) petrochemical feedstocks and other specialty products Continued Produces low-carbon investment intensity renewable diesel ~6,000 employees and growth from recycled animal fats, ~1,000 in ethanol used cooking oil and employees business inedible corn oil Lowest-cost Safety is our operator in foundation the industry for success Low-carbon fuel Low-carbon fuel Environmentally responsible well-positioned for sold in California, operations export growth Canada and Europe Fortune 24 Headquartered in ~10,000 company San Antonio, Texas total employees $36 billion NYSE: VLO www.valero.com market capitalization(1) (1)As of June 28, 2019, at $85.61 per share Valero Stewardship and Responsibility Report • 3 A Letter from the CEO Of our three reporting segments – refining, ethanol and renewable diesel – two are in the renewables space and part of our growth strategy. In 2018, we acquired three ethanol plants, becoming the second- largest corn ethanol producer in the world with 14 sites. We also completed expansion of our renewable diesel plant in a joint venture that’s the world’s second-largest renewable diesel producer, and announced an additional expansion project that will more than double production capacity. Our complex refining system positions us well to comply with the U.N. International Maritime Organization’s (IMO) mandate for sulfur reduction in marine diesel fuels to start in 2020, which will Valero Chairman, President and Chief Executive Officer contribute to reductions in emissions. Joe Gorder visits with volunteers at a United Way Day of Caring event in San Antonio. We published our first “Review of Climate-Related We are proud to present our Stewardship and Risks and Opportunities,” showing the resilience of Responsibility Report. Team Valero provides reliable our assets across hypothetical scenarios and, based and affordable transportation fuels and other on this analysis, we confirmed the viability of our products indispensable to everyday life, driven strategic vision. by our Guiding Principles in safety, environmental Our employees continue to make us proud by stewardship, community engagement, employee achieving operational excellence and leading programs and governance. We believe that community-based activities. We remain an employer our success is tied to these principles and their of choice in the energy industry and have been contribution to our business practices, strategy and publicly recognized as one of America’s best large goals. employers. In safety, our refinery combined employee and In governance, together with our board of directors, contractor recordable injury rate in 2018 was half we are committed to robust regulatory compliance the industry average, and among our best-ever and the highest ethical standards. Our strength and performances. Valero also achieved high refinery support provide products for the modern world, and utilization rates, leading to another exemplary mark livelihoods and charity for many. We hope you enjoy in process safety. We allocate roughly $1.5 billion our report! annually to sustain our assets and ensure safe and reliable operations. As a result of our focus on safety and reliability, we also continue to show great performance in several Joe Gorder key environmental measures. Chairman, President and Chief Executive Officer 4 Valero Vision and Guiding Principles Valero will be the premier manufacturer, distributor and marketer of quality transportation fuels and petrochemical feedstocks, while serving the needs of our employees, communities and stakeholders. Safety is our foundation for success. We view our stakeholders as partners to whom we seek to deliver operational excellence, disciplined management of We are committed stewards capital and long-term value of the environment. on a foundation of strong governance and ethical standards. The interlocking value of our Guiding Principles We consider We will be a our employees a good neighbor by competitive advantage sharing our success with and our greatest asset. We the communities where we foster a culture that supports diversity live and work through volunteerism, and inclusion, and provide a safe, healthy charitable giving and the economic and rewarding work environment with support of being a good employer. opportunities for growth. Valero Stewardship and Responsibility Report • 5 Commitment To Excellence Management System Map of (CTEMS) Operations Our Commitment To Excellence Management AURORA HARTLEY ALBERT CITY JEAN GAULIN System (CTEMS) directs us in achieving our ALBION FORT DODGE (QUEBEC) WELCOME CANADA Guiding Principles. In driving operational CHARLES CITY MONTREAL excellence, CTEMS establishes a proprietary JEFFERSON PERU LIMA systematic approach to planning, executing, LAKOTA checking and acting to improve our everyday RIGA work activities across the entire company. It also BLUFFTON UNITED KINGDOM further enhances our commitment to ensuring the UNITED health and safety of our employees and protecting STATES the environment. IRELAND BLOOMINGBURG CTEMS has nine elements: PEMBROKE LONDON 1. Leadership Accountability LINDEN BENICIA 2. Protecting People and Environment 3. People and Skills Development MOUNT VERNON 4. Operations Reliability and Mechanical Integrity 5. Technical Excellence and Knowledge WILMINGTON MEMPHIS WHOLESALE MARKETING MCKEE PRESENCE Management SAN ANTONIO BRANDED WHOLESALE 6. Change Management ARDMORE ST. CHARLES PRESENCE 7. Business Competitiveness MERAUX 15 VALERO REFINERIES 8. External Stakeholder Relationships THREE RIVERS PORT ARTHUR 9. Assurance and Review 14 VALERO ETHANOL PLANTS HOUSTON BILL GREEHEY (CORPUS CHRISTI TEXAS CITY VALERO OFFICES Operational excellence means reliable and EAST AND WEST) RENEWABLE DIESEL PLANT predictable operations, which make our facilities safer and more efficient. CTEMS has MEXICO CITY VALERO TERMINALS counted many successes in areas ranging from PIPELINES change management to proper assessment of PAYMENT SERVICE CENTER risk, fixed-equipment inspection and preventive maintenance. We will continue to assess existing SUNRAY WIND programs against expectations defined in CTEMS. MEXICO 4 COGENERATION UNITS (EXISTING/UNDER CONSTRUCTION) 6 AURORA HARTLEY ALBERT CITY JEAN GAULIN ALBION FORT DODGE (QUEBEC) WELCOME CANADA CHARLES CITY MONTREAL JEFFERSON PERU LIMA LAKOTA RIGA BLUFFTON UNITED KINGDOM UNITED STATES IRELAND BLOOMINGBURG LINDEN PEMBROKE LONDON BENICIA MOUNT VERNON WILMINGTON MEMPHIS WHOLESALE MARKETING MCKEE SAN ANTONIO PRESENCE ARDMORE BRANDED WHOLESALE ST. CHARLES PRESENCE MERAUX 15 VALERO REFINERIES THREE RIVERS PORT ARTHUR 14 VALERO ETHANOL PLANTS HOUSTON BILL GREEHEY (CORPUS CHRISTI TEXAS CITY VALERO OFFICES EAST AND WEST) RENEWABLE DIESEL PLANT MEXICO CITY VALERO TERMINALS PIPELINES PAYMENT SERVICE CENTER SUNRAY WIND MEXICO 4 COGENERATION UNITS (EXISTING/UNDER CONSTRUCTION) Valero Stewardship and Responsibility Report • 7 Environmental, Social and Governance (ESG) Valero’s executive management team and board of directors are committed to ongoing engagement with stakeholders. We believe that proactive and consistent dialogue with stakeholders helps us address their environmental, social and governance priorities while enhancing our business. The
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