EX-99.01 2 d93099dex9901.htm EX-99.01

Exhibit 99.01

Advancing the Future of Energy W I T H C A P I TA L D I S C I P L I N E , I N N O V AT I O N A N D U N M AT C H E D E X E C U T I O N . R E L I A B L E A F F O R D A B L E S U S T A I N A B L E E N E R G Y

Cautionary Statement This presentation contains forward-looking statements made by Valero Energy Corporation (“VLO” or “Valero”) within the meaning of federal securities laws. These statements discuss future expectations, contain projections of results of operations or of financial condition or state other forward-looking information. You can identify forward-looking statements by words such as “believe,” “estimate,” “expect,” “forecast,” “could,” “may,” “will,” “targeting,” or other similar expressions that convey the uncertainty of future events or outcomes. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Valero and are difficult to predict including, but not limited to, the effect, impact, potential duration or other implications of the COVID-19 pandemic. These statements are often based upon various assumptions, many of which are based, in turn, upon further assumptions, including examination of historical operating trends made by the management of Valero. Although Valero believes that the assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies, which are difficult or impossible to predict and are beyond its control, Valero cannot give assurance that it will achieve or accomplish its expectations, beliefs or intentions. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements contained in Valero’s filings with the Securities and Exchange Commission, including Valero’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and other reports available on Valero’s website at www.valero.com. These risks could cause the actual results of Valero to differ materially from those contained in any forward-looking statement. This presentation includes certain financial measures that are not defined under U.S. GAAP and are considered to be non-GAAP measures. Valero has defined these non-GAAP measures and believe they are useful to the external users of its financial statements, including industry analysts, investors, lenders, and rating agencies. Valero believes these measures are useful to assess its ongoing financial performance because, when reconciled to their most comparable U.S. GAAP measures, they provide improved comparability between periods after adjusting for certain items that Valero believes are not indicative of its core operating performance and that may obscure its underlying business results and trends. These non-GAAP measures should not be considered as alternatives to their most comparable U.S. GAAP measures nor should they be considered in isolation or as a substitute for an analysis of Valero’s results of operations as reported under U.S. GAAP. In addition, these non-GAAP measures may not be comparable to similarly titled measures used by other companies because Valero may define them differently, which diminishes their utility. Valero’s reconciliations of GAAP financial measures to non-GAAP financial measures are located at the end of this presentation. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

REFINING RENEWABLE DIESEL ETHANOL W O R L D ’ S L A R G E S T I N D E P E N D E N T W O R L D ’ S 2 ND L A R G E S T R E N E W A B L E D I E S E L W O R L D ’ S 2 ND L A R G E S T C O R N E T H A N O L R E F I N E R P R O D U C E R P R O D U C E R GROWTH PROJECTS FOCUSED ON COST CONTROL, OPTIMIZATION AND MARGIN EXPANSION lowest million barrels per day advantaged refining and logistics ratable wholesale supply of 15 cost 3.2 of high-complexity assets well positioned for feedstock 1.2 million barrels per day or Renewable Refining refineries producer throughput capacity and product optimization over 50% of our light products Diesel REDUCED GREENHOUSE GAS EMISSIONS BY 21% SINCE 2010 Ethanol Wholesale HIGH RETURN PROJECTS WITH PRODUCTS PLACED INTO HIGH GROWTH, LOW CARBON MARKETS up to Midstream million expanding to low carbon intensity renewable diesel reduction compatible with 275 gallons 675 million gallons produced from recycled animal fats, used 80% in GHG 100% existing engines per year per year cooking oil and inedible corn oil emissions and infrastructure Best-in-class DIAMOND GREEN DIESEL CONTINUE TO EVALUATE ADDITIONAL GROWTH OPPORTUNITIES (DGD) producer of fuels and products that EVALUATING ECONOMIC PATHS TO FURTHER REDUCE CARBON INTENSITY up to are essential to high-octane renewable existing logistics assets well ethanol billion gallons per year reduction in positioned to support export modern life 14 1.7 fuel with lower CO2 30% plants production capacity GHG emissions growth emissions I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 3

Advancing the Future of Energy with Capital Discipline, Innovation and Unmatched Execution Operations Earnings Growth Capital Discipline Excellence Steadfast in the execution of our Unmatched Execution with a Proven Growth Through Innovation Demonstrated Commitment t o strategy, pursuing History of Operations Excellence Stockholders excellence in Safe, reliable, environmentally Growth projects focused on Disciplined capital allocation with operations, responsible operations have driven operating cost control, market solid free cash flow and returns to investing for higher profitability and lower expansion and margin improvement stockholders across margin cycles volatility through multiple earnings Leveraging our global liquid fuels Delivered on our target payout ratio commodity cycles platform to expand our long-term of 40% to 50% every year under growth The lowest cash operating cost competitive advantage with current management with lower among peer group while maintaining investments in economic low-carbon 13% average Return on Invested volatility and first quartile operating performance projects Capital since 2014 Applying our liquid fuels 25% after-tax IRR hurdle rate for honoring our manufacturing expertise to optimize projects commitment our renewable diesel business to stockholder returns Comprehensive liquid fuels strategy driving economic growth projects and providing a viable path to reduce and offset GHG emissions by 63% by 2025 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. 4 Peer group includes PSX, MPC, HFC, and PBF.

Comprehensive Roadmap to Further Reduce Emissions with Projects in Execution GHG Emissions Intensity Absolute Reductions and Offsets through Existing Board Approved Projects Target (Scope 1 & 2)) Targeting to reduce 1.4 31.8 and offset Refining GHG emissions by 35.8 20% 4.7 BOE e2 63% CO 5.9 63% 28.7 Tons through investments Thousand in Board approved / e 7.9 projects, with the 2 Metric CO potential to achieve Tons Million 11.9 72% Metric by 2025 with projects under consideration subject to Board 2011 Base Year 2025 Target Refining GHG Absolute Emissions GHG Emissions GHG Emissions GHG Emissions Refining GHG approval (Scope 1 & 2) (Scope 1 & 2) Emissions in Reduction through Offset by Offset by Offset by Global Emissions in 2025 2011 Efficiencies Ethanol Renewable Diesel Credits for & after Reductions & (Scope 1 & 2) (Scope 1 & 2) Production Production Blending of Offsets Renewable Fuels (Scope 1 & 2) I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. 5

INVESTOR PRESENTATION | NOVEMBER 2020 - $10,500 Expanding Our Long-term Competitive Advantage with Investments in Economic Low-carbon Transportation Fuels Reinvesting capital with diversification into higher growth, higher return and lower carbon renewable fuels Visibility to Earnings Growth $1.2 to $1.6 billion in Annual EBITDA from Growth Projects Projects in Execution Projects in Development $1.2 to $1.6 billion in Annual EBITDA Contribution from Growth Projects Adjusted EBITDA Attributable to VLO Stockholders ($ in millions) EBITDA ($ in millions) Refining Optimization and Margin Improvement Renewables Expansion Other Refining and Logistics Projects St. Charles Alkylation Unit 4Q20 / $400 MM Port Arthur Coker 2023 / $975 MM Diamond Green Diesel 2 2021 / $550 MM Other Projects Under Development EBITDA from Growth Projects Diamond Pipeline Expansion (2021/ $100 MM) Pembroke Cogeneration Unit (2021 / $170 MM) See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. Diamond Green Diesel reflects Valero’s 50% share. Pro Forma EBITDA 2012 –2019Range Average: $6,409 MM 2020 YTD: $810 MM $8,892 MM (expected completion / project cost) $4,660 MM 2009: $1,747 MM $1.2 -$1.6 bn 6

Global Low-carbon Fuel Policies Driving Demand Growth for Renewable Diesel California Renewable Diesel Consumption (million gallons) 618 Active Low-carbon Mandates Carbon Mandates 113 in Development or GHG Emissions Goal 2030 GHG Emissions Net-Zero GHG Primary Transportation Fuel 2014 2015 2016 2017 2018 2019 2030 Liquid Fuels Goal Reduction Target Emissions Target Policy Mechanism Low Carbon Fuel Standard Reduce the carbon intensity of transportation California 40% Net-zero by 2045 LCFS Credit Price (LCFS) fuels by at least 20% (monthly average, $ per metric ton) Clean Fuel Standard (CFS) – Reduce the carbon intensity of transportation Canada 30% Net-zero by 2050 enforcement expected 2022 fuels by 10-12% $200 Renewable Energy Directive II EU 40% Net-zero by 2050 Replace 14% of transport fuels with biofuels (RED II) Oregon is matching California’s GHG reduction target and has an LCFS policy in place $100 Other Policies British Columbia and Ontario have existing low-carbon fuels policies in Place Sweden is implementing a 21% GHG reduction mandate for diesel by 2020 and aims for 50% of transport fuels to be biofuels by 2030 Finland aims for 30% of transport fuels to be biofuels by 2030 $0 State of Washington continues to debate an LCFS with a 20% GHG reduction target by 2035 Potential 2014 2015 2016 2017 2018 2019 2020 New York introduced legislation that would require net-zero emissions by 2050 with the possibility of LCFS legislation Policies Certain Midwest states and Colorado are exploring similar renewables mandates Source: California Air Resources Board. LCFS credit price though October 2020. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 7

Renewable Diesel Driving Low Carbon Results in California California LCFS Performance LCFS Credit by Fuel Type (% reduction in carbon intensity) (2020 YTD) Cost-effective 0% Other fuel that can be 1% used with Biomethane existing vehicles -6% 9% -5% Electricity (other) 7% Renewable Diesel Does not 31% Electricity require -10% Historic Compliance Targets (on-road charging) infrastructure 13% investments Reported % CI Reduction -15% Future Compliance Targets Biodiesel Over 2 billion -20% 14% Ethanol gallons -20% 24% consumed since 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2011 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Source: California Air Resources Board. 2020 through June 30. 8

Expansion into Low-carbon Renewable Fuels Underpinned by Higher Economic Returns Renewable Diesel Capacity Renewable Diesel Realized Cash Flow Profile (million gallons per year) ($ in millions) 1,075 $879 million cumulative EBITDA $1,000 $440 million cumulative Capex $750 400 DGD 1 Cumulative Capex DGD 2 Cumulative Capex $500 Cumulative EBITDA Net Cumulative Cash Flow $250 Mix shift to (EBITDA less Capex) 400 renewable $0 fuels should 160 115 $550 million Capex ($250) drive higher $250 million annual EBITDA Return on ($500) 2013 2018 2021 2024 2024 2011 2012 2013 2014 2015 2016 2017 2018 2019 Invested DGD 1 DGD 1 Expansion DGD 2 DGD 3 St. Charles St. Charles St. Charles Port Arthur (subject to VLO and DGD Capital Board approval) See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 9 Diamond Green Diesel reflects Valero’s 50% share.

A Vehicle Running on Renewable Diesel Emits RENEWABLE DIESEL A DR IN FUEL Over 40% Fewer Emissions than an Electric Vehicle U.S. Light-Duty Vehicle Life Cycle Emissions U.S. Heavy-Duty Long-Haul Vehicle Life Cycle Emissions A single light-duty vehicle Argonne National Laboratory Study Southwest Research Institute Study running on renewable diesel emits 29 tons less CO2 g CO /mile Fuel Tons CO Battery Electric Vehicle 2 2 Feedstock Diesel Engine with Renewable Diesel emissions than an electric 400 “Zero emissions” 1,200 vehicles are not Vehicle Manufacturing 49% fewer vehicle, an amount equal to 350 zero emissions emissions than planting 435 trees* 1,000 an EV after 40% fewer 300 1,000,000 emissions A single heavy-duty long-haul 800 Miles Traveled 250 than an EV DGD’s vehicle running on renewable 200 RD emits even 600 diesel emits 561 tons less fewer emissions 150 CO2 emissions than an 400 electric vehicle, an amount 100 equal to planting 8,482 200 50 trees* 0 0 Battery Electric Diesel Engine with Diesel Engine with 0 Miles Embedded Traveled 500 500,000 00 Miles Miles 1,000,000 1,000,000Miles Miles Vehicle Renewable Diesel Renewable Diesel Emissions Traveled Traveled Traveled Traveled (soybean-based) (waste oil-based) (zero miles traveled) *Estimated based on EPA’s GHG Equivalencies calculator for urban tree seedlings grown for ten years. Source: Argonne National Laboratory (DOE) and Southwest Research Institute. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 10 See slides 22-23 for notes regarding this slide.

Our Competitive Advantage with Diamond Green Diesel (DGD) DGD is Designed to Process Low Carbon Feedstocks for Higher Product Value $1.89 Carbon Intensity (g CO 2e / MJ) $1.70 $1.58 LCFS credit value ($ per gallon) $1.01 100 82 54 27 32 20 Used Cooking Oil Distillers Corn Oil Animal Fats Soybean Oil Grid Electricity Diesel Higher EBITDA Margin ($ per gallon) Valero (DGD) $2.33 Renewable Diesel Peer $2.19 $2.25 $2.18 $1.53 $1.58 $1.61 $1.13 $1.09 $0.93 $0.95 $0.47 2015 2016 2017 2018 2019 2020 Source: Company reports and California Low Carbon Fuel Standard (LCFS). I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. Applying our liquid fuels manufacturing expertise to optimize our renewable diesel business 11

SIZE, SCALE AND GLOBAL REACH LOWEST COST PRODUCER DISCIPLINED INVESTMENTS EXTENSIVE CONNECTIVITY AND GLOBAL OPTIMIZATION TOP QUARTILE OPERATIONS GROWTH WITH LOWER VOLATILITY PREMIER REFINING PORTFOLIO THAT IS RESILIENT EVEN IN A CARBON-CONSTRAINED SCENARIO SIZE, SCALE AND GLOBAL REACH high complexity coastal system operational flexibility to ratable wholesale supply of global operations support optimization of with extensive connectivity to process a wide range of 1.2 million barrels per day or product exports inland and imported crudes feedstocks over 50% of our light products one of the largest light products importers into Mexico LOWEST COST PRODUCER WHILE ACHIEVING TOP QUARTILE OPERATIONS safety and reliability are imperative top quartile mechanical availability access to cheap natural gas and a deep pool for profitability minimizes unplanned downtime and costs of skilled labor on the U.S. Gulf Coast INVESTMENTS IN EFFICIENCY, MARKET EXPANSION AND HIGHER MARGIN CAPTURE reducing cost and improving margin improving feedstock flexibility, cost and growing market share into higher netback capture crude quality markets Wilmington and Pembroke cogens Diamond, Sunrise and Red River pipelines Central Texas pipelines and terminals St. Charles and Port Arthur hydrocrackers connectivity in Corpus Christi MVP Pasadena terminal Port Arthur coker Line 9 into Quebec expansion into Latin America with Houston and St. Charles alkylation units Houston and Corpus Christi toppers investments in Mexico and Peru I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. Peer group includes PSX, MPC, HFC, and PBF. Long-term, sustainable competitive advantage $2,607 Highest Free Cash Flow within Peer Group Peer Range Average Free Cash Flow 2012 – 2019 $0 ($ in millions) 12

Safety and Reliability are Imperative for Profitability In 2019, we delivered our best year ever on employee safety performance and had the lowest number of environmental events in company history Personnel Safety Tier 1 Process Safety (three-year rolling averages) 0.19 0.90 Valero Industry Event Incident Safety Rate (TRIR) 0.68 0.40 Rate 0.07 Recordable 0.33 Process Total 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Improvement Versus Industry Benchmarks Leads to Greater Margin Capture, Lower Operating Expenses and Better Efficiency 1st Quartile nd 2018 2 Quartile 3rd Quartile 2008 4th Quartile Personnel Index Maintenance Index Non-Energy Cash Opex I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. Investments in reliability have contributed to operations excellence 13

Increased Refinery Availability Has Driven Valero to be the Lowest Cost Producer Improvement in Mechanical Availability Refining Cash Operating Expenses Versus Industry Benchmarks Per Barrel of Throughput (excludes turnaround and D&A expenses) Peer Range $7.00 1st Quartile 2018 2nd Quartile 2008 3rd Quartile 4th Quartile $3.00 2010 2012 2014 2016 2018 2020(1) Mechanical Availability See slides 22-23 for notes regarding this slide. Peer group includes PSX, MPC, HFC, and PBF. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 (1) 14 2020 refining cash operating expenses per barrel of throughput through September 30.

Refining Business Generates Significant Cash to Support Growth and Stockholder Returns Sources and Uses of Cash – Cumulative Last Five Years ($ in billions) December 31, 2014 to December 31, 2019 Sources of Cash Uses of Cash $1.1 $13.3 $25.8 Sustaining capital ($7.8) Growth capital ($4.2) Acquisitions ($1.2) $14.1 Dividends ($6.1) Buybacks ($8.1) $3.7 $2.6 ($0.6) Cash and Cash Equivalents Net Cash Provided by Other Financing Capital Expenditures Stockholder Returns Other Cash and Cash Equivalents December 31, 2014 Operating Activities Activities December 31, 2019 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Disciplined Capital Management is a Constant in Our Strategy 1 Maintain Strong Balance Sheet Maintain investment grade credit rating Target 20% to 30% debt-to-cap ratio 2 Non-Discretionary Sustaining Capex Dividend Target approximately $1.5 billion annually Commitment to stockholders Key to safe and reliable operations Targeting a sustainable and growing dividend with a payout that is at the high end of our peer group 3 Discretionary Growth Capex Acquisitions Buybacks 25% after-tax IRR hurdle rate for projects Evaluate versus alternative uses of cash Targeting an annual payout ratio between Refining projects focused on operating cost 40% and 50% of adjusted net cash provided control, market expansion and margin by operating activities improvement Stock buyback program consists of ratable Renewable fuels expansion and opportunistic purchases I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. 16

Demonstrated Discipline in Capital Allocation Estimated Total Annual Capex Annual Capex $2.0 Billion for 2020 and 2021 $3.4 Sustaining Growth $2.8 $2.8 Sustaining Renewables 40% 60% 40% $2.6 $2.6 Growth Other Growth $2.4 $1.8 $2.3 $0.7 $1.3 $2.0 $0.9 $2.0 $2.0 $1.6 $1.0 $1.0 $0.6 Total Capex Growth Capex Sustaining Capex as a percentage of Depreciation and Amortization >100% $1.9 $1.6 $1.7 $1.5 $1.4 $1.4 $1.3 $1.2 76% Steady investments to improve portfolio efficiency 2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2012 2019 Sustaining capex includes costs for turnarounds and catalysts and regulatory compliance. Growth capex includes joint-venture investments but excludes acquisitions. Sustaining and growth capex excludes 50% of DGD’s sustaining and growth capex attributable to our joint venture partner and those related to other variable interest entities. Renewables reflects DGD. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Steady investments to maintain a safe and reliable asset base and enhance the margin capability of our portfolio 40% of growth capex is allocated to renewables 17

Delivering on Our Commitment of Cash Returns to Stockholders Stockholder Annual Dividend Per Share and Weighted Average Annual Dividend Shares Outstanding Returns as a Percentage Relative to 2012 Yield(2) 556 million Payout Ratio: S&P 500 1.6% shares 11% 30% 31% 54% 65% 63% 56% 47% 100% 7.8% 99% $3.7 95% Energy 6.3% 90% 407 million Utilities 83% shares 3.2% $3.1 80% 77% Real ($ billion) 74% 73% Estate 2.9% $2.6 Cons. Buybacks $2.4 WASO Staples 2.7% Dividends $2.3 Dividend/share $3.92 $2.8 $1.7 Financials $1.9 $3.60 2.1% $1.4 $0.8 $3.20 $1.3 Materials 1.9% $1.4 $2.80 Health $2.40 Care 1.6% $1.3 Industrials 1.6% $0.6 $0.9 $1.70 $1.4 $1.5 $1.2 Tech 1.0% $0.3 $1.1 $0.8 $0.85 $1.05 $0.6 Cons. $0.4 $0.5 $0.65 0.9% Disc. (1) Comm. 2012 2013 2014 2015 2016 2017 2018 2019 2012 2013 2014 2015 2016 2017 2018 2019 2020 Services 0.9% Source: Bloomberg and company filings as of November 9, 2020. See slides 42-49 for non-GAAP disclosures. (1) 2020 weighted average shares outstanding (WASO) through September 30, 2020. Dividend per share annualized based on most recent quarterly dividend. (2) Dividend yield for sectors reflects the Index Yield of the respective SPDR exchange-traded fund (ETF). I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Delivering cash returns through sustainable dividend growth and discretionary buybacks 18

Demonstrated Lower Volatility in Earnings and Free Cash Flow Average Free Cash Flow Volatility S&P 500 Free Cash Flow Volatility and Return Profile 2012 – 2019 2012 – 2020 2012 – 2020 Refining Peer Range 12% BEST Cap Financials $2,607 10% 9% Market Valero of % 8% Refining Peers a Communication Information as Services Technology Flow 6% Consumer Cash Discretionary 4% Health Energy Free Care Materials TTM Consumer 2% Staples Utilities Oil Majors $0 0% Real Estate Average 0% WORST 79% 69% 53% 0% 100% 200% 300% 400% 500% $ Millions % of Average Free Cash Flow Volatility Free Cash Adjusted EBITDA Market Cap Flow EPS Source: Bloomberg and company reports. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. See slides 42-49 for non-GAAP disclosures. Valero has demonstrated lower volatility in earnings and free cash flow than other refiners, integrated energy companies and most S&P 500 sectors 19

Valero’s Positioning Relative to the S&P 500 Index Growth Value Balance Sheet Compelling Dividend Yield (³3% Annualized dividend yield) 125% 7.8% Compa Competitive EBITDA Growth (³10% Consensus CAGR for Quartile Compa 2020E - 2022E) st 1 ($ billion) Compa High Stockholder Return Cash Revolver (³10% 5-YR Average ROIC & $4.0 $5.0 Positive TSR since 2014) Quartile Compa nd $9.9 billion 2 in available Investment Grade liquidity (BBB- / Baa3) Quartile rd 3 A/R Facility Large Cap $0.8 (Market cap ³$10 billion) Quartile 9.0x th 4 S&P 500 Consensus EBITDA Dividend EV / 2021E Valero Liquidity CAGR Yield EBITDA (As of September 30, 2020) 2020E - 2022E I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Source Bloomberg as of November 9, 2020. See slides 22-23 for notes regarding this slide. Premier Refining portfolio that is resilient even in a carbon-constrained scenario Lowest cost producer Growth through innovation in Renewables Committed to Stockholder returns with a target payout ratio of 40% to 50% Comprehensive roadmap to reduce emissions through investments in Board approved projects 20

Appendix Contents Topic Slide Notes 22-23 VLO Guidance 24 Environmental, Social and Governance (ESG) 25-26 Strong Presence in Advantaged U.S. Gulf Coast and Mid-Continent 27 Crude Supply Advantage in the U.S. Gulf Coast and Mid-Continent 28 Global Optimization of Product Exports 29-31 Ratable Global Wholesale Supply and Growth in Mexico 32 Valero’s Logistics Assets 33 Ethanol 34 Projects in Execution Phase or Recently Completed 35-38 Refining Capacity and Nelson Complexity 39 Now vs. Then – A Shift in Valuation 40 Electric Vehicle (EV) Myth: Zero Emissions 41 Non-GAAP Disclosures 42-49 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 21

Notes Payout Ratio Payout Ratio is the sum of dividends and stock buybacks divided by adjusted net cash provided by operating activities. Adjusted net cash provided by operating activities excludes changes in working capital and 50% of DGD’s operating cash flow (excluding the change in its working capital) attributable to our joint venture partner. Light Products Light products is the combined volume of gasoline and distillate. Gasoline volume includes blendstocks and distillate volume includes ULSD, jet fuel, kerosene, and ULSK. Slide 5 Valero’s SASB Report aligns VLO’s performance data with the recommendations of the Sustainable Accounting Standards Board (SASB) framework in the Oil and Gas – Refining and Marketing industry standard. A copy of Valero’s SASB report and related disclosures can be found on Valero’s investor relations website at Investorvalero.com. Slide 6, Slide 9 and Slide 35 Amounts shown represent targeted EBITDA growth. Valero is unable to provide a reconciliation of such forward-looking targets because certain information needed to make a reasonable forward-looking estimate is difficult to estimate and dependent on future events, which are uncertain or outside of its control, including with respect to unknown financing terms, project timing and costs, and other potential variables. Accordingly, a reconciliation is not available without unreasonable effort. $250 million annual EBITDA for DGD 2 St. Charles represents Valero’s 50% share of estimated annual EBITDA contribution. Slide 10 U.S. Light-Duty Vehicle Life Cycle Emissions study conducted by Argonne National Laboratory (DOE) – “Cradle-to-Grave Lifecycle Analysis of U.S. Light-Duty Vehicle-Fuel Pathways: A Greenhouse Gas Emissions and Economic Assessment of Current (2015) and Future (2025-2030) Technologies.” Study focused on the midsize sedan, assumed 15 year vehicle life of vehicle, renewable diesel emissions are based on 100% renewable diesel blend, electricity based on 2014 EIA average mix, no battery replacement for 210 mile range electric vehicle, DGD waste oil feedstock CI’s have at least 40% less emissions than soybean based renewable diesel. U.S. Heavy-Duty Long-Haul Vehicle Life Cycle Emissions study conducted by Southwest Research Institute – “Class 8 Truck Life Cycle Analysis” (2020). Class 8 heavy-duty truck with a one-million mile (~15 years) lifetime; electric truck with a 500-mile battery range, electricity based on GREET Distributed U.S. Mix Variable 2020-2035, no battery replacement; 15L diesel engine running on 100% renewable diesel, renewable diesel carbon intensity based on CARB’s 2019 LCFS Quarterly Data Summary. Slide 11 California LCFS credit values are for 2020, assuming $200 per metric ton carbon price. Renewable diesel peer reflects Neste Corporation. 2020 EBITDA margin through September 30. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 22

Notes Slide 13 Industry total recordable incident rate from U.S. Bureau of Labor Statistics. Valero TRIR includes employee and contractor data. Tier 1 three-year rolling averages of process safety events per 200,000 work hours. Tier 1 defined within API Recommended Practice 754. Industry benchmarking and Valero’s performance statistics from Solomon Associates and Valero. Slide 14 Industry benchmarking and Valero’s performance statistics from Solomon Associates and Valero. Valero’s refining operations typically consume approximately 905,000 MMBtu/day of natural gas, of which 66% is operating expense and the balance is cost of goods sold. Slide 16 Targeted debt-to-cap ratio based on total debt reduced by balance sheet cash. Peer group includes PSX, MPC, HFC, and PBF. Payout ratio is the sum of dividends and stock buybacks divided by adjusted net cash provided by operating activities. Adjusted net cash provided by operating activities excludes changes in working capital and 50% of DGD’s operating cash flow (excluding the change in its working capital) attributable to our joint venture partner. Slide 19 Free cash flow is defined as net cash provided by operating activities less capital expenditures, deferred turnaround and catalyst cost expenditures, investments in joint ventures, and changes in current assets and liabilities. Average free cash flow reflects 2012 through the most recent annual filing. Average free cash flow for PBF reflects years 2013 to 2019 due to its December 2012 IPO. Volatility expressed as coefficient of variance, or the standard deviation divided by the mean, of the respective metric on a quarterly basis from the first quarter of 2012 through the most recent filing. EBITDA is defined as net income plus income tax, net interest and depreciation and amortization. Refining peer group includes PSX, MPC, HFC, and PBF. Oil majors include XOM, CVX, COP and EOG. Slide 20 TSR from December 31, 2014 through November 9, 2020 includes stock price appreciation and dividends paid. EV / EBITDA based on 2021 consensus estimates. Slide 28 2020 feedstock ranges through September 30. Ranges represent average quarterly minimums and maximums of each feedstock category as a % of total feedstock. Ranges for monthly averages are wider. Slide 30 VLO U.S. product exports reflect Valero’s actual U.S. gasoline and distillate export volumes. Distillate volume includes diesel, jet fuel and ULSK. Map shows destinations for products exported from Valero’s refineries in the U.S., Canada and the U.K. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 23

VLO Guidance 4Q20(1) Throughput (MBPD) – U.S. Gulf Coast 1,410 to 1,460 – U.S. Mid-Continent 385 to 405 – North Atlantic 400 to 420 – U.S. West Coast 230 to 250 Refining cash operating expense per barrel of throughput $4.35 Ethanol – Production (millions of gallons per day) 4.2 – Operating expense per gallon of production $0.37 Cash opex $0.32 Non-cash opex $0.05 Depreciation and amortization expense ($MM) $590 Net interest expense ($MM) $155 Full-Year 2020(1) Renewable Diesel – Sales volume (thousands of gallons per day) 750 – Operating expense per gallon of production $0.45 Cash opex $0.28 Non-cash opex $0.17 Payout ratio(2) of adjusted net cash provided by operating activities 40 to 50% General and administrative expense ($MM) $775 RINs expense ($MM) $400 to $500 Full-Year 2020 and 2021(1) Annual capital expenditures ($MM) $2,000 – Sustaining 60% – Growth 40% (1) Unless otherwise stated, guidance as provided on the 3Q20 earnings call and is included here for informational purposes only. (2) Payout ratio is the sum of dividends and stock buybacks divided by adjusted net cash provided by operating activities. Adjusted net cash provided by operating activities excludes changes in working capital and 50% of DGD’s operating cash flow (excluding the change in its working capital) attributable to our joint venture partner. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 24

We are Committed to Protecting the Environment E ENVIRONMENTAL Environmental Recycling, Reusing, Management Systems Reduction of GHG Emissions Carbon Capture Reclaiming, and Reducing A proprietary systematic In 2019, we recycled more than approach, Commitment To Reduced GHG emission Our Port Arthur refinery ing Excellence Management intensity by 21% since 2010 17 times the amount of fresh became the first System (CTEMS), adheres water consumed in refining industrial site in the to a “plan-do-check-act” operations U.S. to host a large scale Refin Cogeneration systems model to achieve carbon capture project, excellence, driving safe, offset enough to power 50 megawatt wind farm avoided with more than one million reliable and predictable more than 400,000 ~830,000 metric tons of carbon metric tons captured each year operations, while homes dioxide emissions since 2009 minimizing impacts on communities and the Renewable Diesel and Ethanol environment Assessing the feasibility of carbon reduce life cycle GHG emissions capture at our Ethanol plants that up to 80%(1) and 30%, may provide an economic path to Our Fuels Compliance and respectively, which along with Environmental Excellence further reduce carbon intensity of our and Risk Assessment blending and credits offset more Ethanol production programs assure focus on than 10 million metric tons of Diamond Green Diesel processes product quality and going GHG emissions in 2019 recycled animal fats, used cooking oil, beyond regulations Renewables and inedible corn oil to produce a low carbon intensity renewable diesel I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 (1) 100% used cooking oil feedstock results in a carbon intensity score of 20 under California’s LCFS program. 25

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Board of Directors Stakeholder Engagement All-Employee Bonus Record Donations Sharing Our Success with the Communities where we Operate with Strong Governance and Ethical Standards SOCIAL GOVERNANCE S 10 members are independent 5 of 11 directors represent diversity of race or gender Surpassed $64 million in 2019, with more than $40 million of direct financial support distributed as follows: Education 43% Health Care 27% Civic 6% Basic Needs 24% Approximately 150,000 volunteer hours companywide in 2019 Valero has been named to The Civic 50 most community minded list each year since 2013 Workforce 34% Professional 32% Supervision 23% Minorities in our U.S. workforce (2019) 20% 40% 40% Financial 40% Operational 40% Strategic 20% ESG Efforts & Improvement Stockholder Returns Capital Discipline Operational Excellence Organizational Excellence G Community Involvement Diversity and Inclusion Workforce 19% Professional 29% Retention 92% Women in our Global workforce (2019) Board and Committee oversight of risks and compliance, including climate change risks 3 of 11 are women 3 fully independent committees26

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 UNITED STATES CANADA SAN ANTONIO MONTREAL MEXICO CITY 1,484 57% 461 17% 440 17% 230 9% Strong Presence in Advantaged U.S. Gulf Coast and Mid-Continent WHOLESALE MARKETING PRESENCE VALERO ETHANOL PLANTS VALERO REFINERIES BRANDED WHOLESALE PRESENCE VALERO TERMINALS DIAMOND GREEN DIESEL PIPELINES LONDON UNITED KINGDOM IRELAND LIMA PERU (1) CDU capacity from EIA data and company presentations. See slide 39 for Valero’s capacity and Nelson complexity by refinery. (2) MPC percentage reflects refinery closures. 1,484 1,149 769 189 57% 41% 35% 18% 0 VLO MPC PSX PBF HFC Gulf Coast Refining Capacity(1) (mbpd, % of overall crude capacity) 2.6 mmbpd Refining Capacity(1) (mbpd, % of overall crude capacity) U.S. West Coast v North Atlantic U.S. Mid-Continent U.S. Gulf Coast (2)27

INVESTOR PRESENTATION | NOVEMBER 2020 17% 6% 17% 8% 34% 34% 54% 23% Heavy Sour Medium / LightSour Sweet Residuals 22% 17% 11% 40% Crude Supply Advantage in the Gulf Coast and Mid-Continent Valero Gulf Coast Feedstock Ranges 2012 -2018 2012 -2020 To St. James DiamondPipeline Colorado City Childress Station Wichita Falls Hewitt McKee Ardmore Collierville Crude System To Nederland Memphis Wasson Local Crude Gathering Taking advantage of Permian crude with investments in Corpus Christi Three Rivers Corpus Christi West and East Crude Export Tankage Crude Export Dock NuStar Oakville Terminal EPIC NuStar North Beach Cactus Cactus II Gray Oak Eagle Ford: Harvest Pipeline EOG Pipeline Permian: Cactus Pipeline Gray Oak Local Crude Gathering Midland McCamey Cushing-McKee Connection Cushing See slides 22-23 for notes regarding this slide. Valero’s refineries have operational flexibility to process a wide range of feedstocksand access to a deep pool of skilled labor in the U.S. Gulf Coast Blue lines and terminals represent Valero ownership interest.28

INVESTOR PRESENTATION | NOVEMBER 2020 12% 11% 2% 4% VLO Industry Operational Flexibility and Refinery Optimization Provide Competitive Advantage Our operational flexibility and optimization to quickly shift light product yields as market conditions signal move from “max gasoline” to “max distillate” enables higher margin capture Demand impacts from COVID-19 drove yields to swing between both extremes within a few months VLO has demonstrated a wider range of yields for gasoline, kerosene, jet fuel, and diesel versus the industry VLO Industry 2012 -2020 Refinery Product Yield Ranges 59% 50% 42% 41% VLO Industry 40% 38% 23% 27% VLO Industry Finished Gasoline Kerosene / Jet Diesel Source: Monthly industry refinery yields from EIA through September 2020. (monthly averages)29

Competitive Global Light Products Supply VLO U.S Product Exports (thousand barrels per day) Gasoline Distillate 295 180 115 2012 2013 2014 2015 2016 2017 2018 2019 2020 Oct 20 2020 reflects year-to-date through September. Latin America Refining Runs (million barrels per day) 6.6 6.5 6.3 6.1 6.1 5.9 5.6 5.2 4.8 4.3 4.0 3.7 Distillate Gasoline 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Industry consultants. Latin America includes Mexico. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. Product shortages in Latin America, Eastern Canada, Europe, and Africa expected to drive U.S. export demand growth 30

Investing to Grow Product Exports into Higher Netback Markets Advantaged Refineries and Logistics U.S. Product Exports (12-month moving average, mbpd) Other Europe Canada Other Latin America Mexico Exports to Latin America make up 81% of total U.S. (1) product exports 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (1) Includes terminals owned or leased by Valero. Total Gasoline(2) and Diesel Source: DOE Petroleum Supply Monthly data through August 2020. (2) Gasoline represents all finished gasoline plus all blendstocks (including ethanol, MTBE and other oxygenates). I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Expansion of supply chain to high demand growth markets provides a ratable product outlet and improves margin capture 31

Ratable Global Wholesale Supply Through an Extensive Marketing Network Wholesale Volumes million barrels per day of (% of total light products production, mbpd) 1.2 ratable wholesale supply U.S.(1) Europe and Canada(2) Latin America(3) of our light products 50% 51% >50% 62% 50% 49% 49% 47% production 1,310 52% 48% 1,292 1,174 1,198 1,195 1,199 1,211 1,127 1,040 7,000 outlets carry our brand names 2012 2013 2014 2015 2016 2017 2018 2019 2020(4) (1) U.S. volumes exclude jet rack sales. (3) Latin America volumes include Mexico and Peru volumes. Mexico volumes include delivered (2) Europe volumes include jet fuel. Canada volumes include jet fuel and some bulk sales. rail sales. Peru volumes include jet fuel and bulk sales. (4) 2020 through September 30. Valero Mexico Volume Growth(3) Mexico Growth Projects (mbpd) (contracted storage capacity, mbbls) 50 45 Valero is one of the largest light products importers into Mexico Monterrey 425 40 35 505 Guadalajara 30 1,100 Altamira 25 20 Puebla(5) 640 15 640 Mexico City 10 195 2,100 Veracruz 5 Nuevo Laredo 0 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Current 2020E 2021E 2022E I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 (5) Currently selling product in Puebla via rail-to-truck transloading. Stable branded and unbranded demand Rack blending generates RINs, partially offsetting our RVO compliance costs Mexico wholesale business supported by a growing, flexible logistics supply system 32

Pipelines(1) Racks, Terminals and Storage(1) Rail Marine(1) Valero’s Logistics Assets Over 3,000 miles of active pipelines Diamond Pipeline expansion to be operational in 2021 Central Texas Pipeline started up in 2019 Sunrise Pipeline expansion started up in 2018 Over 130 million barrels of active shell capacity for crude oil and products Over 200 truck rack bays Pasadena terminal completed in the first quarter of 2020 Over 5,200 railcars Expected to serve long-term needs of ethanol, asphalt, aromatics, and other products Over 50 docks Two Panamax class vessels (joint venture) I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 (1) Includes assets that have other joint venture or minority interests. Does not include ethanol assets. 33

Operations Outlook 14 plants with 1.73 billion gallons annual production capacity – Dry mill production process, where corn is ground into flour and mixed with water before fermentation – Efficient plants with scale, located in the corn belt – Operational best practices transferred from refining Cost advantaged versus the industry Ethanol U.S. Fuel Ethanol Exports (mbpd) 112 Rest of Industry Valero 96 91 89 25 76 19 20 24 55 54 13 40 87 72 77 63 65 53 51 39 2013 2014 2015 2016 2017 2018 2019 2020 Ethanol is expected to remain in the U.S. gasoline pool – Expect to see incremental demand as a result of fuel efficiency standards and year-round E-15 sales Ultimately, global renewable fuel mandates should drive export growth – U.S. corn-based ethanol is the most economic choice for export into global markets – Existing logistics assets well-positioned to support export growth I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Source: U.S. Energy Information Agency (EIA) through August 2020. 34

Investing to Improve Margins and Light Product Yields Port Arthur Coker $975 MM anticipated cost for 55 MBPD delayed coker and sulfur recovery unit, with expected startup in 2023 Creates two independent CDU-VDU-coker trains, which should improve turnaround efficiency and reduce maintenance-related lost margin opportunity Design enables full utilization of existing CDU capacity, reduces VGO purchases, and increases heavy sour crude and resid processing capability and light products yield Estimated $420 MM annual EBITDA contribution at 2018 average prices ($325 MM at mid-cycle prices) Incremental Volumes (MBPD) Feeds Crude 102 Resid 21 VGO (47) Products Naphtha 3 Gasoline 15 Diesel 43 LPG 4 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 See slides 22-23 for notes regarding this slide. Port Arthur Delayed Coker Unit 35

Houston Alkylation Unit Investing to Upgrade Product Value Houston and St. Charles Alkylation Units Octane demand expected to grow due to Tier 3 sulfur regulations and CAFE standards Abundant, low cost North American NGL supply provides advantage for Gulf Coast capacity additions Both units upgrade low value isobutane and amylenes into high value alkylate – High octane, low vapor pressure component enables the blending of incremental butane and low octane naphtha 13 Capacity at Houston refinery 17 Capacity at St. Charles refinery MBPD $300 MM cost) started up MBPD ($400 MM cost) expected to start up in June 2019 in 4Q20 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 36

Investing to Improve Access to North American Crude and Lower Refinery Operating Cost Structure GROWTH PROJECTS FOCUSED ON OPTIMIZATION AND MARGIN CAPTURE Completed Diamond 200 MBPD Provides Improves crude Pipeline project with 200 expansion and additional Mid- oil supply MBPD capacity connecting extension of Continent flexibility, Memphis to Cushing, and Diamond ($100 crude access to efficiency and Sunrise Pipeline 100 MBPD MM cost(1)) our McKee, blend quality undivided interest expected to be Ardmore and connecting Midland to completed in Memphis Wichita Falls 2021 refineries Red River Pipeline 74 MBPD Provides additional Mid-Continent crude flexibility to the undivided interest connecting Ardmore refinery Ardmore to Cushing Navigator Glass Mountain Reversal and extension expected in service in 2021 Pipeline Connection with 45 MBPD capacity connecting Provides Mid-Continent crude flexibility and security of supply to the McKee to Cushing McKee refinery GROWTH PROJECTS FOCUSED ON COST CONTROL AND MARGIN EXPANSION Wilmington cogeneration Pembroke cogeneration unit Expect to reduce costs and unit started up in (£130 MM or $170 MM cost) improve supply reliability for November 2017 scheduled to be completed in 2021 power and steam (1) Project cost for Valero’s 50% share of Diamond. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Diamond and Sunrise Pipelines Diamond Pipeline Cogeneration Plants Wilmington Cogeneration Plant 37

Investing to Supply Higher Demand Markets and Expand Product Export and Biofuels Blending Capabilities Central Texas pipelines and terminals to supply high-growth refined products market Started up in September 2019 Approximately 205 miles of pipe(1), 960 thousand barrels of total storage capacity, and a truck rack Pasadena refined products terminal joint venture with Magellan Midstream Partners, L.P. Completed in the first quarter of 2020 at a cost of approximately $410 MM 5 MM barrels of storage capacity with butane blending, two ship docks and a three-bay truck rack Projects expected to improve product margins, reduce secondary costs, provide opportunity for third-party revenues, and increase capability for biofuels blending (1) Valero owns ~70 mile pipeline from Hearne to Williamson County and 40% undivided interest in 135 mile pipeline from Houston to Hearne. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Extending product supply chain in Central Texas and the U.S. Gulf Coast Pasadena Terminal 38

Our Refining Capacity and Nelson Complexity Capacities (mbpd)(1) Nelson Complexity Refinery Throughput Crude Index Corpus Christi(2) 370 290 14.4 Houston 255 205 8.0 Meraux 135 125 9.7 Port Arthur 395 335 12.7 St. Charles 340 215 16.1 Texas City 260 225 11.1 Three Rivers 100 89 13.2 U.S. Gulf Coast 1,855 1,484 12.4(3) Ardmore 90 86 12.1 McKee 200 195 8.3 Memphis 195 180 7.9 U.S. Mid-Continent 485 461 8.9(3) Pembroke 270 210 10.1 Quebec City 235 230 7.7 North Atlantic 505 440 8.8(3) Benicia 170 145 16.1 Wilmington 135 85 15.8 U.S. West Coast 305 230 16.0(3) Total 3,150 2,615 11.5(3) (1) Capacities and Nelson complexity indices as of December 31, 2019. (2) Represents the combined capacities of two refineries—Corpus Christi East and Corpus Christi West. (3) Weighted average. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Majority of refineries designated as VPP Star Sites by OSHA, recognizing exemplary occupational safety and health programs 39

In the Past New Paradigm INDUSTRY/MACRO INDUSTRY/MACRO Majority of the U.S. refining capacity operated by large integrated oil Majority of the U.S. refining capacity operated by independent companies refiners Range bound industry wide EV/EBITDA multiple +/- 4.5x EV/EBITDA multiple expansion and dispersion by company Peer group fragmented with smaller scale, less efficient refiners Peer group of larger scale, efficient and complex refiners U.S. importing crude and products to meet domestic shortage Abundant supply of domestic crude oil and natural gas providing Higher interest rates (10-yr Treasury ~5%) feedstock advantage U.S. exporting products to higher growth markets Lower interest rates (10-yr Treasury <1%) VALERO VALERO Expanding our long-term competitive advantage with investments in economic low-carbon projects Marginal operations First quartile operating performance amid stable, upgraded portfolio Third quartile operating performance impacted by M&A integration with the lowest cash operating expense Disadvantaged East Coast and Caribbean operations Advantaged operations and scale Less disciplined M&A and capital project execution Disciplined capital investment and growth strategy Frequent acquisitions Rigorous M&A targeting and screening process Focused on volume growth 25% after-tax IRR hurdle rate for projects focused on operating cost reduction, Approximately $3.5 billion annual capex margin enhancement and market expansion. ~$2.5 billion annual capex Volatile cash flow profile and lower stockholder returns Distinctive free cash flow and higher stockholder returns Annualized dividend of $3.92/share 1% to 2% dividend yield ($0.32/share annually) as of $9.9 billion of liquidity September 30, 2020. Approximately $5 billion of liquidity >570 shares outstanding Approximately 408 million shares outstanding as of October 2020 million Lower volatility in earnings and free cash flow Volatile stock price

Electric Vehicle (EV) Myth: Zero Emissions Myth: Zero Emissions Fact: Significant Emissions from EV Life Cycle Cobalt & Rare Mining/Extraction Earth Processing Manufacturing EVs Power Generation Embedded CO2 Emissions Life cycle of emissions from EVs is significant – from mining raw materials to fabrication to delivery to the (zero miles traveled) showroom Tons CO 2 o 2 times as much CO2 emissions are generated compared to cars fueled by gasoline 12 o Before it leaves the showroom, 12 tons of CO2 emissions have already been generated vs. 6 tons of CO2 2x higher emissions from cars fueled by gasoline 10 emissions from mining 25 tons of CO2 emissions are needed to make an EV that can drive similar range as a car fueled by gasoline 8 raw materials “The problem is that batteries are big and heavy. The more weight you’re trying to move, the more batteries to fabrication you need to power the vehicle. But the more batteries you use, the more weight you add—and the more 6 to delivery power you need. Even with big breakthroughs in battery technology, electric vehicles will probably never be a practical solution for things like 18-wheelers, cargo ships, and passenger jets. Electricity works when you 4 need to cover short distances, but we need a different solution for heavy, long-haul vehicles” – GatesNotes 2 Southwest Research Institute Ted Talk, presented by Graham Conway Car Fueled by Battery Electric Gasoline Vehicle I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 Before it leaves the showroom, an EV emits twice the CO2 emissions compared to a car fueled by gasoline 41

Non-GAAP Disclosures Return on Invested Capital (ROIC) VLO defines return on invested capital (ROIC) as adjusted net income attributable to VLO before adjusted net interest expense after-tax divided by average invested capital. VLO defines adjusted net income attributable to VLO as net income attributable to VLO stockholders adjusted to reflect the after-tax effect of special items that VLO believes are not indicative of its core operating performance and that may obscure VLO’s underlying business results and trends. VLO defines adjusted net interest expense as “interest and debt expense, net of capitalized interest” adjusted to exclude “interest and debt expense, net of capitalized interest” attributable to non-controlling interests. The income tax effect of adjusted net interest expense is estimated based on the U.S. statutory income tax rate for the respective annual period. Average invested capital is defined as the average of total invested capital for the current annual period and total invested capital for the prior annual period. VLO defines total invested capital as debt attributable to VLO plus VLO stockholders’ equity less cash and cash equivalents. Debt attributable to VLO is defined as the current portion of debt and finance lease obligations, plus “debt and finance lease obligations, less current portion”, less debt attributable to non-controlling interests. Debt attributable to VLO for the year ended December 31, 2014 includes an adjustment to reflect the retrospective adoption of ASU No. 2015-15 subtopic 835-30, which resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and finance lease obligations, less current portion.” Adjusted EBITDA VLO defines EBITDA as net income (loss) before depreciation and amortization expense, “interest and debt expense, net of capitalized interest”, and, income tax expense (benefit), and income (loss) from discontinued operations. VLO defines adjusted EBITDA as EBITDA further adjusted to reflect the effect of special items that VLO believes are not indicative of its core operating performance and that may obscure VLO’s underlying business results and trends. VLO believes that the presentation of adjusted EBITDA provides useful information to investors to assess its ongoing financial performance because when reconciled to net income, it provides improved comparability between periods. The U.S. generally accepted accounting principles (GAAP) measures most directly comparable to adjusted EBITDA are net income and net cash provided by operating activities. Renewable Diesel Net Cumulative Cash Flow VLO defines renewable diesel net cumulative cash flow as DGD’s cumulative adjusted EBITDA attributable to VLO, less DGD’s cumulative capital expenditures attributable to VLO. Valero defines DGD’s adjusted EBITDA attributable to VLO as fifty percent (VLO’s ownership interest) of DGD’s operating income (loss) plus depreciation and amortization expense, and adjusted for 2017-2019 blender’s tax credit (BTC). VLO defines DGD’s capital expenditures attributable to VLO as fifty percent (VLO’s ownership interest) of DGD’s capital investments. Because DGD’s net cash flow is effectively attributable to each partner, only 50 percent of DGD’s EBITDA and capital expenditures should be attributed to VLO’s renewable diesel cash flow. Therefore, renewable diesel cash flow has been adjusted for the portion of DGD’s EBITDA and capital expenditures attributable to VLO’s joint venture partner’s ownership interest because VLO believes that it more accurately reflects cash flow generated by its renewable diesel segment. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 42

Non-GAAP Disclosures Renewable Diesel Adjusted EBITDA Renewable diesel adjusted EBITDA is defined as DGD’s operating income adjusted to reflect the blender’s tax credit and excluding depreciation and amortization expense. Operating income is adjusted to reflect the blender’s tax credit in the proper period. The blender’s tax benefit recognized in 2019 is attributable to volumes blended during 2019 and 2018 and was recognized in December 2019 because the U.S legislation authorizing the credit was passed and signed into law in that month. The benefit recognized in 2018 is attributable to volumes blended during 2017 and was recognized in February 2018 because the U.S. legislation authorizing the credit was passed and signed into law in that month. VLO believes adjusting for these items provides improved comparability between periods. Renewable diesel EBITDA per gallon is renewable diesel adjusted EBITDA divided by DGD’s renewable diesel sales volume for the period. Sales volumes are calculated by multiplying sales volumes per day by the number of days in the applicable period. Free Cash Flow Valero defines free cash flow as net cash provided by operating activities less capital expenditures, deferred turnaround and catalyst cost expenditures, investments in joint ventures, and changes in current assets and liabilities. Valero believes that the presentation of free cash flow provides useful information to investors in assessing VLO’s ability to cover ongoing costs and VLO’s ability to generate cash returns to stockholders. The GAAP measures most directly comparable to free cash flow are net cash provided by operating activities and net cash used in investing activities. Adjusted Net Cash Provided by Operating Activities Defined as net cash provided by (used in) operating activities excluding the items noted below. Valero believes adjusted net cash provided by operating activities is an important measure of its ongoing financial performance to better assess its ability to generate cash to fund VLO’s investing and financing activities. The basis for Valero’s belief with respect to each excluded item is provided below. Changes in current assets and current liabilities – Current assets net of current liabilities represents VLO’s operating liquidity. Valero believes that the change in its operating liquidity from period to period does not represent cash generated by VLO’s operations that is available to fund VLO’s investing and financing activities. DGD’s adjusted net cash provided by operating activities attributable to VLO’s joint venture partner’s ownership interest in DGD –VLO is a 50/50 joint venture partner in DGD and consolidate DGD’s financial statements; as a result, all of DGD’s net cash provided by operating activities (or operating cash flow) is included in VLO’s consolidated net cash provided by operating activities. DGD’s partners use DGD’s operating cash flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash to themselves. Nevertheless, DGD’s operating cash flow is effectively attributable to each partner and only 50 percent of DGD’s operating cash flow should be attributed to VLO’s net cash provided by operating activities. Therefore, net cash provided by operating activities has been adjusted for the portion of DGD’s operating cash flow attributable to VLO’s joint venture partner’s ownership interest because Valero believes that it more accurately reflects the operating cash flow available to VLO to fund VLO’s investing and financing activities. I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 43

Non-GAAP Disclosures: Return on Invested Capital (ROIC) RETURN ON INVESTED CAPITAL (ROIC) (unaudited, in millions) Year Ended December 31, 2014 2015 2016 2017 2018 2019 Numerator: Net income attributable to VLO stockholders $3,990 $2,289 $4,065 $3,122 $2,422 Total effect of special items after-tax 624 (565) (1,783) 113 (61) Adjusted net income attributable to VLO $4,614 $1,724 $2,282 $3,235 $2,361 Plus: adjusted net interest expense after-tax 281 288 299 362 357 Adjusted net income attributable to VLO before adjusted net interest expense after-tax (A) $4,895 $2,012 $2,581 $3,597 $2,718 Denominator: Current portion of debt $606 $127 $115 $122 $238 $494 Debt and finance leases, less current portion 5,780 7,208 7,886 8,750 8,871 9,178 Less: debt issue costs - non-bank debt (ASU 2015-15) (33) - - - - -Less: debt attributable to non-controlling interests (14) (58) (176) (260) (384) (366) Debt attributable to VLO $6,339 $7,277 $7,825 $8,612 $8,725 $9,306 VLO stockholders’ equity 20,677 20,527 20,024 21,991 21,667 21,803 Less: cash and cash equivalents (3,689) (4,114) (4,816) (5,850) (2,982) (2,583) Total invested capital $23,327 $23,690 $23,033 $24,753 $27,410 $28,526 Average invested capital (B) $23,509 $23,362 $23,893 $26,082 $27,968 Return on Invested Capital (A / B) 21% 9% 11% 14% 10% Return on Invested Capital (5-year average) 13% I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 44

Non-GAAP Disclosures: Adjusted EBITDA RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Unaudited, in Millions) Year Ended December 31, Nine Months Ended 2009 2012 2013 2014 2015 2016 2017 2018 2019 September 30, 2020 Net income (loss) ($1,982) $2,080 $2,728 $3,711 $4,101 $2,417 $4,156 $3,353 $2,784 ($798) Plus: Depreciation and amortization expense 1,361 1,549 1,720 1,690 1,842 1,894 1,986 2,069 2,255 1,774 Plus: Interest and debt expense, net of capitalized interest 416 314 365 397 433 446 468 470 454 410 Plus: Income tax expense (benefit) (43) 1,626 1,254 1,777 1,870 765 (949) 879 702 (614) Less: Income (loss) from discontinued operations (1,709) (1,034) 6 (64) - - - - - -EBITDA $1,461 $6,603 $6,061 $7,639 $8,246 $5,522 $5,661 $6,771 $6,195 $772 Adjustments: Aruba (discontinued operations) 64 - - - - - - - - -Asset impairment loss 222 86 - - - 56 - - - -Blender’s tax credits - - - - - - 170 (12) (158) -Environmental reserve adjustments - - - - - - - 108 - -Gain on disposition of retained interest in CST Brands, Inc. - - (325) - - - - - - -LCM inventory valuation adjustment - - - - 790 (747) - - - (19) LIFO liquidation adjustment (gain) - - - (233) - - - - - 326 Loss on early redemption of debt - - - - - - - 38 22 -Texas City Refinery fire expenses - - - - - - - 17 - -EBITDA attributable to noncontrolling interest - 3 (8) (108) (144) (171) (218) (283) (313) (269) Adjusted EBITDA attributable to Valero Energy Corporation $1,747 $6,692 $5,728 $7,298 $8,892 $4,660 $5,613 $6,639 $5,746 $810 Stockholders Total Adjusted EBITDA attributable to Valero Energy Corporation Stockholders, 2012-2019 $51,268 Number of Years, 2012-2019 8 Average Adjusted EBITDA attributable to Valero Energy Corporation Stockholders, 2012-2019 $6,409 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 45

Non-GAAP Disclosures: Renewable Diesel Net Cumulative Cash Flow RECONCILIATION OF DIAMOND GREEN DIESEL LLC’s (DGD) OPERATING INCOME AND TOTAL CAPITAL INVESTEMENTS TO RENEWABLE DIESEL NET CUMMULATIVE CASH FLOW (unaudited, in millions) Year Ended December 31, 2011 2012 2013 2014 2015 2016 2017 2018 2019 DGD’s cumulative adjusted EBITDA attributable to Valero: Operating income (loss) ($5) $24 $145 $157 $147 $57 $319 $728 Plus: depreciation and amortization expense - 9 18 20 28 29 29 50 EBITDA ($5) $33 $163 $177 $175 $86 $348 $778 Adjustments: EBITDA BTC adjustments (2018-2019) - - - - - - 156 (156) EBITDA BTC adjustments (2017-2018) - - - - - 160 (160) -DGD adjusted EBITDA ($5) $33 $163 $177 $175 $246 $344 $622 VLO’s ownership interest 50% 50% 50% 50% 50% 50% 50% 50% DGD’s adjusted EBITDA attributable to Valero ($3) $17 $82 $89 $88 $123 $172 $311 DGD’s cumulative adjusted EBITDA attributable to Valero (A) ($3) $14 $96 $185 $273 $396 $568 $879 DGD’s cumulative capital investments attributable to Valero: Total DGD #1 capital investment $106 $210 $74 $14 $2 $34 $88 $170 $24 Total DGD #2 capital investment - - - - - - - 22 136 Total DGD capital investment $106 $210 $74 $14 $2 $34 $88 $192 $160 VLO’s ownership interest 50% 50% 50% 50% 50% 50% 50% 50% 50% DGD’s capital investments attributable to Valero $53 $105 $37 $7 $1 $17 $44 $96 $80 DGD’s cumulative capital investments attributable to Valero (B) $53 $158 $195 $202 $203 $220 $264 $360 $440 Renewable diesel net cumulative cash flow (A-B) ($53) ($161) ($181) ($106) ($18) $53 $132 $208 $439 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 46

Non-GAAP Disclosures: Renewable Diesel Adjusted EBITDA Margin RECONCILIATION OF DIAMOND GREEN DIESEL LLC’s (DGD) OPERATING INCOME TO DGD’s ADJUSTED EBITDA PER GALLON (unaudited, in millions except for per gallon amounts) Year Ended December 31, Nine Months Ended 2015 2016 2017 2018 2019 September 30, 2020 Operating income $157 $147 $57 $319 $728 $505 Plus: Depreciation and amortization expense 20 28 29 29 50 34 EBITDA $177 $175 $86 $348 $778 $539 Adjustments: EBITDA BTC adjustments (2018-2019) - - - 156 (156) -EBITDA BTC adjustments (2017-2018) - - 160 (160) - -DGD adjusted EBITDA $177 $175 $246 $344 $622 $539 DGD renewable diesel sales volume (million gallons) 157 161 161 157 277 231 DGD adjusted EBITDA per gallon $1.13 $1.09 $1.53 $2.19 $2.25 $2.33 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 47

Non-GAAP Disclosures: Free Cash Flow RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES UNDER GAAP TO FREE CASH FLOW (unaudited, in millions) Year Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Net cash provided by operating activities $ 5,270 $ 5,564 $ 4,241 $ 5,611 $ 4,820 $ 5,482 $ 4,371 $ 5,531 Less: Capital expenditures 2,931 2,121 2,153 1,618 1,278 1,353 1,628 1,769 Less: Deferred turnaround and catalyst cost expenditures 479 634 649 673 718 523 915 780 Less: Investments in joint ventures 57 76 14 141 4 406 181 164 Less: Changes in current assets and current liabilities (302) 922 (1,810) (1,306) 976 1,289 (1,297) 294 Free cash flow $ 2,105 $ 1,811 $ 3,235 $ 4,485 $ 1,844 $ 1,911 $ 2,944 $ 2,524 Total free cash flow, 2012 – 2019 $20,859 Number of years 8 Average free cash flow, 2012 – 2019 $2,607 I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 48

Non-GAAP Disclosures: Payout Ratio RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (unaudited, in millions) Year Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Net cash provided by operating activities $5,270 $5,564 $4,241 $5,611 $4,820 $5,482 $4,371 $5,531 Exclude: Changes in current assets and current liabilities (302) 922 (1,810) (1,306) 976 1,289 (1,297) 294 Diamond Green Diesel LLC’s (DGD) adjusted net cash provided by operating (3) 11 70 81 83 41 175 390 activities attributable to our joint venture partner’s ownership interest in DGD Adjusted net cash provided by (used in) operating activities (A) $5,575 $4,631 $5,981 $6,836 $3,761 $4,152 $5,493 $4,847 RECONCILIATION OF PURCHASES OF COMMONS STOCK FOR TREASURY AND COMMON STOCK DIVIDENDS TO PAYOUT RATIO (unaudited, in millions) Year Ended December 31, 2012 2013 2014 2015 2016 2017 2018 2019 Purchases of common stock for treasury $281 $928 $1,296 $2,838 $1,336 $1,372 $1,708 $777 Common stock dividends 360 462 554 848 1,111 1,242 1,369 1,492 Total payout (B) $641 $1,390 $1,850 $3,686 $2,447 $2,614 $3,077 $2,269 Payout Ratio (B/A) 11% 30% 31% 54% 65% 63% 56% 47% I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0 49

INVESTOR PRESENTATION | NOVEMBER 2020 Investor Relations Contacts Homer Bhullar Vice President, Investor Relations 210.345.1982 Homer.Bhullar@Valero.com Eric Herbort Senior Manager, Investor Relations 210.345.3331 Eric.Herbort@Valero.com Gautam Srivastava Manager, Investor Relations 210.345.3992 Gautam.Srivastava@Valero.com Our products fuel modern life and make a better future possible