2025 Valero Report on Guiding Principles - Flipbook - Page 73
Introduction
Safety
Environment
Community
People
Governance
Appendix
32 API, the governing body for industry process safety events
(PSE) metrics now reports industry-wide PSE data on 昀椀ve-year
averages.
equal pay for equal work, the pay equity analysis evaluates all
control variables (including total experience, tenure and others)
against independent variables (such as gender, age and race).
33 Our current re昀椀ning portfolio was consolidated in 2011. Energy
intensity increased in 2020 due to demand-related throughput
reductions caused by the COVID-19 pandemic.
41 Responses were given in the Employee Wellness Center
Survey (Field) (2023).
34 Based on EPA's WaterSense average U.S. household
consumption.
35
See 2024 Valero Form 10-K, page 13.
36
See 2025 Valero Proxy Statement, page 70.
37 Includes donations by Valero and the Valero Energy
Foundation.
38 Unless otherwise noted, data re昀氀ects Valero’s global
workforce as of December 31, 2024.
39 Average includes salary, health and wellness bene昀椀ts,
昀椀nancial bene昀椀ts and other incentives.
40 Valero’s total investment in global employees includes
direct compensation; bonus payment; incentive stock awards;
employee bene昀椀ts, including retirement, medical and welfare
bene昀椀ts as well as other employment-related investments and
expenses. Pay equity analysis is conducted periodically by an
independent third party. A statistical analysis used to evaluate
42 Responses were given in the Valero Fitness Center Survey
(2023).
43 Includes training related to regulatory compliance,
leadership and other topics.
44 Measurements re昀氀ect our reasonable determinations based
on available data and information regarding the composition
and holdings of our stockholders over the course of our
engagements efforts from 2024 and into 2025 before our Annual
Meeting of Stockholders.
45 See 2025 Proxy Statement, Compensation Discussion and
Analysis, beginning on page 24.
46
See 2025 Proxy Statement, page 24.
47 See our annual report on Form 10-K for the year ended
December 31, 2024, for more information on cybersecurity/IT and
AI, pages 32-33.
Cautionary Statements Regarding
Forward-Looking Statements
This report contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act, including, but not limited to, statements about Policies and Procedures. You can identify forward-looking statements by words
such as “should,” “strive,” “pursue,” “intend,” “anticipate,” “forecast,” “on track,” “would,” “continue,” “poised,” “focused,” “opportunity,”
“scheduled,” “believe,” “estimate,” “expect,” “seek,” “could,” “may,” “potential,” “committed,” “advancing,” “developing,” “evaluating,” “target,”
“goal,” “ambition,” “aspiration,” “plan,” “aimed,” “considering” or other similar expressions that convey the uncertainty of future events
or outcomes. Forward-looking statements in this report include those relating to Valero’s publicly disclosed GHG emissions reduction/
displacement targets, statements relating to Valero’s low-carbon fuels strategy, current or future low-carbon projects, expected timing
of completion, cost and performance of projects, future market, regulatory and industry conditions, future and potential low-carbon
fuel policies, standards and programs, future operating and 昀椀nancial performance, expected timing or issuance of future reports and
other disclosures, future production and manufacturing ability and size, our plans, actions, assets and operations in California and
management of future risks, among other matters. It is important to note that actual results could differ materially from those expressed,
suggested or forecasted in any such forward-looking statements based on numerous factors, including those outside of Valero’s
control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters
affecting Valero’s operations, 昀椀nancial performance or the demand for Valero’s products. These factors also include, but are not limited
to, the uncertainties that remain with respect to current or contemplated legal, political or regulatory developments that are adverse
to or restrict re昀椀ning and marketing operations, or that impose taxes or penalties on pro昀椀ts, windfalls or margins, or that require certain
disclosures, global geopolitical and other con昀氀icts and tensions, the impact of in昀氀ation on margins and costs, economic activity levels,
tariffs, duties or trade restrictions and the adverse effects the foregoing may have on Valero’s business plan, strategy, operations and
昀椀nancial performance. Valero based these forward-looking statements on its current expectations, estimates and projections about the
company, current and potential counterparties, Valero’s industry, the legal, political and regularly environment and the global economy
and 昀椀nancial markets generally. Valero cautions that these statements are not guarantees of future performance or results and involve
known and unknown risks and uncertainties, the ultimate outcomes of which Valero cannot predict with certainty. In addition, many
of these forward-looking statements were based on assumptions about future events, the ultimate outcomes of which Valero cannot
predict with certainty and which may prove to be inaccurate. Although Valero believes that the assumptions were reasonable when
made, because assumptions are inherently subject to signi昀椀cant uncertainties and contingencies, which are dif昀椀cult or impossible to
predict and are beyond its control, Valero cannot give assurance that it will achieve or accomplish its expectations, beliefs or intentions,
or that any forward-looking statements will ultimately prove to be accurate. When considering these forward-looking statements, you
should also consider the risk factors and other cautionary statements contained in Valero’s annual report on Form 10-K, quarterly reports
on Form 10-Q and other reports 昀椀led with the SEC and available on Valero’s website at www.valero.com. These risks could cause actual
performance, results, actions and Policies and Procedures of Valero to differ materially from those expressed, suggested or forecasted in
any forward-looking statement. Such forward-looking statements speak only as of the date of this report and we do not intend to update
these statements unless we are required by applicable securities laws to do so. Results or metrics in this report as of any date, or for any
period, ending on or prior to the date of this report are not necessarily indicative of the results that may be expected as of any date, or
for any period, ending after the date of this report. Neither the future distribution of this report or the information included or referenced
herein, nor the continued availability thereof in archive form on our website, should be deemed to constitute an update or reaf昀椀rmation of
these 昀椀gures or statements as of any future date.
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