2025 Valero Report on Guiding Principles - Flipbook - Page 8
Valero's Strategy
Valero is the world’s premier
independent re昀椀ner with a
demonstrated commitment to
capital discipline, innovation and
unmatched execution.
LONG-TERM, SUSTAINABLE COMPETITIVE ADVANTAGE5
Free Cash Flow
Average Free Cash Flow 2012-2024
$3,552
Our strategic actions have enabled us to be a lowcost, ef昀椀cient, reliable and leading producer of liquid
transportation fuels for the world. Liquid transportation
fuels use existing infrastructure and are affordable
and scalable. We believe such fuels will continue to be
essential products well into the future as global energy
supply increases to meet the demand created by a
growing world population and economic output.
Peer Range
$0
($ in millions)
Throughout Valero’s history, we have proactively
managed our business portfolio through acquisitions,
rationalizations and divestitures and have made
strategic investments to build a portfolio of assets that
we expect to thrive under most reasonable energy
demand forecasts.
and access to skilled labor. Many of our investments have
resulted in a high-complexity coastal re昀椀ning system
that offers extensive connectivity to inland and imported
crudes, as well as operational 昀氀exibility to process a wide
range of feedstocks. An extensive wholesale network sells
more than 1.5 million barrels per day (more than 50% of
our light products), and our global operations support
optimization of product exports.
Re昀椀ning
Many of our re昀椀neries are located in regions with
advantaged operating expenses, raw material costs
High operational and supply 昀氀exibility coupled with low-cost operations drive
pro昀椀tability through-cycle5
Refining Segment Adjusted EBITDA
Per Barrel of Throughput
Refining Segment Cash Operating
Expenses Per Barrel of Throughput
(excludes turnaround and D&A expenses)
2024
2023
2022
2021
$7.50
2020
2019
2018
2016
2015
2014
2024
2023
2022
2021
-$4.00
2017
Peer Range
$18.00
2020
2019
2018
2016
2015
2014
$3.00
2017
Peer Range
$9.00
(excludes turnaround expenses)
$3.50
Source: Bloomberg and company reports. Peer group includes PSX, MPC, DINO and PBF. See non-GAAP disclosures beginning on page 74.
8
10-Year
Average
