2026 Valero Report on Guiding Principles - Report - Page 50
Director Skills, Experience
and Attributes
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SKILLS, EXPERIENCE AND ATTRIBUTES
CEO/Leadership
Energy Industry
Upstream
Midstream/Logistics
Downstream/Industrial Gas/Utilities
HSE
Finance and Accounting
Human Capital Management
Corporate Governance
Sustainability
Cybersecurity/IT
Global Business
Government, Legal, Regulatory
and Compliance
Risk Management
Independent
Comprehensive Liquid Fuels Strategy
We are working to advance the future of energy with capital discipline, innovation and unmatched execution. Our
comprehensive liquid fuels strategy is underpinned by excellence in operations, disciplined capital allocation and a
commitment to shareholder returns.
OPERATIONS: Unmatched Execution with a Proven History of Operations Excellence
• The lowest cash operating cost among peer group while maintaining top-quartile operating performance.37
• Safe, reliable, environmentally responsible operations have driven higher pro昀椀tability and lower volatility
through multiple commodity cycles.
• Applying our liquid fuels manufacturing expertise to optimize our integrated low-carbon fuels businesses.
EARNINGS GROWTH: Growth Through Innovation
• Re昀椀ning growth projects focused on operating cost control, optimization and margin improvement.
• Leveraging our global liquid fuels platform to expand our long-term competitive advantage with
investments in economic low-carbon projects.
• 25% after-tax IRR hurdle rate for growth projects.
CAPITAL DISCIPLINE: Demonstrated Commitment to Stockholders
• Disciplined capital allocation delivering peer-leading free cash 昀氀ow yield and returns to stockholders across
margin cycles.
• Delivered on our annual payout ratio commitment every year under current management (since 2014).
• Delivered higher return on investment.
Peer group includes PSX, MPC, DINO and PBF.
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