#1Advancing the Future of Energy WITH CAPITAL DISCIPLINE, INNOVATION AND UNMATCHED EXECUTION RELIABLE AFFORDABLE SUSTAINABLE ENERGY INVESTOR PRESENTATION | JUNE 2021 Valero#2ADVANCING FUTURE THE FU Cautionary Statement Valero OF ENERGY 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 "plan," "should," "anticipate," "believe," "estimate," "expect," "could," "continue," "focused," "opportunity," "scheduled," "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 and various events arising therefrom. 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 report 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. Generally Accepted Accounting Principles (GAAP) and are considered to be non-GAAP measures. Valero has defined these non-GAAP measures and believes 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. Valero Energy Corporation One Valero Way INVESTOR PRESENTATION | JUNE 2021 Valero 2#3REFINING WORLD'S LARGEST INDEPENDENT REFINER الهم RENEWABLE DIESEL WORLD'S 2ND LARGEST RENEWABLE DIESEL PRODUCER ETHANOL WORLD'S 2ND LARGEST CORN ETHANOL PRODUCER GROWTH PROJECTS FOCUSED ON COST CONTROL, OPTIMIZATION AND MARGIN EXPANSION 15 lowest cost refineries producer million barrels per day | advantaged refining and logistics 3.2 of high-complexity 2020 SAFETY ratable wholesale supply of assets well positioned for feedstock and product optimization 1.2 million barrels per day or over 50% of our light products BEST YEAR EVER FOR Renewable Diesel Refining throughput capacity EXECUTING A VIABLE PATH TO REDUCE AND OFFSET GREENHOUSE GAS EMISSIONS Ethanol Wholesale HIGH RETURN PROJECTS WITH PRODUCTS PLACED INTO HIGH GROWTH, LOW CARBON MARKETS expanding to low carbon intensity renewable diesel million up to reduction 290 gallons 1.2 billion gallons produced from recycled animal fats, used 80% in GHG per year emissions per year cooking oil and inedible corn oil CONTINUE TO DEVELOP ADDITIONAL LOW CARBON GROWTH OPPORTUNITIES compatible with 100% existing engines and infrastructure DIAMOND GREEN DIESEL (DGD) DEVELOPING ECONOMIC PROJECTS TO FURTHER REDUCE CARBON INTENSITY 13 ethanol plants 1.7 billion gallons per year production capacity high-octane renewable fuel with lower CO2 emissions up to 30% reduction in GHG emissions existing logistics assets well positioned to support export growth REDUCING CARBON INTENSITY THROUGH ANNOUNCED CARBON SEQUESTRATION PROJECT INVESTOR PRESENTATION | JUNE 2021 Midstream Best-in-class producer of fuels and products that are essential to modern life Valero 3#4Advancing the Future of Energy with Capital Discipline, Innovation and Unmatched Execution Operations Earnings Growth Capital Discipline Growth Through Innovation Unmatched Execution with a Proven History of Operations Excellence • Safe, reliable, environmentally responsible operations have driven higher profitability and lower volatility through multiple commodity cycles The lowest cash operating cost among peer group while maintaining first quartile operating performance Applying our liquid fuels manufacturing expertise to optimize our renewable diesel business • • Growth projects focused on operating cost control, market expansion 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 projects • . Demonstrated Commitment to Stockholders Disciplined capital allocation with solid free cash flow and returns to stockholders across margin cycles Delivered on our target payout ratio of 40% to 50% every year under current management 13% average Return on Invested Capital for the five-years ending 2019 Steadfast in the execution of our strategy, pursuing excellence in operations, investing for earnings growth with lower volatility and honoring our commitment to stockholder returns Comprehensive liquid fuels strategy driving economic growth projects and providing a viable path to reduce and offset Refining GHG emissions by 63% by 2025 INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Peer group includes PSX, MPC, HFC, and PBF. Valero#5Metric Tons CO2e / Thousand BOE Comprehensive Roadmap to Further Reduce Emissions with Projects in Execution GHG Emissions Intensity Target (Scope 1 & 2) 35.8 20% 28.7 2011 Base Year (Scope 1 & 2) 2025 Target (Scope 1 & 2) Million Metric Tons CO₂e Absolute Reductions and Offsets through Existing Board Approved Projects 31.8 1.4 ☑ 4.7 5.9 Refining GHG Emissions in 2011 (Scope 1 & 2) Absolute Emissions GHG Emissions Reduction through Offset by Ethanol Production Efficiencies (Scope 1 & 2) GHG Emissions Offset by Renewable Diesel Production 7.9 GHG Emissions Offset by Global Credits for & Blending of Renewable Fuels 63% 11.9 Refining GHG Emissions in 2025 after Reductions & Offsets (Scope 1 & 2) Targeting to reduce and offset Refining GHG emissions by 63% through investments in Board approved projects, with the potential to achieve. 72% by 2025 with projects under consideration subject to Board approval INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. Valero 5#6$10,500 Adjusted EBITDA Attributable to VLO Stockholders ($ in millions) $8,892 MM Expanding Our Long-term Competitive Advantage with Investments in Economic Low-carbon Transportation Fuels Visibility to Earnings Growth $1.2 to $1.6 billion in Annual EBITDA from Growth Projects (expected completion / project cost) 2012 - 2019 Range Average: $6,409 MM $4,660 MM 2009: $1,747 MM Projects in Execution Projects in Development 2020: $778 MM $1.2 to $1.6 billion in Annual EBITDA Contribution from Growth Projects INVESTOR PRESENTATION | JUNE 2021 Pro Forma EBITDA EBITDA ($ in millions) St. Charles Alkylation Unit Completed 4Q20 Refining Optimization and Margin Improvement • Pembroke Cogeneration Unit (3Q21/$170 MM) • Diamond Pipeline Expansion (4Q21/$100 MM) Renewables Expansion $1.2 - $1.6 bn Port Arthur Coker 2023/$975 MM Other Refining and Logistics Projects Diamond Green Diesel 2 4Q21/$550 MM Other Projects in Execution EBITDA from Growth Projects See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Joint venture investments, including Diamond Green Diesel, reflect Valero's ownership interest. Reinvesting capital with diversification into higher growth, higher return and lower carbon renewable fuels Valero 6#7Global Low-carbon Fuel Policies Driving Demand Growth for Renewable Diesel Active Low-carbon Mandates Carbon Mandates in Development or GHG Emissions Goal 2030 GHG Emissions Reduction Target Net-zero GHG Emissions Target California 40% Net-zero by 2045 Primary Transportation Fuel Policy Mechanism Low Carbon Fuel Standard (LCFS) 2030 Liquid Fuels Goal Reduce the carbon intensity of transportation fuels by at least 20% Canada 30% Net-zero by 2050 40% Net-zero by 2050 Clean Fuel Standard (CFS) - enforcement expected 2022 Renewable Energy Directive II (RED II) Reduce the carbon intensity of transportation fuels by ~13% EU • Other Policies • in Place Potential Policies • Replace 14% of transport fuels with renewable energy Oregon's Clean Fuels Program requires a 10% carbon intensity reduction by 2025; has proposed a 25% reduction by 2035 Washington State's legislature has passed an LCFS that requires a 20% carbon intensity reduction by 2038 British Columbia and Ontario have existing low-carbon fuels policies Sweden currently has a 21% GHG reduction requirement for diesel in 2020, with further reductions proposed Finland aims for 30% of transport fuels to be biofuels by 2030 New York continues to evaluate an LCFS in order to meet its goal of reducing emissions 85% by 2050 New Mexico, Minnesota and other Midwest states are exploring renewables mandates INVESTOR PRESENTATION | JUNE 2021 California Renewable Diesel Consumption (million gallons) 589 113 2014 2015 2016 2017 2018 2019 2020 LCFS Credit Price (monthly average, $ per metric ton) $200 $100 $0 Source: California Air Resources Board. LCFS credit price through March 2021. Valero 7#8Valero Valero Renewable Diesel Driving Low Carbon Results in California 0% -5% California LCFS Performance (% reduction in carbon intensity) -10% Historic Compliance Targets Reported % CI Reduction Future Compliance Targets -15% Other 1% -7.4% LCFS Credit by Fuel Type (2020) Electricity (other) 8% Electricity (on-road charging 11% Biomethane 11% Renewable Diesel 30% Cost-effective fuel that can be used with existing vehicles Does not require infrastructure investments -20% Biodiesel 14% Ethanol 24% 80% Biofuels -20% 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 INVESTOR PRESENTATION | JUNE 2021 Over 2.5 billion gallons consumed in California since 2011 Source: California Air Resources Board. Totals may not crossfoot due to rounding. Valero 8 te#9Expansion into Low-carbon Renewable Fuels Underpinned by Higher Economic Returns Valero DIAMOND GREEN DIESEL Renewable Diesel Capacity (million gallons per year) 1,160 Renewable Diesel Realized Cash Flow Profile ($ in millions) $1,326 million cumulative EBITDA $791 million cumulative Capex $1,350 $1,135 470 Cumulative EBITDA DGD 1 Cumulative Capex $920 DGD 2 Cumulative Capex DGD 3 Cumulative Capex Net Cumulative Cash Flow (EBITDA less Capex) $705 $490 $725 MM Capex $275 Mix shift to 400 $60 renewable ($155) fuels should ($370) 15 115 160 $550 MM Capex drive higher ($585) Return on ($800) 2013 DGD 1 DGD 1 Expansion DGD St. Charles 2018 2020 2021 DGD 2 St. Charles Optimization St. Charles 2023 DGD 3 Port Arthur 2023 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1Q21 Invested Capital INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Diamond Green Diesel EBITDA and Capex reflects Valero's 50% share.#10A Vehicle Running on Renewable Diesel Emits Over 40% Fewer Emissions than an Electric Vehicle RENEWABLE DIESEL A DROP-IN FUEL U.S. Light-Duty Vehicle Life Cycle Emissions Argonne National Laboratory (DOE) Study U.S. Heavy-Duty Long-Haul Vehicle Life Cycle Emissions Southwest Research Institute Study emissions than an EV after 1,000,000 miles traveled g CO₂/mile Fuel Tons CO2 Battery Electric Vehicle 400 "Zero emissions" Feedstock Diesel Engine with Renewable Diesel 1,200 vehicles are not I Vehicle Manufacturing 49% fewer 350 zero emissions 1,000 40% fewer 300 emissions DGD's 800 250 than an EV renewable diesel 200 emits even fewer emissions 600 150 100 50 400 200 A single light-duty vehicle running on renewable diesel emits 29 tons less CO2 emissions than an electric vehicle, an amount equal to planting 435 trees* A single heavy-duty long-haul vehicle running on renewable diesel emits 561 tons less CO2 emissions than an electric vehicle, an amount equal to planting 8,482 trees* 0 Battery Electric Vehicle Diesel Engine with Renewable Diesel (soybean-based) Diesel Engine with Renewable Diesel (waste oil-based) Embedded Emissions (zero miles traveled) 500,000 Miles Traveled 1,000,000 Miles Traveled INVESTOR PRESENTATION | JUNE 2021 Source: Argonne National Laboratory (DOE) and Southwest Research Institute. See slides 23-24 for notes regarding this slide. *Estimated based on EPA's GHG Equivalencies calculator for urban tree seedlings grown for ten years. Valero 10#11Our Competitive Advantage with Diamond Green Diesel (DGD) DGD is Designed to Process Low Carbon Feedstocks for Higher Product Value DIAMOND GREEN DIESEL $1.86 $1.68 20 27 $1.55 Applying our liquid fuels manufacturing expertise to optimize our renewable ■Carbon Intensity (g CO₂e / MJ) LCFS credit value ($ per gallon) $0.87 100 81 diesel business 58 32 Used Cooking Oil Distillers Corn Oil Animal Fats Soybean Oil Grid Electricity Diesel Valero (DGD) Renewable Diesel Peer Higher EBITDA Margin (adjusted EBITDA per gallon) $2.19 $2.25 $2.18 $2.34 $1.58 $1.62 $1.53 $1.13 $1.09 $0.93 $0.95 $0.47 $2.77 $2.24 2015 2016 2017 2018 2019 2020 1Q21 INVESTOR PRESENTATION | JUNE 2021 Source: Company reports and California Air Resources Board. See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Valero#12Developing Economic Paths to Further Reduce the Carbon Intensity of Our Products Partnering with BlackRock and Navigator for a large-scale carbon capture and storage project - 1,200 mile pipeline is expected to span across five Midwest states - Valero is expected to be the anchor shipper with eight of its ethanol plants connected to the carbon capture pipeline - Navigator is expected to lead the construction and operations of the system, with operations anticipated to begin late 2024 • Project driven by strong economic returns - 45Q Tax Credit of $50 per metric ton of CO2 captured and stored (1) - Approximately 50 cents per gallon uplift on the lower carbon intensity ethanol in LCFS markets MINNESOTA SOUTH DAKOTA AURORA WELCOME ALBION NEBRASKA HARTLEY LAKOTA CHARLES CITY Valero® renewables SEQUESTRATION SITE PROPOSED PIPELINE VALERO ETHANOL PLANTS ALBERT CITY FORT DODGE IOWA ILLINOIS Map is indicative only. Exact pipeline route subject to change following the conclusion of Open Season. (1) Typical CO2 production from ethanol plants is 0.003 metric tons per gallon of ethanol produced. Growth Through Innovation in Renewables H₂ Advancing Renewable Naphtha production Developing Sustainable Developing Renewable Aviation Fuel (SAF) Hydrogen Increasing Renewable Diesel production INVESTOR PRESENTATION | JUNE 2021 CO2 Evaluating additional Carbon Sequestration opportunities Valero 12#13SIZE, SCALE AND GLOBAL REACH EXTENSIVE CONNECTIVITY AND GLOBAL OPTIMIZATION LOWEST COST PRODUCER TOP QUARTILE OPERATIONS DISCIPLINED INVESTMENTS GROWTH WITH LOWER VOLATILITY PREMIER REFINING PORTFOLIO THAT IS RESILIENT EVEN IN A CARBON-CONSTRAINED SCENARIO 志 SIZE, SCALE AND GLOBAL REACH high complexity coastal system with extensive connectivity to inland and imported crudes operational flexibility to process a wide range of feedstocks ratable wholesale supply of 1.2 million barrels per day or over 50% of our light products LOWEST COST PRODUCER safety and reliability are imperative for profitability • global operations support optimization of product exports one of the largest light products importers into Mexico WHILE ACHIEVING TOP QUARTILE OPERATIONS INVESTMENTS IN EFFICIENCY, reducing cost and improving margin capture • • Wilmington and Pembroke cogens top quartile mechanical availability minimizes unplanned downtime and costs St. Charles and Port Arthur hydrocrackers . Port Arthur coker Houston and St. Charles alkylation units INVESTOR PRESENTATION | JUNE 2021 access to cheap natural gas and a deep pool of skilled labor on the U.S. Gulf Coast MARKET EXPANSION AND HIGHER MARGIN CAPTURE improving feedstock flexibility, cost and crude quality Diamond, Sunrise and Red River pipelines connectivity in Corpus Christi Line 9 into Quebec • Houston and Corpus Christi toppers growing market share into higher netback markets Long-term, sustainable competitive advantage $2,213 Valero Highest Free Cash Flow within Peer Group Peer Range Average Free Cash Flow 2012-2020 • • Central Texas pipelines and terminals Pasadena terminal $0 • expansion into Latin America with investments in Mexico and Peru ($ in millions) Valero 13 See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Peer group includes PSX, MPC, HFC, and PBF.#142020 BEST YEAR EVER FOR SAFETY Investments in reliability have contributed to operations excellence Safety and Reliability are Imperative for Profitability In 2020, we delivered our best year ever on safety performance and had the lowest number of environmental events in company history Personnel Safety Tier 1 Process Safety Total Recordable Incident Rate (TRIR) 0.90 0.68 Valero Industry 0.40 0.23 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Process Safety Event Rate 0.19 (three-year rolling averages) 0.06 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Improvement Versus Industry Benchmarks Leads to Greater Margin Capture, Lower Operating Expenses and Better Efficiency 1st Quartile Valero 2nd Quartile 3rd Quartile 4th Quartile Valero Valero 2018 2008 Jissa Valero Valero Personnel Index Maintenance Index Non-Energy Cash Opex INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. Valero 14#15Increased Refinery Availability Has Driven Valero to be the Lowest Cost Producer Improvement in Mechanical Availability Versus Industry Benchmarks 1st Quartile 2nd Quartile 3rd Quartile v Valero K 2018 Valero 2008 $7.00 Refining Cash Operating Expenses Per Barrel of Throughput (excludes turnaround and D&A expenses) Peer Range V V V V Valero Valero V Valero Valero Valero Valero V Valero Valero V Valero Valero Valero 4th Quartile $3.00 2010 2012 2014 2016 2018 2020 Mechanical Availability INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. Peer group includes PSX, MPC, HFC, and PBF. Valero 5#16Refining Business Generates Significant Cash to Support Growth and Stockholder Returns $3.7 Sources and Uses of Cash - Cumulative Five Years: December 31, 2014 to December 31, 2019 ($ in billions) Sources of Cash $1.1 $13.1 $25.8 Uses of Cash - Sustaining capital ($7.8) Growth capital ($4.1) Acquisitions ($1.2) $14.1 Dividends ($6.1) Buybacks ($8.0) $2.6 ($0.8) Cash and Cash Equivalents Net Cash Provided by December 31, 2014 Operating Activities Other Financing Activities Capital Investments Attributable to Valero Stockholder Returns Other Cash and Cash Equivalents December 31, 2019 INVESTOR PRESENTATION | JUNE 2021 Valero 16#17Disciplined Capital Management is a Constant in Our Strategy 1 2 3 Maintain Strong Balance Sheet Maintain investment grade credit rating Target 20% to 30% net debt-to-cap ratio Non-discretionary Sustaining Capex Dividend Target approximately $1.5 billion annually Key to safe and reliable operations Discretionary Commitment to stockholders Targeting a sustainable and growing dividend with a payout that is at the high end of our peer group • Growth Capex 25% after-tax IRR hurdle rate for projects Refining projects focused on operating cost control, market expansion and margin improvement Renewable fuels expansion Acquisitions • Evaluate versus alternative uses of cash • Buybacks Targeting an annual payout ratio between 40% and 50% of adjusted net cash provided by operating activities Stock buyback program consists of ratable and opportunistic purchases INVESTOR PRESENTATION | JUNE 2021 See slides 23-24 for notes regarding this slide. ▼Valero 17#18Demonstrated Discipline in Capital Allocation $3.4 Annual Capital Investments Attributable to Valero ($ billion) Sustaining Growth Estimated Capital Investments Attributable to Valero $2.0 Billion for 2021 $2.8 $2.7 $2.4 $2.6 $2.6 $1.8 $2.2 $0.7 $0.9 $1.4 $2.0 $2.0 $2.0 $1.5 $1.0 $0.9 $0.6 $0.9 60% ■Sustaining ■Growth 40% ■Renewables Other Growth >50% Total Capital Investments Attributable to Valero Growth Capital Investments Attributable to Valero Sustaining Capex as a percentage of >100% Depreciation and Amortization Steady investments to maintain a safe and reliable asset base and enhance the margin capability of our portfolio $1.9 $1.7 $1.5 $1.4 $1.5 $1.4 $1.3 $1.2 $1.1 2019 2020 2021E 2012 76% Steady investments to improve portfolio efficiency 2019 2012 2013 2014 2015 2016 2017 2018 Sustaining includes costs for turnarounds and catalysts and regulatory compliance. Growth includes joint-venture investments but excludes acquisitions. Sustaining and growth 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 and ethanol. See slides 43-53 for non-GAAP disclosures. Totals may not crossfoot due to rounding. INVESTOR PRESENTATION | JUNE 2021 Over 50% of growth capex is allocated to renewables Valero 18#19Delivering on Our Commitment of Cash Returns to Stockholders Stockholder Returns Annual Dividend Per Share and Weighted Average Shares Outstanding as a Percentage Relative to 2012 Annual Dividend Yield (2) Payout Ratio: 556 million shares 11% 30% 31% 54% 65% 63% 56% 47% 184% A S&P 500 1.4% Delivering cash returns through 4.8% Valero 100% 99% $3.7 95% Energy 4.0% 90% $3.1 ($ billion) $2.6 Buybacks $2.4 Dividends $2.3 $2.8 $1.7 $1.9 $1.4 $1.8 $0.8 $1.3 $1.4 $0.2 $1.3 $0.6 $0.9 $0.3 83% 407 million shares Utilities 3.1% 80% 77% 74% 73% 73% Real Estate 2.6% WASO Dividend/share Cons. Staples 2.5% $3.92 $3.92 $3.60 Materials 1.7% sustainable dividend growth and discretionary buybacks $3.20 Financials 1.6% $2.80 $2.40 Health Care 1.6% Industrials 1.3% $1.70 $1.1 $1.2 $1.4 $1.5 $1.6 $0.8 Tech 0.9% $0.4 $0.5 $0.6 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Bloomberg as of May 14, 2021. See slides 43-53 for non-GAAP disclosures. Totals may not crossfoot due to rounding. (1) 2021 weighted average shares outstanding through March 31, 2021. 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). INVESTOR PRESENTATION | JUNE 2021 $1.05 $0.85 $0.65 Cons. Disc. 0.8% (1) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Comm. Services 0.7% Valero 19#20Demonstrated Lower Volatility in Earnings and Free Cash Flow $0 BETTER Average Free Cash Flow Volatility 2012-2020 S&P 500 Free Cash Flow Volatility and Return Profile 2012-2020 2012-2020 Refining Peer Range $2,213 V Valero 8% Valero BETTER 0% V Valero Valero Valero $ Millions % of Average 87% Free Cash Market Cap Flow 78% Adjusted EPS 56% EBITDA INVESTOR PRESENTATION | JUNE 2021 Average TTM Free Cash Flow as a % of Market Cap 10% BEST Valero V Financials Valero 88 8% Information Communication Services Refining Peers 6% Technology Industrials 4% Health Care Consumer Discretionary Materials Consumer Staples 2% Oil Majors Energy 900 0% Utilities Real Estate WORST -2% 0% 100% 200% Free Cash Flow Volatility 300% 400% Valero has demonstrated lower volatility in earnings and free cash flow than other refiners, integrated energy companies and most S&P 500 sectors Source: Bloomberg and company reports. See slides 23-24 for notes regarding this slide. See slides 43-53 for non-GAAP disclosures. Valero 20#21Valero's Positioning Relative to the S&P 500 Index 1st Quartile 4th Quartile 3rd Quartile 2nd Quartile Growth 278% 4.8% Valero Valero Companies Compelling Dividend Yield (≥3% Annualized dividend yield) Dividend Yield Value Balance Sheet V 4.8% Valero Company 2 3.9% 6 Company 3 3.7% Company 4 3.3% Company 5 3.3% Google A NIKE 61 Adobe Companies ($ billion) Company 6 3.0% NVIDIA mastercard A/R Facility $1.0 Cash $2.0 7.1x Valero $8.0 billion in available liquidity Credit Facilities $4.9 Consensus EBITDA Dividend CAGR Yield EV / 2022E EBITDA Valero Liquidity (As of March 31, 2021) 2020A 2022E INVESTOR PRESENTATION | JUNE 2021 Microsoft Competitive EBITDA Growth (≥10% Consensus CAGR for 2020A - 2022E) BROADCOM INTUIT VISA Lilly Walmart salesforce f BH HS PayPal Abbott CAT charles SCHWAB Chevron High Stockholder Return (≥10% 5-YR Average ROIC & Positive TSR since 2014) COLGATE-PALMOLIVE 153 Companies Investment Grade (BBB-/Baa3) 363 Companies THE HOME DEPOT Johnson Johnson amazon P&G Honeywell AT&T BlackRock ExxonMobil (intel NETFLIX verizon J.P.Morgan UnitedHealthcare Disney COMCAST BANK OF AMERICA STANDARD & POOR'S 500 Large Cap (Market cap >$10 billion) 479 Companies S&P 500 500 Companies Source Bloomberg as of May 14, 2021. See slides 23-24 for notes regarding this slide. Totals may not crossfoot due to rounding. 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 Valero 21#22Appendix Contents Topic Notes VLO Guidance Environmental, Social and Governance (ESG) Strong Presence in Advantaged U.S. Gulf Coast and Mid-Continent Crude Supply Advantage in the U.S. Gulf Coast and Mid-Continent Global Optimization of Operations and Product Exports Ratable Global Wholesale Supply and Growth in Mexico Valero's Logistics Assets Ethanol Projects in Execution Phase or Recently Completed Refining Capacity and Nelson Complexity Now vs. Then - A Shift in Valuation Electric Vehicle (EV) Myth: Zero Emissions Non-GAAP Disclosures Slide 23-24 25 26-27 28 29 30-32 33 34 35 36-39 40 41 42 43-53 INVESTOR PRESENTATION | JUNE 2021 Valero 22#23Notes 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 Sustainable Accounting Standards Board (SASB) Report aligns its performance data with the recommendations of the 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 and Slide 36 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. 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, 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 Cl'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 2021, assuming $200 per metric ton carbon price. Renewable diesel peer reflects Neste Corporation. INVESTOR PRESENTATION | JUNE 2021 Valero 23#24Notes Slide 14 Industry Total Recordable Incident Rate (TRIR) from U.S. Bureau of Labor Statistics. Valero TRIR includes refining employee and contractor data. Tier 1 three-year rolling averages of refining 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 15 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 17 Targeted net 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 20 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 2020 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 fourth quarter of 2020. EBITDA is defined as net income (loss) 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 21 TSR from December 31, 2014 through May 14, 2021 includes stock price appreciation and dividends paid. EV / EBITDA based on 2022 consensus estimates. Slide 29 Ranges represent average quarterly minimums and maximums of each feedstock category as a % of total feedstock. Ranges for monthly averages are wider. Slide 31 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. INVESTOR PRESENTATION | JUNE 2021 Valero 24#25VLO Guidance 2Q21(1) • Throughput (MBPD) - U.S. Gulf Coast U.S. Mid-Continent North Atlantic U.S. West Coast Refining cash operating expense per barrel of throughput Ethanol 1,650 to 1,700 430 to 450 340 to 360 250 to 270 $4.20 4.1 Production (millions of gallons per day) Operating expense per gallon of production $0.38 Cash opex $0.33 Non-cash opex $0.05 Depreciation and amortization expense ($MM) $590 • Net interest expense ($MM) $150 Full Year 2021 (1) • Renewable Diesel Sales volume (thousands of gallons per day) Operating expense per gallon of production • Cash opex Non-cash opex Payout ratio (2) of adjusted net cash provided by operating activities • General and administrative expense ($MM) . Annual capital investments attributable to Valero ($MM) Sustaining Growth Valero received a cash federal income tax refund of $962 million in May 2021 1,000 $0.50 $0.35 $0.15 40 to 50% $850 $2,000 60% 40% (1) Unless otherwise stated, guidance as provided on the 1Q21 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. INVESTOR PRESENTATION | JUNE 2021 Valero 25#26Renewables Refining We are Committed to Protecting the Environment E Reduction of GHG Emissions Targeting to reduce and offset 63% of global refining GHG emissions by 2025 Cogeneration systems offset enough to power more than 400,000 homes Renewable Diesel and Ethanol reduce life cycle GHG emissions up to 80% (1) and 30%, respectively, which along with blending and credits offset more than 10 million metric tons of GHG emissions in 2019 ENVIRONMENTAL Recycling, Reusing, Reclaiming, and Reducing In 2019, we recycled more than 17 times the amount of fresh water consumed in refining operations 50 megawatt wind farm avoided ~830,000 metric tons of carbon dioxide emissions since 2009 Diamond Green Diesel processes recycled animal fats, used cooking oil, and inedible corn oil to produce a low carbon intensity renewable diesel Carbon Capture Our Port Arthur refinery became the first industrial site in the U.S. to host a large scale carbon capture project, with more than one million metric tons captured each year Developing a carbon capture project connected to eight of our Ethanol plants, providing an economic path to further reduce carbon intensity of our Ethanol product ISM HII I Environmental Management Systems A proprietary systematic approach, Commitment To Excellence Management System (CTEMS), adheres to a "plan-do-check-act" model to achieve excellence, driving safe, reliable and predictable operations, while minimizing impacts on communities and the environment Our Fuels Compliance and Environmental Excellence and Risk Assessment programs assure focus on product quality, going beyond regulations INVESTOR PRESENTATION | JUNE 2021 (1) 100% used cooking oil feedstock results in a carbon intensity score of 20 under California's LCFS program. Valero 26#27Sharing Our Success with the Communities where we Operate with Strong Governance and Ethical Standards S SOCIAL G Diversity and Inclusion 35% of our U.S. workforce are minorities 2021 = Bloomberg 29% of our professional employees Gender-Equality Index are women Board of Directors GOVERNANCE 5 of 11 directors represent diversity of race or gender 3 of 11 are women 1000 10 members are independent 3 fully independent committees Board and Committee oversight of risks and compliance, including climate change risks All-Employee Bonus Community Investments Surpassed $58 million in 2020, with more than $12 million for COVID-19-related support distributed as follows: ww Stakeholder Engagement Community Engagement Basic Needs 52% Education 33% Health Care 15% Valero has been named on The Civic 50 most community minded list each year since 2013 NAMED ONE OF THIS YEAR'S THE CIVIC 50 POINTS OF LIGHT MOST TY-MINDED COMMUNITY-M ED BUSINE Review INVESTOR PRESENTATION | JUNE 2021 Plan Analyze & Respond 40% • ESG Efforts & Improvement ⚫ Stockholder Returns 20% • Engage Capital 40% Discipline • Operational Financial 40% Operational 40% Strategic 20% Excellence Organizational Excellence Valero 27#28Strong Presence in Advantaged U.S. Gulf Coast and Mid-Continent 2.6 mmbpd Refining Capacity(1) (mbpd, % of overall crude capacity) U.S. West Coast CANADA 230 9% North Atlantic 440 17% 1,484 57% U.S. Gulf Coast U.S. Mid-Continent 461 17% 1,484 Gulf Coast Refining Capacity (1) (mbpd, % of overall crude capacity) 1,171 57% 41% 784 35% 185 19% 0 VLO MPC PSX PBF HFC INVESTOR PRESENTATION | JUNE 2021 UNITED STATES SAN ANTONIO MEXICO CITY MONTREAL A IRELAND UNITED KINGDOM LONDON LIMA PERU WHOLESALE MARKETING PRESENCE BRANDED WHOLESALE PRESENCE VALERO REFINERIES (1) CDU capacity from EIA data and company presentations. See slide 40 for Valero's capacity and Nelson complexity by refinery. VALERO ETHANOL PLANTS VALERO TERMINALS DIAMOND GREEN DIESEL (existing & under construction) PIPELINES --PROPOSED CARBON SEQUESTRATION PIPELINE Valero 28#29Crude Supply Advantage in the U.S. Gulf Coast and Mid-Continent Cushing Diamond Pipeline Local Crude Gathering McKee NuStar Navigator Glass Mountain Cushing-McKee Connection Centurion Pipe Basin Red River Pipeline Childress Station Pipeline NuStar Sunrise Pipeline Centurion Midland Colorado City EPIC McCamey Gray Oak Cactus Hewitt Wichita Falls Wasson Ardmore Eagle Ford: Harvest Pipeline EOG Pipeline Permian: Cactus Pipeline Gray Oak Local Crude Gathering Collierville Crude System To Nederland ETCOP NuStar Blue lines and terminals represent Valero ownership interest. Memphis Capline Valero U.S. Gulf Coast Feedstock Ranges (2012 through 1Q21) 54% 34% 34% Three Rivers Taking advantage of Permian crude with investments in Corpus Christi Corpus Christi West and East NuStar NuStar Oakville Terminal 17% Cactus Cactus II Gray Oak NuStar North Beach Crude Export Dock EPIC Crude Export Tankage INVESTOR PRESENTATION | JUNE 2021 6% 17% 23% 8% Heavy Sour Medium/Light Sour Sweet Residuals Valero's refineries have operational flexibility to process a wide range of feedstocks and access to a deep pool of skilled labor in the U.S. Gulf Coast See slides 23-24 for notes regarding this slide. VValero 29#30Operational 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 59% • VLO has demonstrated a wider range of yields for gasoline, kerosene, jet fuel, and diesel versus the industry INVESTOR PRESENTATION | JUNE 2021 2012-2021 Refinery Product Yield Ranges (monthly averages) VLO Industry 51% 12% 11% 40% 38% 42% 41% 4% 23% 2% Finished Gasoline Kerosene / Jet Diesel 27% Source: Monthly industry refinery yields from EIA through February 2021. Valero 30#31Competitive Global Light Products Supply Rosarito Charleston Savannah Salina Cruz Tuxpan Veracruz Quebec City Montreal Point Tupper Portsmouth Boston New York Philadelphia Borco Port Everglades Rio Haina Puerto Rico CO Cortes Santa Tomas Port Moin Mamonal PATSA Terminal Belem La Libertad Talara Paita Callao Mollendo Iquique Helguvik Arrecife Las Palmas Mongstad Oslo Porvoo VLO U.S. Product Exports Tallinn Copenhagen (thousand barrels per day) Dublin Pembroke La Havre Amsterdam Antwerp ■ Gasoline Distillate Bordeaux Bilbao Koper fol Gaeta Cartagena 249 167 82 2017 2018 2019 2020 1Q21* *Export volume lower in 1Q21 due to Gulf Coast refinery run cuts related to Winter Storm Uri. Dakar 2012 2013 2014 2015 2016 Lome Cotonou Latin America Refining Runs (million barrels per day) 6.6 6.3 6.5 Suape 6.1 6.1 5.9 5.6 5.2 4.8 4.3 4.0 3.7 Rio de Janeiro Distillate Quintero Gasoline Buenos Aires Calbuco INVESTOR PRESENTATION | JUNE 2021 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Industry consultants. Latin America includes Mexico. Product shortages in Latin America, Eastern Canada, Europe, and Africa expected to drive U.S. export demand growth See slides 23-24 for notes regarding this slide. Valero 31#32Investing to Grow Product Exports into Higher Netback Markets Advantaged Refineries and Logistics MCKEE PORT ARTHUR TEXAS CITY EL PASO ST. CHARLES THREE RIVERS UNITED STATES HOUSTON MERALIX CHIHUAHUA LAREDO BILL GREEHEY CORPUS OST EAST AND WEST NUEVO LAREDO HARLINGEN MONTERREY MEXICO GUADALAJARA MEXICO CITY PUEBLA ALTIMIRA VERACRUZ VALERO REFINERIES TERMINALS (1) PIPELINES RAILCARS SHIPS PAT SA PAITA PERU CALLAO (1) Includes terminals owned or leased by Valero. INVESTOR PRESENTATION | JUNE 2021 U.S. Product Exports (12-month moving average, mbpd) Expansion of supply chain to high demand growth markets provides a ratable product outlet and improves margin capture Other Europe Canada Other Latin America ■Mexico 2009 2011 2013 2015 2017 2019 2021 Total Gasoline (2) and Diesel Exports to Latin America make up 85% of total U.S. product exports Valero PROPEL TECH LIMPIA Y MAXIMIZA EL DESEMPEÑ Source: DOE Petroleum Supply Monthly data through February 2021. (2) Gasoline represents all finished gasoline plus all blendstocks (including ethanol, MTBE and other oxygenates). PL/8148/EXP/ES/20 Valero 32#33U.S.(1) Ratable Global Wholesale Supply Through an Extensive Marketing Network Wholesale Volumes (% of total light products production, mbpd) Europe and Canada (2) Stable branded and unbranded demand million barrels per day of 1.2 ratable wholesale supply Latin America (3) 50% 48% 1,040 62% 1,174 50% 49% 49% 47% 1,198 1,195 1,199 1,211 1,292 51% 1,310 >50% 52% of our light products production 1,130 7,000 outlets carry our brand names Rack blending generates RINS, partially offsetting our RVO compliance costs せ BEACON Valero Diamond Ultramar Shamrock SHAMROCK 2012 2013 (1) U.S. volumes exclude jet rack sales. 2014 2015 2016 2017 (2) Europe volumes include jet fuel. Canada volumes include jet fuel and some bulk sales. Valero Mexico Volume Growth (3) (mbpd) 2018 2019 2020 (3) Latin America volumes include Mexico and Peru volumes. Mexico volumes include delivered rail sales. Peru volumes include jet fuel and bulk sales. Valero is one of the largest light products importers into Mexico Mexico Growth Projects (contracted storage capacity, thousand barrels) 140 Aguascalientes Monterrey (4) 425 Mexico wholesale business supported by a growing, flexible logistics supply system 60 50 40 40 30 20 20 10 0 Aug 18 Dec 18 Apr 19 Aug 19 Dec 19 Apr 20 Aug 20 Dec 20 Apr 21 INVESTOR PRESENTATION | JUNE 2021 505 Guadalajara (4) 1,100 Altamira Puebla (4) 640 640 Mexico City 195 2,100 Veracruz Nuevo Laredo Current 2021E 2022E Valero 33 Early Operations (4) Currently selling product in Puebla, Monterrey and Guadalajara via rail-to-truck transloading.#34Pipelines (1) Racks, Terminals and Storage (1) FURX 15 Rail Marine (1) Valero's Logistics Assets • Over 3,000 miles of active pipelines • Diamond Pipeline expansion • to be operational in 4Q21 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 2020 • Approximately 5,200 railcars • Expected to serve long-term needs of ethanol, asphalt, aromatics, and other products INVESTOR PRESENTATION | JUNE 2021 • Over 50 docks • Two Panamax class vessels (joint venture) (1) Includes assets that have other joint venture or minority interests. Does not include ethanol assets. Valero 34#35Operations Outlook 13 plants with 1.7 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 Ethanol U.S. Fuel Ethanol Exports (mbpd) 112 Rest of Industry Valero 106 96 91 25 88 76 20 34 19 24 24 55 54 13 40 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 Expect to see incremental demand as a result of fuel efficiency standards and year-round E-15 sales in the U.S. 87 • Cost advantaged versus the industry 72 77 72 64 64 53 51 • 39 Executing carbon sequestration projects 2013 2014 2015 2016 2017 2018 2019 2020 2021 - INVESTOR PRESENTATION | JUNE 2021 - 45Q Tax Credit provides economic incentive - LCFS provides higher value for the lower carbon intensity ethanol Source: U.S. Energy Information Agency (EIA) through February 2021, U.S. Census Bureau for March 2021. Valero 35#36Investing 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 Incremental Volumes (MBPD) Feeds Crude 102 Creates two independent CDU-VDU-coker trains, which should improve turnaround efficiency and reduce maintenance-related lost margin opportunity Resid 21 VGO (47) Products 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) Naphtha 3 Gasoline 15 Diesel 43 LPG INVESTOR PRESENTATION | JUNE 2021 Port Arthur Delayed Coker Unit See slides 23-24 for notes regarding this slide. Valero 36#37Investing 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 MBPD Capacity at Houston refinery started up in 2019 17 MBPD Capacity at St. Charles refinery started up in the fourth quarter of 2020 INVESTOR PRESENTATION | JUNE 2021 Houston Alkylation Unit Valero 37#38Investing to Improve Access to North American Crude and Lower Refinery Operating Cost Structure GROWTH PROJECTS FOCUSED ON OPTIMIZATION AND MARGIN CAPTURE Completed Diamond Pipeline project with 200 MBPD capacity connecting Memphis to Cushing and Sunrise Pipeline 100 MBPD undivided interest connecting Midland to Wichita Falls Red River Pipeline 74 MBPD undivided interest connecting Ardmore to Cushing 200,000 BPD expansion of Diamond Pipeline expected to be completed in 4Q21 Provides additional Mid- Continent crude access to our McKee, Ardmore and Memphis refineries Improves crude oil supply flexibility, efficiency and blend quality Provides additional Mid-Continent crude flexibility to the Ardmore refinery Navigator Glass Mountain Pipeline Connection with 50 MBPD capacity connecting McKee to Cushing Reversal and extension in service April 2021 Provides Mid-Continent crude flexibility and security of supply to the McKee refinery GROWTH PROJECTS FOCUSED ON COST CONTROL AND MARGIN EXPANSION Wilmington cogeneration Pembroke cogeneration unit unit started up in 2017 Diamond and Sunrise Pipelines Diamond Pipeline Cogeneration Plants (£130 MM or $170 MM cost) scheduled to be completed in 3Q21 Expect to reduce costs and improve supply reliability for power and steam Wilmington Cogeneration Plant INVESTOR PRESENTATION | JUNE 2021 Valero 38#39Investing to Supply Higher Demand Markets and Expand Product Export and Biofuels Blending Capabilities Texas Central Texas pipelines and terminals to supply high-growth refined products market HEARNE • Started up in 2019 WILLIAMSON COUNTY Approximately 205 miles of pipe (¹), 960,000 barrels of total storage capacity and a truck rack Pasadena refined products terminal joint venture • Completed in the first quarter of 2020 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. INVESTOR PRESENTATION | JUNE 2021 Austin 11 Pasadena Terminal HOUSTON Extending product supply chain in Central Texas and the U.S. Gulf Coast Valero 39#40Our Refining Capacity and Nelson Complexity Nelson Complexity Index 14.4 Majority of refineries designated as VPP Star Sites by OSHA, recognizing exemplary occupational safety, process safety and health programs Capacities (mbpd) (1) Refinery Throughput Crude Corpus Christi(2) 370 290 Houston 255 205 8.0 Meraux Port Arthur St. Charles 135 125 9.7 395 335 12.7 340 215 17.4 Texas City 260 225 11.1 Three Rivers 100 89 13.2 U.S. Gulf Coast 1,855 1,484 12.6(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 11.6(3) (1) Capacities and Nelson complexity indices as of December 31, 2020. (2) Represents the combined capacities of two refineries-Corpus Christi East and Corpus Christi West. (3) Weighted average. INVESTOR PRESENTATION | JUNE 2021 Valero 40#41Now vs. Then - A Shift In Valuation In the Past New Paradigm INDUSTRY/MACRO Majority of the U.S. refining capacity operated by large integrated oil companies Range bound industry wide EV/EBITDA multiple +/- 4.5x Peer group fragmented with smaller scale, less efficient refiners U.S. importing crude and products to meet domestic shortage Higher interest rates (10-yr Treasury ~5%) INDUSTRY/MACRO • • Majority of the U.S. refining capacity operated by independent refiners EV/EBITDA multiple expansion and dispersion by company Peer group of larger scale, efficient and complex refiners Abundant supply of domestic crude oil and natural gas providing feedstock advantage U.S. exporting products to higher growth markets Lower interest rates (10-yr Treasury <2%) VALERO VALERO Marginal operations • Third quartile operating performance impacted by M&A integration Disadvantaged East Coast and Caribbean operations Less disciplined M&A and capital project execution • Frequent acquisitions • Focused on volume growth Approximately $3.5 billion annual capex Volatile cash flow profile and lower stockholder returns • 1% to 2% dividend yield ($0.32/share annually) Approximately $5 billion of liquidity • >570 million shares outstanding Volatile stock price INVESTOR PRESENTATION | JUNE 2021 ° • Expanding our long-term competitive advantage with investments in economic low-carbon projects First quartile operating performance amid stable, upgraded portfolio with the lowest cash operating expense Advantaged operations and scale Disciplined capital investment and growth strategy Rigorous M&A targeting and screening process 25% after-tax IRR hurdle rate for projects focused on operating cost reduction, margin enhancement and market expansion. $2.0 to $2.5 billion annual capital investments attributable to Valero. Distinctive free cash flow and higher stockholder returns Annualized dividend of $3.92/share $8.0 billion of liquidity as of March 31, 2021 Approximately 409 million shares outstanding as of April 2021 Lower volatility in earnings and free cash flow Valero 41#42Electric Vehicle (EV) Myth: Zero Emissions Myth: Zero Emissions Fact: Significant Emissions from EV Life Cycle Mining/Extraction CO₂ Cobalt & Rare Earth Processing CO₂ ↑ Manufacturing EVs Power Generation • Life cycle emissions from EVs are significant from mining raw materials to fabrication to delivery to the showroom Tons CO₂ 12 О Before it leaves the showroom, 12 tons of CO2 emissions have already been generated vs. 6 tons of CO₂ emissions from cars fueled by gasoline О Two times as much CO2 emissions are generated compared to cars fueled by gasoline • • • 25 tons of CO2 emissions are needed to make an EV that can drive a similar range as a car fueled by gasoline "The problem is that batteries are big and heavy. The more weight you're trying to move, the more batteries you need to power the vehicle. But the more batteries you use, the more weight you add-and the more 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 need to cover short distances, but we need a different solution for heavy, long-haul vehicles" - Gates Notes Southwest Research Institute Ted Talk, presented by Graham Conway INVESTOR PRESENTATION | JUNE 2021 10 8 6 4 CO₂ ↑ CO₂ Embedded CO2 Emissions (zero miles traveled) 2 Car Fueled by Battery Electric Gasoline Vehicle 2x higher emissions from mining raw materials to fabrication to delivery Before it leaves the showroom, an EV emits twice the CO2 emissions compared to a car fueled by gasoline Valero 42#43Non-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", 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. 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. VLO 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 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. INVESTOR PRESENTATION | JUNE 2021 Valero 43#44Non-GAAP Disclosures Renewable Diesel Adjusted EBITDA per Gallon 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 VLO 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. VLO 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 operating activities excluding the items noted below. VLO 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 VLO'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. VLO 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 VLO believes that it more accurately reflects the operating cash flow available to VLO to fund VLO's investing and financing activities. INVESTOR PRESENTATION | JUNE 2021 Valero 44#45Non-GAAP Disclosures Capital Investments Attributable to Valero VLO defines capital investments attributable to Valero as all capital expenditures, deferred turnaround and catalyst cost expenditures, and investments in unconsolidated joint ventures presented in VLO's consolidated statements of cash flows excluding the portion of DGD's capital investments attributable to our joint venture partner and all of the capital expenditures of other VIES. Capital investments attributable to Valero are allocated between sustaining capital expenditures attributable to Valero and growth capital investments attributable to Valero. VLO is a 50/50 joint venture partner in DGD and consolidates DGD's financial statements; as a result, all of DGD's net cash provided by operating activities 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. Because DGD's operating cash flow is effectively attributable to each partner, only 50 percent of DGD's capital investments should be attributed to VLO's net share of capital investments. VLO also excludes the capital expenditures of other consolidated VIES because VLO does not operate those VIES. VLO believes that capital investments attributable to Valero is an important measure because it more accurately reflects capital investments of VLO. INVESTOR PRESENTATION | JUNE 2021 VValero 45#46Non-GAAP Disclosures: Return on Invested Capital (ROIC) RETURN ON INVESTED CAPITAL (ROIC) (unaudited, in millions) Numerator: Net income attributable to VLO stockholders Total effect of special items after-tax Adjusted net income attributable to VLO Plus: adjusted net interest expense after-tax Adjusted net income attributable to VLO before adjusted net interest expense after-tax (A) Denominator: Current portion of debt Debt and finance leases, less current portion Less: debt issue costs - non-bank debt (ASU 2015-15) Less: debt attributable to non-controlling interests Debt attributable to VLO VLO stockholders' equity Less: cash and cash equivalents Total invested capital Average invested capital (B) ROIC (A/B) ROIC (5-year average) INVESTOR PRESENTATION | JUNE 2021 2014 2015 Year Ended December 31, 2016 2017 2018 2019 $3,990 624 $4,614 $2,289 $4,065 $3,122 $2,422 (565) (1,783) 113 (61) $1,724 $2,282 $3,235 $2,361 281 288 299 362 357 $4,895 $2,012 $2,581 $3,597 $2,718 $606 $127 $115 $122 $238 $494 5,780 7,208 7,886 8,750 8,871 9,178 (33) (14) (58) (176) (260) (384) (366) $6,339 $7,277 $7,825 $8,612 $8,725 $9,306 20,677 20,527 20,024 21,991 21,667 21,803 (3,689) (4,114) (4,816) (5,850) (2,982) (2,583) $23,327 $23,690 $23,033 $24,753 $27,410 $28,526 $23,509 $23,362 $23,893 $26,082 $27,968 21% 9% 11% 14% 10% 13% Valero 46#47Non-GAAP Disclosures: Adjusted EBITDA RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (Unaudited, in Millions) Year Ended December 31, 2009 2012 2013 Net income (loss) ($1,982) $2,080 $2,728 2014 $3,711 2015 $4,101 2016 $2,417 2017 2018 $4,156 $3,353 Plus: Depreciation and amortization expense 1,361 1,549 1,720 1,690 1,842 1,894 1,986 2,069 2019 $2,784 2,255 2020 ($1,107) 2,351 Plus: Interest and debt expense, net of capitalized interest 416 314 365 397 433 446 468 470 454 563 Plus: Income tax expense (benefit) (43) 1,626 1,254 1,777 1,870 765 (949) 879 702 (903) Less: Income (loss) from discontinued operations (1,709) (1,034) 6 $1,461 $6,603 $6,061 (64) $7,639 $8,246 $5,522 $5,661 $6,771 $6,195 $904 EBITDA Adjustments: Aruba (discontinued operations) Asset impairment loss Blender's tax credits Environmental reserve adjustments Gain on disposition of retained interest in CST Brands, Inc. LCM inventory valuation adjustment (gain) loss LIFO liquidation adjustment (gain) loss Loss on early redemption of debt Texas City Refinery fire expenses 64 222 86 56 170 (12) 108 (158) (325) 790 (747) (233) (19) 224 38 22 17 EBITDA attributable to noncontrolling interest 3 (8) (108) (144) (171) (218) (283) (313) (331) Adjusted EBITDA attributable to VLO stockholders $1,747 $6,692 $5,728 $7,298 $8,892 $4,660 $5,613 $6,639 $5,746 $778 Total Adjusted EBITDA attributable to VLO stockholders, 2012-2019 $51,268 Number of Years, 2012-2019 8 Average Adjusted EBITDA attributable to VLO stockholders, 2012-2019 INVESTOR PRESENTATION | JUNE 2021 $6,409 Valero 47#48Non-GAAP Disclosures: Renewable Diesel Net Cumulative Cash Flow RECONCILIATION OF DGD OPERATING INCOME AND TOTAL CAPITAL INVESTEMENTS TO DGD'S NET CUMMULATIVE CASH FLOW ATTRIBUTABLE TO VALERO (unaudited, in millions) 2011 2012 2013 2014 Year Ended December 31, 2015 Quarter Ended March 31, 2016 2017 2018 2019 2020 2021 DGD's cumulative adjusted EBITDA attributable to VLO: Operating income (loss) ($5) $24 $145 $157 $147 $57 $319 $728 $630 $205 Plus: depreciation and amortization expense 9 18 20 28 29 29 51 45 11 ($5) $33 $163 $177 $175 $86 $348 $779 $675 $216 EBITDA Adjustments: EBITDA BTC adjustments (2018-2019) EBITDA BTC adjustments (2017-2018) DGD adjusted EBITDA Our ownership interest DGD's adjusted EBITDA attributable to VLO 156 (156) 160 (160) ($5) $33 $163 $177 $175 $246 $344 $623 $675 $216 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% ($3) $17 $82 $89 $88 $123 $172 $312 $338 $108 ($3) $14 $96 $185 $273 $396 $568 $880 $1,218 $1,326 DGD's cumulative adjusted EBITDA attributable to VLO (A) DGD's cumulative capital investments attributable to VLO: Total DGD #1 Capital Investment $106 $210 $74 $14 $2 $34 $88 $170 $24 $31 $1 Total DGD #2 Capital Investment 22 136 481 108 Total DGD #3 Capital Investment 36 45 Total DGD Capital Investments Our ownership interest $106 $210 $74 $14 $2 $34 $88 $192 $160 $548 $154 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% 50% DGD's capital investments attributable to VLO $53 $105 $37 $7 $1 $17 $44 $96 $80 $274 $77 DGD's cumulative capital investments attributable to VLO (B) DGD's net cumulative cash flow attributable to VLO (A-B) $53 $158 $195 $202 $203 $220 $264 $360 $440 $714 $791 ($53) ($161) ($181) ($106) ($18) $53 $132 $208 $440 $504 $535 INVESTOR PRESENTATION | JUNE 2021 Valero 48#49Non-GAAP Disclosures: Renewable Diesel Adjusted EBITDA per Gallon RECONCILIATION OF DGD OPERATING INCOME TO DGD ADJUSTED EBITDA PER GALLON (unaudited, in millions except for per gallon amounts) Quarter Ended 2015 2016 Year Ended December 31, 2017 March 31, 2018 2019 2020 2021 Operating income $157 $147 $57 $319 $728 $630 $205 Plus: depreciation and amortization expense EBITDA 20 28 29 29 51 45 11 $177 $175 $86 $348 $779 $675 $216 Adjustments: EBITDA BTC adjustments (2018-2019) 156 (156) EBITDA BTC adjustments (2017-2018) 160 (160) DGD adjusted EBITDA $177 $175 $246 $344 $623 $675 $216 DGD renewable diesel sales volumes (million gallons) 157 161 DGD adjusted EBITDA per gallon $1.13 $1.09 161 $1.53 157 277 288 78 $2.19 $2.25 $2.34 $2.77 INVESTOR PRESENTATION | JUNE 2021 Valero 49#50Non-GAAP Disclosures: Capital Investments Attributable to Valero RECONCILIATION OF TOTAL CAPITAL INVESTMENTS TO CAPITAL INVESTMENTS ATTRIBUTABLE TO VALERO (in millions) 2012 2013 2014 Year Ended December 31, 2015 2016 2017 2018 Capital expenditures (excluding VIES) Capital expenditures of VIES: $2,721 $2,040 $2,076 $1,607 $1,261 $1,269 $1,463 2019 $1,627 2020 $1,014 DGD 210 74 11 17 84 165 142 523 Other VIES 7 66 11 26 124 225 251 Deferred turnaround and catalyst cost expenditures (excluding VIES) Deferred turnaround and catalyst cost expenditures of DGD Investments in unconsolidated joint ventures 479 634 646 671 701 519 888 762 623 3 2 17 4 27 18 25 57 76 14 141 4 406 181 164 54 Total capital investments 3,467 2,831 2,816 2,432 2,000 2,308 2,848 2,938 2,490 Adjustments: DGD's capital investments attributable to our joint venture partner Capital expenditures of other VIES (105) (37) (7) (7) (66) (1) (17) (44) (96) (80) (274) (11) (26) (124) (225) (251) Capital investments attributable to Valero $3,362 $2,787 $2,743 $2,420 $1,983 $2,238 $2,628 $2,633 $1,965 INVESTOR PRESENTATION | JUNE 2021 Valero 50#51Non-GAAP Disclosures: Sustaining Capex and Growth Capital Investments Attributable to Valero RECONCILIATION OF TOTAL SUSTAINING CAPITAL EXPENDITURES TO SUSTAINING CAPITAL EXPENDITURES ATTRIBUTABLE TO VALERO (in millions) Sustaining capital expenditures (excluding VIES) Sustaining capital expenditures of DGD 2012 $1,525 6 2013 $1,413 2014 $1,232 Year Ended December 31, 2015 $1,459 2016 $1,418 2 10 2 28 2017 $1,300 13 2018 2019 2020 $1,896 $1,693 $1,095 47 20 31 Total sustaining capital expenditures Adjustments: 1,531 1,415 1,242 1,461 1,446 1,313 1,943 1,713 1,126 DGD's sustaining capital expenditures attributable to our joint venture partner Sustaining capital expenditures attributable to Valero (3) $1,528 (1) $1,414 (5) $1,237 (1) $1,460 (14) $1,432 (7) $1,306 (24) $1,919 (10) $1,703 (15) $1,111 RECONCILIATION OF TOTAL GROWTH CAPITAL INVESTMENTS TO GROWTH CAPITAL INVESTMENTS ATTRIBUTABLE TO VALERO (in millions) Growth capital expenditures (excluding VIES) 2012 $1,675 2013 $1,268 2014 Year Ended December 31, 2015 2016 2017 2018 2019 2020 $1,556 $830 $544 $488 $455 $696 $542 Growth capital expenditures of VIES: DGD 204 72 4 6 75 145 140 517 Other VIES 26 124 225 251 Investments in unconsolidated joint ventures 57 76 14 141 4 406 181 164 54 Total growth capital investments 1,936 1,416 1,574 971 554 995 905 1,225 1,364 Adjustments: DGD's growth capital investments attributable to our joint venture partner Growth capital expenditures of other VIES (102) (36) (2) (3) (37) (72) (70) (259) (7) (66) (11) (26) (124) (225) (251) Growth capital investments attributable to Valero $1,834 $1,373 $1,506 $960 $551 $932 $709 $930 $854 INVESTOR PRESENTATION | JUNE 2021 Valero 51#52Non-GAAP Disclosures: Free Cash Flow RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES UNDER GAAP TO FREE CASH FLOW (unaudited, in millions) 2012 2013 2014 Net cash provided by operating activities Less: Capital expenditures Less: Deferred turnaround and catalyst cost expenditures $ 5,270 $ 5,564 $ 4,241 Year Ended December 31, 2015 $ 5,611 2016 2017 2018 2019 2020 $ 4,820 2,931 2,121 2,153 1,618 1,278 $ 5,482 1,353 $ 4,371 $ 5,531 $948 1,628 1,769 1,537 479 634 649 673 718 523 915 780 648 Less: Investments in joint ventures 57 76 14 141 4 406 181 164 54 Less: Changes in current assets and current liabilities (302) 922 (1,810) (1,306) 976 1,289 (1,297) 294 (345) Free cash flow $ 2,105 $ 1,811 $ 3,235 $ 4,485 $ 1,844 $ 1,911 $ 2,944 $ 2,524 ($946) Total free cash flow, 2012 - 2020 Number of years Average free cash flow, 2012-2020 INVESTOR PRESENTATION | JUNE 2021 $19,913 9 $2,213 Valero 52#53Non-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) 2012 2013 Net cash provided by operating activities $5,270 $5,564 2014 $4,241 Year Ended December 31, 2015 2016 $5,611 $4,820 2017 2018 2019 2020 $5,482 $4,371 $5,531 $948 Exclude: Changes in current assets and current liabilities (302) 922 (1,810) (1,306) 976 1,289 (1,297) 294 (345) DGD's adjusted net cash provided by operating activities attributable to our joint venture partner's ownership interest in DGD Adjusted net cash provided by operating activities (A) (3) 11 70 81 83 41 175 390 338 $5,575 $4,631 $5,981 $6,836 $3,761 $4,152 $5,493 $4,847 $955 RECONCILIATION OF PURCHASES OF COMMONS STOCK FOR TREASURY AND COMMON STOCK DIVIDENDS TO PAYOUT RATIO (unaudited, in millions) Purchases of common stock for treasury Common stock dividends Total payout (B) Payout ratio (B/A) INVESTOR PRESENTATION | JUNE 2021 2012 2013 2014 $281 $928 360 462 $641 $1,390 $1,296 554 $1,850 Year Ended December 31, 2015 $2,838 2016 2017 2018 2019 2020 $1,336 $1,372 $1,708 $777 $156 848 $3,686 1,111 1,242 1,369 1,492 1,600 $2,447 $2,614 $3,077 $2,269 $1,756 11% 30% 31% 54% 65% 63% 56% 47% 184% Valero 53#54Investor Relations Contacts Our products fuel modern life and make a better future possible Homer Bhullar Vice President, Investor Relations & Finance 210.345.1982 [email protected] Eric Herbort Senior Manager, Investor Relations 210.345.3331 Eric. [email protected] OUTBACK Gautam Srivastava Senior Manager, Investor Relations 210.345.3992 Gautam.Srivastava @Valero.com Valero