Visibility to Growth and Disciplined Capital Management

Project Price Set Assumptions Port Arthur Coker Project Diamond Green Diesel Project 2018 Driver ($/bbl) Average(1) LCFS Credit Average Prices (2) ($/MT) $195 ICE Brent 71.56 200 ICE Brent - WCS Houston 9.41 HSVGO - ICE Brent 6.03 3.5%S Fuel Oil – ICE Brent - (10.39) 100 USGC CBOB - ICE Brent 4.85 USGC ULSD - ICE Brent 14.05 Naphtha ICE Brent LPG ICE Brent (1.38) (34.77) 0 2014 2015 2016 2017 2018 2019 Expect LCFS credit prices to continue to increase. (1) Source: 2018 average prices from ICE, Argus, Platts, and OPIS. (2) Source: Monthly average prices from California Air Resources Board as of October 2019. 29 Valero

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