Renewable Diesel Driving Low Carbon Results

Demonstrated 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

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