Visibility to Growth and Disciplined Capital Management

Increased Refinery Availability Has Driven Valero to be One of the Lowest Cost Producers Improvement in Mechanical Availability Versus Industry Benchmarks 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile 10 Valero Valero 2018 2008 $6.80 Refining Cash Operating Expenses Per Barrel of Throughput (Excludes Turnaround and D&A Expenses) Peer Range V Valero Valero Valero Valero Valero V Valero Valero k Valero Valero $3.00 Mechanical Availability 2010 2013 2016 Valero 2019(1) See slide 22 for notes regarding this slide. (1) 2019 refining cash operating expenses per barrel of throughput through September 30. Peer group includes PSX, MPC, HFC, and PBF. Valero

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