Visibility to Growth and Disciplined Capital Management
Disclaimers
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 "believe," "estimate," "expect," "forecast," "could," "may," "will," "targeting," "illustrative" 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. 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 can not 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 reports 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 non-GAAP financial measures. Our reconciliations of GAAP financial measures to non-
GAAP financial measures are located at the end of this presentation. These non-GAAP financial measures should not
be considered as an alternative to GAAP financial measures.
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