Renewable Diesel Driving Low Carbon Results

Now 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

View entire presentation