Renewable Diesel Driving Low Carbon Results
Non-GAAP Disclosures
Capital Investments Attributable to Valero
VLO defines capital investments attributable to Valero as all capital expenditures, deferred turnaround and catalyst cost expenditures,
and investments in unconsolidated joint ventures presented in VLO's consolidated statements of cash flows excluding the portion of
DGD's capital investments attributable to our joint venture partner and all of the capital expenditures of other VIES. Capital investments
attributable to Valero are allocated between sustaining capital expenditures attributable to Valero and growth capital investments
attributable to Valero.
VLO is a 50/50 joint venture partner in DGD and consolidates DGD's financial statements; as a result, all of DGD's net cash provided by
operating activities is included in VLO's consolidated net cash provided by operating activities. DGD's partners use DGD's operating cash
flow (excluding changes in its current assets and current liabilities) to fund its capital investments rather than distribute all of that cash
to themselves. Because DGD's operating cash flow is effectively attributable to each partner, only 50 percent of DGD's capital
investments should be attributed to VLO's net share of capital investments. VLO also excludes the capital expenditures of other
consolidated VIES because VLO does not operate those VIES. VLO believes that capital investments attributable to Valero is an important
measure because it more accurately reflects capital investments of VLO.
INVESTOR PRESENTATION | JUNE 2021
VValero 45View entire presentation