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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 45
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