Renewable Diesel Driving Low Carbon Results
Disciplined Capital Management is a Constant in
Our Strategy
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Maintain Strong Balance Sheet
Maintain investment grade credit rating
Target 20% to 30% net debt-to-cap ratio
Non-discretionary
Sustaining Capex
Dividend
Target approximately $1.5 billion annually
Key to safe and reliable operations
Discretionary
Commitment to stockholders
Targeting a sustainable and growing dividend with a payout
that is at the high end of our peer group
•
Growth Capex
25% after-tax IRR hurdle rate for projects
Refining projects focused on operating cost
control, market expansion and margin
improvement
Renewable fuels expansion
Acquisitions
• Evaluate versus alternative uses of cash
•
Buybacks
Targeting an annual payout ratio between
40% and 50% of adjusted net cash
provided by operating activities
Stock buyback program consists of ratable
and opportunistic purchases
INVESTOR PRESENTATION | JUNE 2021
See slides 23-24 for notes regarding this slide.
▼Valero 17View entire presentation