Valero's Strong Competitive Position Means Robust Shareholder Payouts in the Current Environment

Valero remains well positioned for almost any market environment thanks to its high-quality refining assets and their location, which affords it greater feedstock flexibility. Historically, Valero has held an advantage thanks to its system of 15 refineries that is more complex than competitors', allowing it to process lower-quality feedstock into a high-value product. With the emergence of domestic light crude discounts it pivoted to processing greater amounts of high-quality discounted domestic crude by substituting domestic for imported crude, constructing additional light crude processing capacity and investing in transportation infrastructure.