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Valero’s culture of giving back reflects the heart of its people.
Through the incredible kindness of its employees and business partners, who selflessly give and genuinely care for those in need in their communities, team Valero in San Antonio surpassed its local fundraising goal of $3.5 million, pledging a record $4.7 million to the United Way of San Antonio and Bexar County for the 2024 campaign. This brings Valero’s all-time San Antonio total to nearly $90 million provided to the United Way since 1980.
Along with its generous business partners, Valero’s legacy of giving through the Valero Texas Open and Benefit for Children (BFC) continues to make a difference for children. BFC funds will be distributed across the U.S. where Valero has operations. In September, the company gave 60 San Antonio area agencies BFC grants totaling $1.5 million. These funds support vital children’s programs that provide basic needs, education and health care services such as ensuring more than 9,000 children have nutritious meals, over 3,000 children have after-school care and more than 4,000 children have access to health-related treatments.
Valero reported strong financial results in the third quarter. Refining margins were supported by strong demand, and this was evident in its U.S. wholesale system, where it matched the second-quarter record of over 1 million barrels per day of sales volume. Valero’s refineries operated well and achieved 95 % capacity utilization, a testament to their team’s relentless focus on operational excellence. Valero’s ethanol business also performed well, supported by good operations and margins.
In addition to good earnings for the quarter, Valero continues to prioritize strategic projects that enhance the earnings capability of its business and expand its long-term competitive advantage. The Sustainable Aviation Fuel (SAF) project at the Diamond Green Diesel (DGD) Port Arthur plant remains on schedule and is expected to be complete in 2025 and cost $315 million, with half of that attributable to Valero. This project is expected to give the plant the optionality to upgrade approximately half of its current 470 million gallon renewable diesel annual production capacity to SAF. With the completion of this project, DGD is expected to become one of the largest manufacturers of SAF in the world.
Also, during the third quarter, Valero released its Environmental, Social and Governance (ESG) Report, which supports its consistent and proactive dialogue with stockholders, neighboring communities, business partners and other stakeholders. The report highlights Valero’s efforts and accomplishments in pursuing its guiding principles in the areas of safety, environment, community, employees and governance.
Valero will continue to take actions today to help build a better tomorrow, in business and in its communities.
