4 I am very proud of Team Valero and the work we do to advance the future of our company. Throughout the last year, our employees demonstrated resilience through safe and environmentally responsible operations for each other and our communities. In 2021, we more than doubled the production capacity of our renewable diesel facility in Louisiana, on budget and ahead of schedule. Right now, construction is underway on a new renewable diesel plant in Texas, with an accelerated expected completion in the fourth quarter of 2022. With startup activities expected to begin in late 2024, the large-scale carbon sequestration project with BlackRock, and Navigator is also progressing on schedule. These are great initiatives that show how we are leveraging our liquid-fuels platform and operational expertise to diversify into high-growth, high-return, low-carbon projects that further strengthen our long- term competitive advantage as a leading producer of transportation fuels. These projects move us even closer to achieving our refinery greenhouse gas (GHG) emissions goals for 2025 and 2035. But we are not stopping there. We continue to explore additional innovative low-carbon opportunities, like sustainable aviation fuel, cellulosic ethanol, low-carbon hydrogen and other initiatives to decrease emissions resulting from the use of our products. Turning to the community, last year alone we generated more than $62 million for charities that improve the lives in our neighboring communities. In 2021, we partnered with nonprofit organizations and funded impactful initiatives that addressed the needs of our neighbors. Efforts were focused on providing food, shelter, workforce training and access to health care, as well as preserving the environment through biodiversity and habitat restoration and protection projects. With more than half of the members of the board of directors representing diversity in gender, race and ethnicity, our board and the entire management team continue to drive our companywide diversity and inclusion efforts. We believe this is important to attract and retain the brightest minds, who we are certain will continue advancing the future of energy and our company. A LETTER FROM OUR CEO 4