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Valero Energy Corp
Barclays Energy & Power Conference
| Bill Klesse | Page 17 of 11 |
February 07, 2016
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Cash Additional Liquidity $ - $2,000 $4,000 $6,000 $8,000 $10,000 Year - end 2009 Year - end 2010 3/31/11 6/30/11 0% 10% 20% 30% 2008 2009 2010 1Q11 2Q11 Financial Strength Provides Opportunity for Growth Returning cash to shareholders In August, bought 11 million shares for $220 million, or 2% of outstanding shares Reviewing dividend increase at October board meeting Investment grade credit rating Paid off $718 million of debt in 1H11 Ended 2Q11 with $4.1 billion of cash and $4.1 billion of additional liquidity Used $1.8 billion of cash for August 1 closing of Pembroke acquisition Still over $3 billion of cash as of 8/31/11 Net debt- to -cap ratio at 6/30/11 was 18% Down from 25% at 12/31/10 and far below credit facility covenant of 60% No other coverage-type ratios or borrowings on bank revolver Significant liquidity enables Valero to take advantage of opportunities Net Debt- to -Capitalization Ratio (period- end) Total Liquidity (Credit Facility, Letters of Credit, etc.) 17 $7.16/sh in cash millions