Valero Energy is one of the world's largest petroleum refiners. The core business is buying crude oil, processing it through a network of 15 refineries in the U.S., Canada, and the U.K., and selling the output — primarily gasoline, diesel, and jet fuel — to wholesale customers via terminal truck rack sales and bulk sales to petroleum companies, traders, and large end users like airlines and utilities. Valero's refinery network has combined throughput capacity of approximately 3.2M barrels per day, concentrated on the U.S. Gulf Coast. Valero makes money on the "crack spread" — the difference between what it pays for crude and what it receives for refined products. A key structural advantage is Valero's ability to process heavy, high-sulfur sour crude, which trades at a discount to lighter crude, allowing Valero to buy cheaper feedstock while still selling premium products. Beyond refining, Valero operates two smaller businesses: a renewable diesel joint venture (Diamond Green Diesel) with approximately 1.2B gallons per year of capacity, and 12 ethanol plants with approximately 1.7B gallons per year of capacity. Valero targets returning 40–50% of adjusted operating cash flow to shareholders annually through dividends and buybacks, with excess free cash flow directed to repurchases.