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Feb 2018 Barclays Teach-In FINAL (2!15!2018)

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Barclays - Valero - Bascis of Refining and Optmizations
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  Basics of Refining and Optimization February 20, 2018  2 Disclaimers Statements contained in this presentation that state the company’s or management’s expectations or predictions of the future are forward–looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” and other similar expressions identify forward–looking statements. It is important to note that actual results could differ materially from those projected in such forward–looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission, and available on Valero’s website at www.valero.com.  Gary Simmons SVP Supply, International Operations & Systems Optimization  4  Agenda 1 Crude oil overview 2 Refining basics 3 Refinery optimization 4 Crude oil valuation and relative discounts
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