Valero has kept a steadfast focus on what we can control amid these dynamic times, placing the highest priority on our people and the communities where they live and work, and on the safe and responsible production of products essential to modern life.
Last month, Valero provided 58 San Antonio area children’s charities with Valero Benefit for Children (BFC) grants totaling $1.5 million from the $22 million in net proceeds generously raised through our business partners and sponsors during the 2022 Valero Texas Open.
BFC funds will be shared with all of the communities across the U.S. where Valero has operations, supporting vital children’s programs that provide basic needs, education and healthcare services.
Valero’s San Antonio employees also far exceeded our local United Way fundraising goal of $3.5 million, pledging a record of more than $4.5 million for the United Way of San Antonio and Bexar County. Valero takes pride in our employees’ caring spirit, personally giving their resources to help those in need.
Valero continues to make essential transportation fuels the world depends on every day in a safe, reliable and environmentally responsible manner, increasing refinery utilization rates to 95% in the third quarter of 2022.
Valero remains committed to advancing the growth of its low-carbon fuels businesses to further strengthen our long-term competitive advantage and drive higher returns.
The Diamond Green Diesel (DGD) joint venture set another record for renewable diesel sales volume of 2.2 million gallons per day in the quarter. A new DGD plant, located adjacent to Valero’s Port Arthur, Texas, refinery is currently in the startup process and is expected to be operational in November. This will bring DGD’s total annual production capacity to 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha, a gasoline blending component that lowers the carbon intensity of gasoline, solidifying DGD’s leading position as North America’s largest producer of renewable diesel.
As for Valero’s other low-carbon fuel opportunities, BlackRock and Navigator’s carbon sequestration project is progressing on schedule and is expected to begin startup activities in late 2024. Valero is expecting to be the anchor shipper, with eight of our ethanol plants connected to the system, which should provide a lower carbon intensity ethanol product.
Valero continues to evaluate other low-carbon opportunities, including sustainable aviation fuel, renewable hydrogen and additional renewable and carbon sequestration projects.
Valero recently released its Environmental, Social and Governance (ESG) Report, which provides an in-depth review of the actions we are taking right now to build a better tomorrow.