Valero Energy Corporation

Greetings and welcome to the Valero Energy Corp second quarter 2026 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Donovan, Vice President of Investor Relations. Thank you. You may begin.

Good morning, everyone, and welcome to Valero Energy Corporation's second quarter 2026 earnings conference call. I'm joined today by Lane Riggs, Chairman, CEO, and President, Gary Simmons, Executive Vice President and COO, Rich Walsh, Executive Vice President and General Counsel, Homer Bhullar, Senior Vice President and CFO, as well as several other members of Valero's senior management team. If you have not yet received a copy of our earnings release, it is available on our website at InvestorValero.com. Included with the release are supplemental tables providing detailed financial information for each of our business segments, along with reconciliations and disclosures for any adjusted financial metrics referenced during today's call. If you have any questions after reviewing these materials, please feel free to reach out to our investor relations team. Before we begin, I would like to draw your attention to the forward-looking statement disclaimer included in the press release. In summary, it says that statements made in the press release and during this conference call that express the company's or management's expectations or forecasts of future events are forward-looking statements and are intended to be covered by the safe harbor provisions under federal securities laws. Actual results may differ from those expressed or implied due to various factors which are outlined in our earnings release and filings with the SEC. I'll now turn the call over to Lane for opening remarks.

Thank you, Brian, and good morning, everyone. We're pleased to report a strong second quarter driven by exceptional operational and commercial performance across all three of our business segments. While geopolitical and macroeconomic factors continue to drive volatility, Our team executed extremely well, adapting to changing market conditions and capturing opportunities across our refining, renewable diesel, and ethanol segments. Our refineries operated safely and reliably, helping meet resilient demand for transportation fuels. Our renewable diesel and ethanol segments also performed well, supplying additional liquid fuels to the market. On the financial side, our strong balance sheet remains a hallmark of our capital allocation framework. In addition to building cash during the quarter, we continue to demonstrate our long-standing commitment to shareholders, and earlier this month, we announced a dividend of $1.20 per share. Strategically, we still expect to complete our FCC unit optimization project at our St. Charles refinery during the third quarter. This $230 million investment is well-timed and will allow us to increase our production of high-value products, including output and finished gasoline. Looking ahead, to continue to see a constructive environment for our business. Refining fundamentals remain supported by low global product inventory, limited excess refining capacity, and resilient demand for transportation fuels. U.S. Gulf Coast continues to be one of the most advantaged crude sourcing regions in the world, supported by abundant domestic production and access to a diverse range of other feedstocks, including Canadian and Venezuelan crude. Our strategically positioned and highly competitive asset base is also well suited to supply constrained global product market. In closing, our strong results reflect the discipline and consistency of our operational commercial execution. Coupled with our differentiated balance sheet, these strengths position us well and provide plenty of financial flexibility. With that, I'll turn the call over to Homer.