Valero Energy Corp. (VLO): 2Q Preview: After Volatile Crude Backdrop in 2Q, See Upside to Consensus Estimates in 2H 2026/2027 Driven By Strong Margins

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Valero Energy Corp. (VLO): 2Q Preview: After Volatile Crude Backdrop in 2Q, See Upside to Consensus Estimates in 2H 2026/2027 Driven By Strong Margins

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Disclosures

The rating(s) for Valero Energy Corp. is/are relative to the other companies in its/their coverage universe: CVR Energy Inc., Calumet Inc., Canadian

Natural Resources Ltd., Cenovus Energy Inc., Chevron Corp., ConocoPhillips, Delek US Holdings, Exxon Mobil Corp., HF Sinclair Corp., Imperial Oil Ltd.,

Kosmos Energy Ltd., Marathon Petroleum Corp., PBF Energy Inc., Par Pacific Holdings, Phillips 66, Suncor Energy Inc., Valero Energy Corp.

Company-specific regulatory disclosures

The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered

by Goldman Sachs Global Investment Research and referred to in this research.

Goldman Sachs had a non-investment banking securities-related services client relationship during the past 12 months with: Valero Energy Corp.

($260.44)

Goldman Sachs had a non-securities services client relationship during the past 12 months with: Valero Energy Corp. ($260.44)

Goldman Sachs makes a market in the securities or derivatives thereof: Valero Energy Corp. ($260.44)

Distribution of ratings/investment banking relationships

Goldman Sachs Investment Research global Equity coverage universe

Rating Distribution Investment Banking Relationships

Buy Hold Sell Buy Hold Sell

Global 50% 34% 16% 65% 60% 45%

As of April 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,074 equity securities. Goldman Sachs assigns stocks as