Valero Energy (VLO) risk factors: FY2025 10-K

1. Our financial results are affected by volatile margins, which are dependent upon factors beyond our control, including the prices we pay to acquire feedstocks and the market prices at which we can sell our products.reworded
2. We are subject to risks arising from the availability and prices of natural gas, electricity, and water.reworded
3. The availability and prices of our feedstocks and other critical supplies expose us to risks.reworded
4. We are subject to risks arising from our operations and business activities outside of the U.S.reworded
5. We are subject to risks arising from transportation and logistics disruptions and availability.
6. Differences in competitors’ businesses or resources may at times provide them a competitive advantage.new
7. We are subject to risks arising from an interruption in any of our refineries or plants.
8. Our pursuit of capital and other strategic projects and actions exposes us to various risks.new
9. Our investments in joint ventures and other entities limit our ability to manage risk.reworded
10. Industry, market, and other developments could decrease the demand for our products.
11. We are subject to risks arising from climate- and other sustainability-related advocacy and pressure.new
12. We may incur losses and additional costs as a result of our hedging transactions.

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1. We are subject to risks arising from legal, regulatory, and political developments regarding climate- and environmental-related matters, or that are adverse to or restrict refining and marketing operations.reworded
2. We are subject to risks arising from the Renewable and Low-Carbon Fuel Programs, and other regulations, policies, international certifications, and standards impacting low-carbon fuels.
3. Applicable environmental, health, and safety laws and regulations expose us to various other risks.reworded
4. We are subject to risks arising from litigation, government action, and mandatory disclosure rules related to climate- and other sustainability-related matters, or aimed at the fossil fuel industry.reworded
5. We are subject to risks arising from compliance with and changes in tax laws.

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1. We are subject to risks arising from a significant breach of our information systems.
2. Data privacy and security issues expose us to increased liability and operational changes and costs.reworded

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1. Uncertainty and illiquidity in financial markets, or changes in our credit profile or ratings, can adversely affect our ability to obtain credit and capital, increase our costs, and limit our flexibility.
2. We do not maintain insurance coverage that fully protects against all potential losses and liabilities.new
3. We are exposed to risks arising from various labor-related matters.new

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Headings in the FY2024 10-K with no match this year.

1. We are subject to risks arising from sentiment towards climate-related matters, fossil fuels, GHG emissions, and other sustainability-related matters.
2. Competitors that produce their own supply of feedstocks, own their own retail sites, operate in different regions, or have greater financial resources may have a competitive advantage.
3. Large capital and other strategic projects can take many years to complete, and the legal regulatory, and political environments or other market conditions may change or deteriorate over time.
4. We are subject to risks arising from severe weather events.
5. Our business may be negatively affected by work stoppages, slowdowns, or strikes, as well as by new legislation or an inability to attract and retain sufficient labor, and increased costs related thereto.
6. Our ability to adequately insure losses or liabilities arising from various hazards exposes us to risks.