Valero 2015 Annual Report Download - page 28

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Table of Contents
• the actions taken by competitors, including both pricing and adjustments to refining capacity in response to market conditions;
• the level of competitors’ imports into markets that we supply;
• accidents, unscheduled shutdowns, or other catastrophes affecting our refineries, machinery, pipelines, equipment, and
information systems, or those of our suppliers or customers;
• changes in the cost or availability of transportation for feedstocks and refined products;
• the price, availability, and acceptance of alternative fuels and alternative-fuel vehicles;
• the levels of government subsidies for alternative fuels;
• the volatility in the market price of biofuel credits (primarily Renewable Identification Numbers (RINs) needed to comply with
the U.S. federal Renewable Fuel Standard) and GHG emission credits needed to comply with the requirements of various GHG
emission programs;
• delay of, cancellation of, or failure to implement planned capital projects and realize the various assumptions and benefits
projected for such projects or cost overruns in constructing such planned capital projects;
• earthquakes, hurricanes, tornadoes, and irregular weather, which can unforeseeably affect the price or availability of natural gas,
crude oil, grain and other feedstocks, and refined products and ethanol;
• rulings, judgments, or settlements in litigation or other legal or regulatory matters, including unexpected environmental
remediation costs, in excess of any reserves or insurance coverage;
• legislative or regulatory action, including the introduction or enactment of legislation or rulemakings by governmental
authorities, including tax and environmental regulations, such as those implemented under the California Global Warming
Solutions Act (also known as AB 32), Quebec’s Regulation respecting the cap-and-trade system for greenhouse gas emission
allowances (the Quebec cap-and-trade system), and the U.S. EPA’s regulation of GHGs, which may adversely affect our
business or operations;
• changes in the credit ratings assigned to our debt securities and trade credit;
• changes in currency exchange rates, including the value of the Canadian dollar, the pound sterling, and the euro relative to the
U.S. dollar;
• overall economic conditions, including the stability and liquidity of financial markets; and
• other factors generally described in the “Risk Factors” section included in Item 1A, “Risk Factors” in this report.
Any one of these factors, or a combination of these factors, could materially affect our future results of operations and whether any
forward-looking statements ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance,
and actual results and future performance may differ materially from those suggested in any forward-looking statements. We do not
intend to update these statements unless we are required by the securities laws to do so.
All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in
their entirety by the foregoing. We undertake no obligation to publicly release any revisions to any such forward-looking statements
that may be made to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events.
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