Valero Energy Corporation
VLO
Energy
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Valero is the largest independent petroleum refiner in North America, operating 15 refineries with ~3.2 million barrels/day throughput capacity. Core business is refining crude oil into gasoline, diesel, and jet fuel.
Valero Energy is the primary supplier of JP-8 military-grade jet fuel to the Israeli Air Force. AFSC Investigate documents bimonthly tanker shipments from Valero's Bill Greehey refinery in Corpus Christi, Texas to Ashkelon, Israel between 2020 and 2024. U.S. Department of Defense Foreign Military Sales contracts for Israeli fuel supply totaled over $645 million across 2001-2004, 2008, 2009, and 2012. Valero also supplies EN590 diesel fuel for Israeli military ground vehicles. SOMO's "Fuelling the Flames in Gaza" report and Oil Change International's supply chain analysis both identify Valero as a key node in the U.S.-to-Israel military fuel pipeline. Valero appears on the Pentagon's Top 100 suppliers list.
Research Sources
2 organizations
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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