On November 22, 2022, Valero Energy Corporation amended and restated its existing revolving credit agreement dated as of March 19, 2019 to, among other things, extend the maturity from March 19, 2024 to November 22, 2027. The amended and restated credit agreement (the “Credit Facility”) was entered into by and among the Company, JPMorgan Chase Bank, N.A. as Administrative Agent and the several lenders party thereto. The Credit Facility provides for a revolving credit facility in an aggregate principal amount of up to $4,000,000,000 with a letter of credit sub facility of up to $2,400,000,000.

Revolving commitments under the Credit Facility may be increased by up to $1,500,000,000 for a total revolving commitment of $5,500,000,000. Borrowings under the Credit Facility bear interest, at the Company's election, at either the Adjusted Term SOFR Rate (as defined in the Credit Facility) plus a margin ranging from 0.9% to 1.45% per annum, based upon the Company's ratings from S&P, Moody's and Fitch, or  the Alternate Base Rate (as defined in the Credit Facility) plus a margin ranging from 0.0% to 0.45% per annum, based upon the Company's ratings from S&P, Moody's and Fitch. The Credit Facility requires the Company to pay a commitment fee accruing on the daily amount of used and unused commitments of the lenders at a rate ranging from 0.1% to 0.3% per annum, based upon the Company's ratings from S&P, Moody's and Fitch.

Interest and commitment fees under the Credit Facility are payable quarterly in arrears (or shorter, if the interest period elected by the Company is shorter than 3 months). In addition to the commitment fee, the Credit Facility also requires the Company to pay customary letter of credit participation and fronting fees to the lenders and a customary agency fee to the Administrative Agent. The Credit Facility contains various customary affirmative and negative covenants and events of default.

Proceeds under the Credit Facility will be used for general corporate purposes.