Valero remains well positioned for almost any market environment thanks to its high-quality refining assets and their location, which affords it greater feedstock flexibility. Historically, Valero has held an advantage because its system of 15 refineries is more complex than that of its competitors, allowing it to process lower-quality feedstock into high-value products. With the emergence of domestic light-crude discounts, it pivoted to processing more high-quality, discounted domestic crude by substituting domestic for imported crude, building additional light-crude processing capacity, and investing in transportation infrastructure.