Valero closely follows regulatory developments and participates in professional and public-policy forums that address climate change and its potential impacts. With adoption of new technologies, and improved and more efficient operations, Valero will continue to reduce its greenhouse-gas emissions.

We continue to evaluate low-carbon opportunities for the production of transportation fuels, electricity and chemicals. Through initiatives such as flare-gas recovery, on-site power and steam co-generation, and alternative-energy endeavors, Valero continues to produce clean and renewable fuels for the world's energy needs in safe and reliable facilities, with a focus on the communities and the environment around them.

Valero prepares annual greenhouse-gas emission inventories which follow rigorous regulatory-prescribed measurement and estimation methodologies. In 2011, the last full year reported, direct greenhouse-gas emissions from our refining operations were 27.4 million metric tons, which is equivalent to 30.9 metric tons per thousand barrels of throughput. This compares to a 2010 emissions level of 32.9 metric tons per thousand barrels of throughput. This reduction is reflective of our efforts to continually improve the energy efficiency of our operations.