Valero Energy

One of the nation's top oil refining companies.

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Headquarters:
One Valero Place
San Antonio, TX 78249
Employees: 10,500
CEO: William Klesse
Stock Symbol: VLO

Website: http://www.valero.com

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The largest oil refiner in North America, Valero Energy has an extensive refining system with a throughput capacity of more than 3 million barrels per day. The company operates 16 refineries stretching from Canada to the U.S. Gulf Coast and West Coast to the Caribbean.

Valero subsidiaries employ approximately 10,500 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm.

In May 2013, the company spun off its retail store division into a separate company called CST Brands. CST Brands, Inc. (CST), which includes Corner Store and Dépanneur du Coin, has 1,900 stores in the U.S. and Canada and $13 billion in revenues.

More than 7,300 outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland.

Products include:

- Reformulated gasoline (RFG)
- Conventional gasoline
- Premium grades of reformulated and conventional gasoline
- California Air Resources Board (CARB) Phase III gasoline
- Customized clean-burning gasoline blends for export markets (i.e., Mexican CARB)
- Clean-burning oxygenates
- Gasoline blendstocks (alkylate, raffinate, naphtha, reformate)
- Low-sulfur gasoline (less than 30 ppm) -- Atlanta grade
- Low-sulfur diesel and ultra low-sulfur diesel (less than 15 ppm)
- Jet fuel (commercial and military)
- Aviation gasoline
- Kerosene
- Home heating oil and stove oil
- Petrochemicals (mixed xylenes, benzene, toluene, chemical- and refinery-grade propylene)
- Asphalt
- Lube base oils (industrial and automotive)
- Sulfur
- Crude mineral spirits
- Bunker oils
- Petroleum coke
- Propane -- Octene

In 2013, Valero reported revenues of $138.0 billion, down from $139.2 billion, and net income of $2.7 billion.

Fourth quarter 2013 refining throughput volume averaged 2.8 million barrels per day, an increase of 139,000 barrels per day from the fourth quarter of 2012.

"We had a great fourth quarter and ended the year on a strong note," said Valero Chairman and CEO Bill Klesse. "Our refineries and ethanol plants ran well and at a high utilization rate in the fourth quarter. In refining, we took advantage of favorable crude oil discounts at most locations, while our ethanol business enjoyed high margins and set a record high for quarterly and annual operating income."

Commenting on strategic accomplishments in the fourth quarter, Klesse said, "In addition to liquidating our remaining interest in CST Brands, we successfully completed the initial public offering of common units in Valero Energy Partners LP. We plan to use this master limited partnership as the primary vehicle to grow our transportation and logistics assets."

History

On Jan. 1, 1980, Valero was born as the corporate successor to LoVaca Gathering Company, a natural gas gathering subsidiary of the Coastal States Gas Corporation. The company's formation was far from a smooth one. LoVaca and Coastal had contracts to supply natural gas to utilities around Texas. Due to the natural gas shortage in the 1970s, LoVaca was unable to honor its contracts. After more than six years of litigation, a $1.6 billion settlement was reached, which included the formation of Valero as a new company, separate from Coastal. At that time, it was the largest corporate spinoff in U.S. history.

Valero would grow by acquiring refineries in Texas and California. In 2001, it acquired Ultramar Diamond Shamrock to become one of the nation's top refining companies.

Updated February 23, 2014