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Headquarters: Website: http://www.valero.com The largest oil refiner in North America, Valero Energy has an extensive refining system with a throughput capacity of more than 2.9 million barrels per day. The company operates 15 refineries stretching from Canada to the U.S. Gulf Coast and West Coast to the Caribbean. Valero subsidiaries employ approximately 10,000 people, and assets include 15 petroleum refineries with a combined throughput capacity of approximately 3.0 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year, and a 50-megawatt wind farm. Approximately 7,500 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) In 2015, Valero reported revenues of $87.8 billion, down from $130.8 billion, and net income of $4.0 billion. 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. 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. Updated January 29, 2016 |
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