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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 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 22,000 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. Approximately 6,800 retail and branded wholesale 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. Valero has long been recognized throughout the industry as a leader in the production of premium, environmentally clean products, such as reformulated gasoline, California Air Resources Board (CARB) Phase II gasoline, low-sulfur diesel and oxygenates. In 2011, Valero reported revenues of $125.9 billion, up from $82.2 billion, and net income of $2.09 billion. Products include: - Reformulated gasoline (RFG) "Although the fourth quarter clearly showed the volatility of the refining business, 2011 was a great year for Valero," said Valero Chairman and CEO Bill Klesse. "We had the highest annual earnings since 2008, acquired the Pembroke and Meraux refineries and related assets, completed several of our major capital projects, and paid off over $775 million in debt." "So far in 2012, product margins have improved versus the fourth quarter of 2011," Klesse continued. "The macro view for refining in 2012 looks promising given the combination of positive economic trends in the U.S., expectations of global demand growth, and continuing capacity rationalization in the industry, particularly in Europe, the U.S. East Coast, and the Caribbean." 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. Updated February 2, 2012 |
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