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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. In combination with its interest in Valero L.P., Valero has 9,186 miles of refined product and crude oil pipelines as well as refined product terminals and crude oil storage facilities, which complement its refining and marketing assets in the U.S. Southwest and Mid-continent regions. Valero has approximately 5,800 retail gas stations branded as Valero, Diamond Shamrock, Ultramar, Beacon and Total. The company markets on a retail and wholesale basis through a bulk and rack marketing network in 44 U.S. states, Canada, Latin America and the Caribbean region. 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. The company's assets are valued at more than $38 billion. In 2008, Valero reported record revenues of $119 billion and a net loss of $1.1 billion. Products include: - Reformulated gasoline (RFG) 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 March 11, 2009 |