Valero Energy

Valero Energy is a Fortune 500 international manufacturer and a marketer of transportation fuels, other petrochemical products and power. Valero Energy Corporation (NYSE: VLO) is a Fortune 500 oil and gas refining and retail company based in San Antonio, Texas. The company owns and operates 18 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.3 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation's largest retail operators with more than 5,000 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names, including Valero, Diamond Shamrock, Ultramar, Shamrock, and Beacon. 

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. 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. 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. Valero is a Fortune 500 company based in San Antonio.

1980: Valero Energy was founded on January 1, 1980 and is headquartered in San Antonio, TX.“ He planned to make Valero a "fully integrated energy company," as he told a Fortune correspondent in January 1980. 1, 1980, as the corporate successor to LoVaca Gathering Company, a subsidiary of the Coastal States Gas Corporation. Valero made its most significant investment late in 1980 when it bought a one-half interest in Saber Energy, Inc., a small marketer of gasoline, for $51 million.

1981: Valero acquired Corpus Christi Marine Services Company ("CCMS"), a small barge company in Corpus Christi, Texas in April 1981 when it purchased a stake in Saber Energy Inc. of Houston. In 1981 Valero embarked on the construction of the new refining facility, which was slated to cost $100 million.

1983: Acquisition of Spur stations and inauguration of the catalytic cracker at the Lévis Refinery By 1983 Texas was in the grip of a severe recession, and Valero's outlook was growing less rosy. Valero had taken on $550 million in debt to finance construction, and by 1983 the project was behind schedule.

1984: The cost of raw materials for Valero's refinery was driven up further in 1984 when Great Britain suffered a coal strike.

1985: Andrew, John, "Valero Energy Remains a Risky Investment Despite Recent Improvements, Analysts Say," Wall Street Journal, April 15, 1985. In May 1985, Valero Refining and Marketing Company was born from Valero's subsidiary, Saber Energy, Inc. At the end of 1985 Valero reported losses of $16.1 million. By late spring of 1985, more favorable conditions in the energy industry as a whole had begun to lift Valero's prospects.

1986: In an effort to strengthen its financial position, Valero restructured $700 million of its debt in April 1986 and got out of the coal business by selling off the mine it owned in Indiana. 1986: Acquisition of Gulf’s assets in Eastern Canada

1987: Faced with the problem of a profitable gas business that was carrying a money-losing refinery, Valero significantly restructured itself in early 1987. Valero lost $13.3 million in the first six months of 1987 on its refining and gasoline marketing activities.

1988: By 1988, however, the climate for petroleum refining had improved, and Valero began to see a turnaround in its fortunes. Valero ended 1988 with $30.6 million in posted profits.

1989: Increase in refining capacity to 130,000 barrels (or 20.7 million litres) a day and addition of isomerization and desulphurization units These measures, along with the reduction in Valero's debt load, allowed the company to reduce its break-even point for a barrel of refined oil from $6.00, when the plant had started up, to $3.60 in 1989.

1990: Acquisition of Texaco’s assets in the Atlantic provinces

1991: The launching of the Allied offensive in the Persian Gulf in early 1991 immediately drove petroleum prices down. Although Valero lost money when it was forced to shut down part of its production to make improvements to its plant, the company completed 1991 with record profits of $98.7 million.

1992: Looking to profit from the general move toward more environmentally conscious, cleaner-burning fuels, such as natural gas and the high-octane products refined at its Corpus Christi facility, Valero continued to upgrade its plants in 1992.

1994: In May 1994, the company bought the 51 percent of Valero Natural Gas Partners it did not already own for about $117 million. 1994: Acquisition of Sergaz stations In addition, the company expected that by 1994 their entire gasoline output would be made up of reformulated gasoline.

1995: Turner later repurchased Mission Petroleum Carriers when it was acquired by Diamond Shamrock which was the foundation of TETCO, and the business portfolio of the former National Convenience Stores, which was acquired by Diamond Shamrock in November 1995. Launch of the Corner Store network

1996: Acquisition of Sunoco stations in Quebec and introduction of a new mode of transportation: the unit train Valero soon began seeking a buyer for the business, however, an effort that continued into 1996. Late in 1996 Valero officially announced plans to split the company up in order to concentrate solely on oil refining and marketing.

1997: But in the years that followed, Valero assembled its “Refinery of the Future,” and through its subsidiaries added more refineries starting in 1997, with 16 plants today. Already in late 1997, the company announced plans to increase capacity at all three Basis facilities. The first acquisition of this buying binge also occurred in 1997.

1998: In mid-1998, Valero completed a transaction whereby it sold its natural gas business to PG&E Corporation for $720 million in stock and the assumption of $780 million in debt. In 1998, it then acquired a Paulsboro, New Jersey, refinery, the company's first outside of the Gulf Coast area.

2000: In 2000, Valero purchased ExxonMobil's Benicia, California, refinery and interest in 350 Exxon-branded service stations in California, mainly in the San Francisco Bay Area.

2001: In June 2001, Valero acquired the Huntway Refining Company, along with two asphalt plants on the West Coast. 2001: The Lévis (Saint-Romuald) Refinery changes its name to the Jean Gaulin Lévis Refinery 2001: The company becomes a wholly owned subsidiary of Valero Energy Corporation , trading on the New York Stock Exchange under the symbol VLO. NuStar Energy L.P.’s history has been filled with dramatic growth and success, rising from humble beginnings in 2001 to become the rising star of the energy industry today.

2002: Increase in refining capacity to more than 215,000 barrels (or 34 million litres) a day Starting in 2002, Valero has expanded its marketing to the East Coast, specifically the Northeast and Florida, using the Valero brand.

2003: After purchasing several assets from Valero Energy in 2003, the L.P. also redeemed 3.8 million common units from Valero Energy to reduce Valero’s ownership interest in the partnership from nearly 74 percent to about 49 percent.

2004: By 2004, the company every day, was turning two million barrels of crude oil into 40 million gallons of gasoline, which amounted to 10 percent of the United States supply.

2005: On April 25, 2005, Valero agreed to buy Premcor, Inc., for $8 billion in cash and stock to become the largest United States refiner, as record prices for gasoline and other fuel boosted profits. On June 30, 2005, Valero announced that it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand. That same year, Valero expands in Corpus Christi with the purchase of a second refinery (later named the Corpus Christi Refineries East Plant), and acquires two asphalt refineries on the West Coast. *Divested in 2005

2006: With this acquisition, Valero also received ownership of Shamrock Logistics L.P., which was renamed Valero L.P. In 2006, the division was spun off as NuStar Energy.

2007: The NuStar Energy L.P. name and logo were unveiled in February 2007, and became official in April 2007 when the L.P. began trading as NuStar, with the NYSE ticker symbol, “NS.” And NuStar GP Holdings, LLC began trading under the symbol, “NSH.”

2008: 2008: Refining capacity exceeds more than 265,000 barrels (or 41.5 million litres) a day In 2008 NuStar also expanded into asphalt refining and marketing and became one of the nation’s leading asphalt producers with the purchase of East Coast asphalt refining assets. That same year, Valero acquires three new refineries from Basis Petroleum, two in Texas (Houston and Texas City) and one in Louisiana (Krotz Springs*), becoming the largest independent refining company on the Gulf Coast. *Divested in 2008

2009: Valero laid off 500 employees at its refinery in Delaware City, Delaware on November 20, 2009, due to profitability concerns.

2010: Valero becomes the second-largest independent refining company in the U.S with its purchase of Paulsboro Refinery* in New Jersey, its first transaction with a major oil company (Mobil). *Divested in 2010

2011: On March 11, 2011, Valero announced that it had agreed to a major European purchase from Chevron Corp. for $730 million in cash, not including working capital that will be determined at closing.

2012: In 2012, NuStar purchased an additional crude pipeline and storage system, as well as a gathering system in the Eagle Ford Shale region, and announced intentions to further grow its operations in that region and in the other shale play regions.

2013: The deal elevates Valero to one of the top five asphalt producers in the nation, and marks the company’s entry into the retail*, branded wholesale and marketing sectors. *Retail business divested in 2013

2014: Valero Renewables grows to 10 ethanol plants with the purchase of three more sites (Bloomingburg, Ohio; Linden, Indiana; and Jefferson, Wisconsin), and one additional site in Mount Vernon, Indiana in 2014.

2015: In 2015, on the heels of the United States government’s lifting of the federal ban on the export of crude oil produced in the United States, NuStar loaded what was believed to be the nation’s first export of United States-produced light crude oil at its Corpus Christi North Beach Terminal.

2016: Valero extends its international reach with the acquisition of El Paso Corporation’s Aruba Refinery* plus related marine, bunkering and marketing operations. *Divested in 2016

2017: In 2017, NuStar made its entry into the Permian Basin by acquiring Navigator Energy Services, LLC.

2018: A change to the logo, store canopy and facade was announced in April 2018.

Valero Energy has declared that their ambition is to create a better tomorrow by taking a leading role in the development of energy through inventive practices, creative solutions, and superior implementation. Valero Energy is committed to securing a brighter future for the energy industry through its commitment to the advancement of innovation, the utilization of ingenious ideas, and the successful carrying out of their mission. 

Valero is dedicated to being the top producer, distributor and seller of superior transportation fuels and petrochemical feedstocks, while at the same time satisfying the demands of its employees, local neighborhoods, and stakeholders. The company strives to be an exemplary model of excellence in industry, providing outstanding products and services to customers. The company vision is to be the benchmark for excellence in the industry, delivering only the best quality products and services to valued customers.

Refining: Valero operates 15 petroleum refineries across the United States, Canada, and the United Kingdom, which process crude oil into a wide range of products such as gasoline, diesel fuel, jet fuel, and other products.

Renewable Fuels: Valero produces and markets renewable fuels, including ethanol, biodiesel, and renewable diesel.

Marketing and Supply: Valero markets and supplies a wide range of fuels, including gasoline, diesel, and jet fuel, to customers across the United States, Canada, Mexico, the Caribbean, and Central and South America.

Wholesale Distribution: Valero supplies fuel and other petroleum products to independent retailers, dealers, and commercial customers.

Valero Energy Partners: Valero Energy Partners is a master limited partnership formed by Valero that owns and operates crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets.

Petrochemicals: Valero produces petrochemicals, including benzene, toluene, and xylene, which are used in a wide range of industrial applications.

Power Generation: Valero owns and operates power plants that produce electricity using natural gas and other fuels.

Asphalt: Valero produces and markets a range of asphalt products for use in road construction and maintenance.

International Operations: Valero has international operations in the Caribbean, Europe, and South America, where it markets and supplies fuel and other products.