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Valero Energy

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Valero Energy Corporation
Company typePublic
IndustryOil and gas
FoundedJanuary 1, 1980; 44 years ago (1980-01-01)
FounderWilliam Greehey
Headquarters
San Antonio, Texas
,
United States
Area served
North America
Key people
Lane Riggs
(President & CEO)
Products
RevenueDecrease US$144.8 billion (2023)[1]
Decrease US$11.86 billion (2023)[1]
Decrease US$8.835 billion (2023)[1]
Total assetsIncrease US$63.06 billion (2023)[1]
Total equityIncrease US$28.52 billion (2023)[1]
Number of employees
9,908 (2023)[1]
Websitewww.valero.com

Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States.[2] Throughout the United States, Canada, and the U.K., the company owns and operates 15 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.2 billion gallons per year, and 12 ethanol plants with a combined production capacity of 1.6 billion gallons as its subsidiaries.[3][4][5]

According to a number of estimates, Valero has become a major producer of corn ethanol and renewable diesel, both low-carbon liquid transportation fuels.[6][7]

History

[edit]
Previous logos used by Valero. Top: original company logo from 1980. Below: Logo used until 2018.

Valero was established on January 1, 1980, as a spinoff of Coastal States Gas Corporation's Subsidiary, LoVaca Gathering Company.[8]The company took over the natural gas operations of the LoVaca Gathering Company, later renamed the Valero Transmission Company.[6] In the 1970s, the Coastal company faced litigation due to its inability to honor contracts to supply utilities around Texas due to a natural gas shortage.[6] After six years, Coastal agreed to a $1.6 billion settlement, which included the establishment of Valero as a new company.[6]

The name Valero comes from Mission San Antonio de Valero, the original name of the mission in the Alamo.[8] The company acquired Corpus Christi Marine Services Company, a small barge company in Corpus Christi, Texas, in April 1981 when it purchased a stake in Saber Energy Inc. of Houston. In May 1985, Valero Refining and Marketing Company was born from Valero's subsidiary, Saber Energy Inc.

In 1997, Valero merged its natural gas service business with Pacific Gas and Electric Company and spun off its refining assets to form Valero Energy Corporation.[9] At the same time, the remaining divisions, which consisted of natural gas operations, merged with a wholly owned subsidiary of PG&E. In May of that year, Valero Energy acquired three refineries from Bassis Petroleum.[9]The following year, the company expanded its operations by purchasing the Paulsboro Refinery in New Jersey from Mobil, making it the second-largest independent refiner in the U.S.[10]

In 2000, Valero purchased the Benicia, California, refinery and interest in 350 Exxon-branded service stations in California, mainly in the San Francisco Bay Area.[4] The company also began retailing gasoline under the Valero brand.[11] In June 2001, Valero acquired two asphalt plants on the West Coast.

In 2001, Valero completed its acquisition of Ultramar Diamond Shamrock.[4] With this acquisition, the company also received ownership of Shamrock Logistics L.P., which was renamed Valero L.P. In 2006, Valero L.P. was spun off and renamed NuStar Energy.[12] Starting in 2002, Valero has expanded its marketing to the East Coast, specifically the Northeast and Florida, using the Valero brand.

By 2003, Valero completed its acquisition of El Paso Corp's refineries, pipeline system and terminal assets in Corpus Christi and South Texas.[13] On April 25, 2005, the company purchased Premcor, Inc., for $8 billion.[14] In June 2005, Valero announced that it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand.[15]And in 2008, the company bought 72 Albertsons gas stations.[16]

In 2009, it was reported that Valero lost an average $1 million per day since the beginning of the year.[17]In November of that year, the company was forced to lay off 500 employees, and subsequently began to permanently shut down its refinery in Delaware City, Delaware.[18]

In 2009, Valero Energy Corporation entered the ethanol market by acquiring 7 ethanol plants in March, and another 3 ethanol plants, purchased in December, all located in the Midwest of the United States.[19][20]

In 2011, Valero Energy Corporation entered into a joint venture with a subsidiary of Darling Ingredients Inc. to establish Diamond Green Diesel Holdings (DGD). This venture resulted in the construction of a renewable diesel plant adjacent to Valero's refinery in St. Charles, Louisiana.[21]

On March 11, 2011, Valero announced that it had agreed to a major European purchase from Chevron Corp., Chevron's Pembroke Refinery in Wales together with marketing and logistical assets throughout the United Kingdom and Ireland, which include 4 pipelines, 11 terminals, an aviation fuel business, about 1,000 retail outlets, inventory and other items.[22]

In 2013, Valero spun off its retail operations into a new publicly traded company, CST Brands.[23] Under long-term supply agreements, Valero continues to supply fuel to more than 7,000 retail locations, many of which use brand names owned by Valero.[24]That same year, the company started renewable diesel production at the DGD joint venture plant next to Valero’s St. Charles refinery in Louisiana.[25]

In 2021, DGD began expansion of the DGD St. Charles plant in 2019 and increased its renewable diesel capacity.[26] In 2022, the second DGD plant, located next to Valero’s refinery in Port Arthur, Texas, began its operations.[27]

A change to the logo, store canopy and facade was announced in April 2018. Known as "Vanguard", with various hues of blue, white, and yellow, Valero explained that applying the new design to all its stores would take several months to complete.[28]

In January 2023, Valero and Darling Ingredients Inc. announced an investment decision on a Sustainable Aviation Fuel (“SAF”) project at the Diamond Green Diesel Port Arthur plant.[29]

Operations

[edit]

Valero's operations are managed through three main segments: refining, renewable diesel, and ethanol.

Refining

[edit]

This segment includes the operations of Valero's 15 petroleum refineries.[3] The segment also encompasses the marketing of refined petroleum products and the logistics assets supporting these operations.

Renewable Diesel

[edit]

Valero operates this segment through Diamond Green Diesel (DGD), which has two plants in the Gulf Coast region of the United States. These plants have a combined annual production capacity of about 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.[5]

Ethanol

[edit]

Valero's ethanol segment includes 12 plants combined production capacity of around 4.1 million gallons per day or approximately 1.6 billion gallons annually.[5]

Finances

[edit]
Big Oil companies[a]
Company Revenue (USD)[30] Profit (USD) Brands
ExxonMobil $286 billion $23 billion Mobil
Esso
Imperial Oil
Shell plc $273 billion $20 billion Jiffy Lube
Pennzoil
Z Energy
TotalEnergies $185 billion $16 billion Elf Aquitaine
SunPower
BP $164 billion $7.6 billion Amoco
Aral AG
Chevron $163 billion $16 billion Texaco
Caltex
Havoline
Marathon $141 billion $10 billion ARCO[31]
Phillips 66 $115 billion $1.3 billion 76
Conoco
JET
Valero $108 billion $0.9 billion —
Eni $77 billion $5.8 billion —
ConocoPhillips $48.3 billion $8.1 billion —

For the fiscal year 2017, Valero Energy reported earnings of US$4.065 billion, with an annual revenue of US$93.980 billion, an increase of 24.2% over the previous fiscal cycle. Valero Energy's shares traded at over $67 per share, and its market capitalization was valued at over US$39.2 billion in November 2018.[32] Valero is ranked No. 31 on the Fortune 500 rankings of the largest United States corporations by total revenue as of 2018.[33]

For 2023, the company reported earnings of US$9.149 billion, with an annual revenue of US$144.766 billion. Valero Energy's shares traded at $130 per share, and its market capitalization was valued at over US$44 billion.[34] Valero is ranked No. 40 on the Fortune 500 rankings of United States corporations by total revenue as of 2022.[35]

Year Revenue
in mil. USD$ 		Net income
in mil. USD$ 		Total Assets
in mil. USD$ 		Price per Share
in USD$[36] 		Employees
2005[37] 80,616 3,577 32,798 47.17 22,068
2006[38] 87,640 5,461 37,753 46.76 21,836
2007[39] 89,987 5,234 42,722 64.01 21,651
2008[40] 106,676 −1,131 34,417 19.78 21,765
2009[41] 64,599 −1,982 35,572 15.31 20,920
2010[42] 82,233 324 37,621 21.13 20,313
2011[43] 125,987 2,090 42,783 19.24 21,942
2012[44] 138,393 2,083 44,477 31.19 21,671
2013[45] 138,074 2,720 47,260 50.40 10,007
2014[46] 130,844 3,630 45,550 49.50 10,065
2015[47] 87,804 3,990 44,227 70.71 10,103
2016[48] 75,659 2,289 46,173 68.32 9,996
2017[49] 93,980 4,065 50,158 91.91 10,015
2018[50] 117,033 3,122 50,135 74.97 10,261
2019[51] 108,324 2,422 53,864 93.65 10,222
2020[52] 64,912 -1,421 51,774 56.57 9,964
2021[53] 113,977 930 57,888 75.11 9,813
2022[54] 176,383 11,528 60,982 126.86 9,743
2023[34] 144,766 8,835 63,056 130.00 9,908

Environmental record

[edit]

The Political Economy Research Institute ranks Valero 28th among U.S. corporations based on their airborne pollutant emissions. This ranking considers both the quantity (3.4 million pounds in 2005) and the toxicity of the emissions.[55]

In 2010, Valero was reportedly the largest financial supporter of California Proposition 23, contributing over $4 million by August of that year.[56][57] Proposition 23 aimed to delay the implementation of California's Global Warming Solutions Act of 2006 until the state achieved an unemployment rate of 5.5% or lower for a full year.[57][58] Critics argued that because that had happened only three times over the last 40 years, the proposition would have had the practical effect of repealing the law.[59][60]

Valero owns two oil refineries in California. The Benicia Refinery is located on the Carquinez Strait, a tributary of the San Francisco Bay and the Wilmington Refinery, located 23 miles (37 km) south from downtown Los Angeles.[61][62][63]The company's refineries in Wilmington (CA), Benicia (CA), and Port Arthur (TX) were noted for processing crude oil from the Amazon region of South America, raising environmental concerns regarding the protection of the Amazon rainforest. In 2015, the Wilmington and Benicia refineries processed approximately 13,000 and 7,200 barrels of Amazonian crude oil per day, respectively.[64]

In 2022, non-profit environmental group San Francisco Baykeeper sued Valero and Amports, a shipping operator, alleging that the companies had been dumping petroleum coke (or "petcoke") from Valero's Benicia Refinery into the San Francisco Bay. The lawsuit was settled in October 2024 for $2.38 million, with the companies also agreeing to site cleanup and investment in equipment to reduce spills and dust.[65][66]

In 2024, the Bay Area Air Quality Management District and California Air Resources Board fined Valero $82 million over air pollution violations following a 2019 inspection at Valero's Benicia Refinery, with the fine being the largest in the District's history.[67]

EPA Compliance and mitigation

[edit]

In 2020, the United States Environmental Protection Agency (EPA) announced a settlement with Valero and its subsidiaries regarding alleged Clean Air Act violations related to fuel quality standards and compliance requirements at the company's refineries and an import facilities. The related consent decree requires Valero to implement a company-wide Fuels Management System to help ensure its production complies with regulations.[68] In 2023, an audit by Montrose Environmental concluded that Valero has taken substantial actions to address environmental and health concerns in underserved communities, aligning with the U.S. EPA's principles of environmental justice.[69]

Carbon footprint

[edit]

Valero Energy reported Total CO2e emissions (Direct + Indirect) for the twelve months ending 31 December 2020 at 27,500 Kt (-2,000 /-6.8% y-o-y).[70]

Valero Energy's annual Total CO2e emissions (Direct + Indirect) (in kilotonnes)[70]
Dec 2017 Dec 2018 Dec 2019 Dec 2020
30,400 30,400 29,500 27,500

Defense contracts

[edit]

In the past years, Valero Energy Corp. has secured contracts worth several hundred millions of dollars from the United States Defense Logistics Agency Energy (DLA Energy) through the U.S. Defense Energy Support Center (DESC) to provide fuel for various defense needs.[71][72][73][74]

Divestitures

[edit]

During 2010, Valero sold its operations on the United States Atlantic coast.

In November 2009, Valero Energy closed its operations at Delaware City.[17] Later, Valero Energy reached an agreement to sell the assets of its Delaware City Refining and Delaware Pipeline to a Petroplus Holdings subsidiary, PBF Energy Partners LP, for approximately $220 million in September 2010.[75]

Shortly after the divestiture of Delaware City, the company sold its refinery at the Port of Paulsboro to PBF Holdings, a wholly owned subsidiary of PBF Energy, as well. The sale concluded Valero's refinery ownership on the East Coast.[75][76][77]

Acquisitions

[edit]
Pembroke Refinery, Wales

Through acquisitions in 2011, Valero entered the European market while strengthening its position in the United States, by reducing costs in supplying the Atlantic coast.

On August 1, 2011, Valero acquired the Pembroke Refinery from Chevron, as well as the marketing and logistics assets, for $730 million, excluding working capital, which was valued at approximately $1 billion.[77] The Pembroke plant is one of the largest and most complex refineries in Western Europe with a total throughput capacity of 270,000 barrels (43,000 m3) per day and a Nelson complexity index rating of 11.8.[78]

Valero also purchased ownership interest in four major pipelines and eleven fuel terminals, a 14,000-barrel (2,200 m3)-per-day aviation fuel business, and a network of more than 1,000 Texaco-branded wholesale sites. Valero has continued with the Texaco brand in these markets.[77]

Retail

[edit]
Map of gas stations branded with brands of Valero (including "Valero", "Shamrock", "Diamond Shamrock" & "Beacon") as of December 2020 [79]
This is the flagship Valero fueling station located in San Antonio, Texas.
The flagship Valero fueling station located at UTSA Blvd. and I-10 West in San Antonio, TX, prior to its 2018 re-branding to Circle K.
It is currently operated by Alimentation Couche-Tard, which owns the Circle K brand.

Valero retails gasoline branded as Valero, Shamrock, Diamond Shamrock,[80] Beacon, and Total, the last under license from TotalEnergies. While this arm of the company was the most visible to the public, it was, according to CEO Bill Greehey, "a very small part of [Valero's] operations".[81]

Valero attempted to shift its focus from being a discount gasoline brand to becoming a premium brand. As part of the shift, Valero began to rebrand its Ultramar, Beacon, Total, and Diamond Shamrock stations to the Valero brand. The Beacon and Shamrock brands are used by retailers as a low-cost alternative to the premium Valero brand. The Shamrock brand is based on the former Shamrock Oil and Gas Company, which merged with Diamond Alkali in 1967 to form Diamond Shamrock, thus declaring the trademark from official abandonment. The name Ultramar, while being eliminated in the United States, continued as Valero's brand name in Canada. Valero introduced its updated "Corner Store" retail concept on December 28, 2007, opening the company's first 5,500-square-foot (510 m2) prototype in western San Antonio. The Corner Store retail division, originally part of Diamond Shamrock, was absorbed into Valero's business portfolio in 2001. Not all Valero gas stations included a Corner Store - one Valero gas station in Euless, Texas east of Fort Worth was co-branded with a 7-Eleven convenience store.

Creation of CST Brands

[edit]

On July 31, 2012, during the 2nd Quarter Earnings Conference Call, Valero announced intentions to separate the retail business from the remainder of the company. CFO Mike Ciskowski stated "We believe the separation of our retail business by way of a tax-efficient distribution to our shareholders will create operational flexibility within the business and unlock value for our shareholders."[82] In 2013, Valero completed the spinoff of the retail operations as CST Brands.[23] Valero no longer owns retail operations using the Diamond Shamrock, Shamrock, Beacon, Ultramar, or Total names, but Valero continues to supply fuel.[24] Valero also supplies fuel in the United Kingdom and Ireland under the Texaco and Valero brand,[83] and in October 2023 started test marketing of the Valero brand at 3 service stations close to its refinery in Wales, United Kingdom.[84]In 2020, the Valero brand was introduced in Mexico and as of 2024 is the branded fuel supplier for 260 gas stations across the country.[85][86]

Credit cards

[edit]

Valero issues its own private label credit cards for its stations through its credit card-only subsidiary, DSRM National Bank. The initials stand for "Diamond Shamrock Refining & Marketing", the unit of Diamond Shamrock which created it before being purchased by Valero.[87] The credit card operations are based in Amarillo, Texas, a city where Diamond Shamrock was once previously based.

See also

[edit]
Wikimedia Commons has media related to Valero Energy Corporation.

Notes

[edit]
  1. ^ Data is based on the 2022 Fortune 500.

References

[edit]
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  3. ^ a b Kumar, Arunima (April 26, 2024). "Refiner Valero beats profit estimates on resilient demand, tight supplies". Reuters.
  4. ^ a b c Garg, Anuradha (March 24, 2021). "Who Owns Valero? Leading Renewable Fuels Producer in North America". Market Realist.
  5. ^ a b c "Valero reports profitable Q4 for renewable diesel, ethanol | Biodiesel Magazine". biodieselmagazine.com.
  6. ^ a b c d Lee, William B. (2012). Creating Entrepreneurial Supply Chains: A Guide for Innovation and Growth. Fort Lauderdale, FL: J. Ross Publishing. p. 28. ISBN 978-1-60427-062-4.
  7. ^ McGurty, Janet (March 17, 2021). "AMERICAS REFINING NET ZERO TRACKER: Valero furthers its commitment with CCS pipeline".
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  77. ^ a b c OGJ editors (March 11, 2011). "Valero to buy Chevron's Pembroke refinery". Houston: Oil and Gas Journal. Retrieved April 9, 2018. {{cite news}}: |last= has generic name (help)
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  87. ^ "DSRM National Bank CRA Performance Evaluation" (PDF). Office of the Comptroller of the Currency. January 12, 2009.
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