View source for Valero Energy

{{short description|American energy company}}
{{Use American English|date=February 2016}}  
{{Use mdy dates|date=February 2016}}
{{Infobox company
| name = Valero Energy Corporation
| image = Valero campus (2).JPG
| image_caption = Headquarters in [[San Antonio, Texas]]
| logo = Valero_Energy_logo.svg
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{nyse|VLO}}|[[S&P 500]] component}}
| foundation = {{Start date and age|1980|01|01}}
| founder = [[William Greehey]]
| location_city = [[San Antonio]], [[Texas]]
| location_country = United States
| area_served = [[North America]]
| key_people = Lane Riggs<br>([[President (corporate title)|President]] & [[Chief executive officer|CEO]])
| industry = [[List of oil exploration and production companies|Oil and gas]]
| products = {{flatlist|
* [[Gasoline]]
* [[Ethanol]] 
* [[Diesel fuel]]
* [[Ultra-low-sulfur diesel]]
* [[Jet fuel]]
* [[Bitumen|Asphalt]]
* [[Petrochemical]]s
* [[Lubricant]]s}}
| revenue = {{decrease}} {{US$|144.8 billion|link=yes}} (2023)<ref name="10-K">{{cite web|url= https://www.sec.gov/ix?doc=/Archives/edgar/data/1035002/000103500224000007/vlo-20231231.htm |title=Valero Energy 2023 Annual Report (Form 10-K) |date=February 22, 2024 |publisher=U.S. Securities and Exchange Commission}}</ref>
| operating_income = {{decrease}} {{US$|11.86 billion}} (2023)<ref name="10-K" />
| net_income = {{decrease}} {{US$|8.835  billion}} (2023)<ref name="10-K" />
| assets = {{increase}} {{US$|63.06 billion}} (2023)<ref name="10-K" />
| equity = {{increase}} {{US$|28.52 billion}} (2023)<ref name="10-K" />
| num_employees = 9,908 (2023)<ref name="10-K" />
| homepage = {{URL|https://www.valero.com}}
}}
'''Valero Energy Corporation''' is an American-based [[Petroleum industry|fuels producer]] mostly involved in manufacturing and marketing transportation fuels and other [[petrochemical|related]] products. It is headquartered in [[San Antonio]], [[Texas]], [[United States]].<ref>{{Cite web |url=http://www.valero.com/NewsRoom/Pages/PR_20110311_1.aspx |title=Valero |access-date=18 March 2011 |url-status=dead |archive-url=https://web.archive.org/web/20120308100256/http://www.valero.com/NewsRoom/Pages/PR_20110311_1.aspx |archive-date=March 8, 2012 |df=mdy-all }}</ref> Throughout the [[United States]], [[Canada]], and the [[United Kingdom|U.K.]], the company owns and operates 15 [[Oil refinery|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.<ref name=":3">{{Cite web |last=Kumar |first=Arunima |date=2024-04-26 |title=Refiner Valero beats profit estimates on resilient demand, tight supplies |url=https://www.reuters.com/business/energy/refiner-valero-beats-first-quarter-profit-estimates-2024-04-25/#:~:text=The%20company%20said%20it%20plans,day%20in%20the%20second%20quarter. |website=Reuters}}</ref><ref name=":4">{{Cite web |last=Garg |first=Anuradha |date=2021-03-24 |title=Who Owns Valero? Leading Renewable Fuels Producer in North America |url=https://marketrealist.com/p/who-owns-valero-gas-stations/ |access-date= |website=Market Realist |language=en-US}}</ref><ref name=":5">{{Cite web |title=Valero reports profitable Q4 for renewable diesel, ethanol {{!}} Biodiesel Magazine |url=https://biodieselmagazine.com//articles/valero-reports-profitable-q4-for-renewable-diesel-ethanol-2518524 |access-date= |website=biodieselmagazine.com}}</ref>

According to a number of estimates, Valero has become a major producer of [[corn ethanol]] and [[renewable diesel]], both low-carbon liquid transportation fuels.<ref name=":1">{{Cite book |last=Lee |first=William B. |title=Creating Entrepreneurial Supply Chains: A Guide for Innovation and Growth |publisher=J. Ross Publishing |year=2012 |isbn=978-1-60427-062-4 |location=Fort Lauderdale, FL |pages=28 |language=en}}</ref><ref>{{Cite web |last=McGurty |first=Janet |date=2021-03-17 |title=AMERICAS REFINING NET ZERO TRACKER: Valero furthers its commitment with CCS pipeline |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/coal/031721-americas-refining-net-zero-tracker-valero-furthers-its-commitment-with-ccs-pipeline#}}</ref>

== History ==
[[File:PreviousValeroCompanyLogos.png|thumb|150px|right|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.<ref name=":0">{{Cite web|url=https://www.valero.com/en-us/AboutValero/CompanyHistory|title=Company history}}</ref>The company took over the [[natural gas]] operations of the LoVaca Gathering Company, later renamed the Valero Transmission Company.<ref name=":1" /> 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.<ref name=":1" /> After six years, Coastal agreed to a $1.6 billion settlement, which included the establishment of Valero as a new company.<ref name=":1" />

The name Valero comes from ''[[Alamo Mission in San Antonio|Mission San Antonio de Valero]],'' the original name of the [[Alamo Mission|mission in the Alamo]].<ref name=":0" /> 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.<ref name=":6">{{Cite web |last= |first= |date=2012-10-30 |title=Valero Company Profile |url=https://corporatewatch.org/valero-company-profile/ |access-date= |website=Corporate Watch |language=en-GB}}</ref> 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.<ref name=":6" />The following year, the company expanded its operations by purchasing the [[Paulsboro, New Jersey|Paulsboro]] Refinery in New Jersey from Mobil, making it the second-largest independent refiner in the U.S.<ref>{{Cite web |last=Erman |first=Michael |last2=Campbell |first2=Robert |date=2010-09-28 |title=PBF to buy Valero's Paulsboro plant for $360 mln |url=https://www.reuters.com/article/idUSN2796027/ |website=Reuters}}</ref>

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]].<ref name=":4" /> The company also began retailing gasoline under the Valero brand.<ref>{{Cite web |last=Forsyth |first=Jim |date=2002-01-02 |title=Valero finalizes Diamond Shamrock deal - UPI.com |url=https://www.upi.com/Top_News/2002/01/02/Valero-finalizes-Diamond-Shamrock-deal/74041010011510/ |access-date= |website=UPI |language=en}}</ref> In June 2001, Valero acquired two asphalt plants on the [[West Coast of the United States|West Coast]].

In 2001, Valero completed its acquisition of Ultramar [[Diamond Shamrock]].<ref name=":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]].<ref>{{Cite web |title=Our Company History {{!}} Valero |url=https://www.valero.com/about/our-history |access-date= |website=www.valero.com |language=en}}</ref>  Starting in 2002, Valero has expanded its marketing to the [[East Coast of the United States|East Coast]], specifically the [[Northeastern United States|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.<ref>{{Cite web |date=March 9, 2003 |title=Valero Energy Corp. |url=https://www.bizjournals.com/sanantonio/stories/2003/03/10/weekinbiz.html |access-date=February 21, 2024 |website=San Antonio Business Journal}}</ref> On April 25, 2005, the company purchased [[Premcor]], Inc., for $8 billion.<ref>{{Cite web |title=Valero agrees to buy Premcor in $6.9 billion deal - Apr. 25, 2005 |url=https://money.cnn.com/2005/04/25/news/fortune500/valero_merger.dj/ |access-date= |website=money.cnn.com}}</ref> In June 2005, Valero announced that it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand.<ref>{{Cite web |date=2005-07-01 |title=Valero to Convert Diamond Shamrock Network to Valero Brand |url=https://csnews.com/valero-convert-diamond-shamrock-network-valero-brand |access-date= |website=Convenience Store News |language=en}}</ref>And in 2008, the company bought 72 [[Albertsons LLC|Albertsons]] gas stations.<ref>{{Cite web |date=2008-08-06 |title=Valero Rebrands Albertsons Gas Kiosks |url=https://csnews.com/valero-rebrands-albertsons-gas-kiosks |access-date= |website=Convenience Store News |language=en}}</ref>

In 2009, it was reported that Valero lost an average $1 million per day since the beginning of the year.<ref name="OGJ091120">{{cite news |last= |date=2009-11-20 |title=Valero to close Delaware City refinery |url=https://www.ogj.com/articles/2009/11/valero-to-close-delaware.html |access-date=April 9, 2018 |publisher=Oil and Gas Journal |location=Houston}}</ref>In November of that year, the company was forced to lay off 500 employees, and subsequently began to permanently shut down [[Delaware City Refinery|its refinery]] in [[Delaware City, Delaware]].<ref name=":2">{{Cite web |last=Times |first=Daily |date=2009-11-20 |title=Valero closing Delaware refinery; 550 jobs lost |url=https://www.delcotimes.com/2009/11/20/valero-closing-delaware-refinery-550-jobs-lost/ |access-date=2024-02-20 |website=Delco Times |language=en-US}}</ref>

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.<ref>{{Cite web |last=Steil |first=Mark |date=2009-03-18 |title=Oil refiner to obtain 7 VeraSunethanol plants |url=https://www.mprnews.org/story/2009/03/18/oil-refiner-to-obtain-7-verasun-ethanol-plants |access-date= |website=MPR News |language=en}}</ref><ref>{{Cite web |last=Jessen |first=Holly |date=2010-10-28 |title=Valero reports strong income {{!}} Ethanol Producer Magazine |url=https://ethanolproducer.com/articles/valero-reports-strong-income-7099 |access-date= |website=Ethanol Producer}}</ref>

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.<ref>{{Cite web |last=Stuckey |first=Michelle |date=2011-10-07 |title=Valero begins construction of $330 million renewable diesel plant in Norco |url=https://www.heraldguide.com/news/valero-begins-construction-of-330-million-renewable-diesel-plant-in-norco/ |access-date= |website=St. Charles Herald Guide |language=en-US}}</ref>

On March 11, 2011, Valero announced that it had agreed to a major European purchase from [[Chevron Corporation|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.<ref>{{Cite news
 |title        = Valero pays $1.73B for Chevron's Pembroke refinery
 |date         = March 11, 2011
 |agency       = Associated Press
 |url          = https://finance.yahoo.com/news/Valero-pays-173B-for-Chevrons-apf-2210524426.html?x=0&.v=1
 |access-date  = January 17, 2017
 |archive-url  = https://web.archive.org/web/20110629045057/http://finance.yahoo.com/news/Valero-pays-173B-for-Chevrons-apf-2210524426.html?x=0&.v=1
 |archive-date = June 29, 2011
 |url-status     = dead
 |df           = mdy-all
}}</ref>

In 2013, Valero spun off its retail operations into a new publicly traded company, [[CST Brands]].<ref name="ip">{{Cite web |url=http://investorplace.com/2013/05/valeros-retail-spinoff-is-worth-watching/|title=Investor Place |date=May 21, 2013 |access-date=23 September 2015}}</ref> 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.<ref name="valerohist">{{cite web|title=Company History|url=http://www.valero.com/OurBusiness/Pages/CompanyHistory.aspx|website=valero.com|access-date=23 September 2015|url-status=dead|archive-url=https://web.archive.org/web/20150925114116/http://www.valero.com/OurBusiness/Pages/CompanyHistory.aspx|archive-date=September 25, 2015|df=mdy-all}}</ref>That same year, the company started renewable diesel production at the DGD joint venture plant next to Valero’s St. Charles refinery in Louisiana.<ref>{{Cite web |last=McGurty |first=Janet |date=2020-08-29 |title=Diamond Green Diesel St. Charles, Louisiana, renewable diesel plant shut ahead of Ida |url=https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/082921-diamond-green-diesel-st-charles-louisiana-rd-plant-shut-ahead-of-ida |website=S&P Global}}</ref>

In 2021, DGD began expansion of the DGD St. Charles plant in 2019 and increased its renewable diesel capacity.<ref>{{Cite web |last=Thibodeaux |first=Anna |date=2018-11-19 |title=Expansion will make refinery second largest of its kind in world |url=https://www.heraldguide.com/news/expansion-will-make-refinery-second-largest-of-its-kind-in-world/ |access-date= |website=St. Charles Herald Guide |language=en-US}}</ref> In 2022, the second DGD plant, located next to Valero’s refinery in Port Arthur, Texas, began its operations.<ref>{{Cite web |last= |first= |date=2023-01-26 |title=Valero JV starts production from Port Arthur renewable diesel plant |url=https://www.ogj.com/general-interest/companies/article/14288791/valero-jv-starts-production-from-port-arthur-renewable-diesel-plant |access-date= |website=Oil & Gas Journal |language=en}}</ref>

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.<ref>{{Cite web |last=Chapa |first=Sergio |date=2018-04-19 |title=Valero changing its look at the gas pump |url=https://www.bizjournals.com/sanantonio/news/2018/04/19/valero-changing-its-look-at-the-gas-pump.html |access-date= |website=San Antonio Business Journal}}</ref>

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.<ref>{{Cite web |date=2023-01-31 |title=Diamond Green Diesel (DGD) Approves a Sustainable Aviation Fuel Project at Port Arthur, Texas |url=https://investorvalero.com/news/news-details/2023/Diamond-Green-Diesel-DGD-Approves-a-Sustainable-Aviation-Fuel-Project-at-Port-Arthur-Texas/default.aspx |access-date= |website=investorvalero.com |language=en-US}}</ref>

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

=== Refining ===
This segment includes the operations of Valero's 15 petroleum refineries.<ref name=":3" /> The segment also encompasses the marketing of refined petroleum products and the logistics assets supporting these operations.

=== Renewable Diesel ===
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.<ref name=":5" />

=== Ethanol ===
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.<ref name=":5" />

== Finances ==
{{Big Oil}}
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.<ref>{{Cite web|url=https://www.macrotrends.net/stocks/charts/VLO/valero-energy/revenue|title=Valero Energy Revenue 2006-2018 {{!}} VLO|website=www.macrotrends.net|access-date=2018-11-05}}</ref> Valero is ranked No. 31 on the [[Fortune 500]] rankings of the largest United States corporations by total revenue as of 2018.<ref>{{Cite web|url=http://fortune.com/fortune500/list/|title=Fortune 500 Companies 2018: Who Made the List|website=Fortune|language=en-US|access-date=2018-11-09}}</ref>

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$44 billion.<ref name=":8">{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2023 |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001035002/000103500224000007/vlo-20231231.htm |access-date= |website=www.sec.gov |language=en}}</ref> Valero is ranked No. 40 on the Fortune 500 rankings of United States corporations by total revenue as of 2022.<ref>{{Cite news |last=Brack |first=Richard |date=2023-08-03 |title=San Antonio refiner Valero jumps while USAA slips on Fortune's Global 500 list of biggest companies |url=https://www.expressnews.com/business/article/san-antonio-s-valero-jumps-usaa-slips-fortune-s-18274421.php |url-status=live |archive-url=https://archive.today/20230803034236/https://www.expressnews.com/business/article/san-antonio-s-valero-jumps-usaa-slips-fortune-s-18274421.php |archive-date=2023-08-03 |access-date= |work=San Antonio Express-News |language=en}}</ref>
{| class="wikitable float-left" style="text-align: right;"
!Year
!Revenue<br />in mil. USD$
!Net income<br />in mil. USD$
!Total Assets<br />in mil. USD$
!Price per Share<br />in USD$<ref>{{Cite web |title=NYSE - Delayed Quote Valero Energy Corporation (VLO)|url=https://finance.yahoo.com/quote/VLO/history/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAFXSQCWsWG6pEBMahnj7CyyH14JRx7Uq5YhwqTJQ3vwm2sWhCyyvpL-Y2cGiYjJj1OdJqavdV9McNI_9AaJfkD6tZkH3VLFo5dh4j9lNNDdtmYwO1WX9Dn4xb2fsERtVeI1rDC9AeHC1T5cqUQccV39flA_mcdOn-I2y_eGSTfHo&period1=1133395200&period2=1703980800&filter=history&frequency=1mo |website=Yahoo! Finance}}</ref>
!Employees
|-
|2005<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2005 |url=https://www.sec.gov/Archives/edgar/data/1035002/000095013406004061/d32462e10vk.htm |access-date= |website=www.sec.gov}}</ref>
|80,616
|3,577
|32,798
|47.17
|22,068
|-
|2006<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2006 |url=https://www.sec.gov/Archives/edgar/data/1035002/000119312507039165/d10k.htm |access-date= |website=www.sec.gov}}</ref>
|87,640
|5,461
|37,753
|46.76
|21,836
|-
|2007<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2007 |url=https://www.sec.gov/Archives/edgar/data/1035002/000095013408003802/d54294e10vk.htm |access-date= |website=www.sec.gov}}</ref>
|89,987
|5,234
|42,722
|64.01
|21,651
|-
|2008<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2008 |url=https://www.sec.gov/Archives/edgar/data/1035002/000095012310018097/d70408e10vk.htm |access-date= |website=www.sec.gov}}</ref>
|106,676
|−1,131
|34,417
|19.78
|21,765
|-
|2009<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2009 |url=https://www.sec.gov/Archives/edgar/data/1035002/000095012310018097/d70408e10vk.htm |access-date= |website=www.sec.gov}}</ref>
|64,599
|−1,982
|35,572
|15.31
|20,920
|-
|2010<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2010 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500211000013/vlo12311010k.htm |access-date= |website=www.sec.gov}}</ref>
|82,233
|324
|37,621
|21.13
|20,313
|-
|2011<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2011 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500212000008/vlo12311110k.htm |access-date= |website=www.sec.gov}}</ref>
|125,987
|2,090
|42,783
|19.24
|21,942
|-
|2012<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2012 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500213000008/vlo12311210k.htm |access-date= |website=www.sec.gov}}</ref>
|138,393
|2,083
|44,477
|31.19
|21,671
|-
|2013<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 201 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500214000008/vloform10-kx12312013.htm |access-date= |website=www.sec.gov}}</ref>
|138,074
|2,720
|47,260
|50.40
|10,007
|-
|2014<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2014 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500215000009/vloform10-kx12312014.htm |access-date= |website=www.sec.gov}}</ref>
|130,844
|3,630
|45,550
|49.50
|10,065
|-
|2015<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2015 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500216000069/vloform10-kx12312015.htm |access-date= |website=www.sec.gov}}</ref>
|87,804
|3,990
|44,227
|70.71
|10,103
|-
|2016<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2016 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500217000009/vloform10-kx12312016.htm |access-date= |website=www.sec.gov}}</ref>
|75,659
|2,289
|46,173
|68.32
|9,996
|-
|2017<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2017 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500218000010/vloform10-kx12312017.htm |access-date= |website=www.sec.gov}}</ref>
|93,980
|4,065
|50,158
|91.91
|10,015
|-
|2018<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2018 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500219000008/vloform10-kx12312018.htm |access-date= |website=www.sec.gov}}</ref>
|117,033
|3,122
|50,135
|74.97
|10,261
|-
|2019<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2019 |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001035002/000103500220000007/vloform10-kx12312019.htm |access-date= |website=www.sec.gov |language=en}}</ref>
|108,324
|2,422
|53,864
|93.65
|10,222
|-
|2020<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2020 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500221000051/vlo-20201231.htm |access-date= |website=www.sec.gov}}</ref>
|64,912
| -1,421
|51,774
|56.57
|9,964
|-
|2021<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2021 |url=https://www.sec.gov/Archives/edgar/data/1035002/000103500222000007/vlo-20211231.htm |access-date= |website=www.sec.gov}}</ref>
|113,977
|930
|57,888
|75.11
|9,813
|-
|2022<ref>{{Cite web |title=FORM 10-K For the fiscal year ended December 31, 2022 |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001035002/000103500223000027/vlo-20221231.htm |access-date= |website=www.sec.gov |language=en}}</ref>
|176,383
|11,528
|60,982
|126.86
|9,743
|-
|2023<ref name=":8" />
|144,766
|8,835
|63,056
|130.00
|9,908
|}

==Environmental record==
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.<ref>{{Cite web |url=http://www.peri.umass.edu/Toxic-100-Table.265.0.html |title=(PERI) THE TOXIC 100: Top Corporate Air Polluters in the United States |url-status=dead |archive-url=https://web.archive.org/web/20111001071549/http://www.peri.umass.edu/Toxic-100-Table.265.0.html |archive-date=October 1, 2011 |df=mdy-all }}</ref>

In 2010, Valero was reportedly the largest financial supporter of [[2010 California Proposition 23|California Proposition 23]], contributing over $4 million by August of that year.<ref>{{Cite web|url=https://ballotpedia.org/California_Proposition_23,_the_Suspension_of_AB_32_(2010)|title=California Proposition 23, the Suspension of AB 32 (2010)|website=Ballotpedia}}</ref><ref name=":7">{{cite news| url=http://www.latimes.com/business/la-fi-hiltzik-20100813,0,1163344.column | work=Los Angeles Times | first=Michael | last=Hiltzik | title=Proposition 23 - Trying to shed light on a shadowy figure in Proposition 23 battle - Los Angeles Times | date=August 13, 2010}}</ref> 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.<ref name=":7" /><ref>{{cite news| url=http://www.latimes.com/news/local/la-me-prop-23-20100910,0,75571.story | work=Los Angeles Times | first=Margot | last=Roosevelt | title=Global Warming - Fight over bid to suspend California's global warming law gets ugly - Los Angeles Times | date=September 10, 2010}}</ref> 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.<ref>{{Cite news|last=Galpern|first=Dan|title=Vote NO on Proposition 23: The proposition on the November ballot would essentially repeal California's landmark climate-protection law|url=http://www.newtimesslo.com/commentary/4744/vote-no-on-proposition-23/|access-date=2010-09-17|newspaper=New Times|date=2010-07-28}}</ref><ref>{{Cite news|title=Prop 23 is Bad for Business|url=http://www.foxandhoundsdaily.com/blog/teresa-alvardo-and-shellye-archambeau/7776-prop-23-bad-business|access-date=2010-09-17|newspaper=Fox and Hounds|date=2010-09-09|author=Teresa Alvardo|author2=Shellye Archambeau}}</ref>

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 {{convert|23|mi|km}} south from downtown Los Angeles.<ref>{{Cite web |url=http://www.valero.com/OurBusiness/OurLocations/Refineries/Pages/Benicia.aspx |title=Benicia |url-status=dead |archive-url=https://web.archive.org/web/20110624215726/http://www.valero.com/OurBusiness/OurLocations/Refineries/Pages/Benicia.aspx |archive-date=June 24, 2011 |df=mdy-all }}</ref><ref>{{Cite web |url=http://www.boothkoskoff.com/wp-content/uploads/2013/01/leavitt2.pdf |title=Negligence Petroleum storage tank exploded |date=July 2000}}</ref><ref>{{Cite web |url=http://www.valero.com/OurBusiness/OurLocations/Refineries/Pages/Wilmington.aspx |title=Wilmington |access-date=October 12, 2010 |archive-url=https://web.archive.org/web/20101004194711/http://www.valero.com/OurBusiness/OurLocations/Refineries/Pages/Wilmington.aspx |archive-date=October 4, 2010 |url-status=dead |df=mdy-all }}</ref>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.<ref>{{cite book|last1=Zuckerman|first1=Adam|last2=Koenig|first2=Kevin|title=From Well to Wheel: The Social, Environmental, and Climate Costs of Amazon Crude|publisher=[[Amazon Watch]]|url=https://amazonwatch.org/assets/files/2016-amazon-crude-report.pdf|page=7|date=September 2016|access-date=April 9, 2018}}</ref>

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.<ref>{{Cite web |last=Brown |first=Aly |date=2024-10-09 |title=Big win for the Bay: Valero, Amports reach $2.38M settlement in illegal dumping suit |url=https://localnewsmatters.org/2024/10/09/big-win-for-the-bay-valero-amports-reach-2-38m-settlement-in-illegal-dumping-suit/ |url-status=live |archive-url=https://web.archive.org/web/20241116221239/https://localnewsmatters.org/2024/10/09/big-win-for-the-bay-valero-amports-reach-2-38m-settlement-in-illegal-dumping-suit/ |archive-date=2024-11-16 |access-date=2024-11-16 |website=Local News Matters |publisher=[[Bay City News]] |language=en-US}}</ref><ref>{{Cite web |date=2024-10-07 |title=Oil Giant Valero, Amports Settle Lawsuit Over Bay Pollution |url=https://baykeeper.org/press_release/oil-giant-valero-amports-settle-lawsuit-over-bay-pollution/ |url-status=live |archive-url=https://web.archive.org/web/20241116223640/https://baykeeper.org/press_release/oil-giant-valero-amports-settle-lawsuit-over-bay-pollution/ |archive-date=2024-11-16 |access-date=2024-11-16 |website=[[San Francisco Baykeeper]] |language=en-US}}</ref>

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.<ref>{{Cite web |date=2024-10-31 |title=Bay Area Air District and CARB fine Valero Refining Co. $82 million for air quality violations |url=https://ww2.arb.ca.gov/news/bay-area-air-district-and-carb-fine-valero-refining-co-82-million-air-quality-violations |url-status=live |archive-url=https://web.archive.org/web/20241112054246/https://ww2.arb.ca.gov/news/bay-area-air-district-and-carb-fine-valero-refining-co-82-million-air-quality-violations |archive-date=2024-11-12 |access-date=2024-11-16 |website=[[California Air Resources Board]]}}</ref>

== EPA Compliance and mitigation ==
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.<ref>{{Cite web |last=US EPA |first=OECA |date=2020-08-13 |title=Valero Energy Corporation, et al. Clean Air Act Settlement |url=https://www.epa.gov/enforcement/valero-energy-corporation-et-al-clean-air-act-settlement |access-date=2024-07-09 |website=www.epa.gov |language=en}}</ref> In 2023, an audit by [[Montrose Environmental Group|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.<ref>{{Cite web |title=Audit of Valero's Environmental Justice Commitment and Actions |url=https://s23.q4cdn.com/587626645/files/doc_downloads/2023/02/_public-ej-audit-final-02152023.pdf |website=Montrose Environmental}}</ref>

===Carbon footprint===
Valero Energy reported Total [[carbon footprint|CO2e emissions]] (Direct + Indirect) for the twelve months ending 31 December 2020 at 27,500 Kt (-2,000 /-6.8% y-o-y).<ref name ="Valero Energy Total CO2e emissions for 2020Q4">{{Cite web |title=Valero Energy's Sustainability Report for 2020Q4 |archive-url=https://web.archive.org/web/20211027182511/https://s23.q4cdn.com/587626645/files/doc_downloads/esg_reports/2021/09/2021-TCFD-Report-and-Scenario-Analysis_9-27-21_Spreads.pdf |url=https://s23.q4cdn.com/587626645/files/doc_downloads/esg_reports/2021/09/2021-TCFD-Report-and-Scenario-Analysis_9-27-21_Spreads.pdf|archive-date=October 27, 2021 }} [https://analytics.exerica.com/App/UnifiedId/006161A0624A860F00018DC54C14007E3E5434829CF70D Alt URL]</ref>

{| class="wikitable"
|+ Valero Energy's annual Total [[carbon footprint|CO2e emissions]] (Direct + Indirect) (in kilotonnes)<ref name="Valero Energy Total CO2e emissions for 2020Q4"/>
|-
! Dec 2017 !! Dec 2018 !! Dec 2019 !! Dec 2020
|-
| 30,400 || 30,400 || 29,500 || 27,500
|}

==Defense contracts==
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.<ref name=Bryce090116>{{cite news |last=Bryce|first=Robert|author-link=Robert Bryce (writer)|url=https://www.salon.com/news/feature/2009/01/16/gaza_invasion/ |title=Gaza invasion: Powered by the U.S.|work=[[Salon (website)|Salon.com]]|date=January 16, 2009}}</ref><ref name=Amnesty140804>{{cite news | title = Stop US shipment of fuel to Israel's armed forces as evidence of Gaza war crimes mounts | url = https://www.amnesty.org/en/latest/news/2014/08/stop-us-shipment-fuel-israels-armed-forces-evidence-gaza-war-crimes-mounts/ | publisher = [[Amnesty International]] | date = August 4, 2014 | access-date = April 9, 2018}}</ref><ref name=ValeroInsidegov>{{cite web | title = Parent Vendor: Valero Energy Corporation in San Antonio, TX | url = https://government-contracts.insidegov.com/l/20606342/SP060013D0464-0060 | publisher = insidegov.com | access-date = April 9, 2018}}</ref><ref name=UPI171016>{{cite web | last = LaPorts | first = James | title = Valero awarded $157M fuel contract for Israel | url = https://www.upi.com/Valero-awarded-157M-fuel-contract-for-Israel/4381508179605/ | agency = UPI | date = October 16, 2017 | access-date = April 9, 2018}}</ref>

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

In November 2009, Valero Energy closed its operations at Delaware City.<ref name=OGJ091120/> Later, Valero Energy reached an agreement to sell the assets of its Delaware City Refining and Delaware Pipeline to a [[Petroplus|Petroplus Holdings]] subsidiary, [[PBF Energy|PBF Energy Partners LP]], for approximately $220 million in September 2010.<ref name=bbpbf>{{cite news| url=https://www.bloomberg.com/news/2010-09-27/valero-agrees-to-sell-paulsboro-refinery-to-pbf-energy.html | work=Bloomberg | title=Valero to Sell Paulsboro Oil Refinery to PBF Energy}}</ref>

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.<ref name=bbpbf/><ref name=OGJ100927>{{cite news | last = OGJ editors | title = Valero announces sale of Paulsboro, NJ, refinery | url = https://www.ogj.com/articles/2010/09/valero-announces-sale.html | publisher = Oil and Gas Journal | location = Houston | date = September 27, 2010 | access-date = April 9, 2018}}</ref><ref name=OGJ110311>{{cite news | last = OGJ editors | title = Valero to buy Chevron's Pembroke refinery | url = https://www.ogj.com/articles/2011/03/valero-to-buy-chevron.html | publisher = Oil and Gas Journal | location = Houston | date = March 11, 2011 | access-date = April 9, 2018}}</ref>

==Acquisitions==
[[File:Chevron pembroke ref.jpg|thumb|[[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.<ref name=OGJ110311/> The Pembroke plant is one of the largest and most complex refineries in [[Western Europe]] with a total throughput capacity of {{convert|270000|oilbbl|m3}} per day and a [[Nelson complexity index]] rating of 11.8.<ref name=ValeroPembroke>{{cite web | title = Valero: Pembroke | url = https://www.valero.com/en-us/Pages/Pembroke.aspx | publisher = Valero | access-date = April 9, 2018}}</ref>

Valero also purchased ownership interest in four major pipelines and eleven fuel terminals, a {{convert|14000|oilbbl|m3|adj=on}}-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.<ref name=OGJ110311/>

==Retail==
[[File:Valero brands branded gas stations 2020-12.png|thumb|right|350px|Map of gas stations branded with brands of Valero (including "''Valero''", "''Shamrock''", "''[[Diamond Shamrock]]''" & "''Beacon''") as of December 2020 <ref>{{cite web |title=Find a Gas Station Near You {{pipe}} Valero |url=https://www.valero.com/find-gas-station |access-date=25 December 2020}}</ref>]]
[[File:VALERO CORNER STORE.JPG|alt=This is the flagship Valero fueling station located in San Antonio, Texas.|thumb|The flagship Valero fueling station located at UTSA Blvd. and I-10 West in [[San Antonio|San Antonio, TX]], prior to its 2018 re-branding to [[Circle K]].<br>It is currently operated by [[Alimentation Couche-Tard]], which owns the Circle K brand.]]
Valero retails [[gasoline]] branded as Valero, Shamrock, Diamond Shamrock,<ref>{{Cite web |url=https://tshaonline.org/handbook/online/articles/dod03 |title=Diamond Shamrock |work=The Handbook of Texas Online|publisher=Texas State Historical Association (TSHA)}}</ref> 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".<ref>{{Cite web|url=https://www.marketwatch.com/story/valero-energy-ceo-to-wall-st-youve-got-us-wrong|title=Valero CEO to Wall St.: You're wrong|first=Lisa|last=Sanders|website=MarketWatch}}</ref>

Valero attempted to shift its focus from being a [[Filling station#Types of filling stations in the US|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 {{convert|5500|sqft|m2|adj=on}} 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===
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."<ref>Q2 2012 Valero Energy Corp. Earnings Conference Call Transcript of Speaker Notes</ref> In 2013, Valero completed the spinoff of the retail operations as [[CST Brands]].<ref name=ip/> Valero no longer owns retail operations using the Diamond Shamrock, Shamrock, Beacon, Ultramar, or Total names, but Valero continues to supply fuel.<ref name=valerohist/>
Valero also supplies fuel in the United Kingdom and Ireland under the Texaco and Valero brand,<ref>{{cite web|title=Valero Marketing Texaco in the UK|url=https://texaco.co.uk/about-us|access-date=27 October 2023}}</ref> and in October 2023 started test marketing of the Valero brand at 3 service stations close to its refinery in Wales, United Kingdom.<ref>{{cite web|title=Official launch date announced for Valero as a fuel brand in UK|url=https://forecourttrader.co.uk/latest-news/official-launch-date-announced-for-valero-as-a-fuel-brand-in-uk/683657.article|access-date=27 October 2023}}</ref>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.<ref>{{Cite web |last=Meana |first=Sergio |date=2020-05-14 |title=Valero grows Mexican fuel retailing despite virus {{!}} Latest Market News |url=https://www.argusmedia.com/en/news-and-insights/latest-market-news/2105503-valero-grows-mexican-fuel-retailing-despite-virus |access-date=2024-07-10 |website=www.argusmedia.com |language=ja}}</ref><ref>{{Cite web |last=Squires |first=Scott |date=2024-04-24 |title=Valero Sees Mexican Fuel Demand Growing Despite Dos Bocas Boost |url=https://www.bloomberg.com/news/articles/2024-04-24/valero-sees-mexican-fuel-demand-growing-despite-dos-bocas-boost |url-status=live |archive-url=https://archive.today/20240424192824/https://www.bloomberg.com/news/articles/2024-04-24/valero-sees-mexican-fuel-demand-growing-despite-dos-bocas-boost#selection-1343.0-1343.63 |archive-date=2024-04-24 |access-date=2024-07-10 |website=www.bloomberg.com}}</ref>

===Credit cards===
Valero issues its own private label [[credit card]]s 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.<ref>{{Cite web |url=http://www.occ.gov/static/cra/craeval/Jun09/23097.pdf|title=DSRM National Bank CRA Performance Evaluation|publisher=[[Office of the Comptroller of the Currency]] |date=12 January 2009}}</ref>  The credit card operations are based in [[Amarillo, Texas]], a city where Diamond Shamrock was once previously based.

==See also==
{{Commons category|Valero Energy Corporation}}
*[[William Greehey]]
*[[List of automotive fuel brands]]
*[[Alamo Bowl|Valero Alamo Bowl]]
*[[Valero Texas Open]]

==Notes==
{{notelist}}

==References==
{{Reflist|30em}}

==External links==
* {{Official website|http://www.valero.com}}
{{Finance links
| name = Valero Energy
| symbol = VLO
| sec_cik = VLO
| yahoo = VLO
| google = VLO
}}
* [https://web.archive.org/web/20150220045559/http://www.valero.com/OURBUSINESS/OURLOCATIONS/Pages/Home.aspx Valero Energy Asset Map]

{{Authority control}}

[[Category:Companies listed on the New York Stock Exchange]]
[[Category:American companies established in 1980]]
[[Category:Retail companies established in 1980]]
[[Category:Energy companies established in 1980]]
[[Category:Non-renewable resource companies established in 1980]]
[[Category:Oil companies of the United States]]
[[Category:Oil pipeline companies]]
[[Category:Companies based in San Antonio]]
[[Category:Automotive fuel retailers]]
[[Category:Gas stations in the United States]]
[[Category:1980 establishments in Texas]]
[[Category:Corporate spin-offs]]