New Orleans Oil :: Valero

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. Retail

A typical Valero gas stationValero also retails gasoline branded as Valero, Shamrock, Diamond Shamrock, Ultramar, Beacon, and Total. While this arm of the company is the most visible to the public, it is, according to CEO William Greehey, "a very small part of [Valero's] operations"[1].

Valero is gradually shifting its focus from being a discount gasoline brand to becoming a premium brand. As part of that shift, Valero has begun 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 name Ultramar, while being eliminated in the U.S., will still be used as Valero's brand name in Canada.

History

Valero was created on January 1, 1980, as a spinoff from the Coastal States Gas Corporation. At the time, it was the largest corporate spinoff in U.S. history. Valero took over the natural gas operations of the LoVaca Gathering Company, a defunct subsidiary of Coastal States Gas.

The company acquired a small oil refinery in Corpus Christi, Texas in 1981, and began refining operations in 1984.

In 1997, Valero spun off its refining and retail divisions into a separate company, which kept the Valero name. At the same time, the remaining divisions, which consisted primarily of natural gas operations, were acquired by PG&E. Later that year, Valero acquired Basis Petroleum, which left it with four refineries in Texas and Louisiana.

Valero acquired a Paulsboro, New Jersey refinery in 1998. This was the company's first refinery outside of the Gulf Coast area.

In 2000, Valero purchased ExxonMobil's Benicia, California refinery and interests in 350 Exxon-branded service stations in California, mainly in the San Francisco Bay area. The company also began retailing gasoline under the Valero brand. In June 2001, the company acquired the Huntway Refining Company, along with two asphalt plants on the west coast.

On December 31, 2001, Valero completed its acquisition of Ultramar Diamond Shamrock. This merger left Valero with over 4,700 retail sites in the U.S., Canada, and the Caribbean. With this acquisition the Valero also received ownership of Shamrock Logistics L.P., which was renamed Valero L.P. This limited partnership owns and operates a 3600 mile (5800 km) pipeline network for Valero's refineries.

Starting in 2002, Valero has expanded its marketing to the East Coast (specifically the Northeast and Florida), using the Valero brand.

On April 25, 2005 Valero agreed to buy Premcor Inc. for $6.9 billion in cash and stock to become the largest U.S. refiner as record prices for gasoline and other fuels boost profits.

On June 30, 2005 Valero announced it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand.

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