March 03, 2015 7:18 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Valero Energy Corporation

Company Overview

Valero Energy Corporation operates as an independent petroleum refining and marketing company in the United States, Canada, the Caribbean, the United Kingdom, and Ireland. It operates through two segments, Refining and Ethanol. The Refining segment is involved in refining, wholesale marketing, product supply and distribution, and transportation operations. This segment produces conventional and premium gasolines, gasoline meeting the specifications of the California Air Resources Board (CARB), reformulated gasoline blendstock for oxygenate blending, diesel fuels, low-sulfur and ultra-low-sulfur diesel fuels, CARB diesel fuel, distillates, jet fuels, asphalts, petrochemicals, lubricants, and ...

One Valero Way

San Antonio, TX 78249

United States

Founded in 1955

10,065 Employees

Phone:

210-345-2000

Key Executives for Valero Energy Corporation

Chairman, Chief Executive Officer and President
Age: 57
Total Annual Compensation: $900.0K
Chief Financial Officer and Executive Vice President
Age: 56
Total Annual Compensation: $775.0K
Executive Vice President and General Counsel
Age: 56
Total Annual Compensation: $500.0K
Compensation as of Fiscal Year 2013.

Valero Energy Corporation Key Developments

Valero Energy Corporation Board Approves Amendments to its Bylaws

On January 23, 2015, the Board of Directors of Valero Energy approved an amendment to company's bylaws to eliminate the Executive Committee of the Board. The amendment was effective upon its approval by the Board.

Valero Energy Corporation Announces Unaudited Earnings and Production Results for the Fourth Quarter and Earnings Results for the Full Year Ended December 31, 2014; Provides Earnings Guidance for 2015 and 2016

Valero Energy Corporation announced unaudited earnings and production results for the fourth quarter and earnings results for the full year ended December 31, 2014. For the quarter, the company reported net income from continuing operations attributable to Valero stockholders of $1.2 billion, or $2.22 per share, in the fourth quarter of 2014 compared to $1.3 billion, or $2.38 per share, in the fourth quarter of 2013. Adjusting for special items, net income from continuing operations attributable to Valero stockholders was $952 million, or $1.83 per share, in the fourth quarter of 2014 compared to $963 million, or $1.78 per share, in the fourth quarter of 2013. In the fourth quarter of 2014, capital spending was $857 million, of which $157 million was for turnarounds and catalyst. Operating Revenue was $27,859 million compared with $34,429 million for the same period last year. Income from continuing operations before income tax expense was $1,704 million compared with $1,802 million for the same period last year. For the year ended December 31, 2014, net income from continuing operations attributable to Valero stockholders was $3.7 billion, or $6.97 per share, compared to $2.7 billion, or $4.96 per share, in 2013. Adjusting for special items, net income from continuing operations attributable to Valero stockholders was $3.5 billion, or $6.68 per share, in 2014 compared to $2.4 billion, or $4.41 per share, in 2013. Operating Revenue was $130,844 million compared with $138,074 million for the same period last year. Income from continuing operations before income tax expense was $5,552 million compared with $3,376 million for the same period last year. Fourth quarter 2014 refining throughput volumes averaged 2.8 million barrels per day, an increase of 41,000 barrels per day from the fourth quarter of 2013. Valero's refineries operated at 98% throughput capacity utilization in the fourth quarter of 2014. The company expects 2015 capital spending, including turnarounds and catalyst, to be $2.65 billion, which includes $1.5 billion for stay-in-business capital and $1.15 billion for growth investment, and excludes $150 million for a St. Charles methanol project that remains under evaluation. The company expects net income to be $32 million and EBITDA to be $50 million. The company expects 2016 capital spending, including turnarounds and catalyst, to be $2.4 billion, which includes $1.4 billion for stay-in-business capital and $1 billion for growth investment, and excludes $300 million for a St. Charles methanol project that remains under evaluation.

Valero Energy Corporation to Pay Regular Quarter Cash Dividend, Payable on March 3, 2014

Valero Energy will pay a regular quarterly cash dividend on its common stock of $0.40 per share on March 3 to shareholders of record on February 11. The company has increased its dividend rate by 46% from the $0.275 per share paid for the previous quarter.

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