![]() Estimates on the value of the working capital would place the total price at $1.73 billion. for $730 million in cash, not including working capital that will be determined at closing. On March 11, 2011, Valero announced that it had agreed to a major European purchase from Chevron Corp. It was reported the refinery had lost $1 million per day since the beginning of the year. ![]() Valero laid off 500 employees at its refinery in Delaware City, Delaware on November 20, 2009, due to profitability concerns. In the next year, on May 5, 2008, Valero agreed to buy 72 Albertsons gas stations. On June 30, 2005, Valero announced that it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand. refiner, as record prices for gasoline and other fuel boosted profits. On April 25, 2005, Valero agreed to buy Premcor, Inc., for $8 billion in cash and stock to become the largest U.S. 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. (the Sigmor brand name was the initials of Sigfried Moore, Turner's former employer) which merged with Shamrock Oil and Gas in 1960 forming Sigmor Shamrock - which was merged into Diamond Shamrock in 1982. The acquisition also includes all past Diamond Shamrock assets, including the former Sigmor Petroleum assets founded by Thomas E. Starting in 2002, Valero has expanded its marketing to the East Coast, specifically the Northeast and Florida, using the Valero brand. In 2006, the division was spun off as NuStar Energy. With this acquisition, Valero also received ownership of Shamrock Logistics L.P., which was renamed Valero L.P. The merger left Valero with over 4,700 Ultramar, Diamond Shamrock, and Beacon retail sites in the United States, Canada, and the Caribbean. On December 31, 2001, Valero completed its acquisition of Ultramar Diamond Shamrock. ![]() In June 2001, Valero acquired the Huntway Refining Company, along with two asphalt plants on the West Coast. ![]() The company also began retailing gasoline under the Valero brand. 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. In 1998, it then acquired a Paulsboro, New Jersey, refinery, the company's first outside of the Gulf Coast area. In May of that year, the firm acquired Basis Petroleum, which left it with four refineries in Texas and Louisiana. At the same time, the remaining divisions, which consisted of natural gas operations, merged with a wholly owned subsidiary of Pacific Gas and Electric Company. In 1997, Valero Energy Company spun off its subsidiary, Valero, to its stockholders. In May 1985, Valero Refining and Marketing Company was born from Valero's subsidiary, Saber Energy, Inc. 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. The name Valero comes from Mission San Antonio de Valero, the original name of the Alamo. Valero took over the natural gas operations of the LoVaca Gathering Company, later renamed the Valero Transmission Company. Valero was created on January 1, 1980, as the successor of Coastal States Gas Corporation's Subsidiary, LoVaca Gathering Company. A Fortune 500 company, before the 2013 spinoff of CST Brands, Valero was one of the United States' largest retail operators with approximately 6,800 retail and branded wholesale outlets in the United States, Canada, United Kingdom, Mexico and Peru under the Valero, Diamond Shamrock, Shamrock, Beacon, and Texaco brands. Throughout the United States and Canada, the company owns and operates 15 refineries, and one in Wales, with a combined throughput capacity of approximately 3 million barrels (480,000 m 3) per day, 11 ethanol plants with a combined production capacity of 1.2 billion US gallons (4,500,000 m 3) per year, and a 50-megawatt wind farm. It is headquartered in San Antonio, Texas, United States. Valero Energy Corporation is an American-based downstream petroleum company mostly involved in manufacturing and marketing transportation fuels, other petrochemical products, and power.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |