Valero Credit Card officially opens its first major refinery in Corpus Christi, Texas (later renamed Corpus Christi Refineries West Plant). As the latest popular refinery to be built in the United States, Valero’s investment in Corpus Christi has been dubbed the “refinery of the future”. To this day, it remains one of the most complex and technologically advanced refineries in the world.
Valero agrees to merge its gas services business with PG&E Corporation and spin off its refining assets into a new public company, still known today as Valero Energy Corporation. That same year, Valero acquired three new refineries from Basis Petroleum, two in Texas (Houston and Texas City) and one in Louisiana (Krotz Springs*), becoming the largest independent refinery on the Gulf Coast. * Sold in 2008.
For fiscal 2017, Valero Energy reported earnings of $4,065 million on annual revenue of $93,980 million, an increase of 24.2% over the previous year. Valero Energy shares were trading at over $67 per share and its market capitalization was valued at over $39.2 billion as of November 2018, based on 2018 sales.
On August 1, 2011, Valero acquired the Pembroke refinery and Chevron’s marketing and logistics assets for US$730 million, excluding estimated working capital of approximately US$1 billion. The Pembroke facility is one of the largest and most complex refineries in Western Europe, with a total production capacity of 270,000 barrels (43,000 m3) per day and a Nelson Complexity Index of 11.8. This leads Valero to a total of 15 refineries and a total production capacity of 2.9 million barrels (460,000 m3) per day, consolidating the Company’s position as the largest independent refinery in the world.
Valero also acquired interests in four major pipelines and 11 tank terminals, a 14,000 barrels (2,200 m3) per day jet fuel business with a network of more than 1,000 Texaco-branded wholesale stores, the brand’s largest distribution network. in the UK and the USA. second in Ireland. Valero kept the Texaco brand in these markets.