Valero 2003 Annual Report Download - page 9
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Please find page 9 of the 2003 Valero annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.world-classrener&marketer
Valerohasgoodreasontobeontopoftheworld!Withthesize,scopeandquality
of its system, Valero is uniquely positioned to benet from the new margin
environmentthatindustryexpertshavebeenpredicting.Overthelastsevenyears,
Valerohasgrownintoaworld-classreningandmarketingcompanythat’sranked
#34amongtheFortune500andearningannualrevenuesof$38billion.
With15reneriesthroughouttheU.S.andinCanadaandtheCaribbean,Valero
hasthemostgeographicallydiversereningsystemamongitspeers.Thecompany’s
systemhasacombinedthroughputcapacityofapproximately2.4millionbarrels
perday(BPD),andValero’sU.S.productionrepresentsapproximately12%ofthe
totalU.S.reningcapacity,makingitthenation’slargestindependentrener.As
aresultofitssize,Valerohasthemostleveragetoreningmarginswithevery$1
improvementinits reningmarginimprovingearningsbyalmost$4pershare.
Valero’ssystemisalsothemostcomplexamongtheindependentrenersbecause
the company has stayed true to its strategy of processing the most economical
feedstocksintopremiumproducts.
AnotherreasonthatValeroisinsuchagreatpositionisitsownershipstakeinValero
L.P.,themasterlimitedpartnershipthatownsapproximately4,500milesofcrude
oilandrenedproductpipelines,aswellasrenedproductterminalsandfeedstock
storagefacilities.Inadditiontoitsreningandlogisticsbusinesses,Valeroisalso
oneofthenation’slargestretailerswithover4,500retailandwholesaleoutletsin
theU.S.,CanadaandtheCaribbeanundervariousbrandnames.
Forallofthesereasonsandthemanyadvantagesfeaturedonthefollowingpages,
Valeroexpectstotopitspreviousearningsandachievementsintheyearsahead!
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