Valero 2009 Annual Report Download - page 13

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Please find page 13 of the 2009 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.

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We will strengthen our
company to restore profitability.
Every day, more than 20,000 Valero employees
come to work with a goal to strengthen our
company and restore protability. The past two
years have served to focus Valero’s team on a
critical analysis of everything we do and how
we do it. The results are what will set us apart
from others in the industry in 2010 and beyond.
We have made great strides in upgrading our
portfolio to focus on those assets that maximize
returns to investors. By taking action to idle
or shut down uncompetitive operations, we
improved the prot outlook for the company.
Responding to the tough margin environment
for heavy sour crude, we have seized on the
unique exibility of our assets to process a
wider variety of crudes to enhance protability.
We have strategically reduced capital spending
to respond to market conditions, while at the
same time maintaining and upgrading our assets
and reducing our impact on the environment.
With individual employees acting as stewards
of the company’s dollars, we have reduced
costs in signicant ways. While 2010 will be
another difcult year for reners, we believe the
actions we have taken, and continue to take, will
strengthen our company and return Valero to
protability as the economy recovers.