Valero 2009 Annual Report Download - page 21

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As Valero strives to be a world-class competitor in
the global energy business, the company is undergoing
a critical analysis of every aspect of its business –
implementing aggressive action plans to achieve its
goals and restore protability.
Valero’s executive management team, led by CEO
Bill Klesse and ve Executive Vice Presidents, is driving
these initiatives to achieve the company’s vision and
ensure the best results for all stakeholders.
and
CISKOWSKI: First and foremost, we are focused on
maintaining our nancial strength and investment-grade credit
rating. We have taken action to bolster our liquidity as we
face another challenging year. In a well-received offering in
early 2010, Valero issued $1.25 billion in debt primarily to
renance existing debt. In addition, we expect to receive over
$1 billion in cash from the liquidation of inventories at our
shut-down Delaware City renery and a federal tax refund.
We have reduced our capital spending budget for 2010
to $2 billion, which is $700 million lower than 2009 and
$1.3 billion lower than 2008. Also, we reduced our dividend
in response to continued poor industry conditions. We
expect that these actions will enable the company to maintain
nancial strength while we manage difcult and uncertain
industry conditions.
Gene Edwards
Executive Vice President
Corporate Development
& Strategic Planning
Kim Bowers
Executive Vice President
& General Counsel
Joe Gorder
Executive Vice President
Marketing & Supply
Mike Ciskowski
Executive Vice President
& Chief Financial Ofcer
Rich Marcogliese
Executive Vice President
& Chief Operating Ofcer
What are Valero’s
financial priorities?