Valero 2009 Annual Report Download - page 21
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Please find page 21 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.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 protability.
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
renance existing debt. In addition, we expect to receive over
$1 billion in cash from the liquidation of inventories at our
shut-down Delaware City renery 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 difcult 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 Ofcer
Rich Marcogliese
Executive Vice President
& Chief Operating Ofcer
What are Valero’s
financial priorities?