Valero 2004 Annual Report Download - page 9
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Va l e r o E n e r g y C o r p or a t i o n
s u m m a r y a n n u a l r e p o r t
7
Va l e r o E n e r g y C o r p or a t i o n
s u m m a r y a n n u a l r e p o r t
ITPAYSTOBEDIFFERENT
In1997,Valerohadasingle170,000-barrel-per-day
(BPD)refineryinCorpusChristi,Texas.Today,
Valerohasoneofthemostgeographicallydiverse
refiningsystemsinNorthAmericawith15refineries
stretchingfromCanadaandtheU.S.GulfCoastand
WestCoasttotheCaribbean.
Valerohasquicklyemergedasthelargestindependent
refinerinNorthAmerica,withatotalthroughput
capacityof2.5millionBPD,whichrepresentsabout
12percentoftotalU.S.refiningcapacity.Valeroisalso
proudtobeoneofthebestcompaniestoworkforin
Americatodayaswellasoneofthetop-performing
publiclytradedU.S.companies.
Therecord$55billioninrevenuesthatValeroearned
in2004wouldplaceitamongthetop20largest
publiclytradedcompaniesintheU.S.basedon
thecurrentFortune500rankings.Butevenmore
importantly,ValerowasrankedNo.1onForbes
magazine’slistofthe400BestBigCompaniesin
Americaforits2004earningsgrowthand
shareholderreturn!
Valeroachievedthistremendoussuccessthroughits
aggressiveacquisitionandcapitalinvestmentstrategy
–acquiringrefineriesforpennies-on-the-dollarof
replacementcostandtheninvestinginthemtomake
themsignificantlymoreprofitable.
AndthereallybigpayoffcomesfromValero’sunique
sourcrudeprocessingadvantage.Withoneofthe
world’smostcomplexrefiningsystems,Valerobenefits
fromitsabilitytoprocesslesscostly,heaviersourcrude
feedstocks,whichhasenabledittoturnrecordsour
crudediscountsintorecordprofits.
Inadditiontobeingaleadingrefiner,Valeroisone
ofthenation’slargestretailerswith4,700retailand
wholesalebrandedsites.Thecompanyalsohasan
equityownershipinterestinoneofthefastest-growing
limitedpartnerships,ValeroL.P.,whichownscrude
oilandrefinedproductpipelines,aswellasrefined
productterminalsandfeedstockstoragefacilities.
ButthemostimportantdifferenceaboutValeroisits
winningcorporateculture.AtValero,employeesknow
theyarethecompany’sNo.1assetanditistheir
caringandsharingspiritand“cando”attitudethat
setsValeroapartfromitspeers!
Valero’suniquestrategyanduniqueculturearethe
primaryreasonswhybeingdifferenthaspaidofffor
Valeroanditsshareholders!