Valero 2007 Annual Report Download - page 12
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With Valero’s tremendous growth came challenges that it
continues to face today. Many of the plants Valero acquired had
suffered years of underinvestment under previous ownership.
Because of this, Valero continues to have tremendous opportunity
to improve operations and Valero’s earnings power. As part of
the company’s strategic assessment of its renery portfolio, the
most valuable opportunities lay in its logistically advantaged and
complex reneries, which can upgrade low-cost feedstocks into
high-value, clean products. By investing in these assets, the
company rmly believes that it can achieve operational excellence
and even higher returns for Valero’s stockholders.
Reecting the signicant projected growth in U.S. and global
demand for diesel, as well as the move towards cleaner-burning
fuels, Valero marked 2007 with the completion of major projects
focused on increasing production of ultra-low-sulfur diesel (ULSD).
Investing $1.2 billion, the company completed major installations
of ULSD-producing units at its Houston, St. Charles, Benicia and
Corpus Christi reneries. The investments were timely, as the
investing
inourassets