Valero 2014 Annual Report Download

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2014 Summary Annual Report
Focus on Excellence

Table of contents

  • Page 1
    Focus on Excellence 2014 Summary Annual Report

  • Page 2
    2 Valero Energy Corporation

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    ... ENERGY CORPORATION 2014 Summary Annual Report 3 4 11 13 15 19 25 29 31 32 Financial Highlights A Letter to Our Shareholders A Look at Our Company Map of Operations Valero Vision Statement Focus on Operational Excellence Focus on Disciplined Capital Allocation and Investment Focus on Logistics...

  • Page 4
    New hydrocrackers at Port Arthur (pictured) and St. Charles are exceeding expectations. 2

  • Page 5
    ... refer to Valero Energy Corporation, to one or more of our consolidated subsidiaries, or to all of them taken as a whole. This is only a financial summary. The company's full, audited financial statements are contained in its Annual Report on Form 10-K for the year ended December 31, 2014, which has...

  • Page 6
    ... into high-value fuel. y Our Valero Renewables ethanol plants maintained the highest production capacity in the industry of their type, allowing us to add equivalent capacity of 1.6 plants with essentially no capital increase. Also, our Diamond Green Diesel joint venture biorefinery is running well...

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    A new crude unit is under construction at Corpus Christi. 96% refinery utilization rate 6 1.9 billion returned to shareholders $ 2.2 billion Renewables earnings since 2009 $

  • Page 9
    ... team applied to project review and spending enabled us to complete our 2014 capital program under budget at approximately $2.8 billion. Service to Others We are pleased that others recognize that Valero is an admirable company and a great place to work, and that our team is committed to supporting...

  • Page 10
    ...- the "definitive report card on corporate reputations." y Valero also made Forbes magazine's "America's Most Reputable Companies" list. y Valero was named to Forbes' first-ever list of the "500 Best Employers," based on surveys of 20,000 employees of various companies. We are very proud of our team...

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    2.9 million barrels per day refinery throughput capacity 7,400 branded wholesale outlets 1.3 billion gallons per year ethanol production capacity 10

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    ... feedstocks into high-value fuels, including diesel, gasoline, jet fuel and specialty products such as asphalt, propane and natural gas liquids. Valero additionally owns the general partner of Valero Energy Partners LP ("VLP"), a publicly traded midstream master limited partnership. Valero also is...

  • Page 14
    Valero introduced its TOP TIERâ„¢ detergent licensed gasoline at wholesale locations, representing Valero's position as a premier fuel provider. 12

  • Page 15
    Map of Operations CANADA UNITED STATES UNITED KINGDOM WHOLESALE MARKETING PRESENCE BRANDED WHOLESALE PRESENCE VALERO REFINERIES VALERO ETHANOL PLANTS VALERO HEADQUARTERS SUNRAY WIND DIAMOND GREEN DIESEL PAYMENT SERVICE CENTER IRELAND ARUBA PEMBROKE 2014 Summary Annual Report 13

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    .... As such, we provide them with a safe and rewarding work environment with opportunities for growth and personal development. Our stakeholders are our partners to whom we pledge to deliver operational excellence, disciplined management of capital and long-term value. 2014 Summary Annual Report 15

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    16 Valero Energy Corporation

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    2014 Summary Annual Report 17

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    safety awards from AFPM in 2014 10 recordable injuries at Hartley in three years 0 refineries in top quartile in mechanical availability 7 18

  • Page 21
    ..., Houston, McKee, and Three Rivers in Texas, St. Charles in Louisiana, and Benicia and Wilmington Asphalt in California were honored. y Benicia and the Bill Greehey East and West refineries in Corpus Christi received re-approval as Voluntary Protection Program Star Sites in 2014, the highest safety...

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    ... the Minnesota Safety Council. y Valero Renewables-Hartley in Iowa completed three years without a recordable injury, and has recorded no Tier 1 process safety, reliability or rail safety incidents in its history. Reliability drives safe and profitable operations. Seven of Valero's refineries are in...

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    Heavy equipment is lifted into place at the new Corpus Christi crude unit. increase in quarterly dividends in early 2015 45% thousand barrels per day new crude capacity 160 130% return on Renewables investment and capital 24

  • Page 27
    ... half of 2015 earnings to stockholders through dividends and stock buybacks. "To approve capital projects, we consider the expected returns of the project, as well as alternative uses for that capital, which might be a share repurchase," said Mike Ciskowski, Valero Executive Vice President and Chief...

  • Page 28
    ... St. Charles and Port Arthur, Texas. The units run on hydrogen produced from cost-advantaged natural gas, and the expansions increase production of high-demand diesel fuel and other distillates. Valero completed a 20,000 barrel-per-day expansion at Meraux during the fourth quarter of 2014, expected...

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    Valero Renewables plants posted record operating income in 2014. 27

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    A new rail unloading facility has been completed at Port Arthur. $ billion in assets targeted for LP in 2015 1 thousand barrels per day rail unloading capacity added 150 800 million earning value of LP-eligible assets $ 28

  • Page 31
    ... and Chief Operating Officer Valero has purchased more than 5,000 railcars and built new crude unloading facilities at Quebec, St. Charles and Port Arthur. The three facilities have an estimated total capacity of 150,000 barrels per day. Valero also is completing tanks at Corpus Christi to store...

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    ..., President and CEO, Valero Energy Corporation Deborah Platt Majoras Chief Legal Officer and Secretary, The Procter & Gamble Company Sen. Don Nickles Retired U.S. Senator (R-Okla.); Chairman and CEO, The Nickles Group Philip J. Pfeiffer Of Counsel, Norton Rose Fulbright LLP, San Antonio Robert...

  • Page 34
    ... Executive Vice President and Chief Administrative Officer Lane Riggs Executive Vice PresidentRefining Operations and Engineering Gary Arthur Jr. Senior Vice PresidentWholesale Marketing Jim Gillingham Senior Vice PresidentPetrochemicals, NGLs and Strategic Sourcing (retiring May 5, 2015...

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    Valero Energy Corporation Corporate Headquarters P.O. Box 696000 San Antonio, TX 78269 valero.com Printed in the U.S.A.