CORPORATE OVERVIEW. Headquartered in San Antonio, Texas, Valero Energy Corporation is the world's largest independent petroleum refiner and marketer, supplying fuel and products with 16 refineries and 10 ethanol plants stretching from the U.S. West and Gulf coasts to Canada, the United Kingdom and the Caribbean. Its refineries produce conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products. VLO also until recently marketed refined products through a network of about 6,800 retail and branded wholesale stores in the U.S., Canada, the U.K., Aruba, and Ireland. VLO's 10 ethanol plants have a total production capacity of 1.1 billion gallons per year.
The company operates in three business segments: Refining (operating income of $4.45 billion in 2012; operating income of $3.516 billion in 2011), Ethanol (operating loss of $47 million in 2012; operating income of $396 million in 2011), and Retail (spun off in 2013; operating income of $348 million in 2012; operating income of $381 million in 2011). The Refining segment includes refining operations, wholesale marketing, product supply and distribution, and transportation operations. As of year-end 2012, the company owned and operated 15 refineries in the U.S., Canada, and the United Kingdom, with a combined throughput capacity of 2.81 million barrels per day (b/d). These capacities by region include: Gulf Coast (seven refineries, 55% of throughput capacity), the Mid-Continent (three, 16%), the West Coast (two, 11%), and the North Atlantic (two, 18%). During 2012, sour crude oils, acidic sweet crude oils and residuals represented 49% of VLO's throughput volumes; sweet crude oil 35%; and blendstocks and other feedstocks 16%.
The Ethanol segment includes sales of internally produced ethanol and distillers grains. As of December 2012, VLO owned 10 ethanol plants with production capacity of about 1.1 billion gallons per year; three of these facilities were acquired in the 2010 first quarter. Operations are located in the central plains region of the U.S.
VLO was one of the largest independent retailers of refined products in the central and southwest U.S. and eastern Canada. Its retail operations are segregated geographically into two groups: Retail-U.S. System (1,032 company-operated sites - 81% owned, 19% leased - in 2012) and Retail-Canada (848 retail stores or cardlocks, owned or leased). VLO spun off its retail business on May 1, 2013.