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Valero Energy Corporation
1 Valero Way San Antonio TX USA
Valero Energy is on a mission. Named after the Alamo (the Mission San Antonio de Valero), the company is the largest independent oil refiner in the US. Valero refines low-cost residual oil and heavy crude into cleaner-burning, higher-margin products, including low-sulfur diesels. It operates 17 refineries with a total production capacity of more than 3.1 million barrels per day. These plants are located in California, Delaware, Louisiana, New Jersey, Oklahoma, Tennessee, Texas, and in Aruba and Canada. It also has a network of 5,500 retail gas stations and wholesale outlets bearing the Corner Store, Diamond Shamrock, Shamrock, Ultramar, Valero, Stop N Go, and Beacon names in 42 US states and Canada.
 Environmental Concerns
- US: Environmental Groups Sue EPA Over Refinery Emission Standards: "A coalition of national and community environmental groups has sued the U.S. Environmental Protection Agency to overturn a new rule that allegedly allows refineries and other industrial plants to emit higher levels of noxious chemicals when starting up, shutting down and experiencing equipment malfunctions, without informing area residents... The lawsuit was filed partially in response to a breakdown in September in Wilmington when the Shell, Conoco-Phillips and Valero refineries emitted brown and yellow smoke for more than eight hours after an area power outage."
 Business Ethics
 Excessive CEO Compensation
- US: EXECUTIVE PAY; C.E.O. Pay Keeps Rising, And Bigger Rises Faster: "Chief executives' pay continued to rise in 2005, although at a slightly slower pace than in 2004... Ray R. Irani, the chief executive of Occidental Petroleum, topped the list, with more than $63 million in total pay. Next were Bruce E. Karatz of KB Home and William E. Greehey of the Valero Energy Corporation, who each received more than $40 million in total compensation."
- US: Executive Pay: A Special Report. More Pieces. Still a Puzzle.: "... In a break from the past, companies must now report what some pay consultants call the “Nardelli Number,” after the former Home Depot chief — the value of any potential severance and change-in-control payouts as of a certain date... For example, William R. Klesse, the chief executive of Valero Energy, will get more than $24 million if he is ousted."
 Record Oil Profits
- US: Congress Challenges Oil Executives on Profits: "The top executives of the big oil companies were once again called before Congress today to defend their industry's recent mergers and record profits... William R. Klesse, the chief executive of Valero, the nation's largest independent refiner, was also present."
 Involvement in Oil For Food Scandal
- Iraq Oil-For-Food Probe Spreads: "US oil refiner Valero Energy has become the third US company to receive a subpoena seeking information about its role in Iraq's oil-for-food programme."
 War Profiteering
- To the Victors Go the Spoils of War: "While the Bush Administration is under fire for failing to produce a single Iraqi weapon of mass destruction three months after the official close of the war, critics claim that the motive for the invasion all along was control of Iraqi oil. And if the bonanza in oil contracts won by giant oil companies is any indication, Washington is moving swiftly to secure access to Iraq's oil wealth once and for all... BP and Shell will each send one very large tanker every month to Iraq to pick up their two million barrels. Among the other companies that have signed deals to buy the oil are ConocoPhillips, Valero Energy and Marathon Oil, Total of France, Sinochem of China and a company from the Mitsubishi group, which is buying for Japanese refineries."