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BUSINESS
March 11, 2010 | By Ronald D. White
Some of the nation's biggest oil companies are looking at permanently reducing how much gasoline and diesel fuel they make, a move that analysts say would almost certainly trigger higher prices for drivers. Energy companies are suffering huge losses from refining because of slumping gasoline use -- a product of the economic downturn and changing consumer habits and preferences. Energy experts say refining cutbacks have begun and will accelerate as corporations strive for profits. Major refiners have been circumspect about their plans, saying that they are considering options that could include closing refineries, selling parts of their operations, laying off workers and slashing spending.
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CALIFORNIA | LOCAL
April 2, 2013 | By Louis Sahagun, Los Angeles Times
A coalition of environmental groups says it has discovered that large-scale shipments of low-quality heavy crude oil from Canada's tar sands are being delivered by rail for processing by Southern California refineries. The groups on Tuesday called for an investigation by air-quality officials to evaluate the effects on health, air quality, safety and the climate of processing the heavy Canadian crude, which requires intensive processing to remove higher levels of sulfur to meet U.S. standards.
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BUSINESS
August 2, 2006 | From the Associated Press
Valero Energy Corp. more than doubled its second-quarter profit, benefiting from high pump prices and its expertise at turning lower-quality crude oil into gasoline and diesel. It was the best quarterly profit for San Antonio-based Valero, the nation's largest independent refiner, and executives said they expected even higher returns in the current quarter. Marathon Oil Corp. of Houston credited soaring fuel prices as a major factor in the doubling of its second-quarter profit.
BUSINESS
March 11, 2010 | By Ronald D. White
Some of the nation's biggest oil companies are looking at permanently reducing how much gasoline and diesel fuel they make, a move that analysts say would almost certainly trigger higher prices for drivers. Energy companies are suffering huge losses from refining because of slumping gasoline use -- a product of the economic downturn and changing consumer habits and preferences. Energy experts say refining cutbacks have begun and will accelerate as corporations strive for profits. Major refiners have been circumspect about their plans, saying that they are considering options that could include closing refineries, selling parts of their operations, laying off workers and slashing spending.
BUSINESS
June 1, 2005 | From Bloomberg News
Valero, the fuel transporter controlled by refiner Valero Energy Corp., agreed to sell five oil products terminals and a pipeline system to gain approval from antitrust regulators for its $2-billion acquisition of Kaneb Services and Kaneb Pipe Line Partners. San Antonio-based Valero said it would sell to third parties Kaneb's refined products terminals in Paulsboro, N.J.; Philadelphia; Martinez, Calif.; and Richmond, Calif.
BUSINESS
February 1, 2006 | From Associated Press
Valero Energy Corp., the nation's biggest oil refiner, reported that its profit more than doubled in the fourth quarter, in large part because of increased output after last year's purchase of Premcor Inc. and higher gasoline prices because of hurricane damage to Gulf Coast refineries. The company reported net income of $1.35 billion, or $2.06 a share, versus $489 million, or 88 cents, a year earlier.
BUSINESS
May 16, 2000
* The average price of self-serve regular gasoline in California fell to $1.633 a gallon, down 2.5 cents from the week before, while the U.S. average rose 3.7 cents to $1.492 a gallon, the Energy Information Administration said. * Exxon Mobil Corp. of Irving, Texas, completed the sale of its oil refinery in Benicia, Calif., and a distribution chain of 260 dealer-operated Exxon gasoline stations in California to San Antonio-based Valero Energy Corp.
BUSINESS
February 20, 2007 | From Bloomberg News
Valero Energy Corp., the largest U.S. refiner, said it was uncertain when it would be able to restart operations at its McKee refinery after the facility was damaged by an explosion and fire Friday. The blaze began after an explosion in a unit that processes residual oil. The most severe damage appeared to be limited to the unit and adjoining pipelines, a spokeswoman said.
BUSINESS
September 5, 2002 | Nancy Rivera Brooks
The wholesale price of gasoline in California jumped after Valero Energy Corp. said a gasoline-making unit at its Wilmington refinery would be shut down for about two weeks. The rack price for regular gasoline, which is a wholesale price that does not include delivery charges, hit 93 cents a gallon in Los Angeles, up 6.25 cents from Tuesday's price, according to Bloomberg's daily gas price report. Retail pump prices usually reflect wholesale price increases within a few days.
BUSINESS
December 4, 2001 | Associated Press
Valero Energy Corp. said Monday it has agreed to sell a refinery and dozens of gas stations in Northern California as part of negotiations with the Federal Trade Commission over its proposed takeover of rival refiner Ultramar Diamond Shamrock Corp. The proposed consent decree, reached with FTC staff, would require Valero to part with the Golden Eagle refinery in Benicia and 70 gas stations, all now owned by UDS, to proceed with the $4-billion buyout.
BUSINESS
January 30, 2010 | By Ronald D. White
Chevron Corp., the nation's No. 2 oil company, said Friday that its fourth-quarter net income fell by more than a third compared with a year earlier. The decline was driven almost entirely by a huge reversal in the company's downstream segment, including its refineries, which swung from a fourth-quarter profit of more than $2 billion in 2008to a loss of more than $600 million in 2009. If not for the refining, marketing and transportation segment, Chevron would have posted a gain in net income of about $800 million compared with the same quarter in 2008.
BUSINESS
May 18, 2007 | Elizabeth Douglass, Times Staff Writer
Southern California air-quality regulators are fining Valero Energy Corp. $5,000 a day because the San Antonio-based company delayed upgrades to its Wilmington refinery -- at the request of California energy officials. The fine is a minor monetary annoyance for Valero, amounting each day to about half a minute's worth of profit during the first quarter.
BUSINESS
April 27, 2007 | Elizabeth Douglass and Richard Simon, Times Staff Writers
Oil giant Exxon Mobil Corp. and leading refiner Valero Energy Corp. cashed in on soaring gasoline prices during the first three months of the year -- an accomplishment that on Thursday produced upbeat profit reports as well as a new chorus of condemnation from consumer advocates and politicians. Exxon said its first-quarter profit jumped 10% to $9.3 billion, or $1.
BUSINESS
February 20, 2007 | From Bloomberg News
Valero Energy Corp., the largest U.S. refiner, said it was uncertain when it would be able to restart operations at its McKee refinery after the facility was damaged by an explosion and fire Friday. The blaze began after an explosion in a unit that processes residual oil. The most severe damage appeared to be limited to the unit and adjoining pipelines, a spokeswoman said.
BUSINESS
August 2, 2006 | From the Associated Press
Valero Energy Corp. more than doubled its second-quarter profit, benefiting from high pump prices and its expertise at turning lower-quality crude oil into gasoline and diesel. It was the best quarterly profit for San Antonio-based Valero, the nation's largest independent refiner, and executives said they expected even higher returns in the current quarter. Marathon Oil Corp. of Houston credited soaring fuel prices as a major factor in the doubling of its second-quarter profit.
BUSINESS
April 26, 2006 | Jerry Hirsch, Times Staff Writer
Two oil companies kicked off another round of record quarterly profit reports Tuesday as President Bush announced an investigation into possible price gouging and motorists fumed over how much money they were spending on gasoline. Westwood-based Occidental Petroleum Corp. said its first-quarter profit soared to $1.2 billion. That's a 45% increase from a year earlier and nearly three times the profit it reported in the 2004 first quarter. Earnings at San Antonio-based Valero Energy Corp.
BUSINESS
May 8, 2001 | ANDREW KELLY, REUTERS
Valero Energy Corp. said Monday it plans to buy Ultramar Diamond Shamrock Corp. for $4 billion in cash and stock in a deal that would make Valero the second-biggest U.S. oil refiner and put it in a position to challenge mighty Exxon Mobil Corp. for the top slot. The proposed deal between the two San Antonio-based companies is the latest in a series of big-money mergers and acquisitions that has changed the landscape of the U.S. and global petroleum industry in recent years.
BUSINESS
February 1, 2006 | From Associated Press
Valero Energy Corp., the nation's biggest oil refiner, reported that its profit more than doubled in the fourth quarter, in large part because of increased output after last year's purchase of Premcor Inc. and higher gasoline prices because of hurricane damage to Gulf Coast refineries. The company reported net income of $1.35 billion, or $2.06 a share, versus $489 million, or 88 cents, a year earlier.
BUSINESS
June 1, 2005 | From Bloomberg News
Valero, the fuel transporter controlled by refiner Valero Energy Corp., agreed to sell five oil products terminals and a pipeline system to gain approval from antitrust regulators for its $2-billion acquisition of Kaneb Services and Kaneb Pipe Line Partners. San Antonio-based Valero said it would sell to third parties Kaneb's refined products terminals in Paulsboro, N.J.; Philadelphia; Martinez, Calif.; and Richmond, Calif.
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