LYCOS RETRIEVER 
Valero Energy: Company
built 289 days ago
As the largest refiner in North America, Valero Energy was at big risk when Hurricane Katrina hit the Gulf Coast. The company came through relatively unscathed and had to shut down only one of its eight refineries.
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Valero Energy Corp. reported earnings results for the fourth quarter and year ended December 31, 2007. For the quarter, the company reported net income applicable to common shareholders was $567 million, or $1.02 per diluted share, which compares to $1.1 billion, or $1.80 per diluted share, in the fourth quarter of 2006. Fourth quarter 2006 results included a $196 million pre-tax gain, or $0.21 per share. Operating revenue of $28,671 million compared to operating revenue of $18,835 million reported for the same period last year. The company reported good results for the fourth quarter considering the dramatic increase in feedstock costs relative to product prices. For the year, the company reported net income applicable to common shareholders was $5,234 million or $8.88 per diluted share compared to net income applicable to common shareholders of $5,461 million or $8.64 per diluted share.
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Following its acquisition of fellow independent refiner Premcor, Valero Energy is now the largest refiner in North America, with 3.1 million barrels per day of capacity. The company owns about 4,700 retail outlets under various brands, most of which are west of the Mississippi and in Canada. In 2006, Valero sold its remaining ownership interest in NuStar Energy, a master limited partnership that owns and operates pipelines, terminals, and storage tanks.
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Valero made its most significant investment late in 1980 when it bought a one-half interest in Saber Energy, Inc., a small marketer of gasoline, for $51 million. With its new partner, Valero planned to turn Saber's tiny gasoline-producing operation in Corpus Christi, Texas, into a state-of-the-art specialized refinery. The facility was designed to use the product at the bottom of a barrel of crude oil—a high-sulfur, tar-like substance known as atmospheric residual oil (abbreviated "resid")—as its raw material, or "feedstock." Resid was obtained as a byproduct of the processing of raw crude oil and generally cost significantly less than a barrel of crude, which was the feedstock of a conventional refinery. By cracking resid in a complicated and expensive process, Saber's refinery would create high-quality gasoline. In the Saber partnership, the company made its bid to become a broad-based energy concern.
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Once the share is registered a genuine Valero Energy Corp share certificate displaying the shareholder's name will be delivered. The shareholder will be entitled to shareholder rights and any perks relevant to one share. The shareholder will ... receive important information directly from Valero Energy Corp including annual reports, invitations to meetings and a right to vote on issues affecting the company.
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Valero Energy’s reconciliation team manually reconciled deposits for its company-owned stores. This effort was both labor-intensive and time-consuming. Bank statements for 450 bank accounts were received weekly for concentration accounts and monthly for banks that handled one or two stores. The large number of bank accounts, delays with bank statement delivery, and antiquated procedures resulted in excessive bank fees, costly idle balances and increased exposure to losses due to field personnel not being notified of unexplained shortages for two to six weeks.
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