Valero Energy Corp was incorporated in Delaware on June 8, 1981 under the name Valero Refining and Marketing Company. The Company changed its name to Valero Energy Corporation on August 1, 1997. The Company along with its subsidiaries is an independent petroleum refining and marketing company. The Company operates in two segments including refining and ethanol. The refining segment includes refining and marketing operations in the U.S., Canada, the U.K., Aruba, and Ireland. The ethanol segment includes ethanol and marketing operations in the U.S. The Company refining operations includes approximately 15 refineries with a combined throughput capacity of approximately 3.0 million barrels per day (BPD). The Company's refineries produce conventional gasolines, premium gasolines, and gasoline meeting the specifications of the California Air Resources Board (CARB), diesel, low-sulfur diesel, ultra-low-sulfur diesel, CARB diesel, other distillates, jet fuel, asphalt, petrochemicals, lubricants, and other refined products. The Company markets branded and unbranded refined products on a wholesale basis in the United States (U.S.), Canada, the Caribbean, the United Kingdom (U.K.), and Ireland through bulk and rack marketing network and through approximately 7,500 outlets that carry the Valero, Diamond Shamrock, Shamrock, Ultramar, Beacon, and Texaco brand names. The Company also owns 11 ethanol plants in the U.S. that produce ethanol with a combined production capacity of approximately 1.4 billion gallons. The principal purchasers of refined products from terminal truck racks are wholesalers, distributors, retailers, and truck-delivered end users throughout the U.S., Canada, the U.K., and Ireland. The Company's Specialty Products include asphalt, lube oils, natural gas liquids (NGLs), petroleum coke, petrochemicals, and sulfur. The Company competes with many companies for available supplies of crude oil and other feedstocks and for outlets for its refined products. The Company's refining and marketing operations are subject to various hazards common to the industry, including explosions, fires, toxic emissions, maritime hazards, and natural catastrophes.
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