e8vk - SEC.gov | HOME April 3, 2007, senior management of Valero Energy Corporation (the...

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0000950129-07-001826.txt : 200704020000950129-07-001826.hdr.sgml : 2007040220070402160714ACCESSION NUMBER:0000950129-07-001826CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:21CONFORMED PERIOD OF REPORT:20070402ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20070402DATE AS OF CHANGE:20070402

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:VALERO ENERGY CORP/TXCENTRAL INDEX KEY:0001035002STANDARD INDUSTRIAL CLASSIFICATION:PETROLEUM REFINING [2911]IRS NUMBER:741828067STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-13175FILM NUMBER:07739062

BUSINESS ADDRESS:STREET 1:P.O. BOX 696000CITY:SAN ANTONIOSTATE:TXZIP:78269-6000BUSINESS PHONE:2103452000

MAIL ADDRESS:STREET 1:P.O. BOX 696000CITY:SAN ANTONIOSTATE:TXZIP:78269-6000

8-K1h45211e8vk.htmFORM 8-K - CURRENT REPORT

e8vk

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April2, 2007

VALERO ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction
of incorporation)

1-13175
(Commission File Number)

74-1828067
(IRS Employer
Identification No.)

One Valero Way
San Antonio, Texas
(Address of principal executive offices)

78249
(Zip Code)

Registrants telephone number, including area code: (210) 345-2000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see GeneralInstruction A.2. below):

oWritten communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

oPre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

Item7.01 RegulationFD Disclosure.

On April3, 2007, senior management of Valero Energy Corporation (the Company) will participateat the 2007 Howard Weil Energy Conference (the Conference). The slides attached to this reportwere prepared in connection with managements participation at the Conference. The slides areincluded in Exhibit99.1 to this report and are incorporated herein by reference. The slides willbe available on the Companys website at www.valero.com (within the Investor Relations section).The information in this report is being furnished, not filed, pursuant to RegulationFD.Accordingly, the information in Items 7.01 and 9.01 of this report will not be incorporated byreference into any registration statement filed by the Company under the Securities Act of 1933, asamended, unless specifically identified therein as being incorporated therein by reference. Thefurnishing of the information in this report is not intended to and does not constitute adetermination or admission by the Company that the information in this report is material orcomplete, or that investors should consider this information before making an investment decisionwith respect to any security of the Company or any of its affiliates.

Safe Harbor Statement

Statements contained in the exhibit to this report that state the Companys or its managementsexpectations or predictions of the future are forward-looking statements intended to be covered bythe safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.It is important to note that the Companys actual results could differ materially from thoseprojected in such forward-looking statements. Factors that could affect those results includethose mentioned in the documents that the Company has filed with the Securities and ExchangeCommission.

Item9.01 Financial Statements and Exhibits.

(d)Exhibits.

99.1 Slides from presentation at the Conference.

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly causedthis report to be signed on its behalf by the undersigned hereunto duly authorized.

VALERO ENERGY CORPORATION

Date: April 2, 2007 By:

/s/Jay D. Browning

Jay D. Browning

Senior Vice President and Secretary

3

EXHIBIT INDEX

Number Exhibit

99.1

Slides from presentation at the Conference.

4

EX-99.12h45211exv99w1.htmSLIDE PRESENTATION

exv99w1

EXHIBIT99.1

Howard Weil Energy Conference

April 3, 2007

Greg King

President

2007 Off to a Great Start

Outstanding gasoline anddiesel margins

YTD Gulf Coast gas cracks23% higher than sameperiod in 2006 and 60%above five-year average forsame period

YTD Gulf Coast on-roaddiesel cracks 23% higherthan same period in 2006and 140% above five-yearaverage for same period

Important to focus on on-roaddiesel margin (low sulfur andultra-low sulfur), not heating oil 5-Yr Avg 2007 2006 High Low 1/1/2007 5.15 4.69 6.33 7.12 2.87 2/1/2007 4.82 8.7 3.11 8.42 1.98 3/1/2007 8.88 17.21 14.55 14.55 5.64 4/1/2007 11.9 23.6 23.6 5.77 5/1/2007 10.26 16.97 16.97 4.1 6/1/2007 9.56 19.4 19.4 4.09 7/1/2007 10.63 22.14 22.14 4.83 8/1/2007 9.25 12.29 16.54 3.22 9/1/2007 9.89 1.58 32.95 1.58 10/1/2007 6.43 4.45 13.52 3.45 11/1/2007 3.79 6.49 6.49 2.54 12/1/2007 3.78 5.06 6.42 0.45

Gulf Coast Gas Crack (per bbl)

Source: Platts; 2007 data through March 29 5-Yr Avg 2007 2006 High Low 1/1/2007 5.63 14.21 9.62 9.62 1.91 2/1/2007 6.86 15.72 12.76 12.76 1.7 3/1/2007 7.07 22.08 15.9 15.9 2.09 4/1/2007 7.84 18.8 18.8 1.73 5/1/2007 7.14 19.18 19.18 0.4 6/1/2007 7.56 19.37 19.37 0.86 7/1/2007 7.71 19.55 19.55 1.07 8/1/2007 8.35 20.39 20.39 1.47 9/1/2007 10.38 11.28 25.68 2.55 10/1/2007 13.21 16.09 32.71 3.72 11/1/2007 8.77 16.48 16.48 3.19 12/1/2007 8.29 13.2 13.2 3.53

Gulf Coast On-Road Diesel Crack (per bbl)

Source: Platts; 2007 data through March 29

Gasoline Fundamentals

Bullish Factors Continue

Demand at highest levels ever

YTD growth at 1.7% over 2006

Lower pump prices, resilienteconomy

Strong worldwide naphtha/blendstock demand pullingcomponents from gasoline pool

Asia, Venezuela, Mexico, Iran,West Africa

Days of supply below last yearand 5-year average

Supply looking tight again

Industry turnarounds underway

Unplanned outages andextensions reducing supply

Switch to summer-grade specremoves blending components

5-Yr Avg 2007 2006 High Low 1/6/2006 8.886 9.292 9.221 9.221 8.665 1/13/2006 8.773 9.184 9.104 9.104 8.562 1/20/2006 8.669 9.129 8.998 8.998 8.389 1/27/2006 8.587 9.09 8.879 8.879 8.22 2/3/2006 8.591 9.074 8.883 8.883 8.204 2/10/2006 8.602 9.0735 8.939 8.939 8.143 2/17/2006 8.636 9.121 8.994 8.994 8.238 2/24/2006 8.685 9.129 9.012 9.012 8.374 3/3/2006 8.789 9.143 9.034 9.034 8.514 3/10/2006 8.837 9.167 9.04 9.04 8.554 3/17/2006 8.866 9.178 9.054 9.054 8.625 3/24/2006 8.856 9.21 9.079 9.079 8.598 3/31/2006 8.827 9.081 9.093 8.499 4/7/2006 8.881 9.129 9.129 8.512 4/14/2006 8.903 9.129 9.129 8.53 4/21/2006 8.946 9.118 9.204 8.548 4/28/2006 8.962 9.127 9.147 8.642 5/5/2006 8.966 9.139 9.169 8.686 5/12/2006 8.988 9.196 9.196 8.613 5/19/2006 9.071 9.241 9.241 8.74 5/26/2006 9.11 9.324 9.337 8.736 6/2/2006 9.103 9.329 9.406 8.8 6/9/2006 9.142 9.351 9.471 8.806 6/16/2006 9.105 9.41 9.438 8.69 6/23/2006 9.154 9.437 9.437 8.826 6/30/2006 9.245 9.507 9.507 8.925 7/7/2006 9.247 9.559 9.559 8.925 7/14/2006 9.269 9.594 9.594 8.978 7/21/2006 9.3 9.602 9.602 9.054 7/28/2006 9.295 9.601 9.601 9.035 8/4/2006 9.358 9.62 9.62 9.108 8/11/2006 9.411 9.61 9.61 9.179 8/18/2006 9.417 9.609 9.609 9.15 8/25/2006 9.413 9.602 9.602 9.17 9/1/2006 9.352 9.583 9.583 9.129 9/8/2006 9.252 9.543 9.543 9.023 9/15/2006 9.155 9.457 9.457 8.972 9/22/2006 9.033 9.377 9.377 8.83 9/29/2006 8.957 9.241 9.241 8.738 10/6/2006 8.954 9.21 9.21 8.75 10/13/2006 8.962 9.227 9.227 8.798 10/20/2006 9.016 9.283 9.283 8.805 10/27/2006 9.079 9.388 9.388 8.915 11/3/2006 9.131 9.391 9.391 9.022 11/10/2006 9.141 9.344 9.344 8.94 11/17/2006 9.096 9.254 9.254 8.911 11/24/2006 9.071 9.209 9.209 8.823 12/1/2006 9.051 9.264 9.264 8.757 12/8/2006 9.05 9.335 9.335 8.721 12/15/2006 9.119 9.421 9.421 8.799 12/22/2006 9.131 9.398 9.398 8.898 12/29/2006 9.127 9.34 9.34 8.877

5-Yr Avg 2007 2006 High Low 1/6/2006 23.78 22.95 22.64 24.78 22.64 1/13/2006 24.29 23.6 23.25 25.17 23.25 1/20/2006 24.53 24.19 23.87 25.52 23.87 1/27/2006 24.87 24.71 24.67 26.36 24.26 2/3/2006 25 25.04 25.14 26.38 23.97 2/10/2006 25.14 24.8 25.22 26.7 23.83 2/17/2006 24.96 24.4 25.09 26.33 23.47 2/24/2006 24.74 24.121 25.06 25.77 23.01 3/3/2006 24.21 23.7 24.88 25.19 22.61 3/10/2006 23.93 23.3 24.77 24.77 22.32 3/17/2006 23.6 22.9 24.47 24.47 22.29 3/24/2006 23.47 22.8 23.82 24.1 22.6 3/31/2006 23.53 23.32 24.88 22.33 4/7/2006 23.28 22.78 24.59 21.86 4/14/2006 23.06 22.18 24.33 21.94 4/21/2006 23.01 22 24.22 21.73 4/28/2006 23.22 22.21 24.16 22.21 5/5/2006 23.31 22.44 24.65 22.18 5/12/2006 23.4 22.44 25.22 22.22 5/19/2006 23.12 22.56 24.73 22.2 5/26/2006 23.2 22.44 24.97 22.14 6/2/2006 23.29 22.55 24.53 22.55 6/9/2006 23.17 22.79 24.05 22.46 6/16/2006 23.26 22.68 24.43 22.34 6/23/2006 23.07 22.5 24.52 22.38 6/30/2006 22.86 22.41 24.25 22.28 7/7/2006 22.84 22.25 24.06 22.2 7/14/2006 22.77 22.33 23.75 22.31 7/21/2006 22.48 21.98 23.48 21.98 7/28/2006 22.38 21.96 23.42 21.69 8/4/2006 22.02 21.59 23.33 21.17 8/11/2006 21.56 21.37 22.66 20.9 8/18/2006 21.38 21.42 22.81 20.3 8/25/2006 21.38 21.47 22.55 20.35 9/1/2006 21.37 21.59 22.49 20.38 9/8/2006 21.67 21.69 22.79 21.01 9/15/2006 21.95 21.95 22.75 21.61 9/22/2006 22.56 22.81 23.34 21.72 9/29/2006 22.69 23.27 23.85 21.99 10/6/2006 22.53 23.39 23.46 21.5 10/13/2006 22.33 22.78 22.78 21.91 10/20/2006 22.04 22.34 22.42 21.23 10/27/2006 21.79 21.8 22.44 20.88 11/3/2006 21.7 21.73 22.21 21.09 11/10/2006 21.61 21.43 22.13 20.8 11/17/2006 21.81 21.79 22.26 21.36 11/24/2006 22.08 21.83 22.46 21.78 12/1/2006 22.35 21.59 22.84 21.59 12/8/2006 22.54 21.41 23.3 21.41 12/15/2006 22.44 21.33 23.08 21.33 12/22/2006 22.53 21.69 23.09 21.69 12/29/2006 22.78 22.43 23.24 21.96

Gasoline Demand, 4-Week Avg (mmbpd)

Gasoline Days Supply

Source: DOE

Source: DOE

Gasoline Fundamentals

Bullish Factors Continue

Total gasoline imports below2006 and near five-year average

More imports required to meetsummer demand

Imports attracted by higher margins

Quality blend components inhigh demand

Alkylate premiums to conventionalgasoline strong for this time of year 5-Yr Avg 2007 2006 1/6/2006 0.81155 1.0245 0.97075000013148 1/13/2006 0.79835 1.0725 0.978 1/20/2006 0.7482 1.05825 0.96725 1/27/2006 0.73905 1.0635 0.97075 2/3/2006 0.7502 1.05125 1.01575 2/10/2006 0.7735 0.9975 1.0335 2/17/2006 0.8029 1.00675 1.1025 2/24/2006 0.8431 0.91025 1.17625 3/3/2006 0.8449 0.86125 1.15675 3/10/2006 0.8716 0.88375 1.20025 3/17/2006 0.8955 0.8475 1.17975 3/24/2006 0.89955 0.909 1.1345 3/31/2006 0.9359 1.12875 4/7/2006 0.96865 1.087 4/14/2006 0.9577 1.036 4/21/2006 1.01485 1.10825 4/28/2006 1.0245 1.09125 5/5/2006 1.02265 1.22825 5/12/2006 1.0436 1.364 5/19/2006 1.06305 1.436 5/26/2006 1.0727 1.56925 6/2/2006 1.04115 1.50675 6/9/2006 1.03805 1.49675 6/16/2006 0.9695 1.36125 6/23/2006 0.9596 1.21275 6/30/2006 0.9928 1.18075 7/7/2006 1.00085 1.103 7/14/2006 0.9922 1.0945 7/21/2006 0.97915 1.107 7/28/2006 0.984 1.121 8/4/2006 1.0029 1.15025 8/11/2006 1.0043 1.23475 8/18/2006 1.03195 1.31375 8/25/2006 1.02165 1.27775 9/1/2006 0.9856 1.2305 9/8/2006 1.0252 1.1545 9/15/2006 0.9525 1.02325 9/22/2006 0.9433 1.09225 9/29/2006 0.96425 1.114 10/6/2006 0.9646 1.1105 10/13/2006 0.99525 1.07975 10/20/2006 0.9419 0.95425 10/27/2006 0.9299 0.9805 11/3/2006 0.8988 0.96075 11/10/2006 0.91465 1.06375 11/17/2006 0.9355 1.124 11/24/2006 0.8913 1.05425 12/1/2006 0.88185 1.02575 12/8/2006 0.87765 0.9955 12/15/2006 0.86715 0.90675 12/22/2006 0.8978 0.91375 12/29/2006 0.892 1.008

Total Gasoline Imports, 4-Week Avg(mmbpd)

Source: DOE

Ethanol not a major factor thissummer

Expect blending of ^ 400 mbpdin RFG areas, California andCorn Belt

Lack of infrastructure andrelatively expensive pricingoutside these areas restrictsdiscretionary blending 5-Yr Avg 2007 2006 High Low 1/1/2007 17 33.9 27.8 11.68 5.13 2/1/2007 18.7 38.8 36.6 15.35 4.63 3/1/2007 18.7 44.6 35.1 14.73 5.78 4/1/2007 17.7 33.9 14.22 4.58 5/1/2007 21.6 47.8 20.07 4.62 6/1/2007 24.5 55.5 23.31 5.83 7/1/2007 27.6 63.6 26.7 5.36 8/1/2007 23.9 43.2 18.13 5.3 9/1/2007 18.6 25.8 10.84 4.68 10/1/2007 18 31 13.02 4.67 11/1/2007 19.3 34.7 14.55 4.55 12/1/2007 20.5 34.5 14.47 3.44

Gulf Coast Alkylate Premium to Conv.Unleaded (cents per gallon)


Distillate Fundamentals

Strong Outlook for Diesel

Off-road diesel sulfur specdrops from 2,000 ppm to 500ppm on 6/1/07

Shifts off-road demand to on-roaddiesel pool

75% of Valero's distillatesproduction price like on-roaddiesel and jet fuel 5-Yr Avg 2007 2006 High Low 1/6/2006 28.33 24 26.46 30.91 24.84 1/13/2006 29.06 24.84 26.81 31.3 25.85 1/20/2006 28.98 26.52 27.3 32.57 26.27 1/27/2006 27.12 27.2 25.5 31.42 25.43 2/3/2006 26.18 26.12 25.6 31.55 23.34 2/10/2006 25.93 26 27.11 31.99 22.46 2/17/2006 25.49 24.69 26.16 31 22.51 2/24/2006 25.62 23.482 27.38 30.96 22.19 3/3/2006 25.74 23.97 28.25 30.77 22.15 3/10/2006 25.02 23.63 27.14 27.87 21.95 3/17/2006 25.23 22.81 27.11 28.68 23.23 3/24/2006 24.87 23 26.85 28.5 21.53 3/31/2006 24.22 26.2 26.94 22.03 4/7/2006 24.55 25.02 28.72 22.26 4/14/2006 23.92 24.2 27.53 21.62 4/21/2006 23.59 24.24 26.7 20.87 4/28/2006 23.99 23.93 27.4 20.74 5/5/2006 23.45 23.88 25.47 21.35 5/12/2006 23.94 23.7 26.54 21.17 5/19/2006 23.95 23.97 27 21.3 5/26/2006 24.22 23.65 26.78 21.93 6/2/2006 24.78 24.17 29.54 22.33 6/9/2006 24.76 23.7 29.08 22.53 6/16/2006 24.25 22.56 27.88 22.35 6/23/2006 23.91 22.78 27.45 21.52 6/30/2006 23.83 22.54 26.17 22.13 7/7/2006 24.97 23.88 27.78 23.07 7/14/2006 25.2 23.18 28.79 23.18 7/21/2006 25.43 22.98 28.58 22.98 7/28/2006 25.95 22.74 29.65 22.74 8/4/2006 25.2 22.17 28.45 22.17 8/11/2006 25.23 23.5 27.62 23.5 8/18/2006 25.23 23.68 27.63 23.68 8/25/2006 25.06 23.75 26.72 23.75 9/1/2006 25.35 24.27 28.1 23.81 9/8/2006 25.77 24.64 28.92 24.34 9/15/2006 25.39 25.91 27.54 23.91 9/22/2006 25.53 26.03 26.52 24.24 9/29/2006 25.07 26.33 26.37 23.23 10/6/2006 24.34 26.72 26.72 22.69 10/13/2006 24.1 24.6 26.93 22.5 10/20/2006 23.37 23.84 26.63 21.23 10/27/2006 23.13 22.96 26.21 20.96 11/3/2006 22.9 21.5 25.72 21.35 11/10/2006 22.24 20.28 24.31 20.28 11/17/2006 22.69 19.91 24.78 19.91 11/24/2006 22.9 20.51 25.74 20.51 12/1/2006 23.52 21.41 26.39 21.41 12/8/2006 24.48 22.53 28.33 22.53 12/15/2006 24.34 22.84 26.89 22.84 12/22/2006 24.85 22.89 27.59 22.89 12/29/2006 25.81 23.07 29.82 23.07

On-Road Diesel (ULSD + LSD) Days Supply

Source: DOE

Update w/ 3/23 data

Tight on-road diesel market

Demand continues to be strong

Partially driven by ULSD's lowerenergy content and lower efficiency

Economic-activity driven

Record demand

YTD on-road diesel growth at 12%

YTD total distillates growth at 5% 5-Yr Avg 2007 2006 1/6/2006 2.792328571 3.377535714 2.967928571 1/13/2006 2.734207143 3.285392857 2.927357143 1/20/2006 2.671492857 3.160214286 2.882607143 1/27/2006 2.7159 3.110071429 3.0065 2/3/2006 2.785028571 3.171964286 3.046 2/10/2006 2.80625 3.222642857 2.934392857 2/17/2006 2.848557143 3.305035714 2.976642857 2/24/2006 2.801278571 3.391035714 2.866714286 3/3/2006 2.774771429 3.327892857 2.831714286 3/10/2006 2.818357143 3.349928571 2.909678571 3/17/2006 2.79045 3.408892857 2.896428571 3/24/2006 2.792214286 3.375 2.909142857 3/31/2006 2.827785714 2.945892857 4/7/2006 2.830421429 2.973321429 4/14/2006 2.836307143 2.971178571 4/21/2006 2.88565 2.98325 4/28/2006 2.89325 3.00925 5/5/2006 2.900392857 3.008785714 5/12/2006 2.932885714 3.01125 5/19/2006 2.9247 3.037785714 5/26/2006 2.954007143 3.113821429 6/2/2006 2.92775 3.115678571 6/9/2006 2.962985714 3.1905 6/16/2006 3.015228571 3.307928571 6/23/2006 3.0206 3.303964286 6/30/2006 3.089842857 3.359392857 7/7/2006 3.035535714 3.298178571 7/14/2006 3.013792857 3.34575 7/21/2006 3.001271429 3.358535714 7/28/2006 2.956407143 3.349071429 8/4/2006 3.0087 3.379035714 8/11/2006 2.989971429 3.231964286 8/18/2006 3.006214286 3.247071429 8/25/2006 3.0555 3.282428571 9/1/2006 3.033157143 3.323571429 9/8/2006 3.044078571 3.403142857 9/15/2006 3.031728571 3.370964286 9/22/2006 3.0062 3.378571429 9/29/2006 3.015335714 3.360714286 10/6/2006 3.023057143 3.319714286 10/13/2006 3.040328571 3.443535714 10/20/2006 3.055957143 3.462035714 10/27/2006 3.090028571 3.542642857 11/3/2006 3.118485714 3.647321429 11/10/2006 3.131364286 3.685 11/17/2006 3.140714286 3.699178571 11/24/2006 3.118057143 3.594 12/1/2006 3.083842857 3.493 12/8/2006 3.032864286 3.329821429 12/15/2006 3.001828571 3.305 12/22/2006 2.998935714 3.353321429 12/29/2006 2.97295 3.371571429

On-Road Diesel (ULSD + LSD) Demand,4-Week Avg (mmbpd)

Source: DOE

Feedstock Differentials Still Wide

Worldwide crude supply mixexpected to be stable goingforward

Heavy sours hold steady

Near-term significant newproduction is light sweet crude

But demand for light sweet crudegrowing rapidly to meet worldwideclean fuels requirements 2005 2010 Light Sweet 0.34 0.34 Light/ Medium Sour 0.51 0.5 Heavy Sour 0.13 0.13 High TAN 0.02 0.03

Stable World Crude Supply Mix - 2005 vs. 2010

Source: Industry reports

Feedstock differentialsexpected to remain wide

Recent McKee refinery outagepressuring WTI prices

Sloppy physical crude oil market inWTI pricing hub of Cushing, OK

Widened product spreads,trimmed feedstock spreads v. WTI

Other sweet crudes strong v. WTI WTI - Maya WTI - Mars 2002 5.74 2.15 2002 5.96 1.96 2002 5.75 2.06 2002 4.22 1.63 2002 4.64 2.74 2002 4.1 2.02 2002 4.39 1.9 2002 5.38 2.93 2002 5.25 2.52 2002 4.58 2.78 2002 6.32 4.42 2002 6.93 2.82 2003 5.41 3.27 2003 8.22 5.19 2003 9.15 3.69 2003 7.7 3.94 2003 6.68 2.26 2003 7.36 3.57 2003 5.62 3.22 2003 5.96 3.1 2003 5.97 3.36 2003 6.26 3.11 2003 6.85 3.51 2003 7.66 2.82 2004 8.54 4.06 2004 10.01 5.6 2004 9.49 4.6 2004 9.21 5.55 2004 8.54 4.31 2004 8.28 4.76 2004 10.68 4.99 2004 11.99 6.21 2004 13.71 7 2004 14.67 10.44 2004 16.63 8.89 2004 15.22 7.67 2005 16.93 7.18 2005 17.09 6.61 2005 17.82 7.21 2005 14.84 6.56 2005 11.24 5.11 2005 14.26 5.15 2005 14.47 5.46 2005 17.38 7.24 2005 15.23 5.63 2005 15.48 6.87 2005 16.56 6.83 2005 17.51 7.61 2006 18.08 7.08 2006 15.01 8.18 2006 14.28 7.86 2006 14.27 5.87 2006 15.56 7.04 2006 17.28 7.16 2006 16.45 6.67 2006 13.54 7.69 2006 12.56 8.14 2006 12.34 7.01 2006 13.08 6.05 2006 13.97 6.74 2007 YTD 12.61 5.96 2007 YTD 12.89 5.77 2007 YTD 12.36 3.11

Sour Crude Differentials (per bbl)


Valero's Advantages

Largest refining company inNorth America

3.3 million barrels per day ofthroughput capacity

Mitigates impact of outages

Geographically diverse refiningsystem

Presence in four key regionsenables us to capture and optimizearound regional margin trends

Aruba

Throughput capacities in thousand barrels per day

18 Refineries Across Four Key Regions

Most conversion capacity inNorth America

Enables us to convert more low-quality, discounted feedstocksinto high-quality products

Refining system designed forfeedstock flexibility

Increased variety of heavy sourand resid feedstocks from 27 in2002 to 40 in 2006 Coking Hydrocracking Cat Cracking VLO 413 262 958 XOM 395 158 823 COP 313 133 732 RDS 276 230 506 BP 217 231 473 CVX 173 212 264 MRO 61 28 384 SUN 12 28 334 TSO 57 62 156

The Leader in Conversion Capacity(mbpd)

Source: Company reports

Gulf Coast 1,720

West Coast 305

Mid-Con 615

Northeast 620

Total 3,260

Valero Remains Undervalued

Despite advantages, VLOtrades at relatively lowearnings valuation vs. refiningpeers

VLO at 7.5x 2006 EPS versus10.2x average for peers

VLO at 8.8x 2007E First CallEPS versus 11.5x average forpeers

VLO also inexpensive whenevaluated by enterprise valueto complexity-adjustedthroughput capacity per barrel

VLO at $1,321/bbl versus peeraverage of $2,103/bbl EV/Nelson HOC 3567 FTO 1951 TSO 1449 SUN 1445 VLO 1368

2006 Actual 2007E 1st Call HOC 13 14.5 FTO 9.8 11.8 SUN 9.3 9.6 TSO 8.8 9.9 VLO 7.5 8.8

Enterprise Value/Complexity-AdjustedThroughput Capacity per Bbl

Price / Earnings Ratio

Data as of March 29, 2007

Data as of March 29, 2007

Strategic Focus Shifting to

Improving Returns

Acquisition strategy was the right call over the past decade

Built throughput capacity more than 1,300% primarily viaacquisitions over the last 10 years

Now is the time to shift focus to increasing returns on capital

Goal is to achieve sustainable, industry-leading returns

Will continue to look for acquisitions that meet our criteria Throughput Capacity '3-2-1 Maya Diff 1997 0.53 3.321046328 5.603151767 1998 0.735 2.472635628 5.628834473 1999 0.785 1.806875275 4.791944615 2000 1 4.339628166 7.492355576 2001 1.9 4.33108198 8.677755893 2002 1.913 3.273494493 5.364652941 2003 2.126 4.586451944 6.819834811 2004 2.458 6.463591788 11.44569076 2005 3.26 11.02823179 15.65974257 2006 3.29 10.8923712 14.79508375 2007 Fwd Curve 3.29 11.29

VLO Throughput Capacity and 3-2-1 Crack

Source: Platts; 2007 data as of March 29

$/bbl

mmbbls/day

GC 3-2-1 Crack/bbl

Key Initiatives to Improve Returns

Capital discipline

Evaluating all projects

Removing or reducingscope on some projects

Deferred Quebec crudeunit expansion until 2008

Cut Texas Citycrude/coker expansion

Focusing on value-added projects at flagship refineries

Selective portfolio rebalancing

Exploring strategic alternatives for Lima, Ohio refinery

Expect decision in 2Q07

Strong interest from potential buyers

Any proceeds to be allocated as part of our balanced approach

Other assets under review

Key Initiatives to Improve Returns

Gross margin capture

Continue to look for sour-up and product upgrading opportunities

Example: St. Charles mild hydrocracker in 2007

Energy efficiency

1st quartile performance ^ $360mm operating income improvement

Examples: new FCCU power recovery turbine at St.Charles,hydrogen plant at Benicia, and multi-site heater efficiency

Mechanical availability

1% improvement ^ $140mm operating income improvement

Examples: Port Arthur coker drums and Aruba utilities

Non-energy operating costs

1st quartile performance ^ $500mm operating income improvement

Example: maintenance execution and contractor reduction at Del City

$1 billion in operating income improvements in 5 years

Goal

Balanced Approach to Investing CashFlows in 2007

Dividends

Increased dividend by50% to $0.12 per shareper quarter

Third increase in last 15months

Debt repayments

Paying off $465 million ofmaturing and high-coupondebt

Thruput Capacity 1/1/2003 0.2 12/31/2004 0.22 12/31/2005 0.189 12/31/2006 0.403

VLO Earnings Payout Ratio

(Dividends + Buybacks)/Earnings

Stock buybacks

Planning to purchase approximately 5% of basic sharesoutstanding in 2007

Purchased 17 million shares year-to-date

Capital expenditures

Intend to be at or below $3.5 billion despite cost pressures

Capital Expenditures Details 2006 2007E Regulatory 585 425 Turnarounds 570 420 Sustaining/Other 685 1155 Tier II 990 375 Strategic 920 1125

Strategic

Tier II

Sustaining/Other

Turnarounds

Regulatory

$3,750

$3,500

millions

Regulatory and Tier II capital spending drops by $775 millionfrom 2006 actual to 2007 budget

2007 Key Projects

Expect incremental $300 million in EBITDA in 2007 from projectscompleted in 2006 and 2007

Quebec crude expansion project deferred until 2008 (50 mbpd,$150mm) Refinery Project Start Up Total Cost1 ($mm) Annual EBITDA ($mm) IRR1 St. Charles Mild Hydrocracker 2Q $424 $125 31% Port Arthur Crude Expansion 1Q 157 90 40% Benicia ULSD Hydrotreater 2Q 105 45 28% Wilmington Alky Expansion 2Q 195 45 23% Houston Mild Hydrocracker 1Q 412 28 30% Corpus Christi ULSD Hydrotreater 4Q 260 20 14%

1 Total project cost includes non-strategic capital costs; Internal rates of return based on "strategic" portion of capital

2 VLO portion, on which the IRR is based; Premcor spent $150 mm prior to acquisition

2

2

Future of Refining Looks Bright

Refineries more complex and units more interdependent than ever

Results in longer turnarounds and maintenance periods

Downtime at one unit impacts refinery-wide throughput

Hydrotreating units need more frequent maintenance than crude andconversion units

Material costs higher and lead times longer

Since 2004, prices of steel up 74% and heavy-wall reactors up 133%

Since 2004, heavy-wall reactor lead times stretched from 12 to 36 months

Labor costs up, productivity down

Gulf Coast skilled labor costs up 60%, but productivity down 35% from 2004

Lower quality engineering and design result in costly reworks in the field

More stringent regulations reduce system flexibility

Product specifications and regulations more difficult to meet

Reduced ability to blend away downgrades and production issues

Tier II gasoline and ULSD phase-in tightened the market substantially

Margins to stay higher for longer

Summary

Compelling fundamentals driving strong margins

Global demand continues to grow 1.5 to 2.0 million barrelsper day

Global capacity additions struggling to keep up

Valero can achieve meaningful EPS growth frominternal improvements and stock buybacks

Lower risk, more controllable EPS growth

Valero to look for strategic growth opportunitiesthat meet our criteria at an attractive price

Shareholders own the company, so we arefocused on creating long-term, sustainableshareholder value

Appendix

Map of Valero Refineries

Valero MarketingPresence

Quebec, Canada

215,000 bpd capacity

Three Rivers, Texas


Corpus Christi, Texas


Wilmington, California


Benicia, California


McKee, Texas


Krotz Springs, Louisiana

85,000 bpd capacity

Texas City, Texas


Houston, Texas


Port Arthur, Texas


St. Charles, Louisiana


Ardmore, Oklahoma

90,000 bpd capacity

Memphis, Tennessee


Paulsboro, New Jersey


Lima, Ohio


San Nicholas, Aruba


Delaware City, Delaware


Capacity shown in terms of crude and feedstock throughput

Safe Harbor Statement

Statements contained in this presentation that state theCompany's or management's expectations or predictionsof the future are forward-looking statements intended tobe covered by the safe harbor provisions of the SecuritiesAct of 1933 and the Securities Exchange Act of 1934. Thewords "believe," "expect," "should," "estimates," andother similar expressions identify forward-lookingstatements. It is important to note that actual results coulddiffer materially from those projected in such forward-looking statements. For more information concerningfactors that could cause actual results to differ from thoseexpressed or forecasted, see Valero's annual reports onForm 10^K and quarterly reports on Form 10^Q, filed withthe Securities and Exchange Commission, and availableon Valero's website at www.valero.com.

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e8vk - SEC.gov | HOME April 3, 2007, senior management of Valero Energy Corporation (the...

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Transcript of e8vk - SEC.gov | HOME April 3, 2007, senior management of Valero Energy Corporation (the...