Valero becomes largest refinery company in North America
Published 12:00 am Wednesday, April 27, 2005
NORCO – Valero Energy Corporation, which has a refinery in Norco, has acquired Premcor, Inc in an $8 billion transaction.
This adds four refineries and makes Valero the largest refiner in North America, according to a report from Valero.
With the acquisition, Valero now has the capacity to put out 790,000 more barrels per day (BPD) of crude oil, raising the output to 3.3 million BPD between the 19 refineries.
The report also says Valero’s total assets are now $25 billion and annual revenues come to $70 billion, making it No. 15 in the current Fortune 500 rankings.
The four Premcor refineries obtained by Valero are located in Port Arthur, Texas; Memphis, Tennessee; Delaware City, Delaware and Lima, Ohio.
There will be no changes to Valero’s senior management or board of director’s once the transaction closes, which is expected to happen Dec. 31 of this year.
Premcor, Inc. is one of the largest independent petroleum refiners in the United States.
The company supplies transportation fuels, heating oil, petrochemical feedstocks, and petroleum products.
Valero Energy Company is based in San Antonio, Texas and owns refineries in the U.S., Canada and the Caribbean.
According to the report, it has more than 4,700 retail and wholesale branded outlets including Diamond Sahmrock, Shamrock, Ultramar, Valero, and Beacon.