Valero Energy Corporation, the parent company of Valero gas stations, was founded on January 1, 1980, as the successor of LoVaca Gathering Company. LoVaca Gathering Company was a subsidiary of Coastal States Gas Corporation.Continue Reading
Gas customers brought litigation against Coastal States Gas Corporation, resulting in a $1.6 billion settlement approved by the Texas Railroad Commission in 1978. Valero Energy Corporation came about as a result of the settlement. In the 1980s, Valero purchased 50 percent interest in an oil refinery owned by Saber Energy. In 1997, Valero added more refineries after acquiring Basis Petroleum. During this expansion, Valero became the largest independent refining company on the Gulf Coast. Valero owns 15 plants as of 2015. Valero came into the West Coast market after acquiring the Benicia refinery in 2000. The company also acquired 270 retail stores and 80 company sites after the acquisition.
During this time, Valero entered the retail market. In 2001, the business bought Huntway Refining Company and Ultramar Diamond Shamrock. Valero became the number one fuel marketer in Texas in August 2006. At this time, Valero had 1,900 wholesale and company-owned locations. The company then entered into an agreement with Susser Petroleum to supply fuel to Susser's locations in Texas and Oklahoma. Valero purchased refineries in the United Kingdom and Ireland in 2011. The company is able to produce an oil output of 2.9 million barrels per day, as of September 2015.Learn more about Corporations