Valero Closes on Purchase of Pembroke Refinery and Downstream Assets

San Antonio, Texas

Valero Energy Corporation (NYSE: VLO) announced today that it has completed its transaction of Chevron’s Pembroke refinery in Wales, U.K., as well as extensive marketing and logistics assets throughout the United Kingdom and Ireland. The purchase price was $730 million, excluding working capital, and was funded from available cash.

“We have been looking for several years at available downstream assets in western Europe that would expand our geographic footprint,” said Joe Gorder, Valero’s President for Europe. “We believe this acquisition fits perfectly, and that we are acquiring one of the finest refining, marketing and logistics operations in all Europe.”

About Valero:
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.9 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm. Valero is also one of the largest retail operators with approximately 6,800 retail and branded wholesale outlets under the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Based in San Antonio, Valero is a Fortune 500 company with approximately 20,000 employees. Please visit www.valero.com for more information.