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Article: Deal makes Valero the top refiner.

Article from:
San Antonio Express-News (San Antonio, TX)
Article date:
September 2, 2005
Copyright

Byline: Vicki Vaughan

Sep. 2--There's a new giant in town.

Valero Energy Corp. completed its acquisition of Premcor Inc. of Old Greenwich, Conn., at 8 a.m. Thursday, making the home-grown company the biggest refiner in North America.

Valero now surpasses such giants as Exxon Mobil Corp. and ConocoPhillips in refining capacity, with the ability to process 3.3 million barrels of oil a day.

Valero has gained four refineries, giving it 18 plants in all, and expanded its capacity by 790,000 barrels a day. Valero now will claim about 13 percent of the U.S. market for refined petroleum.

Valero's annual revenue will jump to $70 ...

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