Valero Energy Begins Restart of Memphis Refinery and Updates Operating Guidance for Third Quarter 2011
Valero Energy Corporation ('Valero?, NYSE: VLO) today announced that the
company is in the process of restarting units at its Memphis refinery,
which was shut down on Aug. 5 due to a fire in a crude distillation
unit. The restart will begin with one of the crude distillation units,
FCC, and other key units. The other crude distillation unit is expected
to be restarted by September.
As a result, Valero has revised its operating guidance for the third
quarter of 2011 with refinery throughput volumes now estimated in the
range of 370,000 to 380,000 barrels per day in the Mid-Continent region,
which is down from the original estimate of 420,000 to 430,000 barrels
per day. Also, Valero now expects its system-wide refinery operating
expenses to be $4.05 per barrel in the third quarter, which is above the
original estimate of $3.80 per barrel.
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.
Safe Harbor Statement
Statements contained in this release that state the Company′s or
management′s expectations or predictions of the future are
forward-looking statements intended to be covered by the safe harbor
provisions of the Securities Act of 1933 and the Securities Exchange Act
of 1934. The words 'believe,? 'expect,? 'should,? 'estimates,? and other
similar expressions identify forward-looking statements. It is important
to note that actual results could differ materially from those projected
in such forward-looking statements. For more information concerning
factors that could cause actual results to differ from those expressed
or forecasted, see Valero′s annual reports on Form 10-K and quarterly
reports on Form 10-Q, filed with the Securities and Exchange Commission,
and available on Valero′s website at www.valero.com.
Valero Energy Corporation, San Antonio
Investors, Ashley Smith,
Vice President,
Investor Relations: 210-345-2744
or
Media,
Bill Day, Executive Director, Corporate Communications:
210-345-2928
Website:
http://www.valero.com/
