VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
Delaware 1-13175 74-1828067
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
One Valero Way
San Antonio, Texas 78,249
(Address of principal executive offices) (Zip Code)
Registrant s telephone number, including
area code: ( 210) 345-2000
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
VALERO ENERGY CORPORATION
Date: June 20, 2005 By: /s/ Jay D. Browning
Jay D. Browning
Vice President and Secretary
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
[LOGO] [LOGO] [LOGO] [LOGO] [LOGO] [LOGO] [LOGO]
Houston Paulsboro Benicia Corpus Christi Ardmore St. Charles Aruba
Krotz Springs (East) Denver
Texas City McKee
Quebec
Three Rivers
Wilmington
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[LOGO]
Delaware City
Lima
Memphis
Port Arthur
VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
2006 Earnings Per Share 2006 Free Cash Flow ($MM)
[CHART] [CHART]
2006 Free Cash Flow / Debt 2006 Year-End Net Debt / Capitalization
[CHART] [CHART]
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
Estimated Quality of Reserves (2005) Estimated World Crude Demand by
Quality Type (2005)
[CHART] [CHART]
Source: Oil & Gas Journal, Company Information
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
PADD I % of
PADD
Sunoco 655,000 #### %
ConocoPhillips 423,000 #### %
Valero - Premcor 341,000 #### %
Premcor 175,000 #### %
Valero 166,000 #### %
United Refining 66,700 4.20 %
Total PADD I 1,574,000 *
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
PADD II % of
PADD
MAP 631,000 #### %
BP 546,250 #### %
ConocoPhillips 493,000 #### %
Valero - Premcor 431,750 #### %
Premcor 346,750 9.90 %
Flint Hills 257,213 7.40 %
Valero 85,000 2.40 %
Total PADD II 3,492,613
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
PADD III % of
PADD
ExxonMobil 1,586,000 #### %
Valero - Premcor 1,239,000 #### %
Royal Dutch Shell 1,203,700 #### %
Valero 989,000 #### %
ConocoPhillips 851,700 #### %
CITGO 575,064 7.10 %
Premcor 250,000 3.10 %
Total PADD III 8,052,965
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
PADD IV % of
PADD
Sinclair 94,500 #### %
Suncor Energy 60,000 #### %
ExxonMobil 60,000 #### %
Tesoro 60,000 #### %
ConocoPhillips 58,000 9.80 %
Valero - Premcor 28,000 4.70 %
Valero 28,000 4.70 %
Premcor 0.00 %
Total PADD IV 590,700
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
PADD V % of
PADD
ChevronTexaco 539,000 #### %
BP 496,900 #### %
Tesoro 441,200 #### %
Royal Dutch Shell 406,200 #### %
ConocoPhillips 337,700 #### %
Valero - Premcor 217,500 7.30 %
Valero 217,500 7.30 %
Premcor 0.00 %
Total PADD V 2,999,600
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VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
($ per barrel) 2004.00 2005.00 2006.00
WTI 41.45 53.15 52.00
USGC Gas Crack 7.69 6.91 7.50
USGC High Sulfur Heat Crack 3.95 7.46 8.00
Arab Medium crude vs. WTI (6.36) (9.06) (8.25)
Maya crude vs. WTI (11.47) (16.44) (15.00)
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Mid-Cycle
01- 05 Avg.
35.55
5.87
3.73
(5.60)
(9.78)
VALERO ENERGY CORP/TX
8-K
06/20/2005
NO TITLE
Synergies and Other Savings/Improvements $MM/year
Corporate SG&A Savings $70
Incentive Compensation $60
Crude Financing Cost $15
Strategic Sourcing - Refineries $15
Crude Supply Savings $15
Coker/FCC/Gasifier Reliability Delaware $100
City
Delaware City integration with Valero $10
Memphis FCC Revamp/ Discounted crude $50
Memphis Integration with Krotz Springs $5
Energy Conservation - All Refineries $10
Total achievable in 2007 $350
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Comments
Headquarters and other administrative
expenses
Premcor vs. Valero bonus, stock option
expense
Letter of credit savings, Morgan Stanley
financing facility
Catalyst, chemicals, operating supplies
Cargo sharing & flexibility - Delaware
City & Port Arthur
Improved rates, feedstock optimization
(Gasifier from 1200 to 1800 st/d, coker
from 38-48 Mbpd, slurry feed to coker, oxygen
enrichment of FCC, heavier crude slate)
Isobutane, propylene, benzene production
(utilize spare Butamer capacity for Paulsboro
isobutane, spare extraction capacity
for Quebec benzene concentrate, propylene
recovery)
Catalyst cooler and oxygen enrichment
improves refinery utilization (FCC expansion
from 68 to 78 Mbpd, better utilization of
crude and downstream capacity - crude from
165 to 180 Mbpd; high-TAN crude slate)
Process Krotz Springs high sulfur distillate
at Memphis
Miscellaneous projects utilizing Valero
best practices.