The largest U.S. oil refiner, with $91 billion in revenues, this San Antonio (Tex.) company has grown mostly through acquisitions, snapping up other plants at a fraction of what they would cost to build new. A turnaround in the refining cycle has sent earnings zooming. With no new plants built in the U.S. since the late 1970s and gasoline demand climbing, Valero is sitting pretty: It earned a record $5.5 billion last year, almost triple what it earned in 2004. In January, 2006, CEO William Klesse replaced 25-year Valero veteran William Greehey, an industry legend who spent more than $1 billion remodeling the company’s lone Corpus Christi refinery in the early 1980s when Valero was primarily a pipeline company. The big bet paid off. Expect Klesse to be somewhat more cautious. This year he’s trimming capital spending slightly, to $3.5 billion.
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|Total Return||Past 12 Months|
|Past 36 Months
|Industry||Oil & Gas Refining & Marketing|