Valero Energy
Company History
Valero History: Founding, Growth & Key Milestones
Founded 1980 in San Antonio, Texas, United States
When was Valero founded?
Valero was founded in 1980 in San Antonio, Texas, United States by William E. Greehey, making it 46 years old.
- Founded
- 1980
- Founding place
- San Antonio, Texas, United States
- Founders
- William E. Greehey
- Headquarters today
- San Antonio, Texas, United States
- Milestones documented
- 11 (1980–2026)
- Current CEO
- Lane Riggs
- Acquisitions
- 3
| Year | Event |
|---|---|
| 1980 | Valero begins operations |
| 1997 | Exit from natural gas |
| 2000 | Benicia Refinery Acquired |
| 2001 | Ultramar Diamond Shamrock |
| 2005 | Premcor acquisition |
| 2009 | Ethanol entry |
| 2011 | Pembroke Refinery Acquired |
| 2013 | CST Brands spinoff |
| 2023 | CEO transition |
| 2024 | Riggs adds Chairman role |
| 2026 | Benicia idled |
- Where was Valero founded?
- Valero was founded in San Antonio, Texas, United States in 1980.
- Who founded Valero?
- Valero was founded by William E. Greehey.
- When did Valero start?
- Valero was founded in 1980.
- How old is Valero?
- Valero is 46 years old as of 2026.
Founding Story
Valero began operating on January 1, 1980 as the successor to LoVaca Gathering Company, a natural gas business spun off from Coastal States Gas Corporation after a long contract dispute. The name comes from Mission San Antonio de Valero, the Alamo. Under founding CEO William E. Greehey, Valero moved into refining and sold its natural gas operations in 1997. A run of acquisitions, including Ultramar Diamond Shamrock in 2001 and Premcor in 2005, made it a leading independent refiner.
Founders
William E. Greehey
William E. Greehey led LoVaca Gathering Company through the settlement that created Valero in 1980 and became its first CEO. He moved the company from natural gas into refining, sold the gas business in 1997, and expanded the refining system through acquisitions before stepping down as CEO at the end of 2005. William E. Greehey was born in 1936 in Fort Dodge. Education: St. Mary's University. William Eugene "Bill" Greehey was born on June 9, 1936 in Fort Dodge, Iowa. He was also founding chief executive and chairman of NuStar Energy.
Key Milestones
Valero begins operations
Valero starts operating on January 1, 1980 as the successor to LoVaca Gathering Company, a Coastal States Gas spinoff.
Source: valero.comExit from natural gas
Valero sells its natural gas business to PG&E and acquires Basis Petroleum, becoming a refining-focused company.
Source: valero.comBenicia Refinery Acquired
Valero bought the Benicia refinery in California from ExxonMobil in 2000.
Source: en.wikipedia.orgUltramar Diamond Shamrock
Valero closes its acquisition of Ultramar Diamond Shamrock, adding refineries and the Diamond Shamrock and Ultramar fuel brands.
Source: valero.comPremcor acquisition
The purchase of Premcor adds refineries including Port Arthur, Texas.
Source: valero.comEthanol entry
Valero buys ethanol plants from VeraSun Energy's bankruptcy estate, creating its ethanol business.
Source: valero.comPembroke Refinery Acquired
Valero bought the Pembroke refinery in Wales from Chevron in 2011.
Source: en.wikipedia.orgCST Brands spinoff
Valero spins off its retail business as CST Brands, and Diamond Green Diesel starts production at Norco, Louisiana.
Source: valero.comCEO transition
Lane Riggs becomes CEO and President on June 30, 2023; Joe Gorder becomes Executive Chairman.
Source: valero.comRiggs adds Chairman role
Joe Gorder retires on December 31, 2024 and Lane Riggs becomes Chairman of the Board.
Source: valero.comBenicia idled
Valero completes full idling of all processing units at its Benicia, California refinery in April 2026.
Source: valero.comMajor Acquisitions
Ultramar Diamond Shamrock
2001Expand the refining system and add retail fuel brands.
Premcor Inc.
2005Add complex refining capacity.
Pembroke Refinery
2011Valero bought the Pembroke refinery in Wales and related marketing assets from Chevron in 2011.
Keep researching Valero
Valero Company History FAQ
When, where, and how was Valero Energy founded?
Valero was founded on January 1, 1980, in San Antonio, Texas, as the corporate successor to LoVaca Gathering Company, spun off from Coastal States Gas Corporation to resolve a massive natural gas contract dispute.
Where did the name "Valero" originate?
The name was chosen by founding CEO William E. Greehey from Mission San Antonio de Valero, the original 18th-century Spanish colonial name of the historic Alamo fortress located in San Antonio.
How did Valero transition from natural gas pipelines into petroleum refining?
In 1997, Valero sold its original natural gas pipeline transmission network to PG&E for $1.5 billion and acquired Basis Petroleum, transforming itself into a pure-play independent oil refiner.
What was the landmark 2001 acquisition of Ultramar Diamond Shamrock (UDS)?
Valero acquired rival refiner Ultramar Diamond Shamrock for $6 billion in 2001, doubling its throughput capacity to nearly 2 million barrels per day and expanding across California, Texas, and Canada.
How did the $8 billion Premcor acquisition in 2005 make Valero North America's largest refiner?
In 2005, Valero acquired Premcor Inc. for $8 billion, adding four major complex refineries (including Port Arthur and Memphis) and making Valero the undisputed largest independent petroleum refiner in North America.
Why did Valero spin off its retail gas station chain (CST Brands) in 2013?
Under CEO Joe Gorder, Valero spun off its retail convenience store network (over 1,000 stores) as publicly traded CST Brands in 2013 to eliminate retail capital intensity and focus capital entirely on wholesale refining.
When was the Diamond Green Diesel (DGD) joint venture established?
In 2011, Valero partnered 50/50 with Darling Ingredients to create Diamond Green Diesel, pioneering the commercial conversion of recycled animal tallow, used cooking oil, and inedible corn oil into renewable diesel.
Why did Valero expand into agricultural ethanol manufacturing in 2009?
Following the bankruptcy of VeraSun Energy in 2009, Valero purchased several high-efficiency ethanol plants at deep discounts, eventually expanding to 12 facilities producing 1.7 billion gallons annually.
When did Lane Riggs become CEO of Valero Energy?
Lane Riggs, a chemical engineer who joined Valero in 1989 and served as Chief Operating Officer, was appointed President and CEO on June 30, 2023, succeeding long-time leader Joe Gorder.
Why did Valero idle its Benicia, California refinery in 2026?
In April 2026, Valero completed the full idling of processing units at its Benicia refinery due to increasingly onerous California environmental regulations, cap-and-trade mandates, and uncompetitive West Coast refining economics.
How did Valero perform financially during the historic 2022 refining margin boom?
Following Russia's invasion of Ukraine and global fuel shortages, Valero posted a record net income attributable to stockholders of $11.5 billion in 2022, operating its coastal refineries near 100% capacity.
What is Valero's global operational scale today?
Valero operates 15 petroleum refineries with approximately 3.2 million barrels per day of throughput capacity, 12 ethanol plants, and the world's largest renewable diesel complex, generating over $122 billion in annual revenue.
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