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Valero Energy

Oil refining and low-carbon fuelsFounded 1980
Reviewed by Swet Parvadiya
Company data updated: October 2026

Founders

Who Founded Valero?

William E. Greehey · Founded 1980 · HQ today: San Antonio, Texas, United States

Who founded Valero?

Valero was founded by William E. Greehey in 1980. It is now led by Lane Riggs.

Founders
William E. Greehey
Founded
1980
Headquarters
San Antonio, Texas, United States
Number of founders
1
Current CEO
Lane Riggs (since 2023)
Where was Valero founded?
Valero was founded in San Antonio, Texas, United States in 1980.
When was Valero founded?
Valero was founded in 1980.
Who started Valero?
Valero was founded by William E. Greehey.
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.

William E. Greehey

Co-founder 1980

Background

Greehey worked in energy finance and management before taking charge of LoVaca. He later became known in San Antonio for philanthropy, including Haven for Hope.

Role at Valero Energy

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.

Valero Energy: CEO & Leadership History

Full timeline →

Lane Riggs

Chairman, Chief Executive Officer and President

2023 – Present

As the current CEO, he acts as the absolute operational mastermind, ensuring Valero's massive coastal refineries operate at peak utilization despite severe macroeconomic volatility.

Joseph W. Gorder

Chief Executive Officer (former), later Executive Chairman

2014 – 2024

Serving as CEO from 2014 to 2023, he guided the massive refining giant through the catastrophic demand collapse of the COVID-19 pandemic, cementing it as the most efficient refiner in America.

William R. Klesse

Chairman and Chief Executive Officer

2006 – 2014

He sold weaker refineries, entered ethanol in 2009 and spun off the retail business as CST Brands in 2013. Joe Gorder succeeded him in May 2014.

William E. Greehey

Chairman and Chief Executive Officer

1980 – 2005

He turned it from a gas-pipeline company into the largest US refiner through a series of refinery purchases. Bill Klesse succeeded him at the end of 2005.

Keep researching Valero

Who Founded Valero? FAQ

Who was the founder of Valero Energy Corporation?

William E. "Bill" Greehey (born 1936), an iconic American energy executive and philanthropist who resolved the LoVaca natural gas crisis and incorporated Valero Energy on January 1, 1980.

What was the LoVaca Gathering Company crisis that led to Valero's founding?

In the 1970s, Coastal Corporation's natural gas pipeline subsidiary, LoVaca Gathering, was unable to deliver contracted natural gas at low fixed prices during an energy crisis, triggering billions of dollars in lawsuits from Texas cities including San Antonio and Austin.

How did Bill Greehey resolve the LoVaca dispute in 1979?

Appointed as the court-approved manager, Greehey crafted a brilliant $1.6 billion settlement plan that spun off LoVaca from Coastal into a brand-new, independent corporate entity owned by the aggrieved customers and shareholders.

Why did Bill Greehey select the name "Valero Energy"?

Greehey wanted a name with deep regional resonance and historical dignity; he chose Mission San Antonio de Valero, the original Spanish name of the Alamo, symbolizing resilience and commitment.

What was Bill Greehey's educational and early business background?

Born in Fort Dodge, Iowa, Greehey served in the US Air Force before earning an accounting degree from St. Mary's University in San Antonio, working at Exxon (Humble Oil) and Coastal Corporation before founding Valero.

What was Bill Greehey's famous employee-first management philosophy?

Greehey established an unwritten corporate rule: "Treat employees like family." He instituted guaranteed job security with a strict no-layoff pledge during industry downturns, fostering extraordinary employee loyalty and productivity.

How did Bill Greehey pivot Valero into refining in 1997?

Recognizing that natural gas pipelines faced intensifying federal regulation, Greehey sold Valero's transmission assets and purchased Basis Petroleum, wagering the company's entire future on complex coastal refining.

What second energy company did Bill Greehey build as a spinoff?

In 2001, Greehey spun off Valero's pipeline and terminal logistics operations into Valero L.P., which later became NuStar Energy, serving as NuStar's Chairman until its acquisition by Sunoco in 2024.

What is Haven for Hope and how did Bill Greehey transform homelessness relief?

In 2006, Greehey founded Haven for Hope in San Antonio—a nationally acclaimed 22-acre transformative campus providing shelter, addiction treatment, mental healthcare, and job training for homeless individuals.

What educational philanthropy has Bill Greehey spearheaded?

Greehey donated tens of millions to his alma mater, St. Mary's University (establishing the Greehey School of Business), and to UT Health San Antonio (founding the Greehey Children's Cancer Research Institute).

When did Bill Greehey retire from Valero Energy?

Bill Greehey retired as Chief Executive Officer in December 2005 and stepped down as Chairman of the Board in 2007, leaving behind North America's largest independent refining titan.

How is founder Bill Greehey remembered in Texas business history?

He is revered as a compassionate corporate titan who proved that aggressive industrial growth, corporate integrity, and profound philanthropic generosity can coexist successfully.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.