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25-10-2010

Valero To Sell Its Interest In Cameron Highway Oil Pipeline Co. To Genesis Energy 

Valero Energy Corporation today announced  that it has signed an agreement to sell its 50 percent indirect equity interest in the Cameron Highway Oil Pipeline Co. to Genesis Energy L.P. for $330 million in cash.

Valero has owned its interest in Cameron Highway since the Gulf of Mexico pipeline system was constructed in 2004.  Over the past two years, Valero’s share of annualized distributions from the partnership has ranged from $27 million to $33 million.

“This sale is part of our ongoing strategy of divesting non-core assets,” Valero Chairman and CEO Bill Klesse said. “At the end of a competitive process, we received an attractive price that unlocks significant value for our shareholders.”

The sale is expected to close in the fourth quarter, subject to regulatory approvals. The proceeds will be used for general corporate purposes.

About Valero:
Valero Energy Corporation is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Its assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.8 million barrels per day, 10 ethanol plants with a combined production capacity of 1.1 billion gallons per year, and a 50-megawatt wind farm. Valero is also one of the largest retail operators with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under the Valero, Diamond Shamrock, Shamrock, Ultramar and Beacon brands. Based in San Antonio, Valero is a Fortune 500 company with approximately 21,000 employees. Please visit  http://www.valero.com for more information.

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