Valero Becomes One of Nation's Largest Oil Refiners
{{#rendered}} {{/rendered}}Valero Energy Corp. has completed its $4 billion takeover of Ultramar Diamond Shamrock, creating one of the nation's largest oil-refining companies.
The merger of the San Antonio-based companies, which will use the Valero name, was closed just before midnight Monday.
``We've created a stronger organization that will produce much greater earnings for our shareholders and more exciting results for everyone,'' said Bill Greehey, Valero's chief executive, as the deal concluded.
{{#rendered}} {{/rendered}}The new Valero has more than 20,000 employees in the United States and Canada. It is expected to have annual revenues of $32 billion and total assets of about $14 billion.
The company has a refining capacity of 2 million barrels per day, and a broad distribution network.
The UDS purchase, which has been in the works since May, also gives Valero nearly 5,000 gas station/convenience stores, as well as a 4,600-mile proprietary pipeline system.