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Business Description
Valero Energy Corporation is an independent refining and marketing company that owns and operates 15 refineries having a combined throughput capacity of approximately 2.4 million barrels per day. Valero produces premium, environmentally clean products, such as reformulated gasoline, gasoline meeting the specifications of the California Air Resources Board (CARB), CARB diesel fuel, low-sulfur diesel fuel and oxygenates (liquid hydrocarbon compounds containing oxygen). Valero also produces a substantial slate of conventional gasoline, distillates, jet fuel, asphalt and petrochemicals. Valero is also a marketer of refined products. It markets branded and unbranded refined products on a wholesale basis in the United States and Canada through a bulk and rack marketing network. Valero also sells refined products through a network of more than 4,500 retail and wholesale branded outlets in the United States, Canada and Aruba.

Financial Information
For the six months ended 6/30/04, revenues increased 34% to $24.89 billion. Net income applicable to Common totalled $874.6 million, up from $298.8 million. Revenues reflect additional volume from refinery operations acquired. Earnings also reflect decreased retail selling expenses.