Valero Energy Corporation and Plains All American Pipeline, L.P. Elect to Terminate Proposed Acquisition by Valero of Certai...
September 18 2017 - 4:31PM
Valero Energy Corporation (“Valero”) (NYSE:VLO) and Plains All
American Pipeline, LP. (“Plains”) (NYSE:PAA) have mutually agreed
to terminate the agreement providing for the acquisition by a
subsidiary of Valero of two petroleum storage and distribution
terminals located in Martinez and Richmond, California owned by a
subsidiary of Plains.
After an extensive investigation, the Federal
Trade Commission (“FTC”) elected not to pursue any regulatory
action with respect to the proposed transaction, but upon the
conclusion of the FTC’s investigation, the Office of the Attorney
General for the State of California filed suit in United States
District Court for the Northern District of California, seeking to
block the transaction. Despite the fact that the court denied
the Attorney General’s motion for a temporary restraining order and
its motion for a preliminary injunction, Plains and Valero have
each decided that it is in their best interest to terminate the
transaction rather than endure the continued uncertainty that a
lengthy trial would create for the California-based employees and
customers of the terminals, as well as the considerable expense
associated with defending a taxpayer-funded lawsuit.
About Valero Valero Energy
Corporation, through its subsidiaries, is an international
manufacturer and marketer of transportation fuels and other
petrochemical products. Valero, a Fortune 50 company based in
San Antonio, Texas, with approximately 10,000 employees, is an
independent petroleum refiner and ethanol producer, and its assets
include 15 petroleum refineries with a combined throughput
capacity of approximately 3.1 million barrels per day and
11 ethanol plants with a combined production capacity of
1.4 billion gallons per year. The petroleum refineries are
located in the United States (U.S.), Canada and the United Kingdom
(U.K.), and the ethanol plants are located in the Mid-Continent
region of the U.S. In addition, Valero owns the 2 percent
general partner interest and a majority limited partner interest in
Valero Energy Partners LP, a midstream master limited
partnership. Valero sells its products in both the wholesale
rack and bulk markets, and approximately 7,400 outlets carry
Valero’s brand names in the U.S., Canada, the U.K. and Ireland.
Please visit www.valero.com for more information.
Valero Contacts:
John LockeVP, Investor Relations210.345.3077
Lillian RiojasDirector, Media Relations &
Communications210.345.5002
About Plains Plains All
American Pipeline, L.P. is a publicly traded master limited
partnership that owns and operates midstream energy infrastructure
and provides logistics services for crude oil, natural gas liquids
("NGL"), natural gas and refined products. PAA owns an extensive
network of pipeline transportation, terminalling, storage and
gathering assets in key crude oil and NGL producing basins and
transportation corridors and at major market hubs in the United
States and Canada. On average, PAA handles over 5 million barrels
per day of crude oil and NGL in its Transportation segment. PAA is
headquartered in Houston, Texas. More information is available at
www.plainsallamerican.com.
Plains Contacts:
Brett Magill Manager, Investor
Relations 866.809.1291
Brad LeoneDirector, Communications866.809.1290
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