![]() for $730 million in cash, not including working capital that will be determined at closing. On March 11, 2011, Valero announced that it had agreed to a major European purchase from Chevron Corp. It was reported the refinery had lost $1 million per day since the beginning of the year. Valero laid off 500 employees at its refinery in Delaware City, Delaware on November 20, 2009, due to profitability concerns. In the next year, on May 5, 2008, Valero agreed to buy 72 Albertsons gas stations. On June 30, 2005, Valero announced that it was beginning a two-year process of converting Diamond Shamrock stations to the Valero brand. refiner, as record prices for gasoline and other fuel boosted profits. On April 25, 2005, Valero agreed to buy Premcor, Inc., for $8 billion in cash and stock to become the largest U.S. Turner later repurchased Mission Petroleum Carriers when it was acquired by Diamond Shamrock which was the foundation of TETCO, and the business portfolio of the former National Convenience Stores, which was acquired by Diamond Shamrock in November 1995. (the Sigmor brand name was the initials of Sigfried Moore, Turner's former employer) which merged with Shamrock Oil and Gas in 1960 forming Sigmor Shamrock - which was merged into Diamond Shamrock in 1982. The acquisition also includes all past Diamond Shamrock assets, including the former Sigmor Petroleum assets founded by Thomas E. Starting in 2002, Valero has expanded its marketing to the East Coast, specifically the Northeast and Florida, using the Valero brand. ![]() In 2006, the division was spun off as NuStar Energy. With this acquisition, Valero also received ownership of Shamrock Logistics L.P., which was renamed Valero L.P. The merger left Valero with over 4,700 Ultramar, Diamond Shamrock, and Beacon retail sites in the United States, Canada, and the Caribbean. On December 31, 2001, Valero completed its acquisition of Ultramar Diamond Shamrock. In June 2001, Valero acquired the Huntway Refining Company, along with two asphalt plants on the West Coast. The company also began retailing gasoline under the Valero brand. In 2000, Valero purchased ExxonMobil's Benicia, California, refinery and interest in 350 Exxon-branded service stations in California, mainly in the San Francisco Bay Area. In 1998, it then acquired a Paulsboro, New Jersey, refinery, the company's first outside of the Gulf Coast area. In May of that year, the firm acquired Basis Petroleum, which left it with four refineries in Texas and Louisiana. At the same time, the remaining divisions, which consisted of natural gas operations, merged with a wholly owned subsidiary of Pacific Gas and Electric Company. In 1997, Valero Energy Company spun off its subsidiary, Valero, to its stockholders. In May 1985, Valero Refining and Marketing Company was born from Valero's subsidiary, Saber Energy, Inc. ![]() Valero acquired Corpus Christi Marine Services Company ("CCMS"), a small barge company in Corpus Christi, Texas in April 1981 when it purchased a stake in Saber Energy Inc. The name Valero comes from Mission San Antonio de Valero, the original name of the Alamo. Valero took over the natural gas operations of the LoVaca Gathering Company, later renamed the Valero Transmission Company. Valero was created on January 1, 1980, as the successor of Coastal States Gas Corporation's Subsidiary, LoVaca Gathering Company.
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