QUOTE AND NEWS
Wall Street Journal  37 min ago  Comment 
Valero and Canada's Enbridge receive licenses to become the first companies to say they can export Canadian crude oil from U.S. ports.
SeekingAlpha  Mar 24  Comment 
By Stock Gamer: The share price for Valero Energy (VLO) has appreciated by 33% over the past 12 months, outperforming a return of 20% for the S&P 500 Index. Given that the stock still trades at an inexpensive valuation on a relative basis, I...
newratings.com  Mar 21  Comment 
WASHINGTON (dpa-AFX) - Valero Renewable Fuels Company, LLC, a wholly owned subsidiary of Valero Energy Corp. (VLO), said Friday that it has purchased a corn ethanol plant in Mount Vernon, Indiana from Aventine Renewable Energy-Mt. Vernon, LLC, a...
SeekingAlpha  Mar 21  Comment 
By DAG1996: I must explain how this article on Valero Energy (VLO) progressed in order for my opinions to be clear. I wrote most of the article February 22-24 with intent to submit it by February 28, which turned out to be the day I added to my...
Cloud Computing  Mar 19  Comment 
iSIGN Media Solutions Inc. ("iSIGN" or "Company") (TSX VENTURE:ISD)(OTCQX:ISDSF), a leading provider of interactive mobile advertising solutions that serves advertisers, manufacturers, retailers and advertising agencies throughout North America...
TheStreet.com  Mar 17  Comment 
NEW YORK (TheStreet) -- Citigroup upgraded Alon USA Partners LP to hold from buy but TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said Monday he is focused on other names in the energy sector. Specifically, he is...
SeekingAlpha  Mar 13  Comment 
By Arie Goren: I find Valero Energy Corporation (VLO) stock to be a rare combination of value and growth dividend stock. Although the stock price has risen 62.0% since the beginning of 2013, it is still an excellent buy right now. This is compared...
SeekingAlpha  Mar 11  Comment 
By Blackstone Equity Research: Valero Energy Corporation (VLO) is the one of the giants in the oil refining and marketing industry. It is in fact the biggest refiner in the U.S. with 16 refineries and a throughput capacity of ~2.9 million bpd...
SeekingAlpha  Mar 7  Comment 
Valero Energy Partners LP (VLP) Q4 2013 Earnings Conference Call March 7, 2014 11:00 AM ET Executives John Locke - Executive Director, IR Joe Gorder - Director and CEO Donna Titzman - Director, SVP, CFO and Treasurer Rich...




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Valero Energy Corporation (NYSE: VLO) is the largest U.S. refiner in terms of throughput capacity. Valero Energy Corporation owns and operates 15 refineries located in the United States, Canada and Aruba that produce conventional gasolines, distillates, jet fuel, asphalt, petrochemicals, lubricants and other refined products. The company also owns and operates a network of gasoline and retail stations located throughout the United States.[1]

Like many U.S. refiners, Valero’s profits are determined by the refining margin, which is the price difference between purchased crude oil and refined products. As a result, Valero’s revenue and profitability are susceptible to changes in crude prices, refined prices, and consumer demand for refined products. Valero’s refining operations also benefit from using cheaper, lower-grade crude inputs. Approximately two-thirds (2/3) of Valero’s refining capacity can use heavy, sour crude. As a result, the price differential between light, sweet crude grades and heavy, sour crude grades, known as the sour crude discount, has a significant impact on the company’s refining margin.

Company Overview

Valero’s business operations are broken into three segments: Refining, Retail, and Ethanol. Because its largest segment is the company’s refining segment, its financial earnings are often dependent on the price of crude inputs and the overall profit derived from producing petro-products. For 2010, Valero generated $923 million in income from continuing operations.[2] Valero reported a $273 million loss from continuing operations in the previous year. The year-over-year income improvement was partially due to the rise in global demand for refined products as the world economies rebounded from recession.[3] In addition, both refining margins and crude discounts improved from their 2009 levels.[4] Beginning in 2009, a company-specific initiative to reduce operating costs has also improved earnings.

For 2011, Valero management believes that global demand and margins have the potential of rising further.[5] The company has a preliminary capital spending estimate of $2.9 billion for 2011.[6] This estimate represents an increase from prior estimates due to the acceleration of economic growth projects to install new hydrocrackers at the Port Arthur and St. Charles refineries.[7] The 2011 capital spending estimate also incorporates several major turnarounds in the first quarter and the early part of the second quarter, including significant reliability investments for a revamp of the St. Charles Refinery cat cracker and replacement of the Port Arthur Refinery coke drums.[8]


Key Acquisitions, Joint Ventures, and Mergers (2011)

  • March 2011:
    • In March 2011, Valero announced its intention to purchase Chevron's 220,000 barrel-per-day Pembroke refinery in Wales, U.K., for $730 million.[9] In addition to the refinery, the deal includes ownership in four major product pipelines, 11 fuel terminals, a 14,000 barrel-per-day aviation fuels business and more than 1,000 Texaco-branded wholesale sites.[10] As part of the deal, Valero takes on working capital worth approximately $1 billion. Valero plans on funding the deal from its cash balance of $3.3 billion as of March 2011.[11]

Key Divestitures and Asset Sales (2011)

Business Segments

Refining Segment (2010 Operating Income of $1.9 billion): Valero’s refining segment sells petroleum products that have been processed and extracted from crude oil and other feedstock.[12] The company purchases crude oil, either through long term contracts or in the spot market, processes it, and sells its refined products to third parties or consumers at its retail stations. The company's assets include 14 petroleum refineries with a combined throughput capacity of approximately 2.6 million barrels per day.[13]

2009 financial performance reflected Valero's efforts to combat costs amid lower demand and profit margins.[14] Throughput margin per barrel in 2009 was $5.85, compared to $11.10 in 2008. In response to lower margins, Valero also cut throughput volumes by 8.2% in 2009 compared to 2008 levels.[15] In an effort to cut production and raise money from sources other than refining, Valero sold two refineries, temporarily shut down two Texas refineries, and reduced gasoline production at its other refineries.[16] The decline in production and refining margins was partially offset by a 15% reduction in costs.[17] Overall, operating income decline from $995 million in 2008 to $105 million in 2009.[18]

In addition to being the U.S.’s largest refiner in terms of throughput capacity, Valero also has the greatest number of refineries that can process crude oil with high sulfur content, known as "sour" crude oil.[19] Because 65% of Valero’s production can use cheaper, lower quality forms of crude oil to produce high quality “light” petroleum products, its profits benefit from the price differences between sweet, light crude and heavy sour crude.[20] As a result, the “sour crude oil differential” is significant to Valero’s profits because the company purchases sour crude at prices lower than sweet light crude, processes the cheaper crude into light refined products, and sells its products at the same prices as refiners that refine light crude.[21] The price disparity between refined products and crude oil, known as the “refining margin,” is the primary determinant of U.S. refiner’s profitability. Because 65% of Valero’s refineries use sour crude as an alternative to light sweet crude, Valero can significantly lower its feedstock costs and increase its refining margin during times when the sour crude differential is large.

Over the course of 2010, Valero's refining operations began to differ compared to 2009 due to plant restarts and sales. In February 2010 and March 2010, Valero announced the resumption of a few of its refineries that had previously be stalled for repairs or due to unprofitably.[22] Many of Valero's saving initiatives were accomplished through the shutdown and sale of non-core assets.[23] The Delaware refinery was sold in the second quarter of 2010, and the Paulsboro refinery was sold in the final quarter of 2010.[24]

In regards to annual earnings, Valero reported operating income from its refining segment of $1.9 billion versus $247 million in 2009.[25] While operating cost per barrel increased almost 2% year-over-year in 2010, refining margin rose from $6.00 per barrel in 2009 to $7.80 per barrel in 2010.[26] Throughout volumes also increased slightly on a year-over-year basis. The rise in throughput margins was primarily due to a rise in margins for diesel and gasoline as well as improved discounts for heavy-sour crude.[27]


Refining Financial Performance for 2009 & 2008
2010 2009 2008
Operating Income (in $ millions) 1,903 247 995
Throughput margin per barrel (in $) 7.80 6.00 11.10
Total throughput volumes (thousands barrels per day) 2,129 2,124 2,477

Source: VLO 2010 10-K [28]

Retail Segment (2010 Operating Income: $346 million): Valero is among the largest retail operators in terms of retail stations with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean. Although Valero’s retail stations sell goods other than gasoline and diesel, operating income and profitability are significantly determined by the price of conventional fuels sold to consumers. Compared to its 2009 levels, Valero sold more fuel and at higher margins in the U.S.[29] Fuel volume per day per site was 5,086 gallons on average in 2010, compared to 4,983 on average for 2009. Fuel margins improved compared to 2009 levels at both the company's U.S. and Canadian stations. As a result, operating income rose from $293 million in 2009 to $346 million in 2010.[30]


Retail Financial Performance for 2009 & 2008
2010 2009 2008
Operating Income (in $ millions) 346 293 369
U.S. fuel margin per barrel (in $) 0.140 0.126 0.229
U.S. fuel volumes (gallons per day per site) 5,086 4,983 5,000

Source: VLO 2010 10-K[31]

Ethanol (2010 Operating Income of $209 million): Valero owns 10 ethanol plants with a combined production capacity of 1.1 billion gallons per year, and a 50-megawatt wind farm.[32] Production rose significantly from 1.47 million gallons per day in 2009 to 3.02 million gallons per day in 2010.[33] Amid lower product prices, Valero reported production margins of $0.55 per gallon in 2010 versus $0.65 per gallon in 2009. In 2010, operating costs per barrel rose $0.01 from 2009 levels. However, operating income in 2010 was $209 million compared to $165 million in 2009.[34]

Ethanol Financial Performance for 2009 & 2008
2010 2009 2008
Operating Income (in $ millions) 209 165 N/A
Production (thousand gallons per day) 3,021 1,479 N/A
Gross Margin per gallon (in $) 0.55 0.65 N/A

Source: VLO 2010 10-K[35]

Trends and Forces

Global exports provide growth opportunity

In September 2010, Valero CEO said the company has the potential to grow with global demand despite sluggish growth in the U.S. Slow growth demand for refined petro-products in North America has depressed margins realized by U.S. refiners.[36] On the other hand, fuel demand has began rising more favorably globally as emerging markets continue to use fuel to growth their economies.[37] As a result, many refiners have adapted the strategy of reducing costs and boosting exports.[38] Valero also expects sour-crude differentials to improve globally as Colombia and Venezuela increase production of sour crude amid stabilizing supplies.[39] An increase in sour-crude differential has the potential of benefiting Valero because the company’s advanced refineries can handle the cheaper form of crude.[40]

When profits margins are low for U.S. refiners, Valero’s advanced refineries give it a production and price advantage

Valero’s ability to refine large quantities of heavy sour crude has the potential to increase refining margins and profits, especially when the price of light crude, like West Texas Intermediate sweet crude, rises.[41] When the price of light crude began to rise to $140 per barrel in July 2008, the prices of refined products, such as gasoline, were not able to increase as quickly. For many independent refiners, the rapid increase in crude prices initially cut refining margins and reduced quarterly profits substantially. As a result, volatile changes in the prices of light sweet crude oils did not affect Valero's refining margins as much it did the Valero's competitors.[42]

Valero’s refining margins are not as exposed to volatile changes in the prices of light sweet crude oils did as some of its competition. not affect Valero's refining margins as much it did the Valero's competitors.

However, Valero is exposed to the risk that falling crude prices have would reduced reduce the low-production-cost advantages of Valero's refineries.[43] Declining consumption of refined products, which fell 6%in 2008, has not only reduced Valero's profits, but also reduced the production advantages Valero has over other U.S. refiners like Sunoco (SUN).[44] Despite declining refining prices, Soleil Securities energy analyst Jacques Rousseau maintains that the price difference between sour and sweet crude has the potential to widen when the U.S. economy begins to recover and oil prices rise.[45]

Valero plans for a Biofuels Future

Valero’s ownership of 10 biofuel plants suggests that the company believes ethanol has the potential to be a profitable fuel when energy prices rise and that consumers demand more environmentally friendly forms of energy.[46] As a producer of ethanol as well as a petroleum refiner, Valero will be able to profit from higher concentrations of ethanol in gasoline.[47] Valero and Marathon Oil are the only two U.S. refiners that will not have to purchase ethanol from third parties in order to make gasoline.[48]

Although the U.S. government raised the ceiling for the amount of ethanol that mixed into conventional gasoline, Valero and other refiners may be reluctant to sell gasoline blended with higher concentrations of ethanol.[49] The EPA is expected to raise the ceiling from 10% to 15% ethanol, but refiners are not obligated to increase the amount of ethanol blended into their conventional gasoline[50]. In fact, Valero is likely not to increase ethanol concentrations due to fears that it will be liable for any engine damage resulting from the higher levels of ethanol. Because the new ceiling does not include any liability protection, many refiners do not plan on increasing ethanol concentrations.[51] While increased concentrations of ethanol would benefit Valero's ethanol business, which is the third largest in the U.S., the increase also reduces the amount of gasoline sold per gallon of fuel.[52] As a result, the reluctancy of U.S. refiners to increase ethanol concentrations illustrates the limitations surrounding ethanol use as a fuel. Higher ethanol concentrations not only have the potential of hurting the refining businesses of U.S. refiners, but also may lead to engine damage.[53]

Approximately half of Valero's Refining Capacity is located in the Gulf Region and is vulnerable to seasonal storms

With refineries located in Texas and Louisiana, about half of Valero's refining capacity is exposed to hurricanes and tropical storms occurring in the Gulf of Mexico. In the fall of 2008, BP (BP), Royal Dutch Shell (RDS'A), and Transocean (RIG) had to shut down refineries, oil rigs, and other operations on the Gulf coast in order to protect their workers and equipment from Hurricane Gustav.[54] While Valero did not have to close any of its Gulf refineries during the storm, half of Valero's production capacity remains open to destruction from future hurricanes and other Gulf storms.

Competitive Landscape

Oil Majors( Chevron Corporation (CVX) , Exxon Mobil (XOM), CONOCOPHILLIPS (COP), BP (BP)): The oil & gas majors are vertically integrated oil and gas companies that have exploration, production, refining, and marketing operations. In the refining segment, many of the oil & gas majors operate more cost-effectively than independent refiners like Valero because they do not have to purchase their crude oil supply from third parties. Not only do many of the majors have comparable refining capacity to Valero's, but many of them operate in the Texas and Lousiana, where Valero has more than half of its refineries.[55]

Holly Corp. (HOC): Holy Corp. is a United States-based petroleum refiner. The Company operates two oil refiners and distributes its refined products in the Southwest and West United States. Holly Corp. also owns 900 miles of crude oil pipelines located in Texas and New Mexico. the Company transports asphalt and liquid petroleum gas(LPG) to wholesalers and LPG retailers.[56]

Sunoco (SUN): Sunoco is U.S. petroleum company with refining, retail, chemical, coke, and logistics segments. As the second largest U.S. refiner in terms of capacity,the company has a refining capacity of approximately 1.3 million barrels per day, with operations spread across the Northeast and Mid-West. Unlike Valero Energy (VLO), a majority of Sunoco's refining feedstock comes from sweet crude oil.[57]

Tesoro (TSO): Like Valero, Tesoro operates in two segments: refining and retail. As of December 31, 2008, Tesoro owns and operates 7 refineries with a total throughput capacity of 658,000 bpd. 93% of their operating income comes from their refining segment. In 2007, Tesoro made $21.9 billion in revenue from its refining and retail segments and $967 million in operating income.[58]

Comparison to Competitors - 2008
CONOCOPHILLIPS ROYAL DUTCH SHELL EXXONMOBIL CHEVRON BP LUKOIL(1) Eni S.p.A(1) Total S.A.
Reserves
Oil and Gas Liquids
(Millions of barrels)
5,817[59][60] 3775[61] 7,576(2)[62] 7,350[63] 10,353[64] 15,715[65] 3,219[66] 5,695[67]
Natural Gas
(Billions of cubic feet)
24,948[68] 40,895[69] 31,402(2)[62] 23,075[63] 45,208[64] 27,921[70] 18,090[66] 26,218[67]
Production
Oil and Gas Liquids
(Thousand b/d)
1,108[71] 1,695[61] 2,405[72] 1,649[73] 2,401[74] 1,954[75] 1,020[66] 1,456[76]
Natural Gas
(Million cf/d)
4,970[71] 8,595[69] 9,095[72] 5,125[73] 8,334[74] 1,586[77] 4,114[66] 4,837[76]

(1) Latest data is for 2007 (2) Does not include reserves of equity affiliates

Refining Industry 2008 Metrics
SUNOCO CHEVRON VALERO EXXON MOBIL Royal Dutch Shell SINOPEC WESTERN REFINING ConocoPhillips BP LUKOIL(1) Eni S.p.A(1)[78] Total S.A.
Refinery Capacity
(Million BPD)
0.91[79] 2.139[80] 2.99[81] 6.2[82] 3.678[83] 3.376[84] 0.238[85] 1.986[86] 2.678[87] 1.135[88][89] 0.544 2.604[90]
Number of Refineries (including partial interests) 5[91] 18[80] 16[92] 37[82] 40[93] 17[94] 4[95] 12[86] 17[87] 9[96] N/A 25[90]
Number of Retail Gas Stations 7,785[97] 25,000[98][99] 5,800[92] 10,516[100] 45,000[101] 29,279[102] 153[103] 8,340[104] 22,600[105] 6,287[106] 6,441 (in Europe) 16,425[90]

(1) Latest data is for 2007


Notes

  1. Valero.com: Our Business
  2. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  3. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  4. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  5. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  6. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  7. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  8. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  9. Morningstar.com: With complex assets, Valero is well positioned to for the current market, March 2011
  10. Morningstar.com: With complex assets, Valero is well positioned to for the current market, March 2011
  11. Morningstar.com: With complex assets, Valero is well positioned to for the current market, March 2011
  12. Yahoo! Finance: VLO Company Profile, February 2009
  13. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  14. Valero Investor relations 2009, page 34
  15. Valero Investor relations 2009, page 34
  16. FT.com: Valero shuts refinery as slowdown bites, January 2009
  17. Valero Investor relations 2009, page 34
  18. Valero Investor relations 2009, page 34
  19. VLO 2007 Annual Report
  20. Valero 2008 3Q Financial Report, page 34
  21. Yahoo! finance: Valero 2008 2Q Financial Report
  22. WSJ: US Refinery Status: Valero To Restart Memphis Refinery By April's End, March 2010
  23. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  24. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  25. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  26. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  27. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  28. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  29. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  30. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  31. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  32. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  33. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  34. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  35. Valero Investor Relations: 4Q and Annual Report 2010, March 2011
  36. WSJ.com: Valero CEO: US Demand is Sluggish but Business Will Grow, September 2010
  37. WSJ.com: Valero CEO: US Demand is Sluggish but Business Will Grow, September 2010
  38. WSJ.com: Valero CEO: US Demand is Sluggish but Business Will Grow, September 2010
  39. WSJ.com: Valero CEO: US Demand is Sluggish but Business Will Grow, September 2010
  40. WSJ.com: Valero CEO: US Demand is Sluggish but Business Will Grow, September 2010
  41. Forbers.com: Valero's Deep Discount, August 2007
  42. Investopedia: Valero Top Of The Oil Barrel (VLO), September 2008
  43. Barrons: Valero Gets Sweet Profits From Sour Crude, March 2009
  44. Barrons: Valero Gets Sweet Profits From Sour Crude, March 2009
  45. Barrons: Valero Gets Sweet Profits From Sour Crude, March 2009
  46. Platts.com: Valero-VeraSun deal said good for refiner, ethanol sector, February 2009
  47. Platts.com: Valero-VeraSun deal said good for refiner, ethanol sector, February 2009
  48. Platts.com: Valero-VeraSun deal said good for refiner, ethanol sector, February 2009
  49. bloomberg.com: Valero, Refiners Reluctant to Sell Higher Ethanol-Blend Gas, October 2010
  50. bloomberg.com: Valero, Refiners Reluctant to Sell Higher Ethanol-Blend Gas, October 2010
  51. bloomberg.com: Valero, Refiners Reluctant to Sell Higher Ethanol-Blend Gas, October 2010
  52. bloomberg.com: Valero, Refiners Reluctant to Sell Higher Ethanol-Blend Gas, October 2010
  53. bloomberg.com: Valero, Refiners Reluctant to Sell Higher Ethanol-Blend Gas, October 2010
  54. Market Watch: Gustav regains strength to become hurricane, August 2008
  55. Yahoo! Finance: VLO Competitors
  56. Yahoo! finance: HOC
  57. Yahoo! Finance: Sunoco profile
  58. Yahoo! Finance: TSO, Company Profile and Financial Data
  59. COP 2008 10-K, Item 8,Page 149
  60. COP 2008 10-K, Item 8,Page 152
  61. 61.0 61.1 RDS’A 2008 20-F, Supplementary Information, Crude oil and natural gas liquids
  62. 62.0 62.1 XOM 2008 10-K, Item 1, Page6
  63. 63.0 63.1 CVX 10-K 2009, Item 1, Page 7
  64. 64.0 64.1 BP 2008 20-F, Item 1, Page 16
  65. Lukoil Investor Relations – Fact Book 2008, Page 11
  66. 66.0 66.1 66.2 66.3 ENI S.p.A. – Fact Book 2007, Page 11
  67. 67.0 67.1 TOT 2008 20-F, Item 4, Page 10
  68. COP 2008 10-K, Item 8, Page 151
  69. 69.0 69.1 RDS’A 2008 20-F, Supplementary Information, Natural gas
  70. Lukoil Investor Relations – Fact Book 2008, Page 12
  71. 71.0 71.1 COP 2008 10-K, Item 6, Page 42
  72. 72.0 72.1 XOM, 2008 10-K, Item 6, Page 36
  73. 73.0 73.1 CVX 2008 10-K, Item 1, Page 5
  74. 74.0 74.1 BP 2008 20-F, Item 1, Page 14
  75. Lukoil Investor Relations – Fact Book 2008, Page 13
  76. 76.0 76.1 TOT 2008 20-F, Item 4, Page 12
  77. Lukoil Investor Relations – Fact Book 2008, Page 14
  78. E 2007 Annual Report
  79. SUN 2008 10-K, Item 7, Page 35
  80. 80.0 80.1 CVX 10-K 2009, Item 1, Page 24
  81. VLO 2008 10-K, Item 1, Page 3
  82. 82.0 82.1 XOM 2008 10-K, Item 6, Page 43
  83. RDS’A 2008 20-F, Results, Refining Data
  84. Sinopec Investor Relations, Operational Statistics for 2008
  85. WNR 2008 10-K, Item 7, Page 34
  86. 86.0 86.1 COP 2008 10-K, Item 1, Page 16
  87. 87.0 87.1 BP 2008 20-F, Item 1, Page 29
  88. Lukoil Investor Relations – Fact Book 2008, Page 15
  89. Conversion factor is 1 BPD = 50 tonnes per year
  90. 90.0 90.1 90.2 TOT 2008 20-F, Item 4, Page 36
  91. SUN 2008 10-K, Item 1, Page 1
  92. 92.0 92.1 VLO 10-K 2008, Item 1, Page 1
  93. RDS’A 2008 20-F, Results, Manufacturing
  94. Sinopec Refining Overview
  95. WNR 2008 10-K, Item 1, Page 19
  96. Lukoil Investor Relations – Fact Book 2008, Page 16
  97. SUN 2008 10-K, Item 1, Page7
  98. CVX 10-K 2008, Item 1, Page 25
  99. CVX 10-K 2008, Item 1, Page 26
  100. XOM 2008 10-K, Item 2, Page 25
  101. RDS’A 2008 20-F, Results, Marketing
  102. Sinopec 2008 Annual Report, Business Review and Prospects, Page 20
  103. WNR 2008 10-K, Item 1, Page 3
  104. COP 2008 10-K, Item 1, Page 18
  105. BP 2008 20-F, Item 1, Page 30
  106. Lukoil Investor Relations – Fact Book 2008, Page 60
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