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Press release from Business Wire

Valero Energy Begins Restart of Memphis Refinery and Updates Operating Guidance for Third Quarter 2011

Thursday, August 18, 2011

Valero Energy Begins Restart of Memphis Refinery and Updates Operating Guidance for Third Quarter 201112:54 EDT Thursday, August 18, 2011 SAN ANTONIO (Business Wire) -- Valero Energy Corporation (“Valero”, NYSE: VLO) today announced that the company is in the process of restarting units at its Memphis refinery, which was shut down on Aug. 5 due to a fire in a crude distillation unit. The restart will begin with one of the crude distillation units, FCC, and other key units. The other crude distillation unit is expected to be restarted by September. As a result, Valero has revised its operating guidance for the third quarter of 2011 with refinery throughput volumes now estimated in the range of 370,000 to 380,000 barrels per day in the Mid-Continent region, which is down from the original estimate of 420,000 to 430,000 barrels per day. Also, Valero now expects its system-wide refinery operating expenses to be $4.05 per barrel in the third quarter, which is above the original estimate of $3.80 per barrel. About Valero Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.9 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm. Valero is also one of the largest retail operators with approximately 6,800 retail and branded wholesale outlets under the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Based in San Antonio, Valero is a Fortune 500 company with approximately 20,000 employees. Please visit www.valero.com for more information. Safe Harbor Statement Statements contained in this release that state the Company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero's annual reports on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission, and available on Valero's website at www.valero.com. Valero Energy Corporation, San AntonioInvestors, Ashley Smith, Vice President,Investor Relations: 210-345-2744orMedia, Bill Day, Executive Director, Corporate Communications:210-345-2928Website: http://www.valero.com/