Petroleum products producer Valero, based in San Antonio, Texas, boasts a 3.3-million-barrel-a-day refining system, an approximately 5,000-store retail network and a mid-stream logistics business.
In 2005 the company posted $82.2 billion in revenue, a 50.4% revenue growth and 46% return on equity. Its profit margin was 4.4%.
In 2006 the company reported record first quarter net income of $849 million compare with $534 million in the first quarter of last year. As of March 31, 2006, the company's debt-to-capitalization ratio, net of cash, was 23.5%, compared with 24.8% as of Dec. 31, 2005.
"We had the highest first-quarter earnings in the company's history, and the outlook for the rest of the year is even better," said Bill Klesse, Valero's CEO, in an April 25, 2006, statement. "Heavy turnaround activity, implementation of more restrictive sulfur regulations on gasoline and diesel, increased use of ethanol in the reformulated gasoline pool and limited capacity expansions due to the high cost of environmental regulations are resulting in tighter supplies of refined products and outstanding margins."
IW 50 Best Manufacturing Company
