Excellence Refined - 30 Years - Valero

Strategy
for success
Change is the law of life,” President John F.
Kennedy once wrote. “And those who look
only to the past or present are certain to miss the
future.” It’s a fitting phrase for Valero in
the 1990s. The company had emerged from the 1980s
a little battle-weary from a decade of ups and downs.
But Valero refused to dwell on its past or settle for the
present. The future was calling.
Growth in the 90s and Beyond
Against the backdrop of the Gulf War, the early 1990s
were years of progression and change for Valero.
In addition to enhancing its Corpus Christi refining
operations, Valero began to cast its gaze internationally.
A celebration in November 1992 marked Valero’s first
big step toward a global operation. Valero Natural Gas
Partners, L.P., and Petroleos Mexicanos commemorated
the completion of a $4 million pipeline to Mexico, one of
only five connecting the United States with the emerging
natural gas market. The pipeline, which connected
Valero’s network to Mexico’s state-owned system, began
operations in August with about 125 million cubic feet
of gas per day moving through the 3.5-mile connection.
The project took nearly three years to plan and five weeks
to build.
With the energy industry rapidly consolidating in the mid-
1990s, Valero management realized that restructuring
– again – was best to position the company for future
growth and to unlock shareholder value. After 22 years
at the helm, Greehey announced he would retire from
daily life at Valero and turn over CEO duties to Valero
executive Joe Becraft in July 1996. Becraft had served as
both executive vice president and president and CEO of
the Valero’s natural gas and natural gas liquids division
since May 1995. Greehey agreed to stay on as Chairman
but left day-to-day decisions with Becraft. “After 22
challenging and rewarding years as CEO, the time is right
to turn the company over to new leadership,” Greehey told
the media in February 1996. “The company is in better
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