Subject: Valero Announcement
From: "Eric Schwerin" <[email-masked]>
To: "Wade Randlett" <[email-masked]>
Cc: "Hunter Biden" <[email-masked]>
Date: Thu, 8 Apr 2010 23:02:50 -0400

Wade-

FYI, in case you didn't see the press release today.  In addition, Hunter
got an email from Alan Levin today saying that given this announcement he is
looking forward to now being able to turn to your proposal.

Let's plan to talk next week after you talk to Alan (or before if you want
to discuss prior to that).

Best,

Eric

PRESS RELEASE

April 8, 2010, 4:00 p.m. EDT ·
Recommend<http://www.marketwatch.com/story/valero-to-sell-delaware-city-assets-for-220-million-2010-04-08?reflink=MW_news_stmp#>
 · Post: <http://www.marketwatch.com/story/valero-to-sell-delaware-city-assets-for-220-million-2010-04-08?reflink=MW_news_stmp#>
 <http://www.marketwatch.com/story/valero-to-sell-delaware-city-assets-for-220-million-2010-04-08?reflink=MW_news_stmp#>
Valero to Sell Delaware City Assets for $220 Million

SAN ANTONIO, Apr 08, 2010 (BUSINESS WIRE) -- Valero Energy
Corporation(VLO<http://www.marketwatch.com/investing/stock/VLO>
 *20.00*, -0.02, -0.10%) announced today it has reached an agreement to sell
the assets of its terminal operation and discontinued operations in Delaware
City to the Delaware City Refining Company LLC and Delaware Pipeline Company
LLC, wholly owned subsidiaries of PBF Energy Partners LP. The sale price is
$220 million for the assets, and Valero will retain the de minimis levels of
remaining crude oil and refined products inventories that have not yet been
liquidated. The transaction is expected to close during the second quarter
contingent upon regulatory approvals, as well as the parties' completion of
certain agreements with the state of Delaware.

After the transaction closes, Valero will continue to supply its area
customers via a terminaling agreement with the site's new owners.

Valero made the decision to permanently close and discontinue operations at
the refinery in November 2009 after unsuccessfully seeking a buyer. Earlier
this year, Valero and PBF entered discussions with the support of Gov. Jack
Markell regarding a possible purchase of the site's assets.

"We are pleased that we have reached this agreement with PBF," said Valero
Chairman and CEO Bill Klesse. "The transaction reflects incremental cash
flow and a good value for the terminal and shut-down refinery units. For the
state of Delaware, this provides the potential to regain manufacturing jobs
in the future. We thank Gov. Markell for his active participation in
facilitating our agreement."

About Valero:

Valero Energy Corporation is a Fortune 500 company based in San Antonio with
approximately 21,000 employees. The company operates 15 refineries with a
combined throughput capacity of approximately 2.8 million barrels per day.
Valero is also a leading ethanol producer with 10 ethanol plants in the
Midwest with a combined capacity of 1.1 billion gallons per year, and is one
of the nation's largest retail operators with approximately 5,800 retail and
branded wholesale outlets in the United States, Canada and the Caribbean
under the Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon brands.
Please visit www.valero.com for more information.

SOURCE: Valero Energy Corporation

Valero Energy Corporation, San Antonio
Investors, Ashley Smith, Vice President,
Investor Relations: 210-345-2744
or
Media, Bill Day, Executive Director, Corporate Communications:
210-345-2928 http://www.valero.com/

Copyright Business Wire 2010

-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]