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Valero Jumps to No. 3 on FORTUNE's List of the '100 Best Companies to Work For' in America

Posted on: Tuesday, 10 January 2006, 09:00 CST

Just two weeks after finishing the best year in its history, Valero Energy Corporation (NYSE:VLO) was again named one of the top U.S. employers, rising to No. 3 on FORTUNE magazine's list of the "100 Best Companies to Work For" -- and being ranked No. 2 among the list's large employers (companies with 10,000 or more employees).

Valero is the only San Antonio company, the only energy company and one of only nine Texas-based businesses represented on FORTUNE's list. The company, which jumped to the No. 3 spot from last year's No. 23 ranking, has made the list every year it has been eligible since debuting at No. 93 in 2000.

"Our employees are the reason Valero has enjoyed such record success and they're the reason for our bright future," said Valero CEO Bill Klesse. "This honor tops off 2005, which under Bill Greehey's leadership was a record year in every way. And, I'm looking forward to working with our employees to make 2006 another record-breaking year for Valero."

Special Culture & Great Employees Earn Honors

The "100 Best Companies to Work for" list is compiled by Robert Levering and Milton Moskowitz of the Great Place to Work Institute in San Francisco. Two-thirds of the scoring is based on employee responses to a confidential survey. The remaining portion is determined by an evaluation of the policies and culture of each company.

Some of Valero's benefits include all-employee bonuses, medical/dental insurance, disability insurance, life insurance and flexible spending accounts. Valero is also one of the few U.S. companies to provide both a pension and 401(k) retirement savings plan.

The company is well-known for its commitment to employee safety. Of the 19 U.S. refineries that have achieved "Star Site" status in OSHA's prestigious Voluntary Protection Program, half will soon be Valero plants (Valero's St. Charles refinery has been recommended as a Star Site and is awaiting its official notification letter -- once official, it will be Valero's 10th VPP Star Site and OSHA's 20th). Valero is also well-known for never having had a layoff.

Valero's volunteer program gives employees the opportunity to participate in community initiatives on work time as well as volunteer time. In 2005, Valero employees volunteered more than 200,000 hours to help worthy causes in the communities where it has business operations.

In FORTUNE's write-up, Valero is applauded for its significant efforts to help its employees during Hurricanes Katrina and Rita. Valero made sure all its employees were safe by establishing an Emergency Operations Center and then providing free meals and housing to displaced workers and their families. When employees moved back into their homes before power was restored, Valero provided generators and other supplies. For those employees who lost their homes or suffered damage, the company provided grants (that do not have to be repaid) from its SAFE Fund to help them get back on their feet. In all, Valero donated more than $5 million to the relief effort, including a $1 million contribution to the American Red Cross.

That spirit of caring for its employees and communities, combined with the company's record results, has helped Valero earn a long list of accolades. In December 2005, Platts ranked Valero the world's top refining company, the sixth best energy company in the Americas and 17th overall in the industry. Also in December, Ultramar Ltd., Valero's Canadian refining and marketing operations, ranked No. 23 on the list of the 50 Best Employers in Canada -- and the best employer in Quebec.

The company also was honored as one of FORTUNE's Blue Ribbon Companies for 2005 after being named to six of the magazine's prestigious rankings: No. 6 among oil companies in America's Most Admired Companies, No. 8 among oil companies in Global Most Admired Companies, No. 23 among the Best Companies to Work For, No. 22 among the FORTUNE 500, No. 73 among the Global 500, and No. 19 among the 100 Fastest-Growing Companies.

Valero set records for revenue and net income in 2005, and the company split its stock for a second time in just over 12 months. In what was Valero's 25th anniversary year, the company also became North America's largest refining company when it purchased the assets of Premcor Inc., giving it 18 refineries and throughput capacity of 3.3 million barrels per day. Valero L.P., the company's logistics partnership, became one of the country's largest terminal and pipeline operators with its purchase of Kaneb Services and Kaneb Pipe Line Partners.

About Valero

Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 22,000 employees and expected annual revenue of more than $75 billion. The company owns and operates 18 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.3 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation's largest retail operators with approximately 5,000 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names including Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon. Please visit www.valero.com for more information.

Source: Business Wire

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