Valero Energy has reported that its income from continuing operations was $1.2 billion or $2.18 per share in the third quarter of 2008, compared to $848 million or $1.34 per share in the third quarter of 2007.

Valero Energy Corporation (NYSE: VLO) announced today that Stephen M. Waters, managing partner of Compass Advisers LLP, has been elected to the company's board of directors. Waters, who becomes Valero's 11th board member, will serve on the board's Finance Committee.

Valero Energy Corporation (NYSE: VLO) today affirmed that it has agreed to participate as a prospective shipper, subject to regulatory approvals, on the 500,000 barrel per day expansion of the Keystone crude oil pipeline system from Western Canada to the U.S. Gulf Coast at Port Arthur, Texas.

Valero Energy, which sells refined products, has agreed to sell its 85,000 barrel-per-day refinery in Krotz Springs, Louisiana to Alon USA Energy for $333 million plus an earn-out provision currently valued in excess of $100 million.

By Anonymous Valero Energy says it may sell nearly a third of its North American refining capacity and that it is exploring new projects in the Middle East and Asia, where demand growth is stronger.