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Valero donates $30,000 to two local children's charities
Posted: 02/17/06 - 06:40:35 pm CST
The Valero Volunteer Council presentis a $10,000 check to the Garth House. Valero Volunteer Council Members: George Elizondo, Tony Pegues, Barbara Phillips, Steve Potts, Jim Gillingham.Garth House: Marion Tanner, Karen Fontenot, Kim Hanks, Lt. Bubba Blitch, Sheila Gentry Valero Volunteer Council Member: Greg Gentry.
Valero Energy Corp. announced lthat two children's charities will receive a share of the record-breaking $5.35 million raised recently at the Valero Texas Open and the Valero Benefit for Children Golf Classic in San Antonio.
About 500 nonprofit organizations, located in all of the communities where Valero has operations, will benefit from the proceeds raised by both events. In the Port Arthur area, two children's charities will receive grants totaling $30,000. A check for $10,000 was presented last week to representatives of the Garth House by Valero's Vice President of Regional Refining Operations, Jim Gillingham, during a ceremony held at the agency. This week, a second check, totaling $20,000, will be presented to Children's Miracle Network during a special event to be held at CHRISTUS St. Mary's Hospital.
Nominated and selected by employees at the Valero Port Arthur refinery, the Garth House, which is located in Beaumont, provides care and shelter for abused and neglected children, as well as a variety of counseling and support services.
“We're excited about achieving another record-breaking year because it means we can help even more children in all of our communities,” said Bill Greehey, chairman of Valero. “We've taken the tournament to a whole new level, as our contribution makes the Valero Texas Open the third most charitable tournament on the PGA TOUR. That's saying a lot especially considering that the Texas Open was at the bottom of the PGA TOUR's rankings with a $500,000 charitable contribution the year before we signed on as the title sponsor,” he added.
The biggest contributor to the Valero Texas Open's fundraising success was Valero's own charity tournament, the Benefit for Children Golf Classic, which is held in conjunction with the Valero Texas Open. This year's Benefit for Children raised $4.25 million of the total $5.35 million, which is more than $1 million over last year's record donation. Nearly 300 children's charities located in the United States, Canada and the Caribbean in communities where Valero has major operations will benefit from these proceeds.
“Everyone, from our employees and business partners to the volunteers and spectators, can take great pride in the important role they played in helping hundreds of disadvantaged children in the Port Arthur area,” said Greehey. “And, because all of these recipients were nominated and selected by our refinery employees, these donations are especially meaningful.”
By Jane Roberts, The Commercial Appeal, Memphis, Tenn.
Feb. 17--Months after Valero Energy Corp. purchased Premcor, the top executives were in town Thursday serving employees the company's traditional welcome barbecue.
By the end of lunch, no one in the denim-wearing crowd cared that it was Texas vinegar-based sauce and brisket.
"You've had a lot of owners," chairman and founder Bill Greehey told about 350 workers at the refinery off Interstate 55 and Mallory. "Let me tell you, even the youngest in this room will retire from Valero."
Heads bobbed in wonder at tables across the room as he outlined the company's cash pension plan -- now almost unheard of anywhere -- its employee-driven-management style and philanthropy.
"We've never had a layoff in our company," Greehey said. "When we go through difficult times, we will be calling on you to do more."
Valero is No. 3 on Forbes' list of the "100 Best Companies to Work For," up from No. 23 last year.
The reception was so warm, in the end, the employees were presenting the gifts, including handmade grill implements in a handsome wooden box -- handmade, of course -- and a framed photo of Greehey with an original copy of Elvis's hit single "Follow that Dream."
"Thank you for following your dream," refinery engineer Fred Price told Greehey.
Valero, now the largest refining company in North America, acquired Premcor Sept. 1 just as the Gulf Coast and much of the nation's oil production was being pummeled by Katrina.
Within days, the situation was so bleak, the Memphis refinery was one of only a handful in Valero's portfolio up and running.
"In September, Memphis produced $129 million, No. 2 in profitability of all 18 of our refineries," Greehey said.
"Valero's got a lot of capital money, and they're looking to spend some here," said mechanical engineer Walt Fisher. "Some people are still taking a wait-and-see attitude, but I think things are better already."
Understand the reticence: Since 1998, the Memphis refinery has had four owners, including Williams and Mapco before Premcor.
Monday, the plant will close a $60 million revamping meant to improve reliability, safety and profitability. The work will be done by about 2,000 contractors, working day and night.
Over the course of the year, Valero will spend another $100 million on upgrades to produce higher grade gasoline and diesel fuel, said chief executive officer Bill Kleese.
"We've got $3.4 billion in our capital expenditure budget for this year. We'll spend $160 million of that in Memphis."
Valero's profits nearly tripled in the fourth quarter, going to $1.35 billion from $485 million a year ago.
It also processed 3 million barrels a day in the quarter for the first time in the company's history.
The company benefited from higher product margins, induced by the storms and refinery shutdowns, but also from the Premcor acquisition, which added about 900,000 barrels to its daily production of gasoline, jet fuel and diesel.
The addition "bumped us over the top," Kleese said, "from third or fourth to No. 1."
Since 1997, Valero has added 17 refineries through acquisitions.
"We're buyers, not sellers," Kleese said. "We're buyers and improvers."
Because of the warm winter, stock prices are off more than $10 a share since Feb. 1, closing Thursday at $53.82, down from a 52-week high of $63.70.