The investment-grade notes are due 2031 and 2051

Davis Polk advised the joint book-running managers on an SEC-registered offering by Valero Energy Corporation of $1.45 billion aggregate principal amount of its 2.800% senior notes due 2031 and 3.650% senior notes due 2051.

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States, Canada and the United Kingdom, and the ethanol plants are located in the Mid-Continent region of the United States. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the United States, Canada, the United Kingdom, Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names.

The Davis Polk capital markets team included partner Richard D. Truesdell Jr. and associate Hillary A. Coleman. The tax team included partner Corey M. Goodman and associate Eitan Ulmer. Counsel Michael Comstock provided environmental advice. All members of the Davis Polk team are based in the New York office.

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