Valero Energy (VLO)

Q4 2010 Earnings Call

January 26, 2011 11:00 am ET


Michael Ciskowski - Chief Financial Officer, Principal Accounting Officer and Executive Vice President

Joseph Gorder - Chief Commercial Officer and Executive Vice President of Marketing & Supply

William Klesse - Executive Chairman, Chief Executive Officer, President and Chairman of Executive Committee

Ashley Smith - Vice President of Investor Relations


Jeffrey Dietert - Simmons & Company

Cory Garcia - Raymond James

Evan Calio - Morgan Stanley

Eli Bauman

Chi Chow - Tristone Capital

Douglas Leggate - BofA Merrill Lynch

Blake Fernandez - Howard Weil Incorporated



Good morning, my name is Andrea, and I will be your conference operator today. At this time, I would like to welcome everyone to the Valero Energy Reports 2010 Fourth Quarter and Annual Results Conference Call. [Operator Instructions] Mr. Ashley, you may begin your conference.

Ashley Smith

Thank you, Andrea, and good morning, and welcome to Valero Energy Corporation's Fourth Quarter 2010 Earnings Conference Call. With me today are Bill Klesse, our Chairman and CEO; Mike Ciskowski, our CFO; Joe Gorder, our Chief Commercial Officer; Kim Bowers, our Executive Vice President and General Counsel and John Bernier, our Executive Vice President.

If you have not received the earnings release and would like a copy, you can find one on our website at Also attached to the earnings release are tables that provide additional financial information on our business segments. If you have any questions after reviewing these tables, please feel free to contact me after the call.

Before we get started, I would like to direct your attention to the forward-looking statement disclaimer contained in the press release. In summary, it said that statements in the press release and on this conference call that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the Safe Harbor provisions under federal securities laws. There are many factors that could cause actual results to differ from our expectations, including those we described in our filings with the SEC. Now I'll turn the call over to Mike.

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