Valero Energy (VLO 1.14%) punctuated a fantastic 2012 with a remarkable fourth quarter, trouncing analyst estimates with a non-GAAP EPS of $1.88 and operating income of $1.6 billion. The outstanding performance was the result of the firm securing discounted crude for all of its refineries in addition to selling its refined product into high margin areas. With the Seaway Pipeline now reversed, worries arise that Valero's competitive advantage will wane, but Valero has taken steps to secure the cheap feedstock for the long term. Check out the video below for more information on Valero's quarter and what to expect from mid-continent refiners in the near term.