Valero Energy Corporation Is Doing Everything It Can to Prevent Oil Exports

By Tyler Crowe – Jan 30, 2014 at 2:00PM

NYSE: VLO

Valero Energy

Market Cap

$56B

Today's Change

(0.08%) $0.13

Current Price

$167.13

Price as of April 25, 2024, 4:00 p.m. ET

Not only has Valero come out publicly against exporting crude oil, but it also is increasing light crude capacity to help make crude exports unnecessary.

Well, at least Valero (VLO 0.08%) is putting its money where its mouth is. After recently announcing that it was against easing regulations agains crude oil exports from the U.S., the company recently unveiled plans to spend more than $700 million to increase its refining capacity for light cruudes coming out of the Eagle Ford Shale by 160,000 barrels per day. Increased refining capacity for shale oil, not domestic consumption, will be the determining factor in whether exporting oil will be necessary to keep the boom in oil and gas rolling in the future.

Find out why increased pipelines from the Eagle Ford and the Permian Basin like Magellan Midstream Partners' (MMP) BridgeTex pipeline are making Valero's refinery conversion possible and what this move means to Valero as a whole by tuning into the video below.

Fool contributors Aimee Duffy and Tyler Crowe have no position in any stocks mentioned. You can follow them on Twitter @TMFDuffy and @TylerCroweFool, respectively.

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