Valero Energy Corporation Chairman and CEO Named to 2002 Texas Business Hall of Fame

Business Wire, July 30, 2002

Business Editors & Energy Writers

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HOUSTON--(BUSINESS WIRE)--July 30, 2002

Bill Greehey, chairman and CEO of San Antonio-based Valero Energy Corporation (NYSE:VLO), the largest independent refining company in the United States, has been selected for induction into the 2002 Texas Business Hall of Fame.

Greehey is one of five Texas business legends who will be honored and officially inducted into the Hall of Fame at the foundation's annual dinner Thursday, October 17, 2002 at the Hyatt Regency Dallas.

Now celebrating its 20th anniversary, The Texas Business Hall of Fame Foundation honors members of the state's business community whose visions and careers have helped to place Texas at the forefront of the 21st century economy. Additionally, the foundation will honor 15 graduate students working towards their master's degrees in business administration at Texas colleges and universities, awarding each a $5,000 scholarship.

Former inductees of the Hall of Fame have included former President George Bush; former Texas Governor Bill Clements, Jr.; former Texas Governor Dolph Briscoe, Jr.; Michael Dell, founder of Dell Computer Corporation; and Ross Perot, former chief executive officer of Electronic Data Systems (EDS). Other San Antonians who have received this honor are Gen. Robert McDermott, former chairman and CEO of USAA; L. Lowry Mays, chairman and CEO of Clear Channel Communications; Red McCombs, chairman and CEO of McCombs Enterprises; Bartell Zachry, chairman and CEO of Zachry Construction Corporation; and Ed Whitacre, Jr., chairman and CEO of SBC Communications Inc.

"This year's honorees exemplify leadership and a commitment to excellence," said Del Williams, chairman of the Texas Business Hall of Fame Foundation. "It is with admiration and an appreciation for their respective accomplishments that we welcome them into the Texas Business Hall of Fame."

Greehey Honored for Achievement in Business & Community Service

According to Hall of Fame officials, Bill Greehey was chosen for this honor for living out the "American Dream" -- rising from humble beginnings to become the chairman and CEO of a Fortune 500 company.

Greehey started his career at Price Waterhouse after serving four years in the Air Force and earning a bachelor's degree in business administration from St. Mary's University in San Antonio. He subsequently worked for Exxon as an auditor before joining Coastal States Gas Corporation as an Indenture Administrator. He rose quickly through the ranks and in just six years was named senior vice president of finance for the corporation.

In the early '70s, Coastal's subsidiary, LoVaca Gathering Company, had contracts to supply natural gas to utilities around Texas. When gas came into short supply, LoVaca was unable to honor these contracts so customers sued for billions of dollars. The court appointed Greehey as president and CEO of LoVaca, which was facing bankruptcy. But Greehey turned the company around and reached a $1.6 billion settlement, which included the creation of Valero Energy Corporation in 1980 as a new company. At the time, it was the largest corporate spin-off in U.S. history.

Under Greehey's direction, Valero has grown to become a Fortune 500 company, employing approximately 22,000 people and earning revenues of nearly $30 billion. Valero has consistently been ranked among the nation's top corporations, including being honored as one of Fortune Magazine's "100 Best Companies to Work for in America" and as one of the "100 Best Managed Companies in the World" by IndustryWeek Magazine.

In 2001, Greehey was one of ten individuals to receive the Horatio Alger Award, which honors the accomplishments and achievements of outstanding individuals who have succeeded in the face of adversity. And in 2000, he was presented with the "Golden Plate Award" from the American Academy of Achievement and was inducted into the Academy's Museum of the American Dream.

A distinguished alumnus of St. Mary's, Greehey serves on the university's Board of Trustees and previously served as the board's vice chairman. He acted as campaign chairman of St. Mary's $22 million Alumni Athletics & Convocation Center, and subsequently, the university named the arena in his honor. He serves as a member of the Boy Scouts of America (BSA) National Advisory Council, and the BSA's Alamo Area Council presented him with the Silver Beaver Award and its highest honor, the Good Scout Award, for his leadership in the community. He also serves on the Board of Trustees of the United Way of San Antonio and Bexar County and on the boards of the Southwest Foundation for Biomedical Research, the Cancer Therapy & Research Center and the Alamo Bowl.

Fellow Texas Business Hall of Fame Honorees

Greehey's fellow inductees into the Texas Business Hall of Fame are:

-- Robert J. Allison, Jr., chairman and chief executive officer of Houston-based Anadarko Petroleum Corporation, a world leader among independent oil and gas exploration and production companies.

-- Louis A. Beecherl, Jr., of Dallas, former chairman and chief executive officer of Texas Oil & Gas Corporation.

-- Lee William (Bill) McNutt, Jr., of Corsicana, Texas, retired president and chairman of Collin Street Bakery, the largest manufacturer of fruitcake, shipping annually to more than 196 countries.

-- Robert D. Rogers, chief executive officer of Texas Industries, Inc., a leading supplier of building materials, primarily cement and structural steel based in Dallas.