Valero Energy (VLO) Protective Put Calculator

Valero Energy Corporation is an American-based fuels producer mostly involved in manufacturing and marketing transportation fuels and other related products. It is headquartered in San Antonio, Texas, United States. Throughout the United States, Canada, and the United Kingdom, the company owns and operates 14 refineries with a combined throughput capacity of approximately 3.2 million barrels per day, two renewable diesel plants that produce approximately 1.2 billion gallons per year, and 12 ethanol plants with a combined production capacity of 1.6 billion gallons as its subsidiaries.

Source: Wikipedia (CC BY-SA 4.0)

Spun out of a San Antonio natural gas utility in 1980, the company became one of the largest independent refiners, with a footprint concentrated on the Gulf Coast. Coastal refineries can source waterborne crude and export refined product, which widens the set of profitable crude grades and markets. Renewable diesel through the Diamond Green joint venture is the largest non-refining business. Refining margins depend on spreads the company does not set. Headquarters are in San Antonio.

Sources: sec.gov · en.wikipedia.org

Equity comp at Valero Energy

• Valero grants restricted stock and performance shares rather than time-based RSUs or stock options as its main equity vehicle. Restricted stock vests over 3 years in equal annual installments (not the more common 4-year schedule). For change in control, performance shares use double-trigger vesting: they do not vest automatically when a change in control occurs; instead, unvested shares vest on a pro-rata basis only if the employee is terminated (without cause, or resigns for good reason) after the change in control. Restricted stock treatment varies by grant and executive level: some awards accelerate automatically upon the change in control itself (single trigger), while others require a qualifying termination after the change in control (double trigger).
• RSUs use double-trigger vesting. Two things must both happen before the shares are yours: (1) the normal time-based vesting completes, and (2) the company has a liquidity event (an IPO or an acquisition). Until both happen, you do not yet own the shares and you do not owe tax on them.
• Vesting schedule: Restricted stock (Valero’s primary equity award, used in place of standard RSUs) vests in three equal annual installments (1/3 each year) beginning on the first anniversary of the grant date, i.e. fully vested after 3 years rather than the typical 4-year/1-year-cliff schedule. Performance shares also vest in one-third annual increments, contingent on performance, and can settle between 0% and 200% of target..

Sources: sec.gov · sec.gov · sec.gov

Researched 2026-08-26.