SAN ANTONIO and HOUSTON, Sept. 18, 2017 (GLOBE NEWSWIRE) -- Valero Energy Corporation (“Valero”) (NYSE:VLO) and
Plains All American Pipeline, LP. (“Plains”) (NYSE:PAA) have mutually agreed to terminate the agreement providing for the
acquisition by a subsidiary of Valero of two petroleum storage and distribution terminals located in Martinez and Richmond,
California owned by a subsidiary of Plains.
After an extensive investigation, the Federal Trade Commission (“FTC”) elected not to pursue any regulatory
action with respect to the proposed transaction, but upon the conclusion of the FTC’s investigation, the Office of the Attorney
General for the State of California filed suit in United States District Court for the Northern District of California, seeking to
block the transaction. Despite the fact that the court denied the Attorney General’s motion for a temporary restraining order
and its motion for a preliminary injunction, Plains and Valero have each decided that it is in their best interest to terminate the
transaction rather than endure the continued uncertainty that a lengthy trial would create for the California-based employees and
customers of the terminals, as well as the considerable expense associated with defending a taxpayer-funded lawsuit.
About Valero
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels and
other petrochemical products. Valero, a Fortune 50 company based in San Antonio, Texas, with approximately
10,000 employees, is an independent petroleum refiner and ethanol producer, and its assets include 15 petroleum
refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 11 ethanol plants with a
combined production capacity of 1.4 billion gallons per year. The petroleum refineries are located in the United States
(U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. In
addition, Valero owns the 2 percent general partner interest and a majority limited partner interest in Valero Energy Partners LP,
a midstream master limited partnership. Valero sells its products in both the wholesale rack and bulk markets, and
approximately 7,400 outlets carry Valero’s brand names in the U.S., Canada, the U.K. and Ireland. Please visit
www.valero.com for more information.
Valero Contacts:
John Locke
VP, Investor Relations
210.345.3077
Lillian Riojas
Director, Media Relations & Communications
210.345.5002
About Plains
Plains All American Pipeline, L.P. is a publicly traded master limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil, natural gas liquids ("NGL"), natural gas and refined products. PAA
owns an extensive network of pipeline transportation, terminalling, storage and gathering assets in key crude oil and NGL producing
basins and transportation corridors and at major market hubs in the United States and Canada. On average, PAA handles over 5
million barrels per day of crude oil and NGL in its Transportation segment. PAA is headquartered in Houston, Texas. More
information is available at www.plainsallamerican.com.
Plains Contacts:
Brett Magill
Manager, Investor Relations
866.809.1291
Brad Leone
Director, Communications
866.809.1290
