SAN ANTONIO, Oct 30 –Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that its wholly owned subsidiary, Valero Refining-Texas, L.P., entered into a definitive agreement to acquire all the outstanding equity interests of LYB Houston Hub Holdings LLC (“LYB Houston”) from a subsidiary of LyondellBasell Industries N.V. (“Lyondell”) for a purchase price of $320.5 million, subject to closing adjustments. Closing of the transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and is expected to occur by the end of 2026. LYB Houston indirectly owns an approximately 700-acre facility adjacent to Valero’s Houston refinery on the Houston Ship Channel in Texas that operated as a petroleum refinery. Valero currently expects to initially restart 165,000 BPD of light sweet crude processing capacity by year-end 2027. The acquisition also provides the opportunity to later invest in high-complexity, heavy sour crude processing.
“This acquisition is a unique opportunity to strategically expand Valero’s U.S. Gulf Coast footprint at a fraction of replacement value and enhance the long-term strength of our refining system,” said Lane Riggs, Chairman, CEO and President of Valero. “It is expected to provide a compelling financial return, consistent with Valero’s disciplined capital allocation framework, while generating attractive commercial optimization opportunities and supporting future investment in high-complexity, heavy sour crude oil processing.”
Valero has prepared a presentation related to the transaction, which will be posted on its Investor Relations website and furnished as an exhibit in a Current Report on Form 8-K.