Valero Energy Corporation (NYSE:VLO) today confirmed that its previously announced special meeting of stockholders will be held at 10:00 a.m. on December 1, 2005.  The meeting will be held at Valero’s offices at One Valero Way in San Antonio, Texas.

Stockholders will be asked to approve a proposal to amend Valero’s Certificate of Incorporation to increase the authorized number of shares of common stock from 600 million to 1.2 billion shares.  The additional authorized shares are to accommodate a previously announced two-for-one stock split (to be effected in the form of a stock dividend), which was approved by Valero’s board of directors on September 15, 2005, subject to stockholder approval of the increase in the number of authorized shares.  Subject to that approval, the stock dividend will be distributed on December 15, 2005 to stockholders of record on December 2, 2005.

Stockholders of record on November 2, 2005 will be eligible to vote at the special meeting.  A proxy statement with additional details will be mailed to stockholders in early November.
 
Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 22,000 employees and expected annual revenue of more than $75 billion. The company owns and operates 18 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.3 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation’s largest retail operators with more than 4,700 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names including Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon. Please visit www.valero.com for more information.