Story perspectives

Valero to buy Houston refinery for $320.5 million

By Drooid · Oct 31, 2026 · How we work

Read the story

Story summary

Summary

Valero Energy Corp. will acquire the former LyondellBasell Houston refinery for $320.5 million.
The 700-acre site provides 13.5 million barrels of storage and marine docks and rail loading and truck racks.
Valero plans to restart 165,000 barrels per day of light sweet crude processing by year-end 2027.
The acquisition aims to alleviate intermediate feedstock shortages across Valero’s U.S. Gulf Coast network.
Closing is expected by year-end 2026 subject to customary closing conditions.

History

In October 1973 OPEC’s Arab oil embargo cut Middle-East exports to the United States, raising prices from $3 to $12 per barrel and prompting Nixon’s administration to create the Strategic Petroleum Reserve and urge Exxon Mobil and Chevron to add roughly 5 million barrels per day of capacity. Valero Energy’s $320.5 million 2024 purchase of LyondellBasell’s Houston refinery mirrors that effort to secure Gulf Coast supply and storage.

1 of 2

In October 1973 OPEC’s Arab oil embargo cut Middle-East exports to the United States, raising prices from $3 to $12 per barrel and prompting Nixon’s administration to create the Strategic Petroleum Reserve and urge Exxon Mobil and Chevron to add roughly 5 million barrels per day of capacity. Valero Energy’s $320.5 million 2024 purchase of LyondellBasell’s Houston refinery mirrors that effort to secure Gulf Coast supply and storage.

1 / 2