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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>As
filed with the Securities and Exchange Commission on October 14, 2005</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Registration No.&nbsp;333-</B>
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>Form&nbsp;S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Valero Energy Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Exact name of registrant as specified in its charter)</I></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>74-1828067</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(State or other jurisdiction of<BR>
incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer<BR>
Identification No.)</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>One Valero Way</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>San Antonio, Texas 78249</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>78249</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>(Address of Principal Executive Offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Zip Code)</I></TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Valero Energy Corporation 2005 Omnibus Stock Incentive Plan</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><I>(Full title of plan)</I></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Jay D. Browning, Esq.<BR>
Vice President - Corporate Law and Secretary<BR>
One Valero Way<BR>
San Antonio, Texas 78249</B><BR>
<I>(Name and address of agent for service)<BR>
Telephone number, including area code, of agent for service: </I><B>(210)&nbsp;345-2000</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Calculation of Registration Fee</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>&nbsp;</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Maximum Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities to be Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered(1)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price Per Share(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Price(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fee(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $.01 per
share(3)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center" style="border-top: 2px solid #000000">10,000,000&nbsp;shares</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$100.32</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>

<TD align="left" style="border-top: 2px solid #000000">$1,003,200,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$118,077</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>

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</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;), this Registration Statement also covers an indeterminate number of additional shares
as may become issuable under the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan
as a result of the antidilution provisions thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee in accordance with
Rule 457(c) and Rule 457(h) based upon the average of the high and low prices of the common
stock reported on the New York Stock Exchange on October 13, 2005. Valero Energy
Corporation previously filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on
January&nbsp;31, 2002, a registration statement on Form S-8 (Registration No.&nbsp;333-81844) for the
registration of 6,000,000 shares of common stock; 1,730,000 shares remain under such
registration statement. The $3,520 filing fee paid by the registrant in connection with
the remaining shares under such prior registration statement is offset, pursuant to Rule
457(p) under the Securities Act, against the filing fee due in connection with this
Registration Statement, resulting in a net paid filing fee of $114,556.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes the associated Preferred Share Purchase Rights, which initially are attached
to, trade with and are represented by the certificates for the common stock being
registered hereby.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>








<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INTRODUCTORY STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corporation (the &#147;registrant&#148; or &#147;Valero&#148;) is filing this Registration Statement
on Form S-8 relating to its common stock, par value $0.01 per share, and associated rights to
purchase its preferred stock, par value $0.01 per share (such common stock and associated rights
are collectively referred to in this Registration Statement as the &#147;Common Stock&#148;), issuable
pursuant to the terms of the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan (the
&#147;Plan&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The document(s) containing the employee benefit plan information required by Item&nbsp;1 of Form
S-8 and the statement of availability of information about Valero and any other information
required by Item&nbsp;2 of Form S-8 will be sent or given to participants as specified by Rule&nbsp;428 under
the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). Such documents are not required to
be and are not filed with the Securities and Exchange Commission (&#147;SEC&#148;) pursuant to Rule&nbsp;424 of
the Securities Act and Note to Part&nbsp;I of Form S-8. These documents and the documents incorporated
by reference in this Form S-8 pursuant to Item&nbsp;3 of Part&nbsp;II hereof, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
</DIV>


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The SEC allows Valero to incorporate by reference the information that Valero discloses in its
filings with the SEC. Incorporation by reference means that Valero can disclose important
information to you by referring you to those documents. The information incorporated by reference
is considered to be part of this prospectus, and later information that Valero files with the SEC
will automatically update and supersede this information. The following documents previously filed
by Valero with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), are incorporated herein by reference (all documents SEC File No.&nbsp;001-13175):
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual Report on Form 10-K for the year ended December&nbsp;31, 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Report on Form 10-Q/A for the quarter ended March&nbsp;31, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly Report on Form 10-Q for the quarter ended June&nbsp;30, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Reports on Form 8-K filed: (i)&nbsp;February&nbsp;3, 2005, (ii)&nbsp;March&nbsp;16, 2005, (iii)
April&nbsp;25, 2005, (iv)&nbsp;May&nbsp;3, 2005, (v)&nbsp;May&nbsp;12, 2005, (vi)&nbsp;May&nbsp;25, 2005, (vii)&nbsp;June&nbsp;17, 2005
(reporting information under items 8.01 and 9.01), (viii)&nbsp;June&nbsp;20, 2005, (ix)&nbsp;September&nbsp;2,
2005 and (x)&nbsp;September&nbsp;21, 2005.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Current Report on Form 8-K filed July&nbsp;15, 2003, as amended by its Current Reports on
Form 8-K/A filed August&nbsp;12, 2003 and September&nbsp;18, 2003.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The description of Valero common stock and the preferred share purchase rights
associated with Valero common stock contained in Valero&#146;s Form S-1 Registration Statement
(File No.&nbsp;333-27013) and Form 8-A Registration Statement (File No.&nbsp;001-13175), and any
amendments thereto filed for the purpose of updating such description.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by Valero pursuant to Sections&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange
Act subsequent to the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement that indicates that all securities offered
hereby have been sold or deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in
any subsequently filed supplement to this Registration Statement or in any document that also is
incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this Registration Statement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXPERTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated balance sheet of Valero Energy Corporation and subsidiaries as of December
31, 2004, and the related statements of income, stockholders&#146; equity, cash flows and comprehensive
income for the year then ended, and management&#146;s assessment of the effectiveness of internal
control over financial reporting as of December&nbsp;31, 2004, have been incorporated by reference
herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and
auditing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements of Valero and subsidiaries at December&nbsp;31, 2003, and for
each of the two years in the period ended December&nbsp;31, 2003, appearing in Valero&#146;s Annual Report on
Form 10-K for the year ended December&nbsp;31, 2004, have been audited by Ernst &#038; Young LLP, independent
registered public accounting firm, as set forth in their report thereon included therein and
incorporated herein by reference. Such consolidated financial statements are incorporated herein by
reference in reliance upon such report given on the authority of such firm as experts in accounting
and auditing.
</DIV>

<P align="center" style="font-size: 10pt">II-1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The audited historical financial statements of Orion Refining Corporation listed in the index
appearing under Item 7(a) of Valero Energy Corporation&#146;s Current Report on Form 8-K/A dated July&nbsp;1,
2003 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of said firm as experts in auditing and accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing of this Registration Statement, Jay D. Browning, Esq., has
rendered an opinion to Valero upon the legality of the common stock being registered hereunder.
Mr.&nbsp;Browning beneficially owns shares of common stock of Valero and options to purchase additional
shares of Valero common stock. At the time of rendering such opinion, Mr.&nbsp;Browning beneficially
owned 35,813 shares of common stock of Valero
and options to purchase 47,600 additional shares
of common stock of Valero, of which 36,600 are currently exercisable. Also at such time, Mr.
Browning was connected with Valero in that he was Vice President - Corporate Law and Secretary of
Valero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero&#146;s Amended and Restated Certificate of Incorporation, as amended (the &#147;Restated
Certificate of Incorporation&#148;) contains a provision that eliminates the personal liability of a
director to Valero and its stockholders for monetary damages for breach of fiduciary duty as a
director to the extent currently allowed under the Delaware General Corporation Law. If a director
were to breach such duty in performing his duties as a director, neither Valero nor its
stockholders could recover monetary damages from the director, and the only course of action
available to Valero&#146;s stockholders would be equitable remedies, such as an action to enjoin or
rescind a transaction involving a breach of fiduciary duty. To the extent certain claims against
directors are limited to equitable remedies, the provision in Valero&#146;s Restated Certificate of
Incorporation may reduce the likelihood of derivative litigation and may discourage stockholders or
management from initiating litigation against directors for breach of their fiduciary duty.
Additionally, equitable remedies may not be effective in many situations. If a stockholder&#146;s only
remedy is to enjoin the completion of the Board of Directors&#146; action, this remedy would be
ineffective if the stockholder does not become aware of a transaction or event until after it has
been completed. In such a situation, it is possible that the stockholders and Valero would have no
effective remedy against the directors. Under Valero&#146;s Restated Certificate of Incorporation,
liability for monetary damages remains for (i)&nbsp;any breach of the duty of loyalty to Valero or its
stockholders, (ii)&nbsp;acts or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii)&nbsp;payment of an improper dividend or improper repurchase or
redemption of Valero&#146;s stock under Section&nbsp;174 of the Delaware General Corporation Law, or (iv)&nbsp;any
transaction from which the director derived an improper personal benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Article&nbsp;V of the Restated Certificate of Incorporation and Article&nbsp;VIII of Valero&#146;s
Amended and Restated By-laws as currently in effect (the &#147;Restated By-laws&#148;) and an indemnification
agreement with Valero&#146;s officers and directors (the &#147;Indemnification Agreement&#148;), each person who
is or was a director or officer of Valero or a subsidiary of Valero, or who serves or served any
other enterprise or organization at the request of Valero or a subsidiary of Valero, shall be
indemnified by Valero to the full extent permitted by the Delaware General Corporation Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under such law, to the extent that such person is successful on the merits in defense of a
suit or proceeding brought against him by reason of the fact that he is or was a director or
officer of Valero, or serves or served any other enterprise or organization at the request of
Valero, he shall be indemnified against expenses (including attorneys&#146; fees) actually and
reasonably incurred in connection with such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under such law, if unsuccessful in defense of a third-party civil suit or a criminal suit, or
if such suit is settled, such a person shall be indemnified against both (a)&nbsp;expenses, including
attorneys&#146; fees, and (b)&nbsp;judgments, fines and amounts paid in settlement if he acted in good faith
and in a manner he reasonably believed to be in, or not opposed to, the best interests of Valero,
and, with respect to any criminal action, had no reasonable cause to believe his conduct was
unlawful.
</DIV>

<P align="center" style="font-size: 10pt">II-2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If unsuccessful in defense of a suit brought by or in the right of Valero, or if such a suit
is settled, such a person shall be indemnified under such law only against expenses (including
attorneys&#146; fees) actually and reasonably incurred in the defense or settlement of such suit if he
acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best
interests of Valero, except that if such person is adjudged to be liable in such a suit for
negligence or misconduct in the performance of his duty to Valero, he cannot be made whole for
expenses unless the court determines that he is fairly and reasonably entitled to indemnity for
such expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnification Agreement provides directors and officers with specific contractual
assurance that indemnification and advancement of expenses will be available to them regardless of
any amendments to or revocation of the indemnification provisions of Valero&#146;s Restated By-laws.
The Indemnification Agreement provides for indemnification of directors and officers against both
stockholder derivative claims and third-party claims. Sections 145(a) and 145(b) of the Delaware
General Corporation Law, which grant corporations the power to indemnify directors and officers,
specifically authorize lesser indemnification in connection with derivative claims than in
connection with third-party claims. The distinction is that Section&nbsp;145(a), concerning third-party
claims, authorizes expenses and judgments and amounts paid in settlement (as is provided in the
Indemnification Agreement), while Section&nbsp;145(b), concerning derivative suits, generally authorizes
only indemnification of expenses. However, Section 145(f) expressly provides that the
indemnification and advancement of expenses provided by or granted pursuant to the subsections of
Section&nbsp;145 shall not be exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any agreement. No Delaware case directly answers the
question whether Delaware&#146;s public policy would support this aspect of the Indemnification
Agreement under the authority of Section&nbsp;145(f), or would cause its invalidation because it does
not conform to the distinctions contained in Sections 145(a) and 145(b).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware corporations also are authorized to obtain insurance to protect officers and
directors from certain liabilities, including liabilities against which the corporation cannot
indemnify its directors and officers. Valero currently has in effect a directors&#146; and officers&#146;
liability insurance policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of Valero&#146;s common stock and preferred share purchase rights (contained in
Item&nbsp;3(f) of Part II of this Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jay D. Browning, Esq., as to the legality of the securities being registered (including Consent of Counsel)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, San Antonio, Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, San Antonio, Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, New Orleans, Louisiana</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Counsel (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature page of this Registration Statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>


<!-- link2 "Item&nbsp;9. Undertakings." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
</DIV>

<P align="center" style="font-size: 10pt">II-3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the Securities
Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of a prospectus filed with the SEC pursuant to Rule
424(b) of the Securities Act if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set
forth in the &#147;Calculation of Registration Fee&#148; table in the effective Registration
Statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Provided, however, </I>that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii)
above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the SEC by
the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, when applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial <I>bona fide </I>offering thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer, or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt">II-4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of San Antonio, State of
Texas, on October 14, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VALERO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ENERGY CORPORATION</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ William E. Greehey&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William E. Greehey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chairman of the Board and</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Chief Executive Officer</I></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints William E. Greehey, Gregory C. King, Jay D. Browning, or J. Stephen
Gilbert or any of them, each with power to act without the other, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities to sign any and all subsequent pre- and
post-effective amendments and supplements to this Registration Statement, and to file the same, or
cause to be filed the same, with all exhibits thereto and all other documents in connection
therewith, with the SEC, granting unto each said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing appropriate or necessary to be done in and
about the premises, as fully and for all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent or any of them or their
substitutes, may lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated on
October 14, 2005.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ William E. Greehey&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
William E. Greehey</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Michael S. Ciskowski&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Michael S. Ciskowski</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Executive Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ E. Glenn Biggs&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
E. Glenn Biggs</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ W. E. Bradford&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
W. E. Bradford</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Ronald K. Calgaard&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ronald K. Calgaard</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Jerry D. Choate&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Jerry D. Choate</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Ruben M. Escobedo</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Bob Marbut&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Bob Marbut</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Donald L. Nickles&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Donald L. Nickles</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Robert A. Profusek&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Robert A. Profusek</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">&nbsp;
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
Susan Kaufman Purcell</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">II-6
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Description of Valero&#146;s common stock and preferred share purchase rights (contained in
Item&nbsp;3(f) of Part II of this Form&nbsp;S-8)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Jay D. Browning, Esq., as to the legality of the securities being registered (including Consent of Counsel)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP, San Antonio, Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP, San Antonio, Texas</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP, New Orleans, Louisiana</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Counsel (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature page of this Registration Statement).</TD>
</TR>
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<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
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    <TD width="1%"></TD>
    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt">II-7
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[{"type": "S-8", "sequence": "1", "filename": "d29365sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 54042}]
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sv8
As
filed with the Securities and Exchange Commission on October 14, 2005
Registration No. 333-
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Valero Energy Corporation
(Exact name of registrant as specified in its charter)
Delaware
74-1828067
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
One Valero Way
San Antonio, Texas 78249
78249
(Address of Principal Executive Offices)
(Zip Code)
Valero Energy Corporation 2005 Omnibus Stock Incentive Plan
(Full title of plan)
Jay D. Browning, Esq.
Vice President - Corporate Law and Secretary
One Valero Way
San Antonio, Texas 78249
(Name and address of agent for service)
Telephone number, including area code, of agent for service:
(210) 345-2000
Calculation of Registration Fee
Proposed
Proposed Maximum
Amount of
Amount to be
Maximum Offering
Aggregate Offering
Registration
Title of Securities to be Registered
Registered(1)
Price Per Share(2)
Price(2)
Fee(2)
Common Stock, par
value $.01 per
share(3)
10,000,000 shares
$100.32
$1,003,200,000
$118,077
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities
Act"), this Registration Statement also covers an indeterminate number of additional shares
as may become issuable under the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan
as a result of the antidilution provisions thereof.
(2)
Estimated solely for the purpose of calculating the registration fee in accordance with
Rule 457(c) and Rule 457(h) based upon the average of the high and low prices of the common
stock reported on the New York Stock Exchange on October 13, 2005. Valero Energy
Corporation previously filed with the Securities and Exchange Commission (the "SEC") on
January 31, 2002, a registration statement on Form S-8 (Registration No. 333-81844) for the
registration of 6,000,000 shares of common stock; 1,730,000 shares remain under such
registration statement. The $3,520 filing fee paid by the registrant in connection with
the remaining shares under such prior registration statement is offset, pursuant to Rule
457(p) under the Securities Act, against the filing fee due in connection with this
Registration Statement, resulting in a net paid filing fee of $114,556.
(3)
Includes the associated Preferred Share Purchase Rights, which initially are attached
to, trade with and are represented by the certificates for the common stock being
registered hereby.
INTRODUCTORY STATEMENT
Valero Energy Corporation (the "registrant" or "Valero") is filing this Registration Statement
on Form S-8 relating to its common stock, par value $0.01 per share, and associated rights to
purchase its preferred stock, par value $0.01 per share (such common stock and associated rights
are collectively referred to in this Registration Statement as the "Common Stock"), issuable
pursuant to the terms of the Valero Energy Corporation 2005 Omnibus Stock Incentive Plan (the
"Plan").
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
The document(s) containing the employee benefit plan information required by Item 1 of Form
S-8 and the statement of availability of information about Valero and any other information
required by Item 2 of Form S-8 will be sent or given to participants as specified by Rule 428 under
the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to
be and are not filed with the Securities and Exchange Commission ("SEC") pursuant to Rule 424 of
the Securities Act and Note to Part I of Form S-8. These documents and the documents incorporated
by reference in this Form S-8 pursuant to Item 3 of Part II hereof, taken together, constitute a
prospectus that meets the requirements of Section 10(a) of the Securities Act.
1
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The SEC allows Valero to incorporate by reference the information that Valero discloses in its
filings with the SEC. Incorporation by reference means that Valero can disclose important
information to you by referring you to those documents. The information incorporated by reference
is considered to be part of this prospectus, and later information that Valero files with the SEC
will automatically update and supersede this information. The following documents previously filed
by Valero with the SEC pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), are incorporated herein by reference (all documents SEC File No. 001-13175):
(a)
Annual Report on Form 10-K for the year ended December 31, 2004.
(b)
Quarterly Report on Form 10-Q/A for the quarter ended March 31, 2005.
(c)
Quarterly Report on Form 10-Q for the quarter ended June 30, 2005.
(d)
Current Reports on Form 8-K filed: (i) February 3, 2005, (ii) March 16, 2005, (iii)
April 25, 2005, (iv) May 3, 2005, (v) May 12, 2005, (vi) May 25, 2005, (vii) June 17, 2005
(reporting information under items 8.01 and 9.01), (viii) June 20, 2005, (ix) September 2,
2005 and (x) September 21, 2005.
(e)
Current Report on Form 8-K filed July 15, 2003, as amended by its Current Reports on
Form 8-K/A filed August 12, 2003 and September 18, 2003.
(f)
The description of Valero common stock and the preferred share purchase rights
associated with Valero common stock contained in Valero's Form S-1 Registration Statement
(File No. 333-27013) and Form 8-A Registration Statement (File No. 001-13175), and any
amendments thereto filed for the purpose of updating such description.
All documents filed by Valero pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act subsequent to the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement that indicates that all securities offered
hereby have been sold or deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing such documents.
Any statement incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in
any subsequently filed supplement to this Registration Statement or in any document that also is
incorporated by reference herein modifies or supersedes such statement. Any statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of
this Registration Statement.
EXPERTS
The consolidated balance sheet of Valero Energy Corporation and subsidiaries as of December
31, 2004, and the related statements of income, stockholders' equity, cash flows and comprehensive
income for the year then ended, and management's assessment of the effectiveness of internal
control over financial reporting as of December 31, 2004, have been incorporated by reference
herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and
auditing.
The consolidated financial statements of Valero and subsidiaries at December 31, 2003, and for
each of the two years in the period ended December 31, 2003, appearing in Valero's Annual Report on
Form 10-K for the year ended December 31, 2004, have been audited by Ernst & Young LLP, independent
registered public accounting firm, as set forth in their report thereon included therein and
incorporated herein by reference. Such consolidated financial statements are incorporated herein by
reference in reliance upon such report given on the authority of such firm as experts in accounting
and auditing.
II-1
The audited historical financial statements of Orion Refining Corporation listed in the index
appearing under Item 7(a) of Valero Energy Corporation's Current Report on Form 8-K/A dated July 1,
2003 have been so incorporated in reliance on the report of PricewaterhouseCoopers LLP, independent
accountants, given on the authority of said firm as experts in auditing and accounting.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
In connection with the filing of this Registration Statement, Jay D. Browning, Esq., has
rendered an opinion to Valero upon the legality of the common stock being registered hereunder.
Mr. Browning beneficially owns shares of common stock of Valero and options to purchase additional
shares of Valero common stock. At the time of rendering such opinion, Mr. Browning beneficially
owned 35,813 shares of common stock of Valero
and options to purchase 47,600 additional shares
of common stock of Valero, of which 36,600 are currently exercisable. Also at such time, Mr.
Browning was connected with Valero in that he was Vice President - Corporate Law and Secretary of
Valero.
Item 6. Indemnification of Directors and Officers.
Valero's Amended and Restated Certificate of Incorporation, as amended (the "Restated
Certificate of Incorporation") contains a provision that eliminates the personal liability of a
director to Valero and its stockholders for monetary damages for breach of fiduciary duty as a
director to the extent currently allowed under the Delaware General Corporation Law. If a director
were to breach such duty in performing his duties as a director, neither Valero nor its
stockholders could recover monetary damages from the director, and the only course of action
available to Valero's stockholders would be equitable remedies, such as an action to enjoin or
rescind a transaction involving a breach of fiduciary duty. To the extent certain claims against
directors are limited to equitable remedies, the provision in Valero's Restated Certificate of
Incorporation may reduce the likelihood of derivative litigation and may discourage stockholders or
management from initiating litigation against directors for breach of their fiduciary duty.
Additionally, equitable remedies may not be effective in many situations. If a stockholder's only
remedy is to enjoin the completion of the Board of Directors' action, this remedy would be
ineffective if the stockholder does not become aware of a transaction or event until after it has
been completed. In such a situation, it is possible that the stockholders and Valero would have no
effective remedy against the directors. Under Valero's Restated Certificate of Incorporation,
liability for monetary damages remains for (i) any breach of the duty of loyalty to Valero or its
stockholders, (ii) acts or omissions not in good faith or which involve intentional misconduct or a
knowing violation of law, (iii) payment of an improper dividend or improper repurchase or
redemption of Valero's stock under Section 174 of the Delaware General Corporation Law, or (iv) any
transaction from which the director derived an improper personal benefit.
Under Article V of the Restated Certificate of Incorporation and Article VIII of Valero's
Amended and Restated By-laws as currently in effect (the "Restated By-laws") and an indemnification
agreement with Valero's officers and directors (the "Indemnification Agreement"), each person who
is or was a director or officer of Valero or a subsidiary of Valero, or who serves or served any
other enterprise or organization at the request of Valero or a subsidiary of Valero, shall be
indemnified by Valero to the full extent permitted by the Delaware General Corporation Law.
Under such law, to the extent that such person is successful on the merits in defense of a
suit or proceeding brought against him by reason of the fact that he is or was a director or
officer of Valero, or serves or served any other enterprise or organization at the request of
Valero, he shall be indemnified against expenses (including attorneys' fees) actually and
reasonably incurred in connection with such action.
Under such law, if unsuccessful in defense of a third-party civil suit or a criminal suit, or
if such suit is settled, such a person shall be indemnified against both (a) expenses, including
attorneys' fees, and (b) judgments, fines and amounts paid in settlement if he acted in good faith
and in a manner he reasonably believed to be in, or not opposed to, the best interests of Valero,
and, with respect to any criminal action, had no reasonable cause to believe his conduct was
unlawful.
II-2
If unsuccessful in defense of a suit brought by or in the right of Valero, or if such a suit
is settled, such a person shall be indemnified under such law only against expenses (including
attorneys' fees) actually and reasonably incurred in the defense or settlement of such suit if he
acted in good faith and in a manner he reasonably believed to be in, or not opposed to, the best
interests of Valero, except that if such person is adjudged to be liable in such a suit for
negligence or misconduct in the performance of his duty to Valero, he cannot be made whole for
expenses unless the court determines that he is fairly and reasonably entitled to indemnity for
such expenses.
The Indemnification Agreement provides directors and officers with specific contractual
assurance that indemnification and advancement of expenses will be available to them regardless of
any amendments to or revocation of the indemnification provisions of Valero's Restated By-laws.
The Indemnification Agreement provides for indemnification of directors and officers against both
stockholder derivative claims and third-party claims. Sections 145(a) and 145(b) of the Delaware
General Corporation Law, which grant corporations the power to indemnify directors and officers,
specifically authorize lesser indemnification in connection with derivative claims than in
connection with third-party claims. The distinction is that Section 145(a), concerning third-party
claims, authorizes expenses and judgments and amounts paid in settlement (as is provided in the
Indemnification Agreement), while Section 145(b), concerning derivative suits, generally authorizes
only indemnification of expenses. However, Section 145(f) expressly provides that the
indemnification and advancement of expenses provided by or granted pursuant to the subsections of
Section 145 shall not be exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any agreement. No Delaware case directly answers the
question whether Delaware's public policy would support this aspect of the Indemnification
Agreement under the authority of Section 145(f), or would cause its invalidation because it does
not conform to the distinctions contained in Sections 145(a) and 145(b).
Delaware corporations also are authorized to obtain insurance to protect officers and
directors from certain liabilities, including liabilities against which the corporation cannot
indemnify its directors and officers. Valero currently has in effect a directors' and officers'
liability insurance policy.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description
4.1
Description of Valero's common stock and preferred share purchase rights (contained in
Item 3(f) of Part II of this Form S-8)
*5.1
Opinion of Jay D. Browning, Esq., as to the legality of the securities being registered (including Consent of Counsel)
*23.1
Consent of KPMG LLP, San Antonio, Texas
*23.2
Consent of Ernst & Young LLP, San Antonio, Texas
*23.3
Consent of PricewaterhouseCoopers LLP, New Orleans, Louisiana
*23.4
Consent of Counsel (included in Exhibit 5.1)
*24.1
Powers of Attorney (included on the signature page of this Registration Statement).
*
Filed herewith.
Item 9. Undertakings.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:
II-3
(i) To include any prospectus required by Section 10(a)(3) of the Securities
Act;
(ii) To reflect in the prospectus any facts or events arising after the
effective date of this Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental
change in the information set forth in the Registration Statement. Notwithstanding
the foregoing, any increase or decrease in the volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of a prospectus filed with the SEC pursuant to Rule
424(b) of the Securities Act if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price set
forth in the "Calculation of Registration Fee" table in the effective Registration
Statement; and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;
Provided, however,
that the undertakings set forth in paragraphs (a)(1)(i) and (a)(1)(ii)
above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in periodic reports filed with or furnished to the SEC by
the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are
incorporated by reference in this Registration Statement.
(2) That, for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, when applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC
such indemnification is against public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against such liabilities (other than
the payment by the registrant of expenses incurred or paid by a director, officer, or controlling
person of the registrant in the successful defense of any action, suit or proceeding) is asserted
by such director, officer or controlling person in connection with the securities being registered,
the registrant will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the question whether such
indemnification by it is against public policy as expressed in the Securities Act and will be
governed by the final adjudication of such issue.
II-4
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this Registration Statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of San Antonio, State of
Texas, on October 14, 2005.
VALERO
ENERGY CORPORATION
By:
/s/ William E. Greehey
William E. Greehey
Chairman of the Board and
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints William E. Greehey, Gregory C. King, Jay D. Browning, or J. Stephen
Gilbert or any of them, each with power to act without the other, his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his
name, place and stead, in any and all capacities to sign any and all subsequent pre- and
post-effective amendments and supplements to this Registration Statement, and to file the same, or
cause to be filed the same, with all exhibits thereto and all other documents in connection
therewith, with the SEC, granting unto each said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing appropriate or necessary to be done in and
about the premises, as fully and for all intents and purposes as he might or could do in person,
hereby ratifying and confirming all that said attorney-in-fact and agent or any of them or their
substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated on
October 14, 2005.
Signature
Title
/s/ William E. Greehey
William E. Greehey
Chairman of the Board and
Chief Executive Officer
(Principal Executive Officer)
/s/ Michael S. Ciskowski
Michael S. Ciskowski
Executive Vice President
and Chief Financial Officer
(Principal Financial and
Accounting Officer)
/s/ E. Glenn Biggs
E. Glenn Biggs
Director
/s/ W. E. Bradford
W. E. Bradford
Director
/s/ Ronald K. Calgaard
Ronald K. Calgaard
Director
/s/ Jerry D. Choate
Jerry D. Choate
Director
II-5
Signature
Title
Ruben M. Escobedo
Director
/s/ Bob Marbut
Bob Marbut
Director
/s/ Donald L. Nickles
Donald L. Nickles
Director
/s/ Robert A. Profusek
Robert A. Profusek
Director
Susan Kaufman Purcell
Director
II-6
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Description of Valero's common stock and preferred share purchase rights (contained in
Item 3(f) of Part II of this Form S-8)
*5.1
Opinion of Jay D. Browning, Esq., as to the legality of the securities being registered (including Consent of Counsel)
*23.1
Consent of KPMG LLP, San Antonio, Texas
*23.2
Consent of Ernst & Young LLP, San Antonio, Texas
*23.3
Consent of PricewaterhouseCoopers LLP, New Orleans, Louisiana
*23.4
Consent of Counsel (included in Exhibit 5.1)
*24.1
Powers of Attorney (included on the signature page of this Registration Statement).
*
Filed herewith.
II-7