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<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>As filed with the Securities and Exchange Commission on June&nbsp;3, 2011</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Registration No.&nbsp;333-</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</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: 9pt"><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: 9pt"><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: 9pt"><B>Form&nbsp;S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 6pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><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: 9pt"><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>
<TR></TR>
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<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</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(I.R.S. Employer</I></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><I>incorporation or organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>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"><B>78249</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>San Antonio, Texas</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>(Zip Code)</I></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">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><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: 9pt"><B>Valero Energy Corporation 2011 Omnibus Stock Incentive Plan</B><BR>
<I>(Full title of plan)</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><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: 9pt"><B>Jay D. Browning, Esq.</B><BR>
<B>Senior Vice President&#151;Corporate Law and Secretary<BR>
One Valero Way<BR>
San Antonio, Texas 78249</B><BR>
<I>(Name and address of agent for service)</I><BR>
<I>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: 9pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
</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="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Large accelerated filer <FONT style="font-family: Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><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%"></TD>
    <TD width="54%"></TD>
    <TD width="2%"></TD><!-- VRule -->
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD><!-- VRule -->
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD><!-- VRule -->
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD><!-- VRule -->
    <TD width="2%"></TD>
    <TD width="7%"></TD>

    <TD width="1%"></TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

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

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

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par
value $0.01 per share</DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">20,800,000&nbsp;shares</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$26.28</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$546,624,000</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">$63,464</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="15" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</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: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule&nbsp;416 under the Securities Act of 1933, as amended, this Registration
Statement also covers an indeterminate number of additional shares as may become issuable
under the Valero Energy Corporation 2011 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: 9pt; color: #000000; background: transparent">
    <TD width="1%" 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 May&nbsp;26, 2011.</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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "INTRODUCTORY STATEMENT" -->

<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 (the &#147;Common Stock&#148;), issuable
pursuant to the terms of the Valero Energy Corporation 2011 Omnibus Stock Incentive Plan.
</DIV>
<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I<BR>
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;). In accordance with Rule&nbsp;428 and the
requirements of Part&nbsp;I of Form S-8, such documents are not being filed with the Securities and
Exchange Commission (the &#147;SEC&#148;) either as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule&nbsp;424 under the Securities Act. Valero shall maintain a file
of such documents in accordance with the provisions of Rule&nbsp;428. Upon request, Valero will furnish
to the SEC or its staff a copy or copies of all of the documents included in such file.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</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">
<!-- link1 "PART II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->

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

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->

<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;This Registration Statement incorporates herein by reference the following documents which
have been filed by Valero with the SEC pursuant to the Securities Act or the Securities Exchange
Act of 1934, as amended (the &#147;Exchange Act&#148;) (File No.&nbsp;001-13175):
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a</TD>
    <TD>&nbsp;</TD>
    <TD>Valero&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2010;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b</TD>
    <TD>&nbsp;</TD>
    <TD>Valero&#146;s Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2011;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c</TD>
    <TD>&nbsp;</TD>
    <TD>Valero&#146;s Current Reports on Form&nbsp;8-K filed with the SEC on January&nbsp;26, 2011 and May&nbsp;2, 2011;</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d</TD>
    <TD>&nbsp;</TD>
    <TD>Item&nbsp;8.01 of Valero&#146;s Current Report on Form&nbsp;8-K filed with the SEC on March&nbsp;11, 2011; and</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e</TD>
    <TD>&nbsp;</TD>
    <TD>the description of Common Stock set forth in Valero&#146;s Current Report on Form&nbsp;8-K filed
with the SEC on May&nbsp;24, 2011.</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents Valero files with the SEC pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act (excluding information deemed to be furnished and not filed with the SEC) subsequent
to the date of this Registration Statement and prior to the filing of a post-effective amendment to
this Registration Statement, which post-effective amendment indicates that all securities offered
hereby have been sold or deregisters all securities then remaining unsold, will be deemed to be
incorporated in this Registration Statement by reference and to be a part hereof from the date of
filing of such documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in this Registration Statement, in an amendment hereto or in a
document 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>
<!-- link1 "EXPERTS" -->

<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 financial statements of Valero Energy Corporation as of December&nbsp;31, 2010 and
2009, and for each of the years in the three-year period ended December&nbsp;31, 2010, and management&#146;s
assessment of internal controls over financial reporting as of December&nbsp;31, 2010, have been
incorporated herein by reference in reliance upon the reports of KPMG LLP, independent registered
public accounting firm, and upon the authority of such firm as experts in accounting and auditing.
</DIV>
<!-- link2 "Item&nbsp;4. Description of Securities." -->

<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>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->

<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;The validity of the issuance of the Common Stock offered hereby will be passed upon for Valero
by Jay D. Browning, Esq., Senior Vice President&#151;Corporate Law and Secretary of Valero. As of June
2, Mr.&nbsp;Browning beneficially owned less than 1% of our Common Stock.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->

<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 duties as a director, neither Valero nor its stockholders
could recover monetary damages from the director, and the only course of action available to
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 duties. 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 (collectively,
an &#147;Indemnitee&#148;), 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 an Indemnitee is successful on the merits in defense of a
suit or proceeding brought against the Indemnitee by reason of the fact that he or she is or was a
director or officer of Valero, or serves or served any other enterprise or organization at the
request of Valero, the Indemnitee 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, the Indemnitee shall be indemnified against both (a)&nbsp;expenses, including
attorneys&#146; fees, and (b)&nbsp;judgments, fines and amounts paid in settlement if he or she 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>

<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, the Indemnitee 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
or she acted in good faith and in a manner reasonably believed to be in, or not opposed to, the
best interests of Valero, except that if the Indemnitee is adjudged to be liable to Valero, the
Indemnitee cannot be made whole for expenses unless the court determines that he or she 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. Delaware case law does not directly
answer 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>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->

<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>
<!-- link2 "Item&nbsp;8. Exhibits." -->

<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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of Valero, formerly known as Valero
Refining and Marketing Company &#151; incorporated by reference to Exhibit&nbsp;3.1 to Valero&#146;s
Registration Statement on Form&nbsp;S-1 (SEC File No.&nbsp;333-27013) filed May&nbsp;13, 1997.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment (effective July&nbsp;31, 1997) to Restated Certificate of Incorporation
of Valero &#151; incorporated by reference to Exhibit&nbsp;3.02 to Valero&#146;s Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2003 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Merger of Ultramar Diamond Shamrock Corporation with and into Valero dated
December&nbsp;31, 2001 &#151; incorporated by reference to Exhibit&nbsp;3.03 to Valero&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment (effective December&nbsp;31, 2001) to Restated Certificate of Incorporation of Valero -
incorporated by reference to Exhibit&nbsp;3.1 to Valero&#146;s Current Report on Form&nbsp;8-K dated December
31, 2001, and filed January&nbsp;11, 2002 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Certificate of Amendment (effective September&nbsp;17, 2004) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;3.04 to Valero&#146;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2004 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Merger of Premcor Inc. with and into Valero effective September&nbsp;1, 2005 -
incorporated by reference to Exhibit&nbsp;2.01 to Valero&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2005 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Certificate of Amendment (effective December&nbsp;2, 2005) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;3.07 to Valero&#146;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2005 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Certificate of Amendment (effective May&nbsp;24, 2011) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;4.8 to Valero&#146;s Current Report
on Form&nbsp;8-K dated May&nbsp;24, 2011.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of Valero (as of July&nbsp;12, 2007) &#151; incorporated by reference to
Exhibit&nbsp;3.01 to Valero&#146;s Current Report on Form&nbsp;8-K dated July&nbsp;11, 2007, and filed July&nbsp;17,
2007 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Certificate of Common Stock &#151; incorporated by reference to Exhibit&nbsp;4.1 to Valero&#146;s
Registration Statement on Form&nbsp;S-3 (SEC File No.&nbsp;333-116668) filed June&nbsp;21, 2004.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Valero Energy Corporation 2011 Omnibus Stock Incentive Plan &#151; incorporated by reference to
Appendix&nbsp;A of Valero&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed March&nbsp;18, 2011 (SEC
File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jay D. Browning, Esq. (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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>


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

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

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





<!-- 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: 4%">&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>


<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 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 prospectus filed with the Commission 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 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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 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.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&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 bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&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 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.
</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
Commission 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"><!-- Folio -->II-4<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<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 June&nbsp;1, 2011.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">VALERO ENERGY CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William R. Klesse
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">William R. Klesse&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left"><I>Chief Executive Officer, President, and<BR>
Chairman of the Board</I>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->

<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 R. Klesse, Michael S. Ciskowski, and Jay D. Browning, 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 of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the date indicated.
</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ William R. Klesse
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
(William R. Klesse)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Executive Officer, President, and<BR>
Chairman of the Board<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Michael S. Ciskowski
<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<BR>
and Chief Financial Officer<BR>
(Principal Financial and Accounting Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Ronald K. Calgaard
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Jerry D. Choate
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Ruben M. Escobedo
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Bob Marbut
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
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</TABLE>
</DIV>


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</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="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Date</B></TD>
</TR>

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<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Donald L. Nickles
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Robert A. Profusek
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Susan Kaufman Purcell
<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>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Stephen M. Waters
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
(Stephen M. Waters)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Randall J. Weisenburger
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
(Randall J. Weisenburger)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 1, 2011</TD>
</TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" valign="top">/s/ Rayford Wilkins, Jr.
<DIV style="font-size: 1pt; border-bottom: 1px solid #000000">&nbsp;</DIV>
(Rayford Wilkins, Jr.)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June 2, 2011</TD>
</TR>
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<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="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Certificate of Incorporation of Valero, formerly known as Valero
Refining and Marketing Company &#151; incorporated by reference to Exhibit&nbsp;3.1 to Valero&#146;s
Registration Statement on Form&nbsp;S-1 (SEC File No.&nbsp;333-27013) filed May&nbsp;13, 1997.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Amendment (effective July&nbsp;31, 1997) to Restated Certificate of Incorporation
of Valero &#151; incorporated by reference to Exhibit&nbsp;3.02 to Valero&#146;s Annual Report on Form&nbsp;10-K
for the year ended December&nbsp;31, 2003 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Merger of Ultramar Diamond Shamrock Corporation with and into Valero dated
December&nbsp;31, 2001 &#151; incorporated by reference to Exhibit&nbsp;3.03 to Valero&#146;s Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amendment (effective December&nbsp;31, 2001) to Restated Certificate of Incorporation of Valero -
incorporated by reference to Exhibit&nbsp;3.1 to Valero&#146;s Current Report on Form&nbsp;8-K dated December
31, 2001, and filed January&nbsp;11, 2002 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Second Certificate of Amendment (effective September&nbsp;17, 2004) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;3.04 to Valero&#146;s Quarterly
Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2004 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Merger of Premcor Inc. with and into Valero effective September&nbsp;1, 2005 -
incorporated by reference to Exhibit&nbsp;2.01 to Valero&#146;s Quarterly Report on Form&nbsp;10-Q for the
quarter ended September&nbsp;30, 2005 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Third Certificate of Amendment (effective December&nbsp;2, 2005) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;3.07 to Valero&#146;s Annual Report
on Form&nbsp;10-K for the year ended December&nbsp;31, 2005 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fourth Certificate of Amendment (effective May&nbsp;24, 2011) to Restated Certificate of
Incorporation of Valero &#151; incorporated by reference to Exhibit&nbsp;4.8 to Valero&#146;s Current Report
on Form&nbsp;8-K dated May&nbsp;24, 2011.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of Valero (as of July&nbsp;12, 2007) &#151; incorporated by reference to
Exhibit&nbsp;3.01 to Valero&#146;s Current Report on Form&nbsp;8-K dated July&nbsp;11, 2007, and filed July&nbsp;17,
2007 (SEC File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Specimen Certificate of Common Stock &#151; incorporated by reference to Exhibit&nbsp;4.1 to Valero&#146;s
Registration Statement on Form&nbsp;S-3 (SEC File No.&nbsp;333-116668) filed June&nbsp;21, 2004.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Valero Energy Corporation 2011 Omnibus Stock Incentive Plan &#151; incorporated by reference to
Appendix&nbsp;A of Valero&#146;s Definitive Proxy Statement on Schedule&nbsp;14A filed March&nbsp;18, 2011 (SEC
File No.&nbsp;1-13175).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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.</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Jay D. Browning, Esq. (included in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom" style="font-size: 6pt">
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" 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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    <TD width="1%"></TD>
    <TD width="96%"></TD>
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    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Filed herewith.</TD>
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sv8
As filed with the Securities and Exchange Commission on June 3, 2011
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
(I.R.S. Employer
incorporation or organization)
Identification No.)
One Valero Way
78249
San Antonio, Texas
(Zip Code)
(Address of Principal Executive Offices)
Valero Energy Corporation 2011 Omnibus Stock Incentive Plan
(Full title of plan)
Jay D. Browning, Esq.
Senior 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
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated
filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
Calculation of Registration Fee
Proposed
Proposed Maximum
Title of Securities
Amount to be
Maximum Offering
Aggregate Offering
Amount of
to be Registered
Registered(1)
Price Per Share(2)
Price
Registration Fee
Common Stock, par
value $0.01 per share
20,800,000 shares
$26.28
$546,624,000
$63,464
(1)
Pursuant to Rule 416 under the Securities Act of 1933, as amended, this Registration
Statement also covers an indeterminate number of additional shares as may become issuable
under the Valero Energy Corporation 2011 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 May 26, 2011.
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 (the "Common Stock"), issuable
pursuant to the terms of the Valero Energy Corporation 2011 Omnibus Stock Incentive 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"). In accordance with Rule 428 and the
requirements of Part I of Form S-8, such documents are not being filed with the Securities and
Exchange Commission (the "SEC") either as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act. Valero shall maintain a file
of such documents in accordance with the provisions of Rule 428. Upon request, Valero will furnish
to the SEC or its staff a copy or copies of all of the documents included in such file.
1
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
This Registration Statement incorporates herein by reference the following documents which
have been filed by Valero with the SEC pursuant to the Securities Act or the Securities Exchange
Act of 1934, as amended (the "Exchange Act") (File No. 001-13175):
a
Valero's Annual Report on Form 10-K for the fiscal year ended December 31, 2010;
b
Valero's Quarterly Report on Form 10-Q for the quarter ended March 31, 2011;
c
Valero's Current Reports on Form 8-K filed with the SEC on January 26, 2011 and May 2, 2011;
d
Item 8.01 of Valero's Current Report on Form 8-K filed with the SEC on March 11, 2011; and
e
the description of Common Stock set forth in Valero's Current Report on Form 8-K filed
with the SEC on May 24, 2011.
All documents Valero files with the SEC pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act (excluding information deemed to be furnished and not filed with the SEC) subsequent
to the date of this Registration Statement and prior to the filing of a post-effective amendment to
this Registration Statement, which post-effective amendment indicates that all securities offered
hereby have been sold or deregisters all securities then remaining unsold, will be deemed to be
incorporated in this Registration Statement by reference and to be a part hereof from the date of
filing of such documents.
Any statement contained in this Registration Statement, in an amendment hereto or in a
document 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 financial statements of Valero Energy Corporation as of December 31, 2010 and
2009, and for each of the years in the three-year period ended December 31, 2010, and management's
assessment of internal controls over financial reporting as of December 31, 2010, have been
incorporated herein by reference in reliance upon the reports of KPMG LLP, independent registered
public accounting firm, and upon the authority of such firm as experts in accounting and auditing.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The validity of the issuance of the Common Stock offered hereby will be passed upon for Valero
by Jay D. Browning, Esq., Senior Vice President—Corporate Law and Secretary of Valero. As of June
2, Mr. Browning beneficially owned less than 1% of our Common Stock.
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 duties as a director, neither Valero nor its stockholders
could recover monetary damages from the director, and the only course of action available to
II-1
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 duties. 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 (collectively,
an "Indemnitee"), shall be indemnified by Valero to the full extent permitted by the Delaware
General Corporation Law.
Under such law, to the extent that an Indemnitee is successful on the merits in defense of a
suit or proceeding brought against the Indemnitee by reason of the fact that he or she is or was a
director or officer of Valero, or serves or served any other enterprise or organization at the
request of Valero, the Indemnitee 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, the Indemnitee shall be indemnified against both (a) expenses, including
attorneys' fees, and (b) judgments, fines and amounts paid in settlement if he or she 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.
If unsuccessful in defense of a suit brought by or in the right of Valero, or if such a suit
is settled, the Indemnitee 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
or she acted in good faith and in a manner reasonably believed to be in, or not opposed to, the
best interests of Valero, except that if the Indemnitee is adjudged to be liable to Valero, the
Indemnitee cannot be made whole for expenses unless the court determines that he or she 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. Delaware case law does not directly
answer 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.
II-2
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description
4.1
Amended and Restated Certificate of Incorporation of Valero, formerly known as Valero
Refining and Marketing Company — incorporated by reference to Exhibit 3.1 to Valero's
Registration Statement on Form S-1 (SEC File No. 333-27013) filed May 13, 1997.
4.2
Certificate of Amendment (effective July 31, 1997) to Restated Certificate of Incorporation
of Valero — incorporated by reference to Exhibit 3.02 to Valero's Annual Report on Form 10-K
for the year ended December 31, 2003 (SEC File No. 1-13175).
4.3
Certificate of Merger of Ultramar Diamond Shamrock Corporation with and into Valero dated
December 31, 2001 — incorporated by reference to Exhibit 3.03 to Valero's Annual Report on
Form 10-K for the year ended December 31, 2003 (SEC File No. 1-13175).
4.4
Amendment (effective December 31, 2001) to Restated Certificate of Incorporation of Valero -
incorporated by reference to Exhibit 3.1 to Valero's Current Report on Form 8-K dated December
31, 2001, and filed January 11, 2002 (SEC File No. 1-13175).
4.5
Second Certificate of Amendment (effective September 17, 2004) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 3.04 to Valero's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2004 (SEC File No. 1-13175).
4.6
Certificate of Merger of Premcor Inc. with and into Valero effective September 1, 2005 -
incorporated by reference to Exhibit 2.01 to Valero's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2005 (SEC File No. 1-13175).
4.7
Third Certificate of Amendment (effective December 2, 2005) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 3.07 to Valero's Annual Report
on Form 10-K for the year ended December 31, 2005 (SEC File No. 1-13175).
4.8
Fourth Certificate of Amendment (effective May 24, 2011) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 4.8 to Valero's Current Report
on Form 8-K dated May 24, 2011.
4.9
Amended and Restated Bylaws of Valero (as of July 12, 2007) — incorporated by reference to
Exhibit 3.01 to Valero's Current Report on Form 8-K dated July 11, 2007, and filed July 17,
2007 (SEC File No. 1-13175).
4.10
Specimen Certificate of Common Stock — incorporated by reference to Exhibit 4.1 to Valero's
Registration Statement on Form S-3 (SEC File No. 333-116668) filed June 21, 2004.
4.11
Valero Energy Corporation 2011 Omnibus Stock Incentive Plan — incorporated by reference to
Appendix A of Valero's Definitive Proxy Statement on Schedule 14A filed March 18, 2011 (SEC
File No. 1-13175).
*5.1
Opinion of Jay D. Browning, Esq.
*23.1
Consent of KPMG LLP.
*23.2
Consent of Jay D. Browning, Esq. (included in Exhibit 5.1).
*24.1
Powers of Attorney (included on the signature page of this Registration Statement).
*
Filed herewith.
II-3
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:
(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 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 prospectus filed with the Commission 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 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 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
Commission 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 June 1, 2011.
VALERO ENERGY CORPORATION
By:
/s/ William R. Klesse
William R. Klesse
Chief Executive Officer, President, and
Chairman of the Board
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below hereby
constitutes and appoints William R. Klesse, Michael S. Ciskowski, and Jay D. Browning, 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 of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the date indicated.
Signature
Title
Date
/s/ William R. Klesse
(William R. Klesse)
Chief Executive Officer, President, and
Chairman of the Board
(Principal Executive Officer)
June 1, 2011
/s/ Michael S. Ciskowski
(Michael S. Ciskowski)
Executive Vice President
and Chief Financial Officer
(Principal Financial and Accounting Officer)
June 1, 2011
/s/ Ronald K. Calgaard
(Ronald K. Calgaard)
Director
June 1, 2011
/s/ Jerry D. Choate
(Jerry D. Choate)
Director
June 1, 2011
/s/ Ruben M. Escobedo
(Ruben M. Escobedo)
Director
June 1, 2011
/s/ Bob Marbut
(Bob Marbut)
Director
June 1, 2011
II-5
Signature
Title
Date
/s/ Donald L. Nickles
(Donald L. Nickles)
Director
June 1, 2011
/s/ Robert A. Profusek
(Robert A. Profusek)
Director
June 1, 2011
/s/ Susan Kaufman Purcell
(Susan Kaufman Purcell)
Director
June 1, 2011
/s/ Stephen M. Waters
(Stephen M. Waters)
Director
June 1, 2011
/s/ Randall J. Weisenburger
(Randall J. Weisenburger)
Director
June 1, 2011
/s/ Rayford Wilkins, Jr.
(Rayford Wilkins, Jr.)
Director
June 2, 2011
II-6
EXHIBIT INDEX
Exhibit
Number
Description
4.1
Amended and Restated Certificate of Incorporation of Valero, formerly known as Valero
Refining and Marketing Company — incorporated by reference to Exhibit 3.1 to Valero's
Registration Statement on Form S-1 (SEC File No. 333-27013) filed May 13, 1997.
4.2
Certificate of Amendment (effective July 31, 1997) to Restated Certificate of Incorporation
of Valero — incorporated by reference to Exhibit 3.02 to Valero's Annual Report on Form 10-K
for the year ended December 31, 2003 (SEC File No. 1-13175).
4.3
Certificate of Merger of Ultramar Diamond Shamrock Corporation with and into Valero dated
December 31, 2001 — incorporated by reference to Exhibit 3.03 to Valero's Annual Report on
Form 10-K for the year ended December 31, 2003 (SEC File No. 1-13175).
4.4
Amendment (effective December 31, 2001) to Restated Certificate of Incorporation of Valero -
incorporated by reference to Exhibit 3.1 to Valero's Current Report on Form 8-K dated December
31, 2001, and filed January 11, 2002 (SEC File No. 1-13175).
4.5
Second Certificate of Amendment (effective September 17, 2004) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 3.04 to Valero's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2004 (SEC File No. 1-13175).
4.6
Certificate of Merger of Premcor Inc. with and into Valero effective September 1, 2005 -
incorporated by reference to Exhibit 2.01 to Valero's Quarterly Report on Form 10-Q for the
quarter ended September 30, 2005 (SEC File No. 1-13175).
4.7
Third Certificate of Amendment (effective December 2, 2005) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 3.07 to Valero's Annual Report
on Form 10-K for the year ended December 31, 2005 (SEC File No. 1-13175).
4.8
Fourth Certificate of Amendment (effective May 24, 2011) to Restated Certificate of
Incorporation of Valero — incorporated by reference to Exhibit 4.8 to Valero's Current Report
on Form 8-K dated May 24, 2011.
4.9
Amended and Restated Bylaws of Valero (as of July 12, 2007) — incorporated by reference to
Exhibit 3.01 to Valero's Current Report on Form 8-K dated July 11, 2007, and filed July 17,
2007 (SEC File No. 1-13175).
4.10
Specimen Certificate of Common Stock — incorporated by reference to Exhibit 4.1 to Valero's
Registration Statement on Form S-3 (SEC File No. 333-116668) filed June 21, 2004.
4.11
Valero Energy Corporation 2011 Omnibus Stock Incentive Plan — incorporated by reference to
Appendix A of Valero's Definitive Proxy Statement on Schedule 14A filed March 18, 2011 (SEC
File No. 1-13175).
*5.1
Opinion of Jay D. Browning, Esq.
*23.1
Consent of KPMG LLP.
*23.2
Consent of Jay D. Browning, Esq. (included in Exhibit 5.1).
*24.1
Powers of Attorney (included on the signature page of this Registration Statement).
*
Filed herewith.
II-7