Energy company Valero to spin off $5 billion network of fuel stations
San Antonio -- A Tuesday report by Bloomberg said that Valery Energy Corp. has unveiled plans to sell or spin off its network of 1,000+ gas and diesel stations across the United States and Canada, valued at up to $5 billion.
CEO Bill Klesse told investors that the retail business generates $500 million in earnings annually. Spinning off the retail business is a move toward increasing shareholder returns. “As independent companies, both retail and the remaining business will be better-positioned to focus on their industry- specific strategies,” Klesse said in a statement.