U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Escobedo, Ruben M.
530 McCullough Avenue
San Antonio, TX 78215
USA
2. Date of Event Requiring Statement (Month/Day/Year)
07/31/97
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Issuer Name and Ticker or Trading Symbol
Valero Energy Corporation (formerly known as Valero Refining and Marketing
Company) (1)
VLO
5. Relationship of Reporting Person to Issuer (Check all applicable)
(X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
(specify below)
Director
6. If Amendment, Date of Original (Month/Day/Year)
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Common Stock ($.01 par value) |2,366 |D | |
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Common Stock ($.01 par value) |250 |I |By Spouse |
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Common Stock ($.01 par value) |250 |I |By Trust |
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<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship: | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Stock Option (right to b|06/18/97 |07/25/05 |Common Stock |8,962 |$15.2323 |D | |
uy) | | | | | | | |
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Stock Option (right to b|10/31/96 |04/30/06 |Common Stock |1,494 |$19.2496 |D | |
uy) | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) As a result of the merger of Valero Energy Corporation ("VEC") with a
subsidiary of a third party registrant, and the distribution of all of the
issued
and outstanding capital stock of Valero Refining and Marketing Company ("VRMC")
by VEC to the stockholders of record of VEC on July 31, 1997,
VRMC changed its name to Valero Energy Corporation and commenced trading on the
New York Stock Exchange on August 1, 1997 under the ticker
symbol
"VLO."
SIGNATURE OF REPORTING PERSON
/s/ Eric A. Fisher as Attorney-in-Fact
DATE
08/11/97
