UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Greehey, William E.
One Valero Place
San Antonio, TX 78212
USA
2. Issuer Name and Ticker or Trading Symbol
Valero Energy Corporation
VLO
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
01/31/2000
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman of the Board, President and Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $.01 par valu|01/20/|A |V|16,493 |A | | | | |
e |00 | | | | | | | | |
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Common Stock, $.01 par valu|01/20/|M | |10,666 |A | | | | |
e |00 | | | | | | | | |
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Common Stock, $.01 par valu|01/20/|M | |16,666 |A | | | | |
e |00 | | | | | | | | |
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Common Stock, $.01 par valu|01/20/|M | |20,000 |A | |458,670 |D | |
e |00 | | | | | | | | |
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Common Stock, $.01 par valu| | | | | | |63,125.4147 |I |401(k) Plan |
e | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Performance Shares (Se|(1) |01/20|M | |10,666 |D |(1) |01/23|Common Stock|10,666 | |0 |D | |
ttlement) | |/00 | | | | | |/00 | | | | | | |
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Performance Shares (Se|(1) |01/20|M | |16,666 |D |(1) |01/20|Common Stock|16,666 | |8,333 |D | |
ttlement) | |/00 | | | | | |/01 | | | | | | |
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Performance Shares (Se|(1) |01/20|M | |20,000 |D |(1) |01/21|Common Stock|20,000 | |20,000 |D | |
ttlement) | |/00 | | | | | |/02 | | | | | | |
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Performance Shares (Aw|(2) |01/20|A |V|72,500 |A |(2) |01/20|Common Stock|72,500 | |72,500 |D | |
ard) | |/00 | | | | | |/03 | |(2) | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) The reporting preson has elected to defer receipt of the settlement of his
prior performance share awards until the first day of January of the year
following the reporting person's termination of service. The Compensation
Committee of the Valero Energy Corporation Board of Directors has
determined the amount of the award at 200% of the number of performance shares
eligible to be issued in 2000 and has accrued such number of
shares to be issued upon the first day of January of the year following the
reporting person's termination of service.
(3) Award of performance shares under the Valero Energy Corporation Executive
Stock Incentive Plan. Pursuant to terms of the reporting person's
performance share agreement approved by the Compensation Committee, performance
shares accrued are not to be issued until the first day of
January of the year following the reporting person's termination of service.
The amount of performance shares to be accrued to the reporting person
is determined annually over a three-year period and are payable in common stock
in amounts ranging from zero to 200 percent of the performance
shares.
SIGNATURE OF REPORTING PERSON
/s/ William E. Greehey
DATE
02/07/2000
