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
03/31/2000
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|03/25/|M | |150,000 |A | | | | |
e |00 | | | | | | | | |
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Common Stock, $.01 par valu| | | | | | |608,671 |D | |
e | | | | | | | | | |
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| | | | | | |63,555.1579 |I |401(k) Plan |
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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 (S|(1) |03/25|M | |75,000 |D |(1) |03/25|Common Stock|150,000| |75,000 |D | |
ettlement) | |/00 | | | | | |/01 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Pursuant to the reporting person's performance share award agreement, the
reporting person has elected to defer receipt of the settlement of
these performance share awards until the first day of January of the year
following the reporting person's termination of service. The amount of the
reported settlement is equal to 200% of the number of performance shares
eligible to be issued in this vesting increment, and such number of shares
have been accrued for issuance upon the first day of January of the year
following the reporting person's termination of service.
SIGNATURE OF REPORTING PERSON
Jay D. Browning, Attorney-in-Fact for William E. Greehey
