U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check 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
King, Gregory C.
7990 West IH 10
San Antonio, TX 78230
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
01/31/98
5. If Amendment, Date of Original (Month/Year)
01/31/98
6. Relationship of Reporting Person to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President and General Counsel
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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 Year |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $.01 par va|01/28/|M | |1,200 |A |n/a | | | |
lue |98 | | | | | | | | |
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Common Stock, $.01 par va|01/28/|F |V|492 |D |$31.25 | | | |
lue |98 | | | | | | | | |
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Common Stock, $.01 par va|01/28/|A(1)|V|2,700 |A |$31.25 |13,130 |D | |
lue |98 | | | | | | | | |
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Common Stock, $.01 par va| | | | | | |327.788 |I(2) |401(k) Plan |
lue | | | | | | | | | |
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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 | | | |Year |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Performance Shares (|(3) |01/28|M | |1,200(3) |D |(3) |01/23|Common Stock|1,200 |n/a |1,600 |D | |
Settlement) | |/98 | | | | | |/00 | | | | | | |
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Performance Shares (|(4) |01/28|A |V|3,000 |A |(4) |01/28|Common Stock|3,000(4|n/a |3,000 |D | |
Award) | |/98 | | | | | |/01 | |) | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) Award of restricted stock under the Valero Energy Corporation Executive
Stock Incentive Plan.
(2) The information presented is based on plan balances as of December 31,
1997. The information does not reflect transactions and holdings
subsequent to the date that are eligible for deferred reporting on Form
5.
(3) Vesting of 1/3 of prior performance award at 150 percent of the performance
shares.
(4) Award of performance shares under the Valero Energy Corporation Executive
Stock Incentive Plan. The performance shares vest incrementally
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
Eric A. Fisher, as Attorney-in-Fact
DATE
02/20/98
