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
King, Gregory C.
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
01/31/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President and General Counsel
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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|01/21/|M | |2,700 |A | | | | |
e |99 | | | | | | | | |
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Common Stock, $.01 par valu|01/21/|F |V|1,153 |D |$19.25 | | | |
e |99 | | | | | | | | |
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Common Stock, $.01 par valu|01/21/|A(1)|V|988 |A | | | | |
e |99 | | | | | | | | |
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Common Stock, $.01 par valu|01/28/|F |V|374 |D |$17.75 |15,291 |D | |
e |99 | | | | | | | | |
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Common Stock, $.01 par valu| | | | | | |728.5866 |I(2) |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 (|1 for 1.|01/21|M | |1,200 |D |01/21|01/23|Common Stock|1,200 | |800 |D | |
Settlement) |5 |/99 | | | | |/99 |/00 | | | | | | |
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Performance Shares (|(3) |01/21|A |V|5,500 |A |(3) |01/21|Common Stock|5,500(3| |5,500 |D | |
Award) | |/99 | | | | | |/02 | |) | | | | |
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Performance Shares (|1 for 1.|01/21|M | |1,500 |D |01/21|01/29|Common Stock|1,500 | |2,000 |D | |
Settlement) |5 |/99 | | | | |/99 |/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 January 31, 1999.
The information does not reflect transactions and holdings
subsequent to the date that are eligible for deferred reporting on Form
5.
(3) 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
/s/ Gregory C. King
DATE
02/09/99
