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- The document is Valero Energy Corporation's 2002 Summary Annual Report. - In 2002, Valero became the largest independent refiner and marketer in the US after acquiring Ultramar Diamond Shamrock Corporation in 2001. Valero now has a refining capacity of nearly 2 million barrels per day across 12 refineries in the US and Canada. - 2002 was a challenging year for refiners due to weak demand and margins. However, Valero outperformed peers and the market. Conditions are expected to improve significantly in 2003 with stronger demand and margins.































