CORRECTING and REPLACING Valero Energy Corporation Reschedules Third Quarter Earnings Conference Call.

Energy Editors/Business Editors

CORRECTION...by Valero Energy Corporation 

SAN ANTONIO--(BUSINESS WIRE)--Oct. 16, 2003

In BW5508 issued Oct. 16, 2003: Valero Energy Corporation (NYSE:VLO) inadvertently omitted conference call date in first paragraph. Conference call date is October 30, 2003.

The corrected release reads:

VALERO ENERGY CORPORATION RESCHEDULES THIRD QUARTER EARNINGS CONFERENCE CALL

Valero Energy Corporation (NYSE:VLO) announced today that their previously scheduled third quarter conference call at 10:00 a.m. CT on October 30, 2003 has been rescheduled for 9:00 a.m. CT on October 30, 2003. During the call, management will discuss third quarter earnings results, which will be released earlier that day. Persons interested in listening to the presentation via the internet may log on to Valero's website at www.valero.com.

Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 20,000 employees and annual revenues of more than $30 billion. The company currently owns and operates 14 refineries in 13 locations throughout the United States and Canada. Valero's refineries have a combined throughput capacity of over two million barrels per day, which represents approximately 10 percent of the total U.S. refining capacity. Valero is also one of the nation's largest retail operators with approximately 4,000 retail outlets in the United States and Canada under various brand names including Diamond Shamrock, Ultramar, Valero, Beacon and Total. For more information about Valero, visit the company's website at www.valero.com.

Statements contained in this press release that state the company's or management's expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words "believe," "expect," "should," "estimates," and other similar expressions identify forward-looking statements. It is important to note that the company's actual results could differ materially from those projected in its forward-looking statements. For more information concerning factors that could cause actual results to differ from those expressed or forecast, see the company's annual report on Form 10-K and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and available on the company's web site at http://www.valero.com. These factors include potential changes in gasoline, crude oil, distillate and other commodity prices, varying market conditions, actions of government, hostilities in oil producing regions, adverse rulings in litigation and potential delays or other changes in work and repair schedules. The company undertakes no obligation to update or publicly release the result of any revisions to any forward-looking statements that may be made to reflect events or circumstances that occur, or which the company becomes aware of, after the date of this release or to reflect the occurrence of unanticipated events.