Valero L.P. Unitholders Approve Proposal of Amendments to Valero GP, LLC 2000 Long-Term Incentive Plan
22 September 2006 - 7:52AM
Business Wire
Valero L.P. (NYSE:VLI) today announced that its unitholders have
approved its proposal to amend certain provisions of the Amended
and Restated 2000 Long-Term Incentive Plan (the "Plan") of Valero
GP, LLC, and, accordingly, the Plan is amended and restated
effective October 1, 2006. The amendments, among other things,
increased the number of Units authorized for issuance under the
Plan from the current 250,000 Units to 1,500,000 Units. Of the
46,809,749 units representing limited partner interests in Valero
L.P. ("Units") outstanding as of the record date, 26,445,782 Units,
or 56.5%, were voted. Holders of 23,968,943 Units, or 51.2% of the
total Units outstanding, voted in favor of the amendments. Holders
of 2,141,205, or 4.6% of the total Units outstanding voted against
the amendments, and holders of 335,634, or 0.7% of the total Units
outstanding abstained. Valero L.P. is a publicly traded, limited
partnership based in San Antonio, with 9,243 miles of pipeline, 88
terminal facilities and four crude oil storage facilities. One of
the largest independent terminal and petroleum liquids pipeline
operators in the nation, the partnership has operations in the
United States, the Netherlands Antilles, Canada, Mexico, the
Netherlands and the United Kingdom. The partnership's combined
system has approximately 77 million barrels of storage capacity,
and includes crude oil and refined product pipelines, refined
product terminals, a petroleum and specialty liquids storage and
terminaling business, as well as crude oil storage tank facilities.
For more information, visit Valero L.P.'s website at
www.valerolp.com. Cautionary Statement Regarding Forward-Looking
Statements This press release includes forward-looking statements
within the meaning of the Securities Litigation Reform Act of 1995
regarding future events and the future financial performance of
Valero L.P. All forward-looking statements are based on the
partnership's beliefs as well as assumptions made by and
information currently available to the partnership. These
statements reflect the partnership's current views with respect to
future events and are subject to various risks, uncertainties and
assumptions. These risks, uncertainties and assumptions are
discussed in Valero L.P.'s 2005 annual report on Form 10-K and
subsequent filings with the Securities and Exchange Commission.
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