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
Klesse, William R.
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
12/31/01
5. If Amendment, Date of Original (Month/Year)
01/09/02
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President - Refining and Commercial Operations
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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Common Stock, $.01 par valu|12/31/|A |V|20,000 |A |(1) |20,000 |D | |
e |01 | | | | | | | | |
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Common Stock, $.01 par valu|12/31/|A |V|40,252 |A |(4) |60,252 |D | |
e |01 | | | | | | | | |
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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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Stock Option (right to|$38.475 |12/31|A |V|50,000 |A |(2) |12/31|Common Stock|50,000 | |50,000 |D | |
buy) | |/01 | | | | | |/11 | | | | | | |
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Stock Option (right to|$16.86 |12/31|A |V|62,330 |A |12/31|02/07|Common Stock|62,330 |(3) |62,330 |D | |
buy) | |/01 | | | | |/01 |/10 | | | | | | |
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Stock Option (right to|$23.66 |12/31|A |V|150,289 |A |12/31|02/06|Common Stock|150,289|(3) |150,289 |D | |
buy) | |/01 | | | | |/01 |/11 | | | | | | |
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Stock Option (right to|$37.20 |12/31|A |V|4,925 |A |12/31|01/31|Common Stock|4,925 |(3) |4,925 |D | |
buy) | |/01 | | | | |/01 |/04 | | | | | | |
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Stock Option (right to|$37.20 |12/31|A |V|1,742 |A |12/31|02/06|Common Stock|1,742 |(3) |1,742 |D | |
buy) | |/01 | | | | |/01 |/05 | | | | | | |
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Stock Option (right to|$37.20 |12/31|A |V|3,409 |A |12/31|07/31|Common Stock|3,409 |(3) |3,409 |D | |
buy) | |/01 | | | | |/01 |/05 | | | | | | |
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Stock Option (right to|$37.20 |12/31|A |V|11,117 |A |12/31|02/05|Common Stock|11,117 |(3) |11,117 |D | |
buy) | |/01 | | | | |/01 |/06 | | | | | | |
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Stock Option (right to|$37.20 |12/31|A |V|30,464 |A |12/31|12/19|Common Stock|30,464 |(3) |30,464 |D | |
buy) | |/01 | | | | |/01 |/04 | | | | | | |
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Stock Option (right to|$36.60 |12/31|A |V|18,422 |A |12/31|12/19|Common Stock|18,422 |(3) |18,422 |D | |
buy) | |/01 | | | | |/01 |/04 | | | | | | |
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Stock Option (right to|$36.60 |12/31|A |V|71,200 |A |12/31|12/01|Common Stock|71,200 |(3) |71,200 |D | |
buy) | |/01 | | | | |/01 |/08 | | | | | | |
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Explanation of Responses:
(1) Grant of restricted stock; shares vest in equal annual installments
beginning December 31, 2002.
(2) The option vests in three equal annual installments beginning on December
31, 2002.
(3) Received in the merger of Ultramar Diamond Shamrock Corporation ("UDSC")
into Valero Energy Corporation ("VEC") on December 31, 2001 (the
"Merger") upon conversion of the reporting person's option to buy UDSC common
stock into an option to buy VEC common stock.
(4) Received in exchange for shares of UDSC common stock in the
Merger.
SIGNATURE OF REPORTING PERSON
J. Stephen Gilbert, as Atty-in-Fact for William R. Klesse
DATE
04/02/02