Valero Energy Corporation (NYSE:VLO, "Valero"))) announced today that its wholly owned subsidiary, Valero Refining-Texas, L.P., entered into a definitive agreement to acquire all the outstanding equity interests of LYB Houston Hub Holdings LLC ("LYB Houston") from a subsidiary of LyondellBasell Industries N.V. ("Lyondell") for a purchase price of $320.5 million, subject to closing adjustments. Closing of the transaction is subject to customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and is expected to occur by the end of 2026. LYB Houston indirectly owns an approximately 700-acre facility adjacent to Valero’s Houston refinery on the Houston Ship Channel in Texas that operated as a petroleum refinery. Valero currently expects to initially restart 165,000 BPD of light sweet crude processing capacity by year-end 2027. The acquisition also provides the opportunity to later invest in high-complexity, heavy sour crude processing.

Following the decision to cease refining operations, LYB evaluated a range of options for the site and determined that the sale offered the most compelling opportunity to advance the company’s strategic priorities.

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