UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
- --------------------------------------------------------------------------------
Valero L.P.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Units representing limited partner interests
- --------------------------------------------------------------------------------
(Title of Class of Securities)
91913W 10 4
--------------
(CUSIP Number)
Jay D. Browning
Valero Energy Corporation
One Valero Place
San Antonio, Texas 78212
(210) 370-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
August 11, 2003
------------------------------------
(Date of Event which Requires Filing of this
Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss.240.13d-7 for other
parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 2 of 12 Pages
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Valero Energy Corporation
74-1828067
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS *
OO
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 621,729 Common Units of Valero L.P.
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH -0-
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 621,729 Common Units of Valero L.P.
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
621,729 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES *
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.63%
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14 TYPE OF REPORTING PERSON *
HC, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 3 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TPI Petroleum, Inc.
38-0757140
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Michigan
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 4 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Diamond Shamrock Refining and Marketing Company
74-2505379
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 621,729 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
621,729 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
621,729 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.63%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 5 of 12 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigmor Corporation
75-1828463
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- -------------------------------- ------- ---------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 6 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Shamrock Pipe Line Corporation
75-6012115
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 7 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Diamond Shamrock Refining Company, L.P.
74-2691167
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 8 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
TPI Pipeline Corporation
38-1347772
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Michigan
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SCHEDULE 13D
CUSIP No. 91913W 10 4 Page 9 of 12 Pages
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
UDS Logistics, LLC
85-0470977
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY -----------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 614,572 Common Units of Valero L.P.
REPORTING -----------------------------------------------
PERSON 9 DISPOSITIVE POWER
WITH -0-
-----------------------------------------------
10 SHARED DISPOSITIVE POWER
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
614,572 Common Units of Valero L.P.
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.57%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
HC, CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 10 of 12 Pages
Item 1. Security and Issuer
This Amendment No.2 (the "Amendment") to Schedule 13D is being filed by
Valero Energy Corporation ("Valero Energy") and certain of its subsidiaries, TPI
Petroleum, Inc., Diamond Shamrock Refining and Marketing Company, Sigmor
Corporation, The Shamrock Pipe Line Corporation, Diamond Shamrock Refining
Company, L.P., TPI Pipeline Corporation and UDS Logistics (collectively, the
"Subsidiaries" and together with Valero Energy, the "Reporting Persons") to
amend the Schedule 13D that was previously filed on March 25, 2003. This
statement relates to the common units representing limited partner interests
(the "Common Units") of Valero L.P., a Delaware limited partnership (the
"Partnership"), which has its principal executive offices at One Valero Place,
San Antonio, Texas 78212.
Item 2. Identity and Background
The information previously furnished in response to Item 2 is amended to
add the following:
On August 11, 2003, the Partnership completed a public offering (the
"Offering") of 1,236,250 common units representing limited partner interests,
including common units issuable pursuant to an over-allotment option granted to
the underwriter, under the Partnership's shelf registration statement on Form
S-3 (Registration No. 333-89978). The sale price of the common units was $41.15
per unit with an underwriting discount of $1.85. The Offering increased the
amount of Common Units outstanding from 12,205,822 to 13,442,072 Common Units,
reducing Valero Energy's ownership of the Partnership's Common Units to 4.63%.
Of the 13,442,072 Common Units outstanding, 73,319 are owned by an affiliate of
Valero Energy. The voting and dispositive rights with respect to 66,162 of these
73,319 Common Units have been relinquished. Accordingly, these 66,162 units are
not included in the Common Units beneficially owned by the Reporting Person.
Item 4. Purpose of Transaction
The information previously furnished in response to Item 4 is amended to
add the following:
The purpose of the Offering was to generate net proceeds for working
capital and general partnership purposes, including future acquisitions and
expansion capital projects.
Item 5. Interest in Securities of the Partnership
The information previously furnished in response to Item 5 is amended to
add the following:
The following Reporting Persons, TPI Petroleum, Inc., Sigmor Corporation,
The Shamrock Pipe Line Corporation, Diamond Shamrock Refining Company, L.P., TPI
Pipeline Corporation and UDS Logistics, are deemed to be the beneficial owners
of 614,572 Common Units, which constitute approximately 4.57% of the total
issued and outstanding Common Units as of August 11, 2003 (based on 13,442,072
Common Units outstanding after giving effect to the Offering.) The following
Reporting Persons, Valero Energy and Diamond Shamrock Refining and Marketing
Company, are deemed to be the beneficial owners of 621,729 Common Units, which
constitute approximately 4.63% of the total issued and outstanding Common Units
as of August 11, 2003. The Reporting Persons also hold, through UDS Logistics,
9,599,322 subordinated units representing limited partner interests in the
Partnership. Assuming the financial tests set forth in the agreement of limited
partnership of the Partnership are met, all 9,599,322 subordinated units will
automatically convert into Common Units on a one-for-one basis on the first day
after the record date for distributions in respect of the quarter ending March
31, 2006. Further, all subordinated units will automatically convert into Common
Units on a one-for-one basis prior to such date if the unitholders remove the
general partner of the Partnership without cause and the units held by the
general partner and its affiliates are not voted in favor of the removal.
On August 11, 2003, the Reporting Persons ceased to be the beneficial
owners of more than five percent of the Common Units.
Page 11 of 12 Pages
Item 6. Contracts, Arrangements, Understandings or Relationships with respect
to Securities of the Company
The information previously furnished in response to Item 6 is amended to
add the following:
The Partnership entered into an Underwriting Agreement dated August 5, 2003
with Lehman Brothers Inc., (the "Underwriter") pursuant to which the Partnership
agreed to issue and sell to the Underwriter 1,075,000 Common Units and granted
to the Underwriter an option to purchase an additional 161,250 Common Units,
which the Underwriter exercised on August 6, 2003.
Signature
After reasonable inquiry and to the best of our knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Date: August 11, 2003 Valero Energy Corporation
By: /s/Jay D. Browning
--------------------------------------------
Name: Jay D. Browning
Title: Vice President and Corporate Secretary
TPI Petroleum, Inc.
By: /s/Jay D. Browning
--------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
Diamond Shamrock Refining and Marketing Company
By: /s/Jay D. Browning
--------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
Page 12 of 12 Pages
Sigmor Corporation
By: /s/Jay D. Browning
-------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
The Shamrock Pipe Line Corporation
By: /s/Jay D. Browning
-------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
Diamond Shamrock Refining Company, L.P.
By: /s/Jay D. Browning
-------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
TPI Pipeline Corporation
By: /s/Jay D. Browning
-------------------------------------------
Name: Jay D. Browning
Title: Vice President and Secretary
UDS Logistics, LLC
By: /s/Corky Davis
-------------------------------------------
Name: Corky Davis
Title: Secretary