Valero Energy (NYSE: VLO) owns oil refineries that are specially equipped to process sour crude oil, which due to processing difficulty is usually sold at a discount.
The stock price tends to move with the price of oil, but Valero owns no oil reserves. It is strictly a refiner.
See the VLO Discussion Board: http://boards.fool.com/Message.asp?mid=26968160 and especially postings by doubtit, a major champion of the stock.
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