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    Valero Reports Second-Quarter Earnings, Quarterly Distribution

    Net income of $18.2 million up $1.1 million from last year.

    SAN ANTONIO -- Valero L.P. announced net income applicable to limited partners of $18.2 million for the second quarter of 2004, compared to $17.1 million for the second quarter of 2003. For the first six months of 2004, net income applicable to limited partners was $36.7 million, or $1.59 per unit, compared to $28.8 million, or $1.40 per unit, for the same period last year. Distributable cash flow applicable to limited partners for the second quarter was $22 million, compared to $20.9 million for the second quarter of 2003.

    With respect to the quarterly distribution to unit-holders payable for the second quarter of 2004, Valero also declared a distribution of 80 cents per unit payable Aug. 13, 2004, to holders of record as of Aug. 6, 2004.

    "We are pleased to be able to report solid financial results for the second quarter of 2004," said Curt Anastasio, Valero's CEO. "During the quarter, we experienced increased throughputs across our system due to strong refined product demand and high refinery run rates at most of the Valero Energy refineries we serve. We expect this trend to continue in the third quarter given the strong margin environment for refined products throughout the United States."

    Anastasio added that the newly commissioned Dos Laredos propane terminal in Nuevo Laredo, Mexico, started up successfully on June 1 and is operating according to plan. "We are working with Valero Energy PMI (a subsidiary of the Mexican national oil company) and others to increase the terminal's volume from the current 5,000 barrels per day average to as much as 8,000 barrels per day to supply this fast-growing market," said Anastasio.

    "Going forward, we remain focused on integrating our recently acquired and our newly constructed assets. As always, we plan to pursue external and internal growth opportunities while maintaining a strong balance sheet and coverage ratio," he said.

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