IPO Valero (VLP) is a fee-based limited partnership formed to own, operate, develop and acquire crude oil and refined petroleum transportation and logistics assets. Valero generates revenue by charging tariffs and fees for transporting crude oil and refined petroleum products through their pipelines and terminals. Because they do not take ownership of or receive any payments based on the value of the products they handle and do not trade commodities, they have no direct exposure to commodity price fluctuations.
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