4 1 edgar.txt FORM 4 - 01/22/03 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 4 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP ( ) Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instructions 1(b). 1. Name and Address of Reporting Person King, Gregory C. One Valero Place San Antonio, TX 78212 USA 2. Issuer Name and Ticker or Trading Symbol Valero Energy Corporation VLO 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year 01/22/03 5. If Amendment, Date of Original (Month/Year) 6. Relationship of Reporting Person(s) to Issuer (Check all applicable) ( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other (specify below) Executive Vice President and General Counsel 7. Individual or Joint/Group Filing (Check Applicable Line) (X) Form filed by One Reporting Person ( ) Form filed by More than One Reporting Person

Explanation of Responses: (1) Award of performance shares under the Valero Energy Corporation 2001 Executive Stock Incentive Plan. The performance shares vest incrementally over a three year period and are payable in common stock in amounts ranging from zero to 200 percent of the performance shares. (2) Settlement of performance shares at 150% of base shares. SIGNATURE OF REPORTING PERSON J. Stephen Gilbert as Attorney-in-Fact for Gregory C. King DATE 01/24/03

KING GREGORY C 4