Valero Energy Corp. reported Tuesday that its board of directors authorized company management to pursue a separation of Valero's retail business from the remainder of Valero.

"After careful consideration, we believe a separation of our retail business from the remainder of Valero by way of a tax-efficient distribution will create operational flexibility within the businesses and unlock value for our shareholders," said Valero Chairman and CEO Bill Klesse in a company statement. "As independent companies, both retail and the remaining business will be better-positioned to focus on their industry-specific strategies."

The San Antonio-based refiner stated that it is reviewing several potential separation transactions, including a tax-efficient distribution of the retail business to Valero shareholders. Credit Suisse Securities (USA) LLC is advising Valero in connection with this process.