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 Reese, Rodney L. P.O. Box 500 San Antonio, TX 78292-0500 U.S.A. 2. Issuer Name and Ticker or Trading Symbol Valero L.P. (VLI) 3. IRS or Social Security Number of Reporting Person (Voluntary) 4. Statement for Month/Year March 31, 2002 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) Vice President - Operations 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: (b) The options become exercisable in 1/3 increments on the following dates: March 22, 2003, March 22, 2004 and March 22, 2005. SIGNATURE OF REPORTING PERSON /s/ Rodney L. Reese (By Power of Attorney) DATE March 10, 2002

VALERO L P 4