QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 10.04

2005 DISTRIBUTION ELECTION FORM
VALERO ENERGY CORPORATION
DEFERRED COMPENSATION PLAN

--------------------------------------------------------------------------------

Optional Payment Election
Upon Retirement   DEFAULT PAYMENT IF NO ELECTION IS MADE:
Fifteen annual installments commencing at date of retirement

--------------------------------------------------------------------------------

I elect that upon retirement, the value of my Plan account will be paid as soon
as administratively possible. I execute this election of my own free will and
with the full understanding of its effect. This election pertains to the
existing account balance as well as all future contributions and account
activity. It will remain in effect until retirement or a new election is made. I
elect to receive payment(s) at the following time (choose one):

oAs soon as administratively possible following retirement

oJanuary 1 after the year of retirement

AND

I elect to receive payment(s) in the following manner (choose one):

oLump sum

oFive annual installments

oTen annual installments

oFifteen annual installments (default payment option if no election is made)

--------------------------------------------------------------------------------

Optional Payment Election
Upon Termination   DEFAULT PAYMENT IF NO ELECTION IS MADE:
Immediate lump sum payable within 90 days after termination

--------------------------------------------------------------------------------

I elect that upon termination, the value of my Plan account will be paid as soon
as administratively possible. I execute this election of my own free will and
with the full understanding of its effect. This election pertains to the
existing account balance as well as all future contributions and account
activity. It will remain in effect until termination or a new election is made.
I elect to receive payment(s) at the following time (choose one):

oImmediately

oJanuary 1 after the year of termination

AND

I elect to receive payment(s) in the following manner (choose one):

oLump sum (default payment option if no election is made)

oFive annual installments

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

Distribution on Specified Date
In accordance with Section 6.5 of the Plan, I hereby elect to receive in one
lump sum payment that portion of my Account derived from deferrals under the
Plan (the "Account") to which I am entitled to withdraw, pursuant to the terms
of the Plan, on the date(s) specified below, or the balance of the Account, if
less. Any amounts distributed pursuant to this election shall immediately reduce
my Account accordingly.

Date of Specified Event

 

Amount of Elective Deferral or
Total Amount of the Account (Whichever is Less)

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

 

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

NOTE: The Company has taken measures to design the Plan in a manner that
conforms to current tax law. However, it is possible that new legislation could
affect your distribution elections. Generally, it is intended that distribution
elections submitted pursuant to the Plan will be governed by the terms and
conditions of the Plan, and your elections will be subject to modifications made
to the Plan to conform with federal legislation or to the terms of another plan
if the Company chooses to implement a new plan to conform to federal
legislation.

ACKNOWLEDGED AND AGREED:    

--------------------------------------------------------------------------------

Participant's Signature  

--------------------------------------------------------------------------------

Date
«First Name» «Last Name»

--------------------------------------------------------------------------------

Participant's Name
 
«Emplid»

--------------------------------------------------------------------------------

Participant's Employee ID Number

--------------------------------------------------------------------------------

QuickLinks

EXHIBIT 10.04