With refining margins holding steady in the face of rising oil prices and the impending changes to the U.S. tax code, Valero is looking better and better by the day. The company has a suite of investments to increase its presence in Mexico, expand refined product exports, and improve its crude oil sourcing for some of its refineries. That may not sound like much in terms of organic growth, but the company's ability to throw off so much free cash flow that management rewards shareholders with it makes for a relatively decent value proposition.