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The company also indicated that it is considerinh an offering of 40 million shares ofcommon stock. Valero’w (NYSE: VLO) second quarter 2009 which will endJune 30, have been impactecd by an extended downtime at its Delawares City and McKee refineries and a continuatio of weak sour crude oil discountas and lowered diesel margins. Over the past three Valero has acquired seven ethanol plantas and a site currently under developmentfrom VSUNQ) for $477 million, excluding workiny capital. Valero also previously agreecd tobuy ’s (NYSE: DOW) 45 percent ownershipo interest in Total Raffinaderij Nederland N.V. for $600 excluding working capital.
The company expectse its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategic projects. “Includingt the two acquisitions and our strategic capital we expect to investroughly $2 billiob in growth investments this year,” Valerol Chairman and CEO Bill Klesse says. “Combininy the $1 billion debt issuance in Marcgh with the 40 million common shared offeringannounced today, we are able to continue to make strategiv investments, while maintaining our strong balance sheet.” Valerk owns and operates 16 oil refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of 3 million barrels per day.
Valero also owns sevenh ethanol plants in the Midwesg with a combined capacity of 780 million gallons per Valero also has a networkof 5,800 wholesale and retail gas
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