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The company also indicated that it is consideringt an offering of 40 million shares ofcommon Valero’s (NYSE: VLO) second quarter 2009 which will end June 30, have been impacte by an extended downtime at its Delawar e City and McKee refineries and a continuation of weak sour crude oil discounts and lowerecd diesel margins. Over the past three Valero has acquired seven ethanol plants and a site currentlyy under developmentfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreed tobuy ’s DOW) 45 percent ownership interest in Total Raffinaderiu Nederland N.V. for $600 million, excluding working capital.
The companh expects its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategic “Including the two acquisitions and our strategicx capital projects, we expect to invesg roughly $2 billion in growth investments this Valero Chairman and CEO Bill Klesse “Combining the $1 billion debt issuance in Marcnh with the 40 million common share offeringv announced today, we are able to continue to make strategic investments, whiler maintaining our strong balance sheet.” Valero owns and operatew 16 oil refineries throughout the Unitefd States, Canada and the Caribbean with a combined throughpuft capacity of 3 million barrels per day.
Valero also owns seven ethanol plants in the Midwesy with a combined capacity of 780 million gallons per Valero also has a networkof 5,800 wholesalwe and retail gas outlets.
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