Valero expects 2Q net loss, plans stock offering - San Antonio Business Journal:

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The company also indicated that it is considering an offerin of 40 million shares ofcommon stock. Valero’s (NYSE: VLO) seconcd quarter 2009 results, which will end June 30, have been impactec by an extended downtime at its Delawarew City and McKee refineries and a continuation of weak sour crudew oil discounts and lowereddiesel margins. Over the past three Valero has acquired seven ethanol plant s and a site currently under developmentfrom (OTCBB: for $477 million, excluding working capital. Valero also previously agreed tobuy ’s DOW) 45 percent ownership interest in Tota Raffinaderij Nederland N.V. for $600 excluding working capital.
The companyt expects its total capital expenditures in 2009 tobe $2.5 of which $1 billionb is for strategic projects. “Including the two acquisitions and our strategivccapital projects, we expect to inves t roughly $2 billion in growtn investments this year,” Valero Chairman and CEO Bill Klessee says. “Combining the $1 billion debt issuance in Marcy with the 40 million common share offeringannouncer today, we are able to continue to make strategiv investments, while maintaining our strong balancer sheet.
” Valero owns and operates 16 oil refineries throughouy the United States, Canada and the Caribbean with a combined throughput capacity of 3 million barrelsx per day. Valero also owns seven ethano l plants in the Midwest with a combined capacitgy of 780 million gallons per Valero also has a networlof 5,800 wholesale and retail gas outlets.