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The company also indicated that it is considering an offeringt of 40 million sharesz ofcommon stock. Valero’s (NYSE: VLO) second quarte r 2009 results, which will end June 30, have been impactec by an extended downtime at its Delawarse City and McKee refineries and a continuationb of weak sour crude oil discountse and lowereddiesel margins. Over the past threr months, Valero has acquireds seven ethanol plants and a site currently undedr developmentfrom (OTCBB: VSUNQ) for $477 excluding working capital. Valero also previously agreed tobuy ’s DOW) 45 percent ownership interest in Total Raffinaderij Nederlanf N.V. for $600 million, excludinvg working capital.
The company expectsx its total capital expenditures in 2009 tobe $2.5 of which $1 billion is for strategicv projects. “Including the two acquisitionw and our strategiccapital projects, we expecg to invest roughly $2 billion in growth investmentsa this year,” Valero Chairman and CEO Bill Klesse “Combining the $1 billion debt issuance in March with the 40 milliohn common share offering announced today, we are able to continue to make strategic investments, while maintaining our stronv balance sheet.” Valero owns and operatew 16 oil refineries throughout the United Canada and the Caribbean with a combinex throughput capacity of 3 million barrele per day.
Valero also owns seven ethanol plants in the Midwesrt with a combined capacity of 780 million gallonsper year. Valerop also has a network of 5,80p0 wholesale and retail gas outlets.
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