Valero Bracing Itself for Second Quarter

According to the energy giant itself, Valero Energy Corp. is preparing to post a 50 cent per share loss in the second quarter of this year. This information comes from a report in which Valero also confirmed that it is mulling over an offer of 40 million shares of common stock.
 
Although the economic situation has hardly been friendly to anyone, Valero has been hit especially hard. Two of its most important refineries have seen extended downtime while the entire oil industry has been having trouble with lower sour crude discounts and smaller margins on diesel.
 
All in all, Valero is capable of putting out 3 million barrels of refined oil per day thanks to its 16 refineries throughout North America and the Caribbean. Valero is probably best known to the average person, though, for its 5,800 gas outlets.

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