Valero Remains On Lookout For Refinery Buys |
| Wall Street Journal - Nov 1, 2011 |
Valero Energy Corp. (VLO) remains on the lookout for potential acquisitions despite having already spent more than $2 billion for two refinery assets this year, the company said Tuesday.
Valero earlier this year paid $585 million for Murphy Oil Corp.'s (MUR) 125,000 barrel-a-day Meraux refinery and related assets in Lousianna, and $1.7 billion for Chevron Corp's (CVX) 210,000 barrel-a-day refinery and assets in Wales. Despite stagnant U.S. gasoline demand, global markets for diesel and gasoline are improving and a number of refineries are available to buy at "attractive" prices, Valero Chief Executive Bill Klesse said.
"If it's strategic, if it's accretive, Valero is still interested or is going to look," Klesse said during a conference call with investors. "We think we can add value."
Klesse mentioned as of particular interest Murphy Oil's 130,000 barrel-a-day refinery in Milford Haven, Wales, which sits not far from the plant Valero bought from Chevron
"Europe is still of interest," Klesse said.
Read Full Article from Wall Street Journal
- Posted: 2011-11-01 12:14:11
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
