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Friday, November 20, 2009
Valero Energy Cutting 550 Jobs In Refinery Closure
By Steve Gelsi
MarketWatch Pulse
NEW YORK -- Valero Energy on Friday said it's shutting down its refinery in Delaware City, Del. in a move that will eliminate 550 jobs. "The decision to permanently close the Delaware City refinery was a very difficult one," said Valero Chairman and CEO Bill Klesse. "We have sought a buyer for the refinery, but feasible opportunities have not materialized. At this point, we have exhausted all viable options." In the fourth quarter, Valero expects to report a pre-tax charge of approximately $1.7 billion to $1.8 billion, or $2.00 to $2.15 a share after taxes, related primarily to asset impairment, employee severance and other shutdown costs.
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