11/20/2009-Valero Energy (NYSE:VLO) announced Friday that it was shuttering its Delaware City refinery, in an effort to cut operating costs. The firm said the move 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."

Valero said that it projects a Q4 pre tax charge of $1.7 billion to $1.8 billion, or approximately $2.00 to $2.15 per share after taxes.

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