OLD GREENWICH, Conn., June 10 /PRNewswire-FirstCall/ -- Premcor Inc.
(NYSE: PCO) announced today that its wholly-owned subsidiary, The Premcor
Refining Group Inc. ("PRG"), has completed its offering of $300 million in
7.5% Senior Notes due 2015. The Senior Notes were sold at par. PRG intends
to use the net proceeds of approximately $295 million for capital
expenditures, including an expansion of its Port Arthur, Texas refinery, for
acquisitions, and for working capital and general corporate purposes.
Thomas D. O'Malley, Premcor's Chairman and Chief Executive Officer, said,
"We are very pleased at the reception our offering received in the market last
week, and at the continuing investor confidence in our growth strategy that it
implies. Our Port Arthur expansion project promises strong returns upon its
completion in late 2005, and in the meantime we continue to examine various
acquisition opportunities to further grow the company and its earnings and
cash flow. We maintain rigorous discipline on the acquisition front, and
continue to view equity as an important component of any sizable growth
financing in the future."
Premcor Inc. is one of the largest independent petroleum refiners and
marketers of unbranded transportation fuels and heating oil in the United
States.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including the
company's current expectations with respect to future market conditions,
future operating results, the future performance of its refinery operations,
and other plans. Words such as "expects," "intends," "plans," "projects,"
"believes," "estimates," "may," "will," "should," "shall," and similar
expressions typically identify such forward-looking statements. Even though
Premcor believes the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that its
expectations will be attained. Factors that could cause actual results to
differ materially from expectations include, but are not limited to,
operational difficulties, varying market conditions, potential changes in
gasoline, crude oil, distillate, and other commodity prices, government
regulations, and other factors contained from time to time in the reports
filed with the Securities and Exchange Commission by the company and its
subsidiary, The Premcor Refining Group Inc., including quarterly reports on
Form 10-Q, reports on Form 8-K, and annual reports on Form 10-K.
SOURCE Premcor Inc.
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Related links:
http://www.premcor.com
CONTACT:
Media-Investors, Joe Watson, +1-203-698-7510,
or Investors, Karen Davis, +1-314-854-1424, or Michael Taylor,
+1-314-719-2304, all of Premcor Inc.
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