Valero Energy Boosts Regular Cash Dividend 45%

(RTTNews) - Valero Energy Corp. (VLO) said Thursday that its Board of Directors has approved an increase in the company's regular quarterly cash dividend on common stock from $0.275 per share to $0.40 per share, effective with the quarterly dividend the Board has declared to be payable on March 3 to holders of record on February 11.

The increase in the dividend raises the annualized cash dividend rate on Valero's common stock to $1.60 per share.

"This significant increase in our regular cash dividend shows our commitment to returning cash to stockholders," said Joe Gorder, Valero Chairman and CEO. "Our strong operating performance and financial strength have enabled us to continue to prudently invest capital to increase the competiveness of our business for the long term."