Valero Energy Hikes Dividend; To Buy Back Addl. $2.5 Bln Of Shares

(RTTNews) - Valero Energy Corp. (VLO) said that its board approved an increase in the company's regular quarterly cash dividend on common stock from $0.70 per share to $0.80 per share, effective with the quarterly dividend the Board has declared to be payable on March 6, 2018, to holders of record at the close of business on February 13, 2018. The increase in the dividend raises the annualized cash dividend rate on Valero's common stock to $3.20 per share.

The Board of Directors also approved an incremental $2.5 billion share repurchase authorization. Valero has about $1.2 billion of repurchase authority available under its previously announced buyback authorization, giving it $3.7 billion available for stock repurchases going forward.