Valero Energy Corporation Increases Regular Cash Dividend by 14 Percent and Announces Additional Share Repurchase Authorizati...
January 23 2018 - 4:15PM
The Board of Directors of Valero Energy Corporation (NYSE:VLO)
(“Valero”) has 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 approximately $1.2 billion of repurchase authority
available under its previously announced buyback authorization,
giving it $3.7 billion available for stock repurchases going
forward.
As a reminder, Valero will host a conference
call on February 1, 2018, at 10 a.m. ET to discuss fourth quarter
and full year 2017 earnings results, which will be released earlier
that day, and to provide an update on company operations and
strategy. Persons interested in listening to the presentation
live via the internet may log on to Valero’s website at
www.valero.com.
About ValeroValero Energy
Corporation, through its subsidiaries, is an international
manufacturer and marketer of transportation fuels and other
petrochemical products. Valero, a Fortune 50 company
based in San Antonio, Texas, with approximately
10,000 employees, is an independent petroleum refiner and
ethanol producer, and its assets include 15 petroleum
refineries with a combined throughput capacity of approximately
3.1 million barrels per day and 11 ethanol plants with a
combined production capacity of 1.4 billion gallons per
year. The petroleum refineries are located in the United
States (U.S.), Canada and the United Kingdom (U.K.), and the
ethanol plants are located in the Mid-Continent region of the
U.S. In addition, Valero owns the 2 percent general
partner interest and a majority limited partner interest in Valero
Energy Partners LP, a midstream master limited partnership.
Valero sells its products in both the wholesale rack and bulk
markets, and approximately 7,400 outlets carry Valero’s brand
names in the U.S., Canada, the U.K. and Ireland. Please visit
www.valero.com for more information.
Valero ContactsInvestors:John
Locke, Vice President – Investor Relations, 210-345-3077Karen Ngo,
Senior Manager – Investor Relations, 210-345-4574Tom Mahrer,
Manager – Investor Relations, 210-345-1953
Media:Lillian Riojas, Director – Media Relations
and Communications, 210-345-5002
Safe-Harbor StatementStatements
contained in this release that state the company’s or management’s
expectations or predictions of the future are forward-looking
statements intended to be covered by the safe harbor provisions of
the Securities Act of 1933 and the Securities Exchange Act of
1934. The words “believe,” “expect,” “should,” “estimates,”
“intend,” “targeting,” and other similar expressions identify
forward-looking statements. It is important to note that
actual results could differ materially from those projected in such
forward-looking statements based on numerous factors, including
those outside of the company’s control, such as delays in
construction timing and other factors. For more information
concerning factors that could cause actual results to differ from
those expressed or forecasted, see Valero’s annual reports on Form
10-K, quarterly reports on Form 10-Q and our other reports filed
with the SEC and on Valero’s website at www.valero.com, and VLP’s
annual reports on Form 10-K and quarterly reports on Form 10-Q
filed with the SEC and on VLP’s website at
www.valeroenergypartners.com.
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