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Valero Energy Corporation Increases Regular Cash Dividend by 14 Percent and Announces Additional Share Repurchase Authorization
01/23/2018 | 10:16pm CET
SAN ANTONIO, Jan. 23, 2018 (GLOBE NEWSWIRE) -- 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 Valero Valero 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 Contacts Investors: John Locke, Vice President – Investor Relations, 210-345-3077 Karen Ngo, Senior Manager – Investor Relations, 210-345-4574 Tom Mahrer, Manager – Investor Relations, 210-345-1953
Media: Lillian Riojas, Director – Media Relations and Communications, 210-345-5002
Safe-Harbor Statement Statements 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.