SAN ANTONIO, October 27, 2011 - The Board of Directors of Valero Energy Corporation ("Valero", NYSE:VLO) has approved an increase in the company's regular quarterly cash dividend on common stock from $0.05 per share to $0.15 per share, effective with the quarterly dividend the Board has declared to be payable on December 14, 2011 to holders of record at the close of business on November 16, 2011. The increase in the dividend raises the annualized dividend rate on the company's common stock to $0.60 per common share.
"This dividend increase reflects our confidence in Valero's financial performance from improved operations and favorable industry conditions. At an annualized rate of $0.60 per share, we have returned the dividend rate to the level we had prior to the Great Recession," said Bill Klesse, Valero's Chairman of the Board and Chief Executive Officer. "It also reflects the significant earnings contribution we expect from our major growth projects, which are scheduled for completion in 2012."
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 22,000 people, and assets include 16 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 10 ethanol plants with a combined production capacity of 1.2 billion gallons per year, and a 50-megawatt wind farm. Approximately 6,800 retail and branded wholesale outlets carry the Valero, Diamond Shamrock, Shamrock and Beacon brands in the United States and the Caribbean; Ultramar in Canada; and Texaco in the United Kingdom and Ireland. Valero is a Fortune 500 company based in San Antonio. Please visit www.valero.com for more information.
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," 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. 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 and quarterly reports on Form 10-Q, filed with the Securities and Exchange Commission and on Valero's website at www.valero.com.
Investors: Ashley Smith, Vice President - Investor Relations, 210-345-2198
Media: Bill Day, Executive Director - Corporate Communications, 210-345-2928