SAN ANTONIO, July 29, 2014 /PRNewswire/ -- 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 $0.25 per share to $0.275, effective with the quarterly dividend the Board has declared to be payable on September 17, 2014 to holders of record at the close of business on August 20, 2014. The increase in the dividend raises the annualized cash dividend rate on Valero's common stock to $1.10 per share.
"This is Valero's second increase in the regular cash dividend during 2014, and is a 37.5% increase since the start of 2013," said Joe Gorder, Valero CEO and President. "This increase reflects our belief in the earnings power of our business and our continued commitment to return cash to stockholders."
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. Valero subsidiaries employ approximately 10,000 people, and assets include 15 petroleum refineries with a combined throughput capacity of approximately 2.9 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year, a 50-megawatt wind farm, and renewable diesel production from a joint venture. Through subsidiaries, Valero owns the general partner of Valero Energy Partners LP (NYSE: VLP), a midstream master limited partnership. Approximately 7,400 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.
John Locke, Executive Director – Investor Relations, 210-345-3077
Karen Ngo, Manager – Investor Relations, 210-345-4574
Bill Day, Vice President – Communications, 210-345-2928
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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," 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.
SOURCE Valero Energy Corporation