By Maria Armental
Valero Energy Corp. (VLO), which has seen profit surge amid a
wave of cheap U.S. crude oil, is increasing its quarterly dividend
to 40 cents a share, a 45% increase.
The increase will take effect with its March 3 payment.
Based in San Antonio, Valero is the largest U.S. refiner with a
combined throughput capacity of about 2.9 million barrels a day.
Its ethanol plants have a combined production capacity of 1.3
billion gallons a year.
Valero is scheduled to report fourth-quarter results on Jan.
29.
Shares, up 3.31% to $49.60 recently on Friday, have fallen 3%
over the past 12 months.
Write to Maria Armental at maria.armental@wsj.com
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