By Tess Stynes
Valero Energy Corp. (VLO) said its board authorized the
repurchase of an additional $2.5 billion of the oil refiner's
shares, bringing the total amount under the company's stock buyback
plan to $2.9 billion.
Shares rose 1.7% to $68 in recent after-hours trading.
The San Antonio, Texas-based company said its previous stock
repurchase program had $400 million remaining.
Valero, the largest refiner in the U.S., during April had
reported that its first-quarter revenue tumbled 37%, though results
still exceeded Wall Street expectations due to steep cost cuts and
stronger volume and margins in its refining division.
Valero recently had a market capitalization of roughly $33.49
billion, according to FactSet.
The company plans to release its second-quarter financial
results July 30.
Write to Tess Stynes at tess.stynes@wsj.com
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