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Valero Announces Dividend Increase - Stock Price Rises

The yearly dividend is now at its highest rate in company history.

An announcement on the Valero investors relations web site yesterday announced a dividend increase for holders of Valero common stock.  The price of the stock jumped 2.33 percent yesterday to close at $25.51 on the New York Stock Exchange.

"With this increase, Valero's dividend per share is at the highest level in company history and shows our confidence in improved operations, favorable industry trends, and future benefits from our large growth projects that are nearing completion," said Bill Klesse, Valero's Chairman of the Board and Chief Executive Officer.

The is one of 16 oil refineries the company owns in addition to a wind farm, gas stations and ethanol production plants.  The refinery produces about 25 percent of the gasoline used in the Bay Area.

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