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Valero Energy Corporation Increases Dividend on Common Stock By 25%

Posted on: Thursday, 1 May 2008, 12:01 CDT

The Board of Directors of Valero Energy Corporation (NYSE:VLO) has approved an increase in the company's regular quarterly cash dividend on common stock from $0.12 per share to $0.15 per share, effective with the quarterly dividend the Board has declared to be payable on June 18, 2008 to holders of record at the close of business on May 28, 2008. The increase in the dividend raises the annualized dividend rate on the company's common stock to $0.60 per common share.

"Increasing the dividend by 25 percent clearly shows that we are focused on our shareholders," said Bill Klesse, Valero's Chairman of the Board and Chief Executive Officer. "In fact, we've increased the quarterly dividend rate by 150% since early 2006. Today's increase also signifies Valero's continued financial strength and commitment to using a balanced approach to allocating cash flow."

Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 22,000 employees and 2007 annual revenues of $95 billion. The company owns and operates 17 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.1 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation's largest retail operators with approximately 5,800 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names including Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon. 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.

Source: Business Wire

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