SAN ANTONIO (AP) -- Valero Energy Corp. is raising its quarterly dividend by 2.5 cents.
The increase, from 15 cents per share to 17.5 cents, is effective with the dividend payable on Sept. 12 to shareholders of record on Aug. 15. The move lifts the company's annual payout to 70 cents per share.
San Antonio-based Valero buys oil and refines it into a variety of products such as gasoline, diesel fuel, jet fuel, and asphalt.
Shares of Valero Energy gained 58 cents, or 2.3 percent, to close at $25.51 on Thursday. During the past year, the stock has traded in a range of $16.40 to $28.68.