Valero raises dividend to 22.5 cents from 20 cents

Valero Energy raises quarterly dividend to 22.5 cents from 20 cents

Associated Press

SAN ANTONIO (AP) -- Refinery operator Valero Energy Corp. on Thursday raised its quarterly dividend to 22.5 cents from 20 cents.

The next dividend is payable Sept. 11 to shareholders of record on Aug. 14.

Valero reported its second-quarter results on Tuesday. Net income fell 44 percent on higher prices for oil and natural gas and greater costs for some government-required ethanol credits. Its net income was lower than Wall Street expected, but revenue was above expectations.

Valero shares rose $1.18, or 3.4 percent, to $35.78 in afternoon trading.

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