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Valero raises dividend by 2.5 cents to 20 cents

SAN ANTONIO (AP) -- Valero announced a 2.5-cent increase for the oil refiner's regular quarterly cash dividend Wednesday, raising it to 20 cents.

The new dividend, which represents a 14 percent increase over the previous payout, will be paid on March 13 to shareholders of record as of Feb. 13.

Shares of Valero Energy Corp., based in San Antonio, rose $1.08, or 3 percent, to $38.24 in afternoon trading.