Increased - by 50% - divvies.
Increases divvies and uses excess cash to buy back shares. Unlike a lot of the high tech companies, actually reduces the number of outstanding shares. Some, Broadcon comes to mind, buy back shares but never actually reduce the number outstanding which, of course, is generally the purpose of buy backs.
Love this company.
Buying more if it gets in the mid-48s.
corporate-ir.net
SAN ANTONIO--(BUSINESS WIRE)--Jan. 18, 2007--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 $0.08 per share to $0.12 per share, effective with the quarterly dividend the Board has declared to be payable on March 14, 2007 to holders of record at the close of business on February 14, 2007. The increase in the dividend increases the annualized dividend rate on the company's common stock to $0.48 per common share.
"This represents a 50 percent increase in our dividend, which is the largest quarterly increase in Valero's history," said Bill Klesse, Valero's Chief Executive Officer. "In addition to showing our confidence in the company's business outlook and strong financial position, this large increase demonstrates our commitment to returning cash to shareholders while maintaining a balanced approach to allocating our cash flow."
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