Valero Energy Corporation (VLO) will raise its quarterly dividend by 16.7 percent to $0.70 per share in 2017. The increased dividend will be payable on March 7, 2017 to holders of record at the close of business on February 15, 2017. The increase in the dividend raises the annualized cash dividend rate on Valero's common stock to $2.80 per share.

Valero has now increased its quarterly cash dividend rate for seven consecutive years following a 66.7% dividend cut in 2010.

Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels, other petrochemical products and power. The company is a manufacturer and marketer of transportation fuels and petrochemical products. Valero operates petroleum refineries and ethanol plants. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero also is a joint venture partner in Diamond Green Diesel, which operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America.