Valero Energy Corporation (VLO) will raise its quarterly dividend by 8.9 percent to $0.98 per share in the first quarter of 2020. This is the company's 10th consecutive year of dividend increases.

The next dividend is payable on March 4, 2020, to holders of record at the close of business on February 12, 2020. A new annualized dividend rate of $3.92 per share and yields 4.4% at a stock price of $88.26.

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.