Key Developments: Valero Energy Corp (VLO)
40.53USD
22 May 2013
$-0.68 (-1.65%)
$41.21
$41.24
$42.00
$40.17
9,113,067
10,368,360
$48.97
$20.00
Latest Key Developments (Source: Significant Developments)
Valero Energy Corp Declares Regular Cash Dividend On Common Stock
Valero Energy Corp announced that it has declared a regular quarterly cash dividend on the Company's common stock of $0.20 per share. The dividend is payable on June 19, 2013 to holders of record at the close of business on May 22, 2013. Full Article
CST Brands Inc Spins Off From Valero Energy Corporation
CST Brands Inc announced that the Company which includes Corner Store and Dépanneur du Coin, spun off from Valero Energy Corporation, entering the market as the second-publicly-traded fuel and convenience merchandise retailer in North America. Effective May 1, CST shares were distributed to Valero shareholders at a rate of one share of CST for every nine shares of Valero common stock held as of April 19, 2013. Regular way trading of CST common stock will begin on May 2, 2013. CST stock will be traded on the NYSE under the ticker symbol CST. Full Article
Valero Energy Corp's Board Approves Spinoff Of Retail Business-Reuters
Reuters reported that Valero Energy Corp's Board of Directors approved the spinoff of its retail business, CST Brands Inc. Energy companies have increasingly looked to split off business units as a means of achieving a higher valuation for them. Valero said last summer that it would explore options for the gasoline and convenience stores it owns in the United States and Canada, including a spinoff that gives its shareholders ownership of the retail unit. Full Article
Valero Energy Corp Increases Dividend On Common Stock
Valero Energy Corp announced that it has approved an increase in the Company's regular quarterly cash dividend on common stock from $0.175 per share to $0.20 per share, effective with the quarterly dividend the Board has declared to be payable on March 13, 2013 to holders of record at the close of business on February 13, 2013. The increase in the dividend raises the annualized dividend rate on the Company's common stock to $0.80 per common share. Full Article
Valero Energy Corp Declares Regular Cash Dividend On Common Stock
Valero Energy Corp announced that it has declared a regular quarterly cash dividend on the Company's common stock of $0.175 per share. The dividend is payable on December 12, 2012 to holders of record at the close of business on November 21, 2012. Full Article
Valero Energy Corp May Raise Over $3.5 Billion In Retail Business Sale-Reuters
Reuters reported that Valero Energy Corp is selling its retail business through an auction that could fetch more than $3.5 billion and has lured the interest of private equity firms and convenience-store operators. Valero, which is being advised by Credit Suisse Group. Full Article
Kinder Morgan Energy Partners Starts Construction on Parkway Pipeline Partnering With Valero Energy Corp - Reuters
Reuters Reported that Kinder Morgan Energy Partners began construction of the Parkway Pipeline, increasing the amount of gasoline, jet and diesel carried from Louisiana refineries to the oil hub of Collins, Mississippi. The 136-mile, 16 inch pipeline will begin in Norco, Louisiana and carry 110,000 bpd initially, with the ability to expand to over 200,000 bpd. Kinder Morgan is partnering with Valero Energy Corp to build the pipeline, which is expected to be in service by mid-year 2013. Full Article
Carl Icahn Pulls Offer For Rest Of CVR Energy Inc; Names Valero Energy Corp. And Other As Possible Buyers-Reuters
Reuters reported that Carl Icahn has withdrawn his $29-per-share offer to buy the remaining shares of CVR Energy Inc that he does not already own. Icahn, who controls about 82% of CVR's outstanding shares, acknowledged in a letter to CVR filed with securities regulators that he had been unwilling to consider paying more than $30 per share as of August 6. Icahn, who got control of CVR through a $30 per share tender offer, earlier tried to find a buyer for CVR, insisting he would not settle for an offer below $35 per share in cash. He had named Valero Energy Corp., Western Refining, Inc., HollyFrontier Corp, Tesoro Corp , and Marathon Petroleum Corporation as possible buyers. Full Article
Standard & Poor Revises Valero Energy Corp's Outlook To Negative - Reuters
Reuters reported that Standard & Poor's Ratings Services affirmed its 'BBB' corporate credit and senior unsecured rating on Valero Energy Corp. At the same time, Standard & Poor revised the outlook to negative from stable. The negative outlook reflects Standard & Poor's opinion that a divestiture of Valero's retail operations will leave it more exposed to volatility. Full Article
Valero Energy Corp Plans to Spin Off Retail Business-The Oil Daily
The Oil Daily reported that Valero Energy plans to spin off its retail business, possibly to its current shareholders, within six months. The retail business reported record operating income of $172 million for the second quarter of this year, up from $135 million in the same period of 2011. Full Article
WRAPUP 2-Valero, Marathon profits up, refiners eye more U.S. crude
HOUSTON, April 30 - Valero Energy Corp and Marathon Petroleum Corp reported higher first-quarter profits on Tuesday as both U.S. refining companies kept looking for ways to boost the use of cheaper domestic crude oil.
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