SAN ANTONIO, January 23, 2013 - The Board of Directors of Valero Energy Corporation ("Valero", NYSE:VLO) 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.

"This dividend increase reflects our positive outlook for Valero and our commitment to return more cash to shareholders," said Valero Chairman and CEO Bill Klesse.