Refiner Valero’s board OKs $2.5 billion share buyback

Valero Energy Corp. said late Thursday its board has approved a new share buyback authorization of up to $2.5 billion, which replaces a previous authorization announced in January 2018. The refiner said it has bought about 45.4 million shares of its stock since that year. Valero shares rose 0.7% in the extended session Thursday after ending the regular trading day up 4.6%. The refiner is scheduled to report second-quarter earnings on July 28.

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