July 18, 2012:

U.S. oil refiner Western Refining Inc doubled its quarterly dividend and authorised an up to $200 million share buyback, citing reduced debt and confidence in sustaining current margins. The company in May posted a higher first-quarter adjusted profit, helped by higher margins and output at its largest refinery at El Paso, Texas. Western Refining said it will buy back shares to address potential shareholder dilution related to its convertible notes which mature in 2014. The company said it will pay a third-quarter cash dividend of 8 cents per share, payable on Aug. 13 to shareholders of record as of July 27. Shares of Western Refining, which have almost doubled in value over the last eight months, closed at $24.83 on the New York Stock Exchange on Tuesday.

By Reuters