Western Refining, Inc. (WNR) announced that its Board of Directors has authorized a share repurchase program of up to $200 million. The share repurchases may be made from time-to-time through open market transactions, block trades, privately negotiated transactions or otherwise and are subject to market conditions, as well as corporate, regulatory, and other considerations. This share repurchase program may be discontinued at any time by the Board of Directors.
Additionally, the Company's Board of Directors approved a cash dividend of $0.08 per share of common stock for the third quarter of 2012. The dividend will be paid on August 13, 2012, to shareholders of record at the close of market on July 27, 2012.
Jeff Stevens, Western's President and Chief Executive Officer, commented, "We have made tremendous progress in strengthening the Company's balance sheet and these actions demonstrate our commitment to delivering value to our shareholders. This share repurchase, in part, is to address potential shareholder dilution related to our convertible notes which mature in 2014. In addition to the share repurchase program, we are pleased to be able to double the cash dividend for the third quarter."
Stevens continued, "Given that we have significantly reduced our debt and have confidence in the sustainability of the current margin environment, we are pleased to increase the level of cash being returned to shareholders through this dividend."
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