Reuters: Global Markets: Valero posts higher profit; to split off retail arm

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Valero posts higher profit; to split off retail arm Jul 31st 2012, 12:23 Tue Jul 31, 2012 8:23am EDT (Reuters) - U.S. refining company Valero Corp (VLO.N) posted a higher quarterly profit and said it would split off its retail business, lifting its shares nearly 7 percent in premarket trading on Tuesday. "As independent companies, both retail and the remaining business will be better positioned to focus on their industry-specific strategies," Chairman and CEO Bill Klesse said in a statement. The San Antonio company reported a second-quarter profit of $831 million or $1.50 per share, compared with $745 million, or $1.30 per share, a year earlier. Valero said its retail arm reported record-high quarterly operating income of $172 million, up from $135 million a year earlier. The company also raised its quarterly dividend by 17 percent to 17.5 cents per share. Shares in Valero rose 6.9 percent to $27.89 in premarket trading. (Reporting By Anna Driver in Houston and Matt Daily in New York; Editing by Gerald E. McCormick and Jo9hn Wallace)

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