The Board of Directors of Valero Energy Corporation (NYSE:VLO) has declared a regular quarterly cash dividend on the company's common stock of $0.10 per share. The dividend is payable December 14, 2005 to holders of record at the close of business on November 9, 2005.

The Valero Board of Directors has also declared a regular quarterly cash dividend on the company's 2 percent Mandatory Convertible Preferred Stock of $ 0.125 per share. The dividend is payable December 31, 2005 to holders of record at the close of business on December 30, 2005.

Valero Energy Corporation is a Fortune 500 company based in San Antonio, with approximately 22,000 employees and annual revenue of about $70 billion. The company owns and operates 18 refineries throughout the United States, Canada and the Caribbean with a combined throughput capacity of approximately 3.3 million barrels per day, making it the largest refiner in North America. Valero is also one of the nation's largest retail operators with more than 4,700 retail and branded wholesale outlets in the United States, Canada and the Caribbean under various brand names including Valero, Diamond Shamrock, Shamrock, Ultramar, and Beacon. Please visit www.valero.com for more information.