Homer Bhullar
VP, IR & Finance at Valero Energy
Regarding investing activities, we made $660,000,000 of capital investments in the first quarter of twenty twenty five, of which $582,000,000 was for sustaining the business including costs for turnarounds, catalysts and regulatory compliance and the balance was for growing the business. Excluding capital investments attributable to the other joint venture member share of DGD and other variable interest entities, capital investments attributable to Valero were $611,000,000 in the first quarter of twenty twenty five. Moving to financing activities, we returned $633,000,000 to our stockholders in the first quarter of twenty twenty five, of which $356,000,000 was paid as dividends and $277,000,000 was for the purchase of approximately 2,100,000.0 shares of common stock, resulting in a payout ratio of 73% for the quarter. On January 16, we announced a 6% increase to the quarterly cash dividend on common stock from 1.07 to $1.13 per share delivering on our commitment of a growing dividend. With respect to our balance sheet, we issued $650,000,000 aggregate principal amount of 5.15% senior notes due 02/1930 in February and repaid the outstanding principal balances of $189,000,000 of 3.65% senior notes that matured in March and $251,000,000 of 2.85% senior notes that matured in April.