RTTNews | May 12, 2021 10:50AM EDT

10:50 Wednesday, May 12, 2021 (RTTNews.com) - Shares of petroleum refining company CVR Energy, Inc. (CVI) are climbing 12 percent on Wednesday trading as the company announced a special dividend and many renewable diesel initiatives.

The company's Board of Directors announced a special dividend of $492 million payable in a cash and stock combination on June 10 to stockholders of record as on May 26.

CV Energy added that the Board has approved expenditures of up to $10 million to fast forward its renewable diesel initiatives.

The stock is currently trading at $23.40, up $2.51 or 12 percent on the NYSE.

CVI has traded between $9.81 and $27.02 during the last 52 weeks.

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