The board also approved a cash dividend of $0.08 per share of common stock for the third quarter of 2012 which will be paid on 13 August, 2012, to shareholders of record at the close of market on 27 July 2012.
Western Refining president and chief executive officer Jeff Stevens said 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 added.
"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."
The company can purchase shares from open market, block trades, privately negotiated transactions or otherwise subject to market conditions, corporate, regulatory, and other considerations.
The board of directors can discontinue the repurchase program any time.
US based Western Refining is an independent refining and marketing company.
