Valero 2003 Annual Report Download - page 25
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Please find page 25 of the 2003 Valero annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.TotheBoardofDirectorsandStockholders
ofValeroEnergyCorporationandSubsidiaries:
We have audited, in accordance with auditing standards generally accepted in the United
States, the consolidated balance sheets ofValero Energy Corporation and subsidiaries (the
Company)asofDecember31,2003and2002,andtherelatedconsolidatedstatementsof
income,stockholders’equity,cashowsandcomprehensiveincomefortheyearsthenended,
appearingintheCompany’s2003AnnualReportonForm10-K(notpresentedherein).In
our report dated March 11, 2004, also appearing in that Annual Report, we expressed an
unqualiedopiniononthoseconsolidatednancialstatements.
TheconsolidatednancialstatementsofValeroEnergyCorporationandsubsidiariesforthe
yearendedDecember31,2001,alsoappearinginthatAnnualReport,wereauditedbyother
auditors who have ceased operations and whose report dated March 5, 2002 expressed an
unqualiedopiniononthosestatementsbeforetherevisionsdescribedinNotes21and28.
Also,inourreportdatedMarch11,2004,weexpressedanopinionthatsuchreclassication
adjustments made to revise the 2001 nancial statements are appropriate and have been
properlyapplied.
Inouropinion,theinformationsetforthintheaccompanyingcondensedconsolidatedbalance
sheetsasofDecember31,2003and2002,andtherelatedcondensedconsolidatedstatements
ofincomeandcashowsfortheyearsthenendedarefairlystated,inallmaterialrespects,in
relationtotheconsolidatednancialstatementsfromwhichithasbeenderived.
Ernst&YoungLLP
SanAntonio,Texas
March11,2004
reportofindependentauditors
Thenancialinformationpresentedonpages23-27ofthissummaryannualreportshould
be read in conjunction with Valero Energy Corporation’s complete Consolidated Financial
Statements (including the notes) and Management’s Discussion and Analysis of Financial
ConditionandResultsofOperations.
This and other information about the Company is contained in Valero’s Proxy Statement
for the 2004 Annual Meeting of Stockholders andValero’s Form 10-K for the year ended
December 31, 2003. These documents are provided to all shareholders of record as of
March1,2004.Inaddition,anyonemayrequest,withoutcharge,aForm10-Kbywritingor
callingValero’sInvestorRelationsDepartment.Addressandcontactinformationcanbefound
ontheinsidebackcoverofthisreport.Valero’s2003AnnualReportonForm10-Kandthe
ProxyStatementalsomaybeaccessedviatheCompany’swebsiteat:www.valero.com.
condensednancialinformation
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