Valero 2005 Annual Report Download - page 26

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24 VA L E R O E N E R G Y C O R P OR A T I O N
TO THE BOARD OF DIRECTORS
AND STOCKHOLDERS OF
VALERO ENERGY CORPORATION
We have audited, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States), the
consolidated statements of income,
stockholders’ equity, cash flows and
comprehensive income of Valero Energy
Corporation and subsidiaries (the Company)
for the year ended December 31, 2003,
appearing in the Company’s 2005 Annual
Report on Form 10-K (not presented herein).
In our report dated March 11, 2004, also
appearing in that Annual Report, we
expressed an unqualified opinion on those
consolidated financial statements.
In our opinion, the information set forth in
the accompanying condensed consolidated
statements of income and cash flows for the
year ended December 31, 2003, are fairly
stated, in all material respects, in relation to the
consolidated financial statements from which
it has been derived.
Ernst & Young LLP
San Antonio, Texas
March 11, 2004
THE BOARD OF DIRECTORS
AND STOCKHOLDERS OF
VALERO ENERGY CORPORATION
AND SUBSIDIARIES:
We have audited, in accordance with the
standards of the Public Company Accounting
Oversight Board (United States), the
consolidated balance sheets of Valero Energy
Corporation and subsidiaries (the Company)
as of December 31, 2005 and 2004, and the
related consolidated statements of income,
stockholders’ equity, cash flows and
comprehensive income for the years then
ended appearing in the Company’s 2005
Annual Report on Form 10-K (not presented
herein). In our report dated March 1,
2006, also appearing in that Annual Report,
we expressed an unqualified opinion on those
consolidated financial statements.
In our opinion, the information set forth in
the accompanying condensed consolidated
balance sheets as of December 31, 2005 and
2004, and the related condensed consolidated
statements of income and cash flows for the
years then ended, are fairly stated, in all
material respects, in relation to the
consolidated financial statements from which
it has been derived.
KPMG LLP
San Antonio, Texas
March 1, 2006
e financial information presented on pages 25-29 of this summary annual report should be read
in conjunction with Valero Energy Corporation’s complete Consolidated Financial Statements
(including the notes) and Management’s Discussion and Analysis of Financial Condition and
Results of Operations. is and other information about the Company is contained in Valero’s
Proxy Statement for the 2006 Annual Meeting of Stockholders and Valero’s Form 10-K for the
year ended December 31, 2005. ese documents are provided to all shareholders of record as
of March 1, 2006. In addition, anyone may request, without charge, a Form 10-K by writing or
calling Valero’s Investor Relations Department. Address and contact information can be found
on the inside back cover of this report. Valero’s 2005 Annual Report on Form 10-K and the
Proxy Statement also may be accessed via the Company’s web site at: www.valero.com.
FINANCIAL INFORMATION
CONDENSED & CONSOLIDATED