Valero 2002 Annual Report Download - page 24

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(millions of dollars, except per share amounts)
2002 2001 2000
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
OPERATING REVENUES $26,976 $14,988 $ 14,671
COSTS AND EXPENSES:
cost of sales 23,795 12,745 13,077
refining operating expenses 1,332 845 683
retail selling expenses 647 6 2
administrative expenses 282 153 124
depreciation and amortization expense 449 238 174
total costs and expenses 26,505 13,987 14,060
OPERATING INCOME 471 1,001 611
OTHER INCOME (EXPENSE), NET 9(5) —
INTEREST AND DEBT EXPENSE, NET (286 ) (88) (76)
MINORITY INTEREST IN NET INCOME OF
CONSOLIDATED PARTNERSHIP (14 ) — —
DISTRIBUTIONS ON PREFERRED SECURITIES OF
SUBSIDIARY TRUSTS (30 ) (13 )(7)
INCOME BEFORE INCOME TAX EXPENSE 150 895 528
INCOME TAX EXPENSE 58 331 189
NET INCOME $92$564 $ 339
EARNINGS PER COMMON SHARE $0.86 $9.28 $ 5.79
weighted average common shares outstanding (in millions) 105.8 60.7 58.5
EARNINGS PER COMMON SHARE —
ASSUMING DILUTION $0.83 $8.83 $ 5.60
weighted average common equivalent shares outstanding
(in millions) 110.1 63.8 60.5
DIVIDENDS PER SHARE OF COMMON STOCK $0.40 $0.34 $ 0.32
year ended December 31,
22 FINANCIAL INFORMATION