Valero 2002 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 of the 2002 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.

Page out of 32

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32

COMMON STOCK DATA:
cash dividends per share$0.40 $0.34 $ 0.32 $ 0.32 $ 0.32
number of shares outstanding,
end of year (in thousands) 107,137 104,197 60,838 56,067 55,937
number of registered shareholders 7,174 7,265 5,207 5,479 5,544
total estimated beneficial shareholders 52,000 50,500 14,000 11,000 15,000
market price:
high $49.97 $52.60 $ 38.63 $ 25.31 $ 36.50
low $23.15 $31.50 $ 18.50 $ 16.69 $ 17.63
CAPITALIZATION RATIOS (NET OF CASH): (f)
long-term debt, including current portion,
and short-term debt 50 %53 %40%40%47%
stockholders’ equity and other 50%47 %60%60%53%
OTHER DATA:
capital additions (in millions) $628 $394 $ 195 $ 101 $ 166
book value per common share $40.21 $40.33 $ 25.10 $ 19.35 $ 19.40
number of employees (end of year) 19,878 22,355 3,129 2,511 2,495
OPERATING STATISTICS:
throughput volumes (mbbls per day) 1,595 1,001 857 712 579
throughput margin per barrel $4.06 $6.12 $ 5.08 $ 2.90 $ 3.50 (g)
operating costs per barrel:
cash (fixed and variable) $2.29 $2.31 $ 2.18 $ 1.83 $ 2.03
depreciation and amortization 0.66 0.63 0.53 0.52 0.55
total operating costs per barrel $2.95 $2.94 $ 2.71 $ 2.35 $ 2.58
(a) Includes the operations of UDS beginning January 1, 2002.
(b) Includes the operations of Huntway and the operations related to the El Paso Corpus Christi refinery and related refined product logistics business
beginning June 1, 2001. The results of operations, operating statistics and cash flow information exclude the operations of UDS, while the financial
position, common stock data, capitalization ratios and employees include the effect of UDS, which was acquired by Valero on December 31, 2001.
(c) Includes the operations related to the Benicia refinery and the California distribution assets beginning May 16, 2000 and the operations related to
the California service stations beginning June 16, 2000.
(d) Includes the operations of the Paulsboro refinery beginning September 17, 1998.
(e) The 1998 operating loss includes a $170.9 million write-down of inventories to market value, which resulted in a $111.1 million reduction in net
income, or $1.98 per share.
(f) In determining the 2002, 2001 and 2000 ratios, 20% of the outstanding balance of Valero’s company-obligated preferred securities of subsidiary trust
(PEPS Units) issued in 2000 was deemed to be debt. In addition, for the 2002 and 2001 ratios, 50% of the $200 million company-obligated preferred
securities of subsidiary trust assumed in the UDS Acquisition was deemed to be debt, and in 2001 the payable to UDS shareholders was included as debt.
(g) Excludes an $0.81 per barrel reduction resulting from $170.9 million of pre-tax write-downs of inventories to market value.
25
FINANCIAL INFORMATION
2002(a) 2001(b) 2000(c) 1999 1998(d)
year ended December 31,