Valero 2003 Annual Report Download - page 27

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(millions of dollars, except per share amounts)
YEAR ENDED DECEMBER 31, 2003 2002 2001
OPERATING REVENUES $ 37,969 $ 29,048 $ 14,988
COSTS AND EXPENSES:
Cost of Sales 33,587 25,863 12,745
Refining Operating Expenses 1,656 1,332 845
Retail Selling Expenses 694 675 6
Administrative Expenses 299 258 153
Depreciation and Amortization Expense 511 449 238
TOTAL COSTS AND EXPENSES 36,747 28,577 13,987
OPERATING INCOME 1,222 471 1,001
EQUITY IN EARNINGS OF VALERO L.P.30 ——
OTHER INCOME (EXPENSE), NET 15 9(5)
INTEREST AND DEBT EXPENSE, NET ( 261 ) (286 ) (88 )
MINORITY INTEREST IN NET INCOME OF
VALERO L.P. ( 2 ) (14) —
DISTRIBUTIONS ON PREFERRED SECURITIES
OF SUBSIDIARY TRUSTS ( 17 ) (30) (13)
INCOME BEFORE INCOME TAX EXPENSE 987 150 895
INCOME TAX EXPENSE 365 58 331
NET INCOME 622 92 564
PREFERRED STOCK DIVIDENDS 5 ——
NET INCOME APPLICABLE TO
COMMON STOCK $ 617 $ 92 $ 564
EARNINGS PER COMMON SHARE $ 5.37 $ 0.86 $ 9.28
Weighted Average Common Shares Outstanding
(in millions) 114.9 105.8 60.7
EARNINGS PER COMMON SHARE —
ASSUMING DILUTION $ 5.09 $ 0.83 $ 8.83
Weighted Average Common Equivalent Shares
Outstanding (in millions) 122.0 110.1 63.8
DIVIDENDS PER COMMON SHARE $ 0.42 $ 0.40 $ 0.34
condensed consolidated statements of income
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