Valero 2004 Annual Report Download - page 26

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2 4
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
2 4
Va l e r o ฀ E n e r g y ฀ C o r p or a t i o n
s u m m a r y ฀ a n n u a l ฀ r e p o r t
CONDENSED฀CONSOLIDATED฀STATEMENTS฀OF฀INCOME
฀ ฀ ฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀฀(millions฀of฀dollars,฀except฀per฀share฀amounts)
YEAR฀ENDED฀DECEMBER฀31,฀ ฀ 2004฀ ฀ 2003฀ ฀฀฀฀฀฀2002
OPERATING฀REVENUES฀ $฀ 54,619฀฀ $฀ 37,969฀฀ $฀ 29,048฀
COSTS฀AND฀EXPENSES:
Cost฀of฀Sales฀฀ ฀ 47,797฀฀ ฀ 33,587฀฀ ฀ 25,863฀
฀Refining฀Operating฀Expenses฀ ฀ 2,141฀฀ ฀ 1,656฀฀ ฀ 1,332฀
Retail฀Selling฀Expenses฀ ฀ 705฀฀ ฀ 694฀฀ ฀ 675฀
฀General฀and฀Administrative฀Expenses฀ ฀ 379฀฀ ฀ 299฀฀ ฀ 258฀
Depreciation฀and฀Amortization฀Expense฀ ฀ 618฀฀ ฀ 511฀฀ ฀ 449
TOTAL฀COSTS฀AND฀EXPENSES฀ ฀ 51,640฀฀ ฀ 36,747฀฀ ฀ 28,577
฀ ฀
฀OPERATING฀INCOME฀ ฀ 2,979฀฀ ฀ 1,222฀฀ ฀ 471฀
EQUITY฀IN฀EARNINGS฀OF฀VALERO฀L.P.฀ ฀ 39฀฀ ฀ 30฀฀ ฀ —
OTHER฀INCOME฀(EXPENSE),฀NET฀ ฀ ( 48฀)฀ ฀ 15฀฀ ฀ 9
฀INTEREST฀AND฀DEBT฀EXPENSE,฀NET฀ ฀ ( 260฀)฀ ฀ ( 261฀)฀ ฀ (286฀)
MINORITY฀INTEREST฀IN฀NET฀INCOME฀OF
฀฀฀VALERO฀L.P.฀ ฀ —฀฀ ฀ ( 2฀)฀ ฀ (14฀)฀
DISTRIBUTIONS฀ON฀PREFERRED฀SECURITIES฀
฀฀฀OF฀SUBSIDIARY฀TRUSTS฀ ฀ —฀฀ ฀ ( 17฀)฀฀ (30฀)
INCOME฀BEFORE฀INCOME฀TAX฀EXPENSE฀ ฀ 2,710฀฀ ฀ 987฀฀ ฀ 150฀
INCOME฀TAX฀EXPENSE฀ ฀ 906฀฀ ฀ 365฀฀ ฀ 58฀
NET฀INCOME฀฀ ฀ 1,804฀฀ ฀ 622฀฀ ฀ 92
PREFERRED฀STOCK฀DIVIDENDS฀ ฀ 13฀฀ ฀ 5฀฀ ฀ —
NET฀INCOME฀APPLICABLE฀TO฀
฀฀฀COMMON฀STOCK฀ $฀ 1,791฀฀ $฀ 617฀฀ $฀ 92฀
EARNINGS฀PER฀COMMON฀SHARE฀(a)฀ $฀ 7.02฀฀ $฀ 2.69฀฀ $฀ 0.43฀
Weighted฀Average฀Common฀Shares฀Outstanding
฀฀฀(in฀millions)฀(a)฀ ฀ 255.1฀฀ ฀ 229.7฀฀ ฀ 211.6฀
EARNINGS฀PER฀COMMON฀SHARE฀—฀
฀฀฀ASSUMING฀DILUTION฀(a)฀ $฀ 6.53฀฀ $฀ 2.55฀฀ $฀ 0.42
฀
Weighted฀Average฀Common฀Equivalent฀Shares฀
฀฀฀Outstanding฀(in฀millions)฀(a)฀ ฀ 276.1฀฀ ฀ 244.0฀฀ ฀ 220.2฀
DIVIDENDS฀PER฀COMMON฀SHARE฀(a)฀ $฀ 0.29฀฀ $฀ 0.21฀฀ $฀ 0.20
(a)฀ ฀Share฀and฀per฀share฀amounts฀for฀2003฀and฀2002฀have฀been฀adjusted฀to฀reflect฀the฀effect฀of฀a฀two-for-one฀stock฀split,฀฀
which฀was฀effected฀in฀the฀form฀of฀a฀stock฀dividend฀distributed฀on฀October฀7,฀2004.฀
฀