Valero 2005 Annual Report Download - page 28

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26 VA L E R O E N E R G Y C O R P OR A T I O N
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(millions of dollars, except per share amounts)
YEAR ENDED DECEMBER 31, 2005 2004 2003
OPERATING REVENUES $ 82,162 $ 54,619 $ 37,969
COSTS AND EXPENSES:
Cost of Sales 71,673 47,797 33,587
Refining Operating Expenses 2,926 2,141 1,656
Retail Selling Expenses 771 705 694
General and Administrative Expenses 458 379 299
Depreciation and Amortization Expense 875 618 511
TOTAL COSTS AND EXPENSES 76,703 51,640 36,747
OPERATING INCOME 5,459 2,979 1,222
EQUITY IN EARNINGS OF VALERO L.P. 41 39 30
OTHER INCOME (EXPENSE), NET 53 ( 48 ) 15
INTEREST AND DEBT EXPENSE, NET ( 266 ) ( 260 ) ( 261 )
MINORITY INTEREST IN NET INCOME OF
VALERO L.P. –– — ( 2 )
DISTRIBUTIONS ON PREFERRED SECURITIES
OF SUBSIDIARY TRUSTS –– — ( 17 )
INCOME BEFORE INCOME TAX EXPENSE 5,287 2,710 987
INCOME TAX EXPENSE 1,697 906 365
NET INCOME 3,590 1,804 622
PREFERRED STOCK DIVIDENDS 13 13 5
NET INCOME APPLICABLE TO
COMMON STOCK $ 3,577 $ 1,791 $ 617
EARNINGS PER COMMON SHARE (a) $ 6.51 $ 3.51 $ 1.34
Weighted Average Common Shares Outstanding
(in millions) (a) 549 510 459
EARNINGS PER COMMON SHARE —
ASSUMING DILUTION (a) $ 6.10 $ 3.27 $ 1.27
Weighted Average Common Equivalent Shares
Outstanding (in millions) (a) 588 552 488
DIVIDENDS PER COMMON SHARE (a) $ 0.19 $ 0.145 $ 0.105
(a) Share and per share amounts for 2004 and 2003 have been adjusted to reflect the effect of two separate two-for-one stock
splits, which were effected in the form of common stock dividends distributed on December 15, 2005 and October 7, 2004.