Valero 2006 Annual Report Download - page 22

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VA L E R O E N E R G Y C O R P OR AT I O N
20
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(millions of dollars, except per share amounts)
YEAR ENDED DECEMBER 31, 2006 2005 2004
OPERATING REVENUES $ 91,833 $ 82,162 $ 54,619
COSTS AND EXPENSES:
Cost of Sales 77,482 71,673 47,797
Refining Operating Expenses 3,785 2,874 2,100
Retail Selling Expenses 803 758 696
General and Administrative Expenses 598 558 442
Depreciation and Amortization Expense 1,155 840 605
TOTAL COSTS AND EXPENSES 83,823 76,703 51,640
OPERATING INCOME 8,010 5,459 2,979
EQUITY IN EARNINGS OF VALERO L.P. 45 41 39
OTHER INCOME (EXPENSE), NET 351 53 ( 48 )
INTEREST AND DEBT EXPENSE, NET ( 210 ) ( 266 ) ( 260 )
MINORITY INTEREST IN NET INCOME OF
VALERO GP HOLDINGS, LLC (7 ) — —
INCOME BEFORE INCOME TAX EXPENSE 8,189 5,287 2,710
INCOME TAX EXPENSE 2,726 1,697 906
NET INCOME 5,463 3,590 1,804
PREFERRED STOCK DIVIDENDS 2 13 13
NET INCOME APPLICABLE TO
COMMON STOCK $ 5,461 $ 3,577 $ 1,791
EARNINGS PER COMMON SHARE $ 8.94 $ 6.51 $ 3.51
Weighted Average Common Shares Outstanding
(in millions) 611 549 510
EARNINGS PER COMMON SHARE —
ASSUMING DILUTION $ 8.64 $ 6.10 $ 3.27
Weighted Average Common Equivalent Shares
Outstanding (in millions) 632 588 552
DIVIDENDS PER COMMON SHARE $ 0.30 $ 0.19 $ 0.145