Valero 2006 Annual Report Download - page 23

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VA L E R O E N E R G Y C O R P OR AT I O N 21
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(millions of dollars)
YEAR ENDED DECEMBER 31, 2006 2005 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 5,463 $ 3,590 $ 1,804
Adjustments to Reconcile Net Income
to Net Cash Provided by Operating Activities:
Depreciation and Amortization Expense 1,155 840 605
Deferred Income Tax Expense 290 255 345
Changes in Current Assets,
Current Liabilities and Other, Net (596 ) 1,165 226
Net Cash Provided by Operating Activities 6,312 5,850 2,980
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital Expenditures and Deferred Turnaround
and Catalyst Costs (3,756 ) (2,574 ) (1,596 )
Proceeds from Sale of Valero GP Holdings, LLC 880 ––
––
Proceeds from Sales of Assets 64 153
108
Major Acquisitions –– (2,343 ) (541 )
Contingent Payments in Connection with Acquisitions (101 ) ( 85 ) ( 53 )
Buyout of Assets Under Structured Lease Arrangements –– –– ( 567 )
Other, Net (58 ) (51 ) (36 )
Net Cash Used in Investing Activities (2,971 ) (4,900 ) (2,685 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt Borrowings (Repayments), Net (249 ) (874 ) 71
Termination of Interest Rate Swaps (54 ) — —
Proceeds from Common Stock Offerings, Net –– –– 406
Benefit from Tax Deduction in Excess
of Recognized Stock-based Compensation Cost 206 — —
Common and Preferred Stock Dividends (184 ) (106 ) (79 )
Issuance (Repurchase) of Common Stock, Net (1,898 ) (389 ) (205 )
Other (9 ) (13 ) (8 )
Net Cash Provided by (Used in) Financing Activities (2,188 ) (1,382 ) 185
EFFECT OF FOREIGN EXCHANGE RATE CHANGES
ON CASH 1 4 15
NET INCREASE (DECREASE) IN CASH AND
TEMPORARY CASH INVESTMENTS 1,154 (428 ) 495
CASH AND TEMPORARY CASH INVESTMENTS
AT BEGINNING OF YEAR 436 864 369
CASH AND TEMPORARY CASH INVESTMENTS
AT END OF YEAR $ 1,590 $ 436 $ 864