Valero 2015 Annual Report Download - page 31
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Table of Contents
RESULTS OF OPERATIONS
The following tables highlight our results of operations, our operating performance, and market prices that directly impact our
operations. The narrative following these tables provides an analysis of our results of operations.
Financial Highlights
(millions of dollars, except per share amounts)
Year Ended December 31,
2015
2014
Change
Operating revenues $ 87,804
$ 130,844
$ (43,040)
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation
adjustment) (a) 73,861
118,141
(44,280)
Lower of cost or market inventory valuation adjustment (b) 790
—
790
Operating expenses:
Refining 3,795
3,900
(105)
Ethanol 448
487
(39)
General and administrative expenses 710
724
(14)
Depreciation and amortization expense:
Refining 1,745
1,597
148
Ethanol 50
49
1
Corporate 47
44
3
Total costs and expenses 81,446
124,942
(43,496)
Operating income 6,358
5,902
456
Other income, net 46
47
(1)
Interest and debt expense, net of capitalized interest (433)
(397)
(36)
Income from continuing operations before income tax expense 5,971
5,552
419
Income tax expense 1,870
1,777
93
Income from continuing operations 4,101
3,775
326
Loss from discontinued operations —
(64)
64
Net income 4,101
3,711
390
Less: Net income attributable to noncontrolling interests 111
81
30
Net income attributable to Valero Energy Corporation stockholders $ 3,990
$ 3,630
$ 360
Net income attributable to Valero Energy Corporation stockholders:
Continuing operations $ 3,990
$ 3,694
$ 296
Discontinued operations —
(64)
64
Total $ 3,990
$ 3,630
$ 360
Earnings per common share – assuming dilution:
Continuing operations $ 7.99
$ 6.97
$ 1.02
Discontinued operations —
(0.12)
0.12
Total $ 7.99
$ 6.85
$ 1.14
________________
See note references on page 32.
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