Valero 2015 Annual Report Download - page 40
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Table of Contents
Financial Highlights (a)
(millions of dollars, except per share amounts)
Year Ended December 31,
2014
2013 (c)
Change
Operating revenues $ 130,844
$ 138,074
$ (7,230)
Costs and expenses:
Cost of sales (b) 118,141
127,316
(9,175)
Operating expenses:
Refining 3,900
3,710
190
Retail —
226
(226)
Ethanol 487
387
100
General and administrative expenses 724
758
(34)
Depreciation and amortization expense:
Refining 1,597
1,566
31
Retail —
41
(41)
Ethanol 49
45
4
Corporate 44
68
(24)
Total costs and expenses 124,942
134,117
(9,175)
Operating income 5,902
3,957
1,945
Gain on disposition of retained interest in CST Brands, Inc. (c) —
325
(325)
Other income, net 47
59
(12)
Interest and debt expense, net of capitalized interest (397)
(365)
(32)
Income from continuing operations before income tax expense 5,552
3,976
1,576
Income tax expense 1,777
1,254
523
Income from continuing operations 3,775
2,722
1,053
Income (loss) from discontinued operations (64)
6
(70)
Net income 3,711
2,728
983
Less: Net income attributable to noncontrolling interest 81
8
73
Net income attributable to Valero Energy Corporation stockholders $ 3,630
$ 2,720
$ 910
Net income attributable to Valero Energy Corporation stockholders:
Continuing operations $ 3,694
$ 2,714
$ 980
Discontinued operations (64)
6
(70)
Total $ 3,630
$ 2,720
$ 910
Earnings per common share – assuming dilution:
Continuing operations $ 6.97
$ 4.96
$ 2.01
Discontinued operations (0.12)
0.01
(0.13)
Total $ 6.85
$ 4.97
$ 1.88
________________
See note references on page 40.
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