Valero 2015 Annual Report Download - page 65
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Table of Contents
VALERO ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Millions of Dollars, Except per Share Amounts)
Year Ended December 31,
2015
2014
2013
Operating revenues (a) $ 87,804
$ 130,844
$ 138,074
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory
valuation adjustment) 73,861
118,141
127,316
Lower of cost or market inventory valuation adjustment 790
—
—
Operating expenses 4,243
4,387
4,323
General and administrative expenses 710
724
758
Depreciation and amortization expense 1,842
1,690
1,720
Total costs and expenses 81,446
124,942
134,117
Operating income 6,358
5,902
3,957
Gain on disposition of retained interest in CST Brands, Inc. —
—
325
Other income, net 46
47
59
Interest and debt expense, net of capitalized interest (433)
(397)
(365)
Income from continuing operations before income tax expense 5,971
5,552
3,976
Income tax expense 1,870
1,777
1,254
Income from continuing operations 4,101
3,775
2,722
Income (loss) from discontinued operations —
(64)
6
Net income 4,101
3,711
2,728
Less: Net income attributable to noncontrolling interests 111
81
8
Net income attributable to Valero Energy Corporation stockholders $ 3,990
$ 3,630
$ 2,720
Net income attributable to Valero Energy Corporation stockholders:
Continuing operations $ 3,990
$ 3,694
$ 2,714
Discontinued operations —
(64)
6
Total $ 3,990
$ 3,630
$ 2,720
Earnings per common share:
Continuing operations $ 8.00
$ 7.00
$ 4.98
Discontinued operations —
(0.12)
0.01
Total $ 8.00
$ 6.88
$ 4.99
Weighted-average common shares outstanding (in millions) 497
526
542
Earnings per common share – assuming dilution:
Continuing operations $ 7.99
$ 6.97
$ 4.96
Discontinued operations —
(0.12)
0.01
Total $ 7.99
$ 6.85
$ 4.97
Weighted-average common shares outstanding – assuming dilution
(in millions) 500
530
548
Dividends per common share $ 1.70
$ 1.05
$ 0.85
_______________________________________________
Supplemental information:
(a) Includes excise taxes on sales by certain of our international operations $ 5,980
$ 5,901
$ 5,459
See Notes to Consolidated Financial Statements.
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