瓦莱罗能源Valero Energy Corp. (VLO) 2003年年度报告「NYSE」.pdf

1、(Millions of Dollars,Except Per Share Amounts)Year Ended December 31,2003 2002Operating Revenues$37,969$29,048Operating Income$1,222$471Net Income$622$92Earnings Per Common Share-Assuming Dilution$5.09$0.83Total Assets$15,664$14,465Stockholders Equity$5,735$4,308Capital Expenditures and DeferredTurn

2、around and Catalyst Costs$1,112$780our financial highlightsof that WORLDand WERE ON TOPVALERO ENERGY CORPORATION SUMMARY ANNUAL REPORTIn an effort to provide shareholders with more effective communications,Valero Energy Corporation has adopted a summary annual report format,which provides condensed

3、financial disclosure.The companys full financial statements are contained in its Annual Report on Form 10-K for the year ended December 31,2003,which is provided to all shareholders.3letter to the shareholdersRefining it really is an old world industry in a whole new world!That is one of the primary

4、 reasons for Valeros record year in 2003 and the very bright future we see for 2004 and beyond.2003 was the year when the bullish fundamentals and positive long-term trends that we have been predicting for the last several years came together in a big way.As the chart at the bottom of this page dram

5、atically depicts,U.S.Gulf Coast refining margins were only above$5 per barrel about 2%of the time between 1992 and 1999.However,since 2000,that margin has been over$5 per barrel nearly 30%of the time.And,as you can see,the highs have been much higher while the lows have not been as low and have been

6、 shorter in duration.We have truly entered a new era in refining.And,as a result,2003 was a record year for Valero in every way!We generated a record$38 billion in revenues and ended 2003 with per share earnings of$5.09 on record net income of$622 million the most profitable year in the companys his