瓦莱罗能源Valero Energy Corp. (VLO) 2004年年度报告「NYSE」.pdf

1、 TABLE OF CONTENTSFinancial Highlights.1Letter to Shareholders .3 It Pays to be Different .6Acquisition Strategy Paying Big Dividends.8Superior Operations,Spectacular Results .10Sweet Returns on Sour Crude.12Pumping Up Retail/Wholesale Profits .14Safety Pays.16Unique Culture The Big Pay Off.18Conden

2、sed Financial Statements .21Board of Directors.28Shareholder Information.291Va lero Energy Corporat ionsu mmar y annu al repor tSummary Annual ReportIn an effort to provide shareholders with more effective communications,Valero Energy Corporation has adopted a summary annual report format,which prov

3、ides condensed financial disclosure.The companys full financial statements are contained in its Annual Report on Form 10-K for the year ended December 31,2004,which is provided to all shareholders.2004 TOTAL SHAREHOLDER RETURNS&P 11%VLO 98%$54,619$37,969$2,979$1,222$1,804$622$6.53$2.55$19,392$15,664

4、$7,798$5,735$1,596$1,112 2004 2003FINANCIAL HIGHLIGHTS(Millions of Dollars,Except per Share Amounts)AND BEING DIFFERENT HAS PAID OFF FOR OUR SHAREHOLDERS!BILL GREEHEYCHAIRMAN&CEO3Va lero Energy Corporat ionsu mmar y annu al repor tIn 1997,when others were getting out of the refining business,Valero

5、decided to grow its refining business in a big way!Thats because we believed we were at the bottom of the refining cycle and that we would be able to acquire refining assets at deep discounts to replacement costs and that the worldwide movement to cleaner fuels would tighten refined product supplies

6、 making refineries and the products they produce significantly more profitable.We also believed that the best profits of all would belong to refiners that could process plentiful,cheaper,heavier sour crude feedstocks into premium products.And we were right on all counts!Since 1997,we have acquired 1