June 2008 -- Valero Energy Corp. reported fourth-quarter income from continuing operations of $567 million,
or $1.02 per share, which compares with $1.1 billion, or $1.74 in the fourth quarter of 2006.
Fourth-quarter 2006 results included a $196 million pretax gain, or $0.21 per share, on the sale
of the company's remaining 59% ownership interest in NuStar Holdings LLC. Excluding this gain,
fourth-quarter 2006 income from continuing operations was $954 million, or $1.53 per share. For
2007, the company reported annual revenues of $95 billion.
Valero Energy had another solid year in 2007, reported Chairman and CEO Bill Klesse in a January
2008 release. "During the year, we had strong earnings, sold the Lima, Ohio refinery, increased
our dividend by 50% and our retail and Canadian operations had their best years ever. Also in
2007, we purchased 14% of the company's outstanding shares. Combining stock purchases in 2006
and 2007, we have purchased nearly 120 million shares of our common stock which represents
almost 20% of our outstanding shares at the end of 2005."
