8-KOther Events

VALERO ENERGY CORP/TX 8-K Report (Oct 30, 2003)

Filed October 30, 2003For Securities:VLO

Summary

Valero Energy Corporation (VLO) filed an 8-K on October 30, 2003, to furnish a press release announcing its third quarter 2003 financial results. The press release, included as Exhibit 99.1, details the company's earnings for the period. Investors should note that the company is disclosing EBITDA, a non-GAAP financial measure, and has provided a reconciliation to its nearest GAAP equivalent. The company has outlined its rationale for using EBITDA in its Form 10-K for the year ended December 31, 2002. This filing is considered furnished, not filed, under SEC rules for Item 12. This means the information will not be automatically incorporated into future SEC filings unless explicitly stated. Investors relying on this information should be aware of its furnishing status and consult the provided press release for specific financial performance details and the reconciliation of EBITDA.

Key Highlights

  • 1Valero Energy Corporation (VLO) announced its third quarter 2003 financial results.
  • 2The announcement was made via a press release filed as Exhibit 99.1 to the 8-K.
  • 3The company is presenting EBITDA as a key performance indicator.
  • 4EBITDA is a non-GAAP financial measure, and a reconciliation to the nearest GAAP measure is provided.
  • 5The rationale for using EBITDA is detailed in Valero's 2002 10-K filing.
  • 6This 8-K filing is being furnished, not filed, meaning it has limited incorporation by reference into future filings.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally announce and provide Valero Energy Corporation's third quarter 2003 financial results through an attached press release. It also serves to inform investors about the use of a non-GAAP financial measure, EBITDA.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. Valero is using it as a financial measure to provide investors with additional insights into its operating performance. The specific reasons for its use are explained in the company's 2002 Form 10-K filing.

The detailed financial results for Valero's third quarter 2003 are provided in the press release, which is attached as Exhibit 99.1 to this 8-K filing. The press release also includes a reconciliation of EBITDA to the nearest GAAP financial measure.

When information is 'furnished' under Item 12 of Form 8-K, it means the SEC is receiving the information, but it does not carry the same legal implications as 'filed' information. Notably, furnished information is generally not automatically incorporated by reference into Valero's future SEC registration statements unless explicitly stated by the company.