8-KOther Events

VALERO ENERGY CORP/TX 8-K Report (Jan 27, 2004)

Filed January 27, 2004For Securities:VLO

Summary

Valero Energy Corporation (VLO) filed an 8-K on January 27, 2004, primarily to furnish a press release announcing its fourth-quarter 2003 financial results. While the filing itself is brief, it directs investors to Exhibit 99.1, the press release, for detailed financial performance information. This report serves as notification of the earnings release and the accompanying financial data. Key for investors is the disclosure of the company's fourth-quarter 2003 earnings. The filing also highlights the use of EBITDA, a non-GAAP financial measure, and notes that a reconciliation to GAAP figures is provided within the press release. Investors should review the furnished press release for specific earnings figures, operational highlights, and management's commentary on the company's performance during the period, as well as the rationale behind the use of EBITDA.

Key Highlights

  • 1Valero Energy Corporation (VLO) filed an 8-K on January 27, 2004, to announce fourth-quarter 2003 financial results.
  • 2The core of the filing is Exhibit 99.1, a press release containing the detailed financial and operational results.
  • 3The company disclosed its fourth-quarter 2003 earnings.
  • 4The filing notes the use of EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), a non-GAAP financial measure.
  • 5A reconciliation of EBITDA to the nearest GAAP financial measure is provided in the press release.
  • 6The company explained its use of EBITDA in its 2002 Form 10-K annual report.
  • 7Information furnished in this report, including the press release, is not incorporated into registration statements unless explicitly stated.

Frequently Asked Questions

The main purpose of this 8-K filing is to officially announce and furnish Valero Energy Corporation's financial results for the fourth quarter of 2003, as detailed in an accompanying press release (Exhibit 99.1).

The detailed financial results, including earnings figures and operational performance for the fourth quarter of 2003, are located in Exhibit 99.1, which is a press release dated January 27, 2004, furnished with this 8-K filing.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation, and Amortization. Valero uses it as a non-GAAP financial measure to provide investors with an additional metric for evaluating the company's operational performance. The company has provided a reconciliation of EBITDA to GAAP measures and explained its reasoning in its 2002 Form 10-K.

No, the information furnished in this 8-K filing, including the press release, is not automatically incorporated by reference into Valero's registration statements under the Securities Act of 1933 unless specifically identified as such.