Valero Energy has a market cap of $13.64 billion; its shares were traded at around $22.43 with a P/E ratio of 6.1 and P/S ratio of 0.1. The dividend yield of Valero Energy stocks is 2.4%. Valero Energy had an annual average earning growth of 6.5% over the past 10 years.
Highlight of Business Operations:The results for the first quarter of 2012, however, were significantly impacted by a $611 million asset impairment loss ($605 million after taxes, or $1.09 per share), primarily related to our Aruba Refinery, which is discussed below. In addition, the results for the first quarter of 2011 were significantly impacted by a $542 million loss ($352 million after taxes, or $0.62 per share) on commodity derivative contracts related to the forward sales of refined product. These contracts were closed and realized in the first quarter of 2011. Excluding these significant items, net income attributable to Valero stockholders from continuing operations was $173 million ($0.31 per share) for the first quarter of 2012 compared to $456 million ($0.80 per share) for the first quarter of 2011.
Cost of sales for the three months ended March 31, 2011 includes a loss of $542 million ($352 million after taxes) on commodity derivative contracts related to the forward sales of refined product. These contracts were closed and realized during the first quarter of 2011. The loss is reflected in refining segment operating income for the three months ended March 31, 2011, but throughput margin per barrel for the refining segment has been restated for the amount previously presented to exclude this $542 million loss ($2.86 per barrel). In addition, operating income (loss) and throughput margin per barrel for the U.S. Gulf Coast, U.S. Mid-Continent, and U.S. West Coast regions for the three months ended March 31, 2011 have been restated from the amounts previously presented to exclude the portion of this loss that had been allocated to them of $372 million ($3.18 per barrel); $122 million ($3.36 per barrel), and $48 million ($2.71 per barrel), respectively.
Operating revenues increased 34 percent (or $8.9 billion) for the first quarter of 2012 compared to the first quarter of 2011 primarily as a result of higher refined product prices and higher throughput volumes between the two periods related to our refining segment operations. The higher throughput volumes resulted primarily from the incremental throughput of 124,000 barrels per day from the Meraux Refinery, which was acquired on October 1, 2011, and incremental throughput of 246,000 barrels per day from the Pembroke Refinery, which was acquired on August 1, 2011. Operating income decreased $488 million and income from continuing operations before taxes decreased $481 million for the first quarter of 2012 compared to amounts reported for the first quarter of 2011 primarily due to a $395 million decrease in refining segment operating income discussed below.
We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell on a revolving basis up to $1 billion of eligible trade receivables. This facility matures in June 2012. During the three months ended March 31, 2012, we repaid $150 million under this facility. As of March 31, 2012, the amount of eligible receivables sold was $100 million. In late April 2012, we sold $850 million of eligible receivables to the third-party entities and financial institutions under this facility, and we repaid $500 million on May 4, 2012.
We are subject to extensive tax liabilities imposed by multiple jurisdictions, including income taxes, transactional taxes (excise/duty, sales/use, and value-added taxes), payroll taxes, franchise taxes, withholding taxes, and ad valorem taxes. New tax laws and regulations and changes in existing tax laws and regulations are continuously being enacted or proposed that could result in increased expenditures for tax liabilities in the future. Many of these liabilities are subject to periodic audits by the respective taxing authority. Subsequent changes to our tax liabilities as a result of these audits may subject us to interest and penalties. See Note 6 of Condensed Notes to Consolidated Financial Statements for a further discussion of our tax matters.
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