Valero Energy (VLO) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	VALERO ENERGY CORP/TX
Entity Central Index Key	1,035,002
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		497,111,806

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and temporary cash investments	$ 5,764	$ 3,689
Receivables, net	5,799	5,879
Inventories	6,618	6,623
Income taxes receivable	13	97
Deferred income taxes	141	162
Prepaid expenses and other	157	164
Total current assets	18,492	16,614
Property, plant, and equipment, at cost	36,444	35,933
Accumulated depreciation	(9,710)	(9,198)
Property, plant, and equipment, net	26,734	26,735
Deferred charges and other assets, net	2,373	2,201
Total assets	47,599	45,550
Current liabilities:
Current portion of debt and capital lease obligations	150	606
Accounts payable	7,315	6,760
Accrued expenses	529	596
Taxes other than income taxes	1,207	1,209
Income taxes payable	349	433
Deferred income taxes	315	376
Total current liabilities	9,865	9,980
Debt and capital lease obligations, less current portion	7,199	5,780
Deferred income taxes	6,640	6,607
Other long-term liabilities	$ 1,889	$ 1,939
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued	$ 7	$ 7
Additional paid-in capital	7,076	7,116
Treasury stock, at cost; 173,777,130 and 159,202,872 common shares	(9,054)	(8,125)
Retained earnings	23,953	22,046
Accumulated other comprehensive loss	(529)	(367)
Total Valero Energy Corporation stockholders’ equity	21,453	20,677
Noncontrolling interests	553	567
Total equity	22,006	21,244
Total liabilities and equity	$ 47,599	$ 45,550

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Stockholders' Equity Attributable to Parent [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,200,000,000	1,200,000,000
Common stock, shares issued	673,501,593	673,501,593
Treasury stock, common shares	173,777,130	159,202,872

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating revenues	$ 25,118	$ 34,914	$ 46,448	$ 68,577
Costs and expenses:
Cost of sales	21,394	32,167	39,557	62,797
Operating expenses:
Refining	935	967	1,899	1,939
Ethanol	108	111	228	240
General and administrative expenses	178	170	325	330
Depreciation and amortization expense	425	414	866	835
Total costs and expenses	23,040	33,829	42,875	66,141
Operating income	2,078	1,085	3,573	2,436
Other income, net	8	12	32	27
Interest and debt expense, net of capitalized interest	(113)	(98)	(214)	(198)
Income from continuing operations before income tax expense	1,973	999	3,391	2,265
Income tax expense	608	343	1,058	772
Income from continuing operations	1,365	656	2,333	1,493
Loss from discontinued operations	0	(63)	0	(64)
Net income	1,365	593	2,333	1,429
Less: Net income attributable to noncontrolling interests	14	5	18	13
Net income attributable to Valero Energy Corporation stockholders	1,351	588	2,315	1,416
Net income attributable to Valero Energy Corporation stockholders:
Continuing operations	1,351	651	2,315	1,480
Discontinued operations	0	(63)	0	(64)
Net income attributable to Valero Energy Corporation stockholders	$ 1,351	$ 588	$ 2,315	$ 1,416
Earnings per common share:
Continuing operations	$ 2.67	$ 1.23	$ 4.53	$ 2.78
Discontinued operations	0	(0.12)	0	(0.12)
Total	$ 2.67	$ 1.11	$ 4.53	$ 2.66
Weighted-average common shares outstanding (in millions)	505	529	509	530
Earnings per common share – assuming dilution:
Continuing operations	$ 2.66	$ 1.22	$ 4.52	$ 2.77
Discontinued operations	0	(0.12)	0	(0.12)
Total	$ 2.66	$ 1.10	$ 4.52	$ 2.65
Weighted-average common shares outstanding – assuming dilution (in millions)	508	534	512	535
Dividends per common share	$ 0.40	$ 0.25	$ 0.80	$ 0.50

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net income	$ 1,365	$ 593	$ 2,333	$ 1,429
Other comprehensive income (loss):
Foreign currency translation adjustment	197	150	(169)	76
Net gain (loss) on pension and other postretirement benefits	6	0	11	(2)
Net gain (loss) on derivative instruments designated and qualifying as cash flow hedges	0	(3)	0	1
Other comprehensive income (loss) before income tax expense (benefit)	203	147	(158)	75
Income tax expense (benefit) related to items of other comprehensive income (loss)	2	(2)	4	(1)
Other comprehensive income (loss)	201	149	(162)	76
Comprehensive income	1,566	742	2,171	1,505
Less: Comprehensive income attributable to noncontrolling interests	14	5	18	13
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 1,552	$ 737	$ 2,153	$ 1,492

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 2,333	$ 1,429
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	866	835
Aruba Refinery asset retirement expense and other	0	63
Deferred income tax expense (benefit)	(82)	73
Changes in current assets and current liabilities	615	(1,024)
Changes in deferred charges and credits and other operating activities, net	30	2
Net cash provided by operating activities	3,762	1,378
Cash flows from investing activities:
Capital expenditures	(828)	(954)
Deferred turnaround and catalyst costs	(400)	(369)
Other investing activities, net	14	(43)
Net cash used in investing activities	(1,214)	(1,366)
Cash flows from financing activities:
Proceeds from debt issuances	1,446	0
Repayment of debt	(477)	(200)
Proceeds from the exercise of stock options	20	32
Purchase of common stock for treasury	(992)	(455)
Common stock dividends	(409)	(266)
Contributions from noncontrolling interests	1	14
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(9)	(4)
Distributions to other noncontrolling interest	(25)	0
Other financing activities, net	13	52
Net cash used in financing activities	(432)	(827)
Effect of foreign exchange rate changes on cash	(41)	3
Net increase (decrease) in cash and temporary cash investments	2,075	(812)
Cash and temporary cash investments at beginning of period	3,689	4,292
Cash and temporary cash investments at end of period	$ 5,764	$ 3,480

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation As used in this report, the terms “Valero,” “we,” “us,” or “our” may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and six months ended June 30, 2015 and 2014 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The balance sheet as of December 31, 2014 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2014 . In May 2014, we abandoned our Aruba Refinery, except for the associated crude oil and refined products terminal assets that we continue to operate. As a result, the refinery’s results of operations have been presented as discontinued operations for the three and six months ended June 30, 2014 . For the three and six months ended June 30, 2014 , the Aruba Refinery had no operating revenues and a $63 million and $64 million loss before income tax expense, respectively, primarily related to asset retirement obligations. There was no tax benefit recognized for the loss from discontinued operations for the three and six months ended June 30, 2014 as we do not expect to realize this tax benefit. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Discontinued Operations In April 2014, the provisions of Accounting Standards Codification (ASC) Topic 205, “Presentation of Financial Statements,” and ASC Topic 360, “Property, Plant, and Equipment,” were amended to change the criteria for reporting discontinued operations. The provisions of these amendments modify the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have or will have a major effect on an entity’s operations and financial results. These amendments require additional disclosures about discontinued operations and new disclosures for other disposals of individually material components of an organization that do not meet the definition of a discontinued operation. In addition, the guidance allows companies to have significant continuing involvement and continuing cash flows with the discontinued operation. These provisions were effective prospectively for annual reporting periods beginning on or after December 15, 2014, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2015 did not affect our financial position or results of operations; however, it may result in changes to the manner in which future dispositions of operations or assets, if any, are presented in our financial statements, or it may require additional disclosures. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) amended the ASC and issued a new accounting standard, Topic 606, “Revenue from Contracts with Customers,” to clarify the principles for recognizing revenue. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires improved interim and annual disclosures that enable the users of financial statements to better understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. In July 2015, the FASB deferred the effective date of the new standard by one year. As a result, the standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, and can be adopted either retrospectively to each prior reporting period presented using a practical expedient, as allowed by the standard, or retrospectively with a cumulative effect adjustment to retained earnings as of the date of initial application. Early adoption is permitted, but not before the original effective date, which was for annual reporting periods beginning after December 15, 2016, including interim reporting periods within those reporting periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In February 2015, the provisions of ASC Topic 810, “Consolidation” were amended to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations, but will result in additional disclosures. In April 2015, the provisions of ASC Subtopic 835-30, “Interest–Imputation of Interest” were amended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a note be reported in the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not materially affect our financial position or results of operations; however, our debt issuance costs associated with issued debt will be reported in the balance sheet as a direct deduction from “debt and capital lease obligations, less current portion” and excluded from “deferred charges and other assets, net.” Also in April 2015, the provisions of ASC Topic 715, “Compensation–Retirement Benefits” were amended to provide a practical expedient for the measurement date of an entities’ defined benefit pension or other postretirement plans. For an entity with a fiscal year-end that does not coincide with a month-end, the guidance provides a practical expedient that allows the entity to measure the defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end. For an entity that has a significant event in an interim period that calls for a remeasurement, the guidance allows an entity to remeasure the defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. These provisions are effective retrospectively for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations. In May 2015, the FASB amended the provisions of ASC Topic 820, “Fair Value Measurements,” to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured using the net asset value per share practical expedient and limits those disclosures to investments for which the entity has elected to measure the fair value using that practical expedient. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations, but will result in revised disclosures. In July 2015, the provisions of ASC Topic 330, “Inventory” were amended to simplify the measurement of inventory. The guidance does not apply to inventory where the cost of such inventory is measured using the last-in, first-out (LIFO) or the retail inventory methods. The guidance applies to inventory where the cost of such inventory is measured using the first-in, first-out (FIFO) or average cost methods, and it requires the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2017 is not expected to affect our financial position or results of operations.

Valero Energy Partners LP

Valero Energy Partners LP	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
VALERO ENERGY PARTNERS LP	2. VALERO ENERGY PARTNERS LP Valero Energy Partners LP (VLP) is a publicly traded master limited partnership that we formed to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. As of June 30, 2015 , VLP’s assets included crude oil and refined products pipeline and terminal systems in the U.S. Gulf Coast and U.S. Mid-Continent regions that are integral to the operations of seven of our refineries. Effective March 1, 2015 , we contributed to VLP our Houston and St. Charles Terminal Services Business, which owns and operates crude oil, intermediates, and refined products terminals supporting our Houston and St. Charles Refineries. We received (i) cash consideration of $571 million and (ii) 1,908,100 common units representing limited partner interests in VLP and 38,941 general partner units representing general partner interests in VLP having an aggregate value of $100 million . A portion of the cash consideration was funded through a $200 million borrowing by VLP under its revolving credit facility. The remaining cash consideration was funded with $211 million of VLP’s cash on hand and a $160 million borrowing under a subordinated credit agreement between VLP and us, which is eliminated in consolidation as further described below. The ownership of VLP consisted of the following: June 30, December 31, Valero: Limited partner interest 69.6 % 68.6 % General partner interest 2.0 % 2.0 % Public: Limited partner interest 28.4 % 29.4 % We consolidate the financial statements of VLP into our financial statements and as such, VLP’s cash and temporary cash investments are included in our consolidated cash and temporary cash investments. However, VLP’s cash and temporary cash investments can be used only to settle its obligations. VLP’s cash and temporary cash investments were $52 million and $237 million as of June 30, 2015 and December 31, 2014 , respectively. In addition, VLP’s partnership capital attributable to the public’s ownership interest in VLP of $381 million and $375 million as of June 30, 2015 and December 31, 2014 , respectively, is reflected in noncontrolling interests. We have agreements with VLP that establish fees for certain general and administrative services, and operational and maintenance services provided by us. In addition, we have a master transportation services agreement and a master terminal services agreement with VLP under which VLP provides commercial pipeline transportation and terminaling services to us. These transactions are eliminated in consolidation.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,600 $ 2,269 Refined products and blendstocks 3,571 3,926 Ethanol feedstocks and products 206 195 Materials and supplies 241 233 Inventories $ 6,618 $ 6,623 As of June 30, 2015 and December 31, 2014 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.0 billion and $857 million , respectively. As of June 30, 2015 and December 31, 2014 , our non-LIFO inventories accounted for $927 million and $906 million , respectively, of our total inventories.

Debt

Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT	4. DEBT Credit Facilities Revolver We have a $3 billion revolving credit facility (the Revolver) that matures in November 2018 . We have the option to increase the aggregate commitments under the Revolver to $4.5 billion , subject to, among other things, the consent of the existing lenders whose commitments will be increased or any additional lenders providing such additional capacity. The Revolver has certain restrictive covenants, including a maximum debt-to-capitalization ratio of 60 percent. As of June 30, 2015 and December 31, 2014 , we were in compliance with the Revolver’s restrictive covenants. VLP Revolver VLP has a $300 million senior unsecured revolving credit facility agreement (the VLP Revolver) that matures in December 2018 . The VLP Revolver is available only to the operations of VLP, and creditors of VLP do not have recourse against Valero. Canadian Revolver One of our Canadian subsidiaries has a C$50 million committed revolving credit facility (the Canadian Revolver) that matures in November 2015 . Activities Under Our Credit Facilities As of June 30, 2015 and December 31, 2014 , there were no borrowings outstanding under the Revolver or the Canadian Revolver. During the six months ended June 30, 2015 , VLP borrowed $200 million under the VLP Revolver in connection with VLP’s acquisition of the Houston and St. Charles Terminal Services Business, as further discussed in Note 2 . The VLP Revolver bears interest at a variable rate, which was 1.4375 percent as of June 30, 2015 . As of June 30, 2015 , VLP had $200 million of borrowings outstanding under the VLP Revolver, but on July 1, 2015 , VLP repaid $25 million on the VLP Revolver. No borrowings were outstanding on the VLP Revolver as of December 31, 2014 . Letters of Credit Letters of credit issued under our committed credit facilities were as follows (in millions): Amounts Issued Borrowing Capacity Expiration June 30, December 31, Letter of credit facility $ 250 June 2015 $ — $ 56 Revolver $ 3,000 November 2018 $ 63 $ 54 VLP Revolver $ 300 December 2018 $ — $ — Canadian Revolver C$ 50 November 2015 C$ 10 C$ 10 In June 2015, one of our committed letter of credit facilities with a borrowing capacity of $300 million expired and was not renewed. The remaining committed letter of credit facility was amended in July 2015 to extend the maturity date to June 2016 and reduce the borrowing capacity from $250 million to $125 million . As of June 30, 2015 and December 31, 2014 , there were $263 million and $80 million , respectively, of letters of credit issued under our uncommitted short-term bank credit facilities. Non-Bank Debt During the six months ended June 30, 2015 , we issued $600 million of 3.65 percent senior notes due March 15, 2025 and $650 million of 4.9 percent senior notes due March 15, 2045 . Proceeds from these debt issuances totaled $1.246 billion . We also incurred $12 million of debt issuance costs. In addition, during the six months ended June 30, 2015 , we made scheduled debt repayments of $400 million related to our 4.5 percent senior notes and $75 million related to our 8.75 percent debentures. During the six months ended June 30, 2014 , we made a scheduled debt repayment of $200 million related to our 4.75 percent senior notes. Accounts Receivable Sales Facility We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell eligible trade receivables on a revolving basis. In July 2015, we amended our agreement to decrease the facility from $1.5 billion to $1.4 billion and extended the maturity date to July 2016 . Proceeds from the sale of receivables under this facility are reflected as debt. Under this program, one of our marketing subsidiaries (Valero Marketing) sells eligible receivables, without recourse, to another of our subsidiaries (Valero Capital), whereupon the receivables are no longer owned by Valero Marketing. Valero Capital, in turn, sells an undivided percentage ownership interest in the eligible receivables, without recourse, to the third-party entities and financial institutions. To the extent that Valero Capital retains an ownership interest in the receivables it has purchased from Valero Marketing, such interest is included in our financial statements solely as a result of the consolidation of the financial statements of Valero Capital with those of Valero Energy Corporation; the receivables are not available to satisfy the claims of the creditors of Valero Marketing or Valero Energy Corporation. As of June 30, 2015 and December 31, 2014 , we had $100 million outstanding under our accounts receivable sales facility. Capitalized Interest Capitalized interest was $16 million and $18 million for the three months ended June 30, 2015 and 2014 , respectively, and $32 million and $35 million for the six months ended June 30, 2015 and 2014 , respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005. We have been conducting initial mitigation and cleanup with other companies pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial Village cleanup may have further claims between themselves for costs already incurred. In parallel with the Village cleanup, we are in litigation with the Illinois EPA and other potentially responsible parties relating to the remediation of the shutdown refinery site. In each of these matters, we have various defenses and rights for contribution from the other responsible parties. We have accrued for our own expected contribution obligations. However, because of the unpredictable nature of these cleanups, the methodology for allocation of liabilities and the state of Illinois’ failure to directly sue third parties responsible for historic contamination at the site, it is reasonably possible that we could incur a loss in a range of $0 to $200 million in excess of the amount of our accrual to ultimately resolve these matters. Factors underlying this estimated range are expected to change from time to time, and actual results may vary significantly from this estimate. Litigation Matters We are party to claims and legal proceedings arising in the ordinary course of business. We have not recorded a loss contingency liability with respect to some of these matters because we have determined that it is remote that a loss has been incurred. For other matters, we have recorded a loss contingency liability where we have determined that it is probable that a loss has been incurred and that the loss is reasonably estimable. These loss contingency liabilities are not material to our financial position. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any changes to the recorded liabilities will not be material to our financial position, results of operations, or liquidity.

Equity

Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
EQUITY	6. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to the noncontrolling interests, and total equity (in millions): Six Months Ended June 30, 2015 2014 Valero Stockholders ’ Equity Non- controlling Interests Total Equity Valero Stockholders ’ Equity Non- controlling Interests Total Equity Balance as of beginning of period $ 20,677 $ 567 $ 21,244 $ 19,460 $ 486 $ 19,946 Net income 2,315 18 2,333 1,416 13 1,429 Dividends (409 ) — (409 ) (266 ) — (266 ) Stock-based compensation expense 18 — 18 21 — 21 Tax deduction in excess of stock-based compensation expense 27 — 27 31 — 31 Transactions in connection with stock-based compensation plans: Stock issuances 20 — 20 32 — 32 Stock purchases (105 ) — (105 ) (76 ) — (76 ) Stock purchases under repurchase program (928 ) — (928 ) (483 ) — (483 ) Contributions from noncontrolling interests — 2 2 — 14 14 Distributions to noncontrolling interests — (34 ) (34 ) — (4 ) (4 ) Other comprehensive income (loss) (162 ) — (162 ) 76 — 76 Balance as of end of period $ 21,453 $ 553 $ 22,006 $ 20,211 $ 509 $ 20,720 The noncontrolling interests relate to third-party ownership interests in VLP and joint venture companies whose financial statements we consolidate due to our controlling interests. Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions): Six Months Ended June 30, 2015 2014 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (159 ) 673 (138 ) Transactions in connection with stock-based compensation plans: Stock issuances — 2 — 2 Stock purchases — (2 ) — (1 ) Stock purchases under repurchase program — (15 ) — (7 ) Balance as of end of period 673 (174 ) 673 (144 ) Treasury Stock On July 13, 2015 , our board of directors authorized our repurchase of an additional $2.5 billion of our outstanding common stock with no expiration date. Common Stock Dividends On July 13, 2015 , our board of directors declared a quarterly cash dividend of $ 0.40 per common share payable on September 2, 2015 to holders of record at the close of business on August 4, 2015 . Income Tax Effects Related to Components of Other Comprehensive Income (Loss) The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions): Three Months Ended June 30, 2015 2014 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ 197 $ — $ 197 $ 150 $ — $ 150 Pension and other postretirement benefits: Amounts reclassified into income related to: Net actuarial loss 16 6 10 9 3 6 Prior service credit (10 ) (4 ) (6 ) (9 ) (5 ) (4 ) Net gain on pension and other postretirement benefits 6 2 4 — (2 ) 2 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the period — — — (3 ) — (3 ) Net loss on cash flow hedges — — — (3 ) — (3 ) Other comprehensive income $ 203 $ 2 $ 201 $ 147 $ (2 ) $ 149 Six Months Ended June 30, 2015 2014 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (169 ) $ — $ (169 ) $ 76 $ — $ 76 Pension and other postretirement benefits: Amounts reclassified into income related to: Net actuarial loss 31 11 20 17 6 11 Prior service credit (20 ) (7 ) (13 ) (19 ) (8 ) (11 ) Net gain (loss) on pension and other postretirement benefits 11 4 7 (2 ) (2 ) — Derivative instruments designated and qualifying as cash flow hedges: Net gain arising during the period — — — 4 2 2 Net gain reclassified into income — — — (3 ) (1 ) (2 ) Net gain on cash flow hedges — — — 1 1 — Other comprehensive income (loss) $ (158 ) $ 4 $ (162 ) $ 75 $ (1 ) $ 76 Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains and (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ 1 $ (368 ) $ — $ (367 ) Other comprehensive loss before reclassifications (169 ) — — (169 ) Amounts reclassified from accumulated other comprehensive loss — 7 — 7 Net other comprehensive income (loss) (169 ) 7 — (162 ) Balance as of June 30, 2015 $ (168 ) $ (361 ) $ — $ (529 ) Balance as of December 31, 2013 $ 408 $ (58 ) $ — $ 350 Other comprehensive income before reclassifications 76 — 2 78 Amounts reclassified from accumulated other comprehensive income — — (2 ) (2 ) Net other comprehensive income 76 — — 76 Balance as of June 30, 2014 $ 484 $ (58 ) $ — $ 426

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2015 2014 2015 2014 Three months ended June 30: Service cost $ 28 $ 30 $ 2 $ 1 Interest cost 25 23 3 4 Expected return on plan assets (34 ) (33 ) — — Amortization of: Prior service credit (6 ) (5 ) (4 ) (4 ) Net actuarial loss 15 9 — — Net periodic benefit cost $ 28 $ 24 $ 1 $ 1 Six months ended June 30: Service cost $ 55 $ 60 $ 4 $ 3 Interest cost 49 46 7 8 Expected return on plan assets (67 ) (66 ) — — Amortization of: Prior service credit (11 ) (10 ) (9 ) (9 ) Net actuarial loss 31 17 — — Net periodic benefit cost $ 57 $ 47 $ 2 $ 2 Our anticipated contributions to our pension and other postretirement benefit plans during 2015 have not changed from amounts previously disclosed in our financial statements for the year ended December 31, 2014. We contributed $21 million and $22 million , respectively, to our pension plans and $6 million and $9 million , respectively, to our other postretirement benefit plans during the six months ended June 30, 2015 and 2014 .

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	8. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended June 30, 2015 2014 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 1,351 $ 651 Less dividends paid on common stock 203 133 Undistributed earnings $ 1,148 $ 518 Weighted-average common shares outstanding 2 505 2 529 Earnings per common share from continuing operations: Distributed earnings $ 0.40 $ 0.40 $ 0.25 $ 0.25 Undistributed earnings 2.27 2.27 0.98 0.98 Total earnings per common share from continuing operations $ 2.67 $ 2.67 $ 1.23 $ 1.23 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 1,351 $ 651 Weighted-average common shares outstanding 505 529 Common equivalent shares: Stock options 2 3 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 508 534 Earnings per common share from continuing operations – assuming dilution $ 2.66 $ 1.22 Six Months Ended June 30, 2015 2014 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 2,315 $ 1,480 Less dividends paid: Common stock 408 265 Participating securities 1 1 Undistributed earnings $ 1,906 $ 1,214 Weighted-average common shares outstanding 2 509 2 530 Earnings per common share from continuing operations: Distributed earnings $ 0.80 $ 0.80 $ 0.50 $ 0.50 Undistributed earnings 3.73 3.73 2.28 2.28 Total earnings per common share from continuing operations $ 4.53 $ 4.53 $ 2.78 $ 2.78 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 2,315 $ 1,480 Weighted-average common shares outstanding 509 530 Common equivalent shares: Stock options 2 3 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 512 535 Earnings per common share from continuing operations – assuming dilution $ 4.52 $ 2.77

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	9. SEGMENT INFORMATION The following table reflects activity related to our reportable segments (in millions): Refining Ethanol Corporate Total Three months ended June 30, 2015: Operating revenues from external customers $ 24,350 $ 768 $ — $ 25,118 Intersegment revenues — 37 — 37 Operating income (loss) 2,161 108 (191 ) 2,078 Three months ended June 30, 2014: Operating revenues from external customers 33,457 1,457 — 34,914 Intersegment revenues — 9 — 9 Operating income (loss) 1,079 187 (181 ) 1,085 Six months ended June 30, 2015: Operating revenues from external customers 44,879 1,569 — 46,448 Intersegment revenues — 65 — 65 Operating income (loss) 3,802 120 (349 ) 3,573 Six months ended June 30, 2014: Operating revenues from external customers 65,909 2,668 — 68,577 Intersegment revenues — 34 — 34 Operating income (loss) 2,359 430 (353 ) 2,436 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 39,813 $ 40,103 Ethanol 961 954 Corporate 6,825 4,493 Total assets $ 47,599 $ 45,550

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2015 2014 Decrease (increase) in current assets: Receivables, net $ 77 $ 837 Inventories (19 ) (721 ) Income taxes receivable 79 (16 ) Prepaid expenses and other 7 11 Increase (decrease) in current liabilities: Accounts payable 575 (707 ) Accrued expenses (75 ) 12 Taxes other than income taxes 15 (71 ) Income taxes payable (44 ) (369 ) Changes in current assets and current liabilities $ 615 $ (1,024 ) The above changes in current assets and current liabilities differ from changes between amounts reflected in the applicable balance sheets for the respective periods for the following reasons: • the amounts shown above exclude changes in cash and temporary cash investments, deferred income taxes, and current portion of debt and capital lease obligations, as well as the effect of certain noncash investing and financing activities discussed below; • amounts accrued for capital expenditures and deferred turnaround and catalyst costs are reflected in investing activities when such amounts are paid; • amounts accrued for common stock purchases in the open market that are not settled as of the balance sheet date are reflected in financing activities when the purchases are settled and paid; and • certain differences between balance sheet changes and the changes reflected above result from translating foreign currency denominated balances at the applicable exchange rates as of each balance sheet date. There were no significant noncash investing activities for the six months ended June 30, 2015 and 2014 . Noncash financing activities for the six months ended June 30, 2015 included an accrual of $41 million for the purchase of 675,000 shares of our common stock, which was settled in early July 2015. Noncash financing activities for the six months ended June 30, 2014 included an accrual of $104 million for the purchase of 2,000,000 shares of our common stock, which was settled in early July 2014. Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2015 2014 Interest paid in excess of amount capitalized $ 202 $ 197 Income taxes paid, net 1,079 1,054 Cash flows related to the discontinued operations of the Aruba Refinery were immaterial for the six months ended June 30, 2014 .

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS General U.S. GAAP requires or permits certain assets and liabilities to be measured at fair value on a recurring or nonrecurring basis in our balance sheets, and those assets and liabilities are presented below under “Recurring Fair Value Measurements” and “Nonrecurring Fair Value Measurements.” Assets and liabilities measured at fair value on a recurring basis, such as derivative financial instruments, are measured at fair value at the end of each reporting period. Assets and liabilities measured at fair value on a nonrecurring basis, such as the impairment of property, plant and equipment, are measured at fair value in particular circumstances. U.S. GAAP also requires the disclosure of the fair values of financial instruments when an option to elect fair value accounting has been provided, but such election has not been made. A debt obligation is an example of such a financial instrument. The disclosure of the fair values of financial instruments not recognized at fair value in our balance sheet is presented below under “Other Financial Instruments.” U.S. GAAP provides a framework for measuring fair value and establishes a three-level fair value hierarchy that prioritizes inputs to valuation techniques based on the degree to which objective prices in external active markets are available to measure fair value. Following is a description of each of the levels of the fair value hierarchy. • Level 1 - Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3 - Unobservable inputs for the asset or liability. Unobservable inputs reflect our own assumptions about what market participants would use to price the asset or liability. The inputs are developed based on the best information available in the circumstances, which might include occasional market quotes or sales of similar instruments or our own financial data such as internally developed pricing models, discounted cash flow methodologies, as well as instruments for which the fair value determination requires significant judgment. Recurring Fair Value Measurements The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2015 and December 31, 2014 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2015 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 234 $ 14 $ — $ 248 $ (203 ) $ — $ 45 $ — Physical purchase contracts — 7 — 7 n/a n/a 7 n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 83 — 11 94 n/a n/a 94 n/a Total $ 320 $ 21 $ 11 $ 352 $ (203 ) $ — $ 149 Liabilities: Commodity derivative contracts $ 207 $ 12 $ — $ 219 $ (203 ) $ (16 ) $ — $ (62 ) Environmental credit obligations — 16 — 16 n/a n/a 16 n/a Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 209 $ 29 $ — $ 238 $ (203 ) $ (16 ) $ 19 December 31, 2014 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 3,096 $ 36 $ — $ 3,132 $ (2,907 ) $ (99 ) $ 126 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 97 — 11 108 n/a n/a 108 n/a Total $ 3,193 $ 37 $ 11 $ 3,241 $ (2,907 ) $ (99 ) $ 235 Liabilities: Commodity derivative contracts $ 2,886 $ 34 $ — $ 2,920 $ (2,907 ) $ (13 ) $ — $ (25 ) Environmental credit obligations — 14 — 14 n/a n/a 14 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 2,886 $ 53 $ — $ 2,939 $ (2,907 ) $ (13 ) $ 19 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures and swaps, and as disclosed in Note 12 , some of these contracts are designated as hedging instruments. These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Swaps are priced using third-party broker quotes, industry pricing services, and exchange-traded curves, with appropriate consideration of counterparty credit risk, but because they have contractual terms that are not identical to exchange-traded futures instruments with a comparable market price, these financial instruments are categorized in Level 2 of the fair value hierarchy. • Physical purchase contracts represent the fair value of firm commitments to purchase crude oil feedstocks and the fair value of fixed-price corn purchase contracts, and as disclosed in Note 12 , some of these contracts are designated as hedging instruments. The fair values of these firm commitments and purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts entered into for our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of those operations. These contracts are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32) and Quebec’s Regulation respecting the cap-and-trade system for greenhouse gas emission allowances (the Quebec cap-and-trade system), collectively, the cap-and-trade systems. To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are further described in Note 12 under “Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between Level 1 and Level 2 for assets and liabilities held as of June 30, 2015 and December 31, 2014 that were measured at fair value on a recurring basis. There was no activity during the three and six months ended June 30, 2015 and 2014 related to the fair value amounts categorized in Level 3 as of June 30, 2015 and December 31, 2014 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 2015 and December 31, 2014 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below (in millions): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,764 $ 5,764 $ 3,689 $ 3,689 Financial liabilities: Debt (excluding capital leases) 7,319 8,334 6,354 7,562 The methods and significant assumptions used to estimate the fair value of these financial instruments are as follows: • The fair value of cash and temporary cash investments approximates the carrying value due to the low level of credit risk of these assets combined with their short maturities and market interest rates (Level 1). • The fair value of debt is determined primarily using the market approach based on quoted prices provided by third-party brokers and vendor pricing services (Level 2).

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks related to the volatility in the price of commodities, interest rates, and foreign currency exchange rates. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, interest rate swaps, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11 ), as summarized below under “Fair Values of Derivative Instruments.” In addition, the effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income.” When we enter into a derivative instrument, it is designated as a fair value hedge, a cash flow hedge, an economic hedge, or a trading derivative. The gain or loss on a derivative instrument designated and qualifying as a fair value hedge, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized currently in income in the same period. The effective portion of the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is initially reported as a component of other comprehensive income and is then recorded into income in the period or periods during which the hedged forecasted transaction affects income. The ineffective portion of the gain or loss on the cash flow derivative instrument, if any, is recognized in income as incurred. For our economic hedges (derivative instruments not designated as fair value or cash flow hedges) and for derivative instruments entered into by us for trading purposes, the derivative instrument is recorded at fair value and changes in the fair value of the derivative instrument are recognized currently in income. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows for all periods presented. We are also exposed to market risk related to the volatility in the price of credits needed to comply with various governmental and regulatory programs. To manage this risk, we enter into contracts to purchase these credits when prices are deemed favorable. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of crude oil, refined products (primarily gasoline and distillate), grain (primarily corn), soybean oil, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, including futures, swaps, and options. We use the futures markets for the available liquidity, which provides greater flexibility in transacting our hedging and trading operations. We use swaps primarily to manage our price exposure. Our positions in commodity derivative instruments are monitored and managed on a daily basis by a risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. For risk management purposes, we use fair value hedges, cash flow hedges, and economic hedges. In addition to the use of derivative instruments to manage commodity price risk, we also enter into certain commodity derivative instruments for trading purposes. Our objective for entering into each type of hedge or trading derivative is described below. • Fair Value Hedges – Fair value hedges are used to hedge price volatility in certain refining inventories and firm commitments to purchase inventories. The level of activity for our fair value hedges is based on the level of our operating inventories, and generally represents the amount by which our inventories differ from our previous year-end LIFO inventory levels. As of June 30, 2015 , we had no outstanding commodity derivative instruments that were entered into as fair value hedges. • Cash Flow Hedges – Cash flow hedges are used to hedge price volatility in certain forecasted feedstock and refined product purchases, refined product sales, and natural gas purchases. The objective of our cash flow hedges is to lock in the price of forecasted feedstock, refined product, or natural gas purchases or refined product sales at existing market prices that we deem favorable. As of June 30, 2015 , we had no outstanding commodity derivative instruments that were entered into as cash flow hedges. • Economic Hedges – Economic hedges represent commodity derivative instruments that are not designated as fair value or cash flow hedges and are used to manage price volatility in certain (i) feedstock and refined product inventories, (ii) forecasted feedstock and product purchases, and product sales, and (iii) fixed-price purchase contracts. Our objective for entering into economic hedges is consistent with the objectives discussed above for fair value hedges and cash flow hedges. However, the economic hedges are not designated as a fair value hedge or a cash flow hedge for accounting purposes, usually due to the difficulty of establishing the required documentation at the date that the derivative instrument is entered into that would allow us to achieve “hedge deferral accounting.” As of June 30, 2015 , we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds). Notional Contract Volumes by Year of Maturity Derivative Instrument 2015 2016 Crude oil and refined products: Swaps – long 12,933 400 Swaps – short 12,355 300 Futures – long 50,688 448 Futures – short 61,555 400 Corn: Futures – long 27,520 85 Futures – short 54,560 2,915 Physical contracts – long 28,091 3,142 Soybean oil: Futures – long 174,000 — Futures – short 268,980 — • Trading Derivatives – Our objective for entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions related to future results of operations and cash flows. As of June 30, 2015 , we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units). Notional Contract Volumes by Year of Maturity Derivative Instrument 2015 2016 Crude oil and refined products: Swaps – long 3,521 180 Swaps – short 3,521 180 Futures – long 27,485 500 Futures – short 29,540 — Options – long 3,600 — Options – short 3,912 — Natural gas: Futures – long 2,150 — Futures – short — — Interest Rate Risk Our primary market risk exposure for changes in interest rates relates to our debt obligations. We manage our exposure to changing interest rates through the use of a combination of fixed-rate and floating-rate debt. In addition, at times we have used interest rate swap agreements to manage our fixed to floating interest rate position by converting certain fixed-rate debt to floating-rate debt. We had no interest rate derivative instruments outstanding as of June 30, 2015 or December 31, 2014 , or during the three and six months ended June 30, 2015 and 2014 . Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions entered into by our international operations that are denominated in currencies other than the local (functional) currencies of those operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency exchange and purchase contracts. These contracts are not designated as hedging instruments for accounting purposes, and therefore they are classified as economic hedges. As of June 30, 2015 , we had commitments to purchase $574 million of U.S. dollars. These commitments matured before July 31, 2015 . Environmental Compliance Program Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with various governmental and regulatory environmental compliance programs. Certain of these programs require us to blend biofuels into the products we produce, and we are subject to such programs in most of the countries in which we operate. These countries set annual quotas for the percentage of biofuels that must be blended into the motor fuels consumed in these countries. As a producer of motor fuels from petroleum, we are obligated to blend biofuels into the products we produce at a rate that is at least equal to the applicable quota. To the degree we are unable to blend at the applicable rate, we must purchase biofuel credits (primarily RINs in the U.S.). We are exposed to the volatility in the market price of these credits, and we manage that risk by purchasing biofuel credits when prices are deemed favorable. The cost of meeting our obligations under these biofuel programs was $55 million and $91 million for the three months ended June 30, 2015 and 2014 , respectively, and $188 million and $183 million for the six months ended June 30, 2015 and 2014 , respectively. These amounts are reflected in cost of sales. Effective January 1, 2015, we became subject to additional requirements under greenhouse gas emission programs, including the cap-and-trade systems, as discussed in Note 11 . Under these cap-and-trade systems, we purchase various greenhouse gas emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we have recovered the majority of these costs from our customers for the six months ended June 30, 2015 and expect to continue to recover the majority of these costs in the future. For the three and six months ended June 30, 2015 and 2014 , the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of June 30, 2015 and December 31, 2014 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location June 30, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 234 $ 207 Swaps Receivables, net 12 12 Options Receivables, net 2 — Physical purchase contracts Inventories 7 1 Foreign currency contracts Receivables, net 3 — Foreign currency contracts Accrued expenses — 2 Total $ 258 $ 222 Balance Sheet Location December 31, 2014 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 3,096 $ 2,886 Swaps Receivables, net 34 31 Options Receivables, net 2 3 Physical purchase contracts Inventories 1 5 Total $ 3,133 $ 2,925 Market and Counterparty Risk Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies approved by our board of directors. Market risks are monitored by a risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions). Derivatives in Fair Value Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts: Gain (loss) recognized in income on derivatives Cost of sales $ — $ 5 $ — $ (26 ) Gain (loss) recognized in income on hedged item Cost of sales — (5 ) — 25 Loss recognized in income on derivatives (ineffective portion) Cost of sales — — — (1 ) For fair value hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2015 and 2014 . There were no amounts recognized in income for hedged firm commitments that no longer qualified as fair value hedges during the three and six months ended June 30, 2015 and 2014 . Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts: Gain (loss) recognized in OCI on derivatives (effective portion) $ — $ (3 ) $ — $ 4 Gain reclassified from accumulated OCI into income (effective portion) Cost of sales — — — 3 Gain (loss) recognized in income on derivatives (ineffective portion) Cost of sales — 3 — (1 ) For cash flow hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2014 . For the three and six months ended June 30, 2015 , there were no cumulative after-tax gains or losses on cash flow hedges remaining in accumulated other comprehensive income. For the three and six months ended June 30, 2015 and 2014 , there were no amounts reclassified from accumulated other comprehensive income into income as a result of the discontinuance of cash flow hedge accounting. Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts Cost of sales $ (27 ) $ (136 ) $ 37 $ (132 ) Foreign currency contracts Cost of sales (15 ) (32 ) 7 (23 ) Trading Derivatives Location of Gain Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts Cost of sales $ 1 $ 4 $ 21 $ 3

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation As used in this report, the terms “Valero,” “we,” “us,” or “our” may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Financial information for the three and six months ended June 30, 2015 and 2014 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The balance sheet as of December 31, 2014 has been derived from our audited financial statements as of that date. For further information, refer to our financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2014 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
New Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) amended the ASC and issued a new accounting standard, Topic 606, “Revenue from Contracts with Customers,” to clarify the principles for recognizing revenue. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard also requires improved interim and annual disclosures that enable the users of financial statements to better understand the nature, amount, timing, and uncertainty of revenues and cash flows arising from contracts with customers. In July 2015, the FASB deferred the effective date of the new standard by one year. As a result, the standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period, and can be adopted either retrospectively to each prior reporting period presented using a practical expedient, as allowed by the standard, or retrospectively with a cumulative effect adjustment to retained earnings as of the date of initial application. Early adoption is permitted, but not before the original effective date, which was for annual reporting periods beginning after December 15, 2016, including interim reporting periods within those reporting periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In February 2015, the provisions of ASC Topic 810, “Consolidation” were amended to improve consolidation guidance for certain types of legal entities. The guidance modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, eliminates the presumption that a general partner should consolidate a limited partnership, affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and provides a scope exception from consolidation guidance for certain money market funds. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. These provisions may also be adopted retrospectively in previously issued financial statements for one or more years with a cumulative-effect adjustment to retained earnings as of the beginning of the first year restated. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations, but will result in additional disclosures. In April 2015, the provisions of ASC Subtopic 835-30, “Interest–Imputation of Interest” were amended to simplify the presentation of debt issuance costs. The guidance requires that debt issuance costs related to a note be reported in the balance sheet as a direct deduction from the face amount of that note, consistent with debt discounts, and that amortization of debt issuance costs be reported as interest expense. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not materially affect our financial position or results of operations; however, our debt issuance costs associated with issued debt will be reported in the balance sheet as a direct deduction from “debt and capital lease obligations, less current portion” and excluded from “deferred charges and other assets, net.” Also in April 2015, the provisions of ASC Topic 715, “Compensation–Retirement Benefits” were amended to provide a practical expedient for the measurement date of an entities’ defined benefit pension or other postretirement plans. For an entity with a fiscal year-end that does not coincide with a month-end, the guidance provides a practical expedient that allows the entity to measure the defined benefit plan assets and obligations using the month-end that is closest to the entity’s fiscal year-end. For an entity that has a significant event in an interim period that calls for a remeasurement, the guidance allows an entity to remeasure the defined benefit plan assets and obligations using the month-end that is closest to the date of the significant event. These provisions are effective retrospectively for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations. In May 2015, the FASB amended the provisions of ASC Topic 820, “Fair Value Measurements,” to remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The guidance also removes the requirement to make certain disclosures for all investments that are eligible to be measured using the net asset value per share practical expedient and limits those disclosures to investments for which the entity has elected to measure the fair value using that practical expedient. These provisions are to be applied retrospectively and are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2016 will not affect our financial position or results of operations, but will result in revised disclosures. In July 2015, the provisions of ASC Topic 330, “Inventory” were amended to simplify the measurement of inventory. The guidance does not apply to inventory where the cost of such inventory is measured using the last-in, first-out (LIFO) or the retail inventory methods. The guidance applies to inventory where the cost of such inventory is measured using the first-in, first-out (FIFO) or average cost methods, and it requires the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2017 is not expected to affect our financial position or results of operations.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivatives	We are exposed to market risks related to the volatility in the price of commodities, interest rates, and foreign currency exchange rates. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, interest rate swaps, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11 ), as summarized below under “Fair Values of Derivative Instruments.” In addition, the effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income.” When we enter into a derivative instrument, it is designated as a fair value hedge, a cash flow hedge, an economic hedge, or a trading derivative. The gain or loss on a derivative instrument designated and qualifying as a fair value hedge, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized currently in income in the same period. The effective portion of the gain or loss on a derivative instrument designated and qualifying as a cash flow hedge is initially reported as a component of other comprehensive income and is then recorded into income in the period or periods during which the hedged forecasted transaction affects income. The ineffective portion of the gain or loss on the cash flow derivative instrument, if any, is recognized in income as incurred. For our economic hedges (derivative instruments not designated as fair value or cash flow hedges) and for derivative instruments entered into by us for trading purposes, the derivative instrument is recorded at fair value and changes in the fair value of the derivative instrument are recognized currently in income. The cash flow effects of all of our derivative instruments are reflected in operating activities in our statements of cash flows for all periods presented.
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Valero Energy Partners LP (Tabl

Valero Energy Partners LP (Tables)	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
VLP ownership percentages	The ownership of VLP consisted of the following: June 30, December 31, Valero: Limited partner interest 69.6 % 68.6 % General partner interest 2.0 % 2.0 % Public: Limited partner interest 28.4 % 29.4 %

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,600 $ 2,269 Refined products and blendstocks 3,571 3,926 Ethanol feedstocks and products 206 195 Materials and supplies 241 233 Inventories $ 6,618 $ 6,623

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Outstanding letters of credit under committed lines of credit	Letters of credit issued under our committed credit facilities were as follows (in millions): Amounts Issued Borrowing Capacity Expiration June 30, December 31, Letter of credit facility $ 250 June 2015 $ — $ 56 Revolver $ 3,000 November 2018 $ 63 $ 54 VLP Revolver $ 300 December 2018 $ — $ — Canadian Revolver C$ 50 November 2015 C$ 10 C$ 10

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of changes in equity	The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to the noncontrolling interests, and total equity (in millions): Six Months Ended June 30, 2015 2014 Valero Stockholders ’ Equity Non- controlling Interests Total Equity Valero Stockholders ’ Equity Non- controlling Interests Total Equity Balance as of beginning of period $ 20,677 $ 567 $ 21,244 $ 19,460 $ 486 $ 19,946 Net income 2,315 18 2,333 1,416 13 1,429 Dividends (409 ) — (409 ) (266 ) — (266 ) Stock-based compensation expense 18 — 18 21 — 21 Tax deduction in excess of stock-based compensation expense 27 — 27 31 — 31 Transactions in connection with stock-based compensation plans: Stock issuances 20 — 20 32 — 32 Stock purchases (105 ) — (105 ) (76 ) — (76 ) Stock purchases under repurchase program (928 ) — (928 ) (483 ) — (483 ) Contributions from noncontrolling interests — 2 2 — 14 14 Distributions to noncontrolling interests — (34 ) (34 ) — (4 ) (4 ) Other comprehensive income (loss) (162 ) — (162 ) 76 — 76 Balance as of end of period $ 21,453 $ 553 $ 22,006 $ 20,211 $ 509 $ 20,720
Schedule of stock by class	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Six Months Ended June 30, 2015 2014 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (159 ) 673 (138 ) Transactions in connection with stock-based compensation plans: Stock issuances — 2 — 2 Stock purchases — (2 ) — (1 ) Stock purchases under repurchase program — (15 ) — (7 ) Balance as of end of period 673 (174 ) 673 (144 )
Income tax effects related to components of other comprehensive income (loss)	The tax effects allocated to each component of other comprehensive income (loss) were as follows (in millions): Three Months Ended June 30, 2015 2014 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ 197 $ — $ 197 $ 150 $ — $ 150 Pension and other postretirement benefits: Amounts reclassified into income related to: Net actuarial loss 16 6 10 9 3 6 Prior service credit (10 ) (4 ) (6 ) (9 ) (5 ) (4 ) Net gain on pension and other postretirement benefits 6 2 4 — (2 ) 2 Derivative instruments designated and qualifying as cash flow hedges: Net loss arising during the period — — — (3 ) — (3 ) Net loss on cash flow hedges — — — (3 ) — (3 ) Other comprehensive income $ 203 $ 2 $ 201 $ 147 $ (2 ) $ 149 Six Months Ended June 30, 2015 2014 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (169 ) $ — $ (169 ) $ 76 $ — $ 76 Pension and other postretirement benefits: Amounts reclassified into income related to: Net actuarial loss 31 11 20 17 6 11 Prior service credit (20 ) (7 ) (13 ) (19 ) (8 ) (11 ) Net gain (loss) on pension and other postretirement benefits 11 4 7 (2 ) (2 ) — Derivative instruments designated and qualifying as cash flow hedges: Net gain arising during the period — — — 4 2 2 Net gain reclassified into income — — — (3 ) (1 ) (2 ) Net gain on cash flow hedges — — — 1 1 — Other comprehensive income (loss) $ (158 ) $ 4 $ (162 ) $ 75 $ (1 ) $ 76
Schedule of changes in accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains and (Losses) on Cash Flow Hedges Total Balance as of December 31, 2014 $ 1 $ (368 ) $ — $ (367 ) Other comprehensive loss before reclassifications (169 ) — — (169 ) Amounts reclassified from accumulated other comprehensive loss — 7 — 7 Net other comprehensive income (loss) (169 ) 7 — (162 ) Balance as of June 30, 2015 $ (168 ) $ (361 ) $ — $ (529 ) Balance as of December 31, 2013 $ 408 $ (58 ) $ — $ 350 Other comprehensive income before reclassifications 76 — 2 78 Amounts reclassified from accumulated other comprehensive income — — (2 ) (2 ) Net other comprehensive income 76 — — 76 Balance as of June 30, 2014 $ 484 $ (58 ) $ — $ 426

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Periodic benefit cost related to our defined benefit plans, net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2015 2014 2015 2014 Three months ended June 30: Service cost $ 28 $ 30 $ 2 $ 1 Interest cost 25 23 3 4 Expected return on plan assets (34 ) (33 ) — — Amortization of: Prior service credit (6 ) (5 ) (4 ) (4 ) Net actuarial loss 15 9 — — Net periodic benefit cost $ 28 $ 24 $ 1 $ 1 Six months ended June 30: Service cost $ 55 $ 60 $ 4 $ 3 Interest cost 49 46 7 8 Expected return on plan assets (67 ) (66 ) — — Amortization of: Prior service credit (11 ) (10 ) (9 ) (9 ) Net actuarial loss 31 17 — — Net periodic benefit cost $ 57 $ 47 $ 2 $ 2

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended June 30, 2015 2014 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 1,351 $ 651 Less dividends paid on common stock 203 133 Undistributed earnings $ 1,148 $ 518 Weighted-average common shares outstanding 2 505 2 529 Earnings per common share from continuing operations: Distributed earnings $ 0.40 $ 0.40 $ 0.25 $ 0.25 Undistributed earnings 2.27 2.27 0.98 0.98 Total earnings per common share from continuing operations $ 2.67 $ 2.67 $ 1.23 $ 1.23 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 1,351 $ 651 Weighted-average common shares outstanding 505 529 Common equivalent shares: Stock options 2 3 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 508 534 Earnings per common share from continuing operations – assuming dilution $ 2.66 $ 1.22 Six Months Ended June 30, 2015 2014 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share from continuing operations: Net income attributable to Valero stockholders from continuing operations $ 2,315 $ 1,480 Less dividends paid: Common stock 408 265 Participating securities 1 1 Undistributed earnings $ 1,906 $ 1,214 Weighted-average common shares outstanding 2 509 2 530 Earnings per common share from continuing operations: Distributed earnings $ 0.80 $ 0.80 $ 0.50 $ 0.50 Undistributed earnings 3.73 3.73 2.28 2.28 Total earnings per common share from continuing operations $ 4.53 $ 4.53 $ 2.78 $ 2.78 Earnings per common share from continuing operations – assuming dilution: Net income attributable to Valero stockholders from continuing operations $ 2,315 $ 1,480 Weighted-average common shares outstanding 509 530 Common equivalent shares: Stock options 2 3 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 512 535 Earnings per common share from continuing operations – assuming dilution $ 4.52 $ 2.77

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segment information for our reportable segments	The following table reflects activity related to our reportable segments (in millions): Refining Ethanol Corporate Total Three months ended June 30, 2015: Operating revenues from external customers $ 24,350 $ 768 $ — $ 25,118 Intersegment revenues — 37 — 37 Operating income (loss) 2,161 108 (191 ) 2,078 Three months ended June 30, 2014: Operating revenues from external customers 33,457 1,457 — 34,914 Intersegment revenues — 9 — 9 Operating income (loss) 1,079 187 (181 ) 1,085 Six months ended June 30, 2015: Operating revenues from external customers 44,879 1,569 — 46,448 Intersegment revenues — 65 — 65 Operating income (loss) 3,802 120 (349 ) 3,573 Six months ended June 30, 2014: Operating revenues from external customers 65,909 2,668 — 68,577 Intersegment revenues — 34 — 34 Operating income (loss) 2,359 430 (353 ) 2,436 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 39,813 $ 40,103 Ethanol 961 954 Corporate 6,825 4,493 Total assets $ 47,599 $ 45,550

Supplemental Cash Flow Inform27

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2015 2014 Interest paid in excess of amount capitalized $ 202 $ 197 Income taxes paid, net 1,079 1,054 In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2015 2014 Decrease (increase) in current assets: Receivables, net $ 77 $ 837 Inventories (19 ) (721 ) Income taxes receivable 79 (16 ) Prepaid expenses and other 7 11 Increase (decrease) in current liabilities: Accounts payable 575 (707 ) Accrued expenses (75 ) 12 Taxes other than income taxes 15 (71 ) Income taxes payable (44 ) (369 ) Changes in current assets and current liabilities $ 615 $ (1,024 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 2015 and December 31, 2014 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented on a gross basis in the tables below. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. June 30, 2015 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 234 $ 14 $ — $ 248 $ (203 ) $ — $ 45 $ — Physical purchase contracts — 7 — 7 n/a n/a 7 n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 83 — 11 94 n/a n/a 94 n/a Total $ 320 $ 21 $ 11 $ 352 $ (203 ) $ — $ 149 Liabilities: Commodity derivative contracts $ 207 $ 12 $ — $ 219 $ (203 ) $ (16 ) $ — $ (62 ) Environmental credit obligations — 16 — 16 n/a n/a 16 n/a Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 209 $ 29 $ — $ 238 $ (203 ) $ (16 ) $ 19 December 31, 2014 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 3,096 $ 36 $ — $ 3,132 $ (2,907 ) $ (99 ) $ 126 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 97 — 11 108 n/a n/a 108 n/a Total $ 3,193 $ 37 $ 11 $ 3,241 $ (2,907 ) $ (99 ) $ 235 Liabilities: Commodity derivative contracts $ 2,886 $ 34 $ — $ 2,920 $ (2,907 ) $ (13 ) $ — $ (25 ) Environmental credit obligations — 14 — 14 n/a n/a 14 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 2,886 $ 53 $ — $ 2,939 $ (2,907 ) $ (13 ) $ 19
Carrying amounts and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below (in millions): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,764 $ 5,764 $ 3,689 $ 3,689 Financial liabilities: Debt (excluding capital leases) 7,319 8,334 6,354 7,562

Price Risk Management Activit29

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 2015 , we had the following outstanding commodity derivative instruments that were entered into for trading purposes. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes represent thousands of barrels, except those identified as natural gas contracts that are presented in billions of British thermal units). Notional Contract Volumes by Year of Maturity Derivative Instrument 2015 2016 Crude oil and refined products: Swaps – long 3,521 180 Swaps – short 3,521 180 Futures – long 27,485 500 Futures – short 29,540 — Options – long 3,600 — Options – short 3,912 — Natural gas: Futures – long 2,150 — Futures – short — — As of June 30, 2015 , we had the following outstanding commodity derivative instruments that were used as economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except those identified as corn contracts that are presented in thousands of bushels and soybean oil contracts that are presented in thousands of pounds). Notional Contract Volumes by Year of Maturity Derivative Instrument 2015 2016 Crude oil and refined products: Swaps – long 12,933 400 Swaps – short 12,355 300 Futures – long 50,688 448 Futures – short 61,555 400 Corn: Futures – long 27,520 85 Futures – short 54,560 2,915 Physical contracts – long 28,091 3,142 Soybean oil: Futures – long 174,000 — Futures – short 268,980 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2015 and December 31, 2014 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location June 30, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 234 $ 207 Swaps Receivables, net 12 12 Options Receivables, net 2 — Physical purchase contracts Inventories 7 1 Foreign currency contracts Receivables, net 3 — Foreign currency contracts Accrued expenses — 2 Total $ 258 $ 222 Balance Sheet Location December 31, 2014 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 3,096 $ 2,886 Swaps Receivables, net 34 31 Options Receivables, net 2 3 Physical purchase contracts Inventories 1 5 Total $ 3,133 $ 2,925
Effect of derivative instruments on income and other comprehensive income	Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts: Gain (loss) recognized in OCI on derivatives (effective portion) $ — $ (3 ) $ — $ 4 Gain reclassified from accumulated OCI into income (effective portion) Cost of sales — — — 3 Gain (loss) recognized in income on derivatives (ineffective portion) Cost of sales — 3 — (1 ) Trading Derivatives Location of Gain Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts Cost of sales $ 1 $ 4 $ 21 $ 3 The following tables provide information about the gain or loss recognized in income and other comprehensive income (OCI) on our derivative instruments and the line items in the financial statements in which such gains and losses are reflected (in millions). Derivatives in Fair Value Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts: Gain (loss) recognized in income on derivatives Cost of sales $ — $ 5 $ — $ (26 ) Gain (loss) recognized in income on hedged item Cost of sales — (5 ) — 25 Loss recognized in income on derivatives (ineffective portion) Cost of sales — — — (1 ) Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Three Months Ended Six Months Ended 2015 2014 2015 2014 Commodity contracts Cost of sales $ (27 ) $ (136 ) $ 37 $ (132 ) Foreign currency contracts Cost of sales (15 ) (32 ) 7 (23 )

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies (Details) - Jun. 30, 2014 - Aruba Refinery [Member] - USD ($) $ in Millions	Total	Total
Reclass of Aruba Refinery (Textual)
Operating revenues	$ 0	$ 0
Loss from discontinued operations	$ (63)	$ (64)

Valero Energy Partners LP (Deta

Valero Energy Partners LP (Details)	Mar. 01, 2015USD ($)shares	Jun. 30, 2015USD ($)refineries	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2013USD ($)
Valero Energy Partners LP Transactions (Textual)
Number of refineries impacted by VLP operations | refineries		7
Cash and temporary cash investments		$ 5,764,000,000	$ 3,689,000,000	$ 3,480,000,000	$ 4,292,000,000
Noncontrolling interests		553,000,000	$ 567,000,000
Line of Credit [Member] | VLP Revolver [Member]
Valero Energy Partners LP Transactions (Textual)
Cash consideration funded through borrowing by VLP under its revolving credit facility		$ 200,000,000
Valero Energy Partners LP [Member] | General Partner [Member]
Subsidiary, Sale of Stock [Line Items]
Limited partnership, ownership percentage by parent		2.00%	2.00%
Valero Energy Partners LP [Member] | Limited Partner [Member]
Subsidiary, Sale of Stock [Line Items]
Limited partnership, ownership percentage by parent		69.60%	68.60%
Limited partnership, ownership percentage by noncontrolling owners		28.40%	29.40%
Valero Energy Partners LP [Member]
Valero Energy Partners LP Transactions (Textual)
Cash and temporary cash investments		$ 52,000,000	$ 237,000,000
Noncontrolling interests		$ 381,000,000	$ 375,000,000
Houston and St. Charles Terminal Services Business [Member] | Valero Energy Partners LP [Member]
Valero Energy Partners LP Transactions (Textual)
Proceeds from the sale of property and equipment	$ 571,000,000
Aggregate value of partnership interest received	100,000,000
Houston and St. Charles Terminal Services Business [Member] | Valero Energy Partners LP [Member] | Valero Energy Partners LP [Member]
Valero Energy Partners LP Transactions (Textual)
Cash consideration funded with VLP cash on hand	211,000,000
Houston and St. Charles Terminal Services Business [Member] | Valero Energy Partners LP [Member] | Valero Energy Partners LP [Member] | Line of Credit [Member] | VLP Revolver [Member]
Valero Energy Partners LP Transactions (Textual)
Cash consideration funded through borrowing by VLP under its revolving credit facility	200,000,000
Houston and St. Charles Terminal Services Business [Member] | Valero Energy Partners LP [Member] | Valero Energy Partners LP [Member] | Subordinated Debt [Member]
Valero Energy Partners LP Transactions (Textual)
Cash consideration funded through borrowing by VLP under a subordinated credit agreement with Parent	$ 160,000,000
Houston and St. Charles Terminal Services Business [Member] | General Partner [Member]
Valero Energy Partners LP Transactions (Textual)
Units received from sale of property and equipment | shares	38,941
Houston and St. Charles Terminal Services Business [Member] | Limited Partner [Member]
Valero Energy Partners LP Transactions (Textual)
Units received from sale of property and equipment | shares	1,908,100

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Schedule of Inventories
Refinery feedstocks	$ 2,600	$ 2,269
Refined products and blendstocks	3,571	3,926
Ethanol feedstocks and products	206	195
Materials and supplies	241	233
Inventories	6,618	6,623
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	3,000	857
Amount of non-LIFO inventory	$ 927	$ 906

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)	Jul. 01, 2015USD ($)	Jul. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015CAD	Jun. 30, 2015USD ($)	Dec. 31, 2014CAD	Dec. 31, 2014USD ($)
Other Letter of Credit [Member]
Line of Credit Facility
Amount outstanding					$ 263,000,000		$ 80,000,000
Credit Facilities [Member] | Letter of Credit [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					250,000,000
Line of credit facility, expiration date			Jun. 30, 2015
Amount outstanding					0		56,000,000
Credit Facilities [Member] | Committed Letter of Credit - Expired [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					300,000,000
Credit Facilities [Member] | Committed Letter of Credit - In Effect [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					250,000,000
Credit Facilities [Member] | Committed Letter of Credit - In Effect [Member] | Subsequent Event [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 125,000,000
Line of credit facility, expiration date		Jun. 30, 2016
Credit Facilities [Member] | U S Revolver [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					3,000,000,000
Line of credit facility, expiration date			Nov. 30, 2018
Amount outstanding					0		0
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option					$ 4,500,000,000
Credit Facilities [Member] | U S Revolver [Member] | Maximum [Member]
Credit Facilities (Textual)
Debt to capitalization ratios as per terms of revolver				0.60	0.60
Credit Facilities [Member] | U S Revolver Letter of Credit [Member]
Line of Credit Facility
Amount outstanding					$ 63,000,000		54,000,000
Credit Facilities [Member] | VLP Revolver [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					300,000,000
Line of credit facility, expiration date			Dec. 31, 2018
Amount outstanding					200,000,000		0
Credit Facilities (Textual)
Borrowings from long-term lines of credit			$ 200,000,000
Line of credit facility, interest rate during period			1.4375%
Credit Facilities [Member] | VLP Revolver [Member] | Subsequent Event [Member]
Credit Facilities (Textual)
Repayments of long-term lines of credit	$ 25,000,000
Credit Facilities [Member] | VLP Revolver Letter of Credit [Member]
Line of Credit Facility
Amount outstanding					$ 0		$ 0
Credit Facilities [Member] | Canadian Revolver [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity | CAD				CAD 50,000,000
Line of credit facility, expiration date			Nov. 30, 2015
Amount outstanding | CAD				0		CAD 0
Credit Facilities [Member] | Canadian Revolver Letter of Credit [Member]
Line of Credit Facility
Amount outstanding | CAD				CAD 10,000,000		CAD 10,000,000

Debt, Non-Bank Debt (Details)

Debt, Non-Bank Debt (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Senior Notes [Member]
Non-Bank Debt (Textual)
Proceeds from issuance of senior long-term debt	$ 1,246,000,000
Debt issuance costs	12,000,000
Senior Notes [Member] | Senior Notes Due in 2025 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance	$ 600,000,000
Interest rate of notes in percentage	3.65%
Maturity date of long-term debt issuance	Mar. 15, 2025
Senior Notes [Member] | Senior Notes Due in 2045 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance	$ 650,000,000
Interest rate of notes in percentage	4.90%
Maturity date of long-term debt issuance	Mar. 15, 2045
Senior Notes [Member] | Senior Notes Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	4.50%
Debt repayments	$ 400,000,000
Senior Notes [Member] | Senior Notes Due In 2014 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage		4.75%
Debt repayments		$ 200,000,000
Debentures [Member] | Debenture Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	8.75%
Debt repayments	$ 75,000,000

Debt, Accounts Receivable Sales

Debt, Accounts Receivable Sales Facility and Capitalized Interest (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Capitalized Interest (Textual)
Interest costs incurred, capitalized		$ 16,000,000	$ 18,000,000	$ 32,000,000	$ 35,000,000
Credit Facilities [Member] | A/R Sales Facility [Member]
Accounts Receivable Sales Facility (Textual)
Line of credit facility, maximum borrowing capacity		1,500,000,000		1,500,000,000
Amount outstanding		$ 100,000,000		$ 100,000,000		$ 100,000,000
Credit Facilities [Member] | A/R Sales Facility [Member] | Subsequent Event [Member]
Accounts Receivable Sales Facility (Textual)
Line of credit facility, maximum borrowing capacity	$ 1,400,000,000
Maturity date of accounts receivable sales facility	Jul. 31, 2016

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2015USD ($)
Commitments and Contingencies (Textual)
Minimum range of possible loss contingency	$ 0
Maximum range of possible loss contingency	$ 200

Equity (Details)

Equity (Details) - USD ($)	Jul. 13, 2015	Jul. 31, 2015	Jul. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period		$ 22,006,000,000	$ 20,720,000,000			$ 21,244,000,000	$ 19,946,000,000
Net income				$ 1,365,000,000	$ 593,000,000	2,333,000,000	1,429,000,000
Dividends						(409,000,000)	(266,000,000)
Stock-based compensation expense						18,000,000	21,000,000
Tax deduction in excess of stock-based compensation expense						27,000,000	31,000,000
Transactions in connection with stock-based compensation plans:
Stock issuances						20,000,000	32,000,000
Contributions from noncontrolling interests						2,000,000	14,000,000
Distributions to noncontrolling interests						(34,000,000)	(4,000,000)
Other comprehensive income (loss)				201,000,000	149,000,000	(162,000,000)	76,000,000
Balance as of end of period				22,006,000,000	20,720,000,000	22,006,000,000	20,720,000,000
Equity (Textual)
Stock purchases, in shares			2,000,000
Subsequent Event [Member]
Equity (Textual)
Stock purchases, in shares		675,000
Subsequent Event [Member] | Dividend Declared [Member]
Equity (Textual)
Dividends payable, date declared	Jul. 13, 2015
Dividends payable, amount per share	$ 0.40
Dividends payable, date to be paid	Sep. 2, 2015
Dividends payable, date of record	Aug. 4, 2015
Stock-Based Compensation Plans Repurchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases						(105,000,000)	(76,000,000)
Equity (Textual)
Stock purchases						105,000,000	76,000,000
Common Stock Repurchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases						(928,000,000)	(483,000,000)
Equity (Textual)
Stock purchases						$ 928,000,000	$ 483,000,000
$2.5 Billion Program Approved July 2015 [Member] | Subsequent Event [Member]
Equity (Textual)
Authorized amount under stock purchase program	$ 2,500,000,000
Treasury Stock [Member] | Stock-Based Compensation Plans Repurchase Program [Member]
Equity (Textual)
Stock purchases, in shares						2,000,000	1,000,000
Treasury Stock [Member] | Common Stock Repurchase Program [Member]
Equity (Textual)
Stock purchases, in shares						15,000,000	7,000,000
Parent [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period		$ 21,453,000,000	$ 20,211,000,000			$ 20,677,000,000	$ 19,460,000,000
Net income						2,315,000,000	1,416,000,000
Dividends						(409,000,000)	(266,000,000)
Stock-based compensation expense						18,000,000	21,000,000
Tax deduction in excess of stock-based compensation expense						27,000,000	31,000,000
Transactions in connection with stock-based compensation plans:
Stock issuances						20,000,000	32,000,000
Contributions from noncontrolling interests						0	0
Distributions to noncontrolling interests						0	0
Other comprehensive income (loss)						(162,000,000)	76,000,000
Balance as of end of period				21,453,000,000	20,211,000,000	21,453,000,000	20,211,000,000
Parent [Member] | Stock-Based Compensation Plans Repurchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases						(105,000,000)	(76,000,000)
Equity (Textual)
Stock purchases						105,000,000	76,000,000
Parent [Member] | Common Stock Repurchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases						(928,000,000)	(483,000,000)
Equity (Textual)
Stock purchases						928,000,000	483,000,000
Noncontrolling Interest [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period		$ 553,000,000	$ 509,000,000			567,000,000	486,000,000
Net income						18,000,000	13,000,000
Transactions in connection with stock-based compensation plans:
Contributions from noncontrolling interests						2,000,000	14,000,000
Distributions to noncontrolling interests						(34,000,000)	(4,000,000)
Other comprehensive income (loss)						0	0
Balance as of end of period				$ 553,000,000	$ 509,000,000	$ 553,000,000	$ 509,000,000

Equity, Share Activity Rollforw

Equity, Share Activity Rollforward (Details) - shares	1 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Share Activity
Treasury stock, shares, beginning balance	(173,777,130)		(159,202,872)
Stock purchases, shares		(2,000,000)
Treasury stock, shares, ending balance			(173,777,130)
Subsequent Event [Member]
Share Activity
Stock purchases, shares	(675,000)
Common Stock [Member]
Share Activity
Common stock, shares, beginning balance	673,000,000	673,000,000	673,000,000	673,000,000
Stock issuances, shares			0	0
Common stock, shares, ending balance			673,000,000	673,000,000
Treasury Stock [Member]
Share Activity
Treasury stock, shares, beginning balance	(174,000,000)	(144,000,000)	(159,000,000)	(138,000,000)
Stock issuances, shares			2,000,000	2,000,000
Treasury stock, shares, ending balance			(174,000,000)	(144,000,000)
Treasury Stock [Member] | Stock-Based Compensation Plans Repurchase Program [Member]
Share Activity
Stock purchases, shares			(2,000,000)	(1,000,000)
Treasury Stock [Member] | Common Stock Repurchase Program [Member]
Share Activity
Stock purchases, shares			(15,000,000)	(7,000,000)

Equity, Income Tax Effects on O

Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Effects Related to Components of Other Comprehensive Income (Loss)
Foreign currency translation adjustment, before-tax amount	$ 197	$ 150	$ (169)	$ 76
Amounts reclassified into income related to:
Net actuarial loss, before-tax amount	16	9	31	17
Prior service credit, before-tax amount	(10)	(9)	(20)	(19)
Net gain (loss) on pension and other postretirement benefits, before-tax amount	6	0	11	(2)
Derivative instruments designated and qualifying as cash flow hedges:
Net gain (loss) arising during the period, before-tax amount	0	(3)	0	4
Net gain reclassified into income, before-tax amount			0	(3)
Net gain (loss) on cash flow hedges, before-tax amount	0	(3)	0	1
Other comprehensive income (loss) before income tax expense (benefit)	203	147	(158)	75
Foreign currency translation adjustment, tax expense (benefit)	0	0	0	0
Amounts reclassified into income related to:
Net actuarial loss, tax expense (benefit)	6	3	11	6
Prior service credit, tax expense (benefit)	(4)	(5)	(7)	(8)
Net gain (loss) on pension and other postretirement benefits, tax expense (benefit)	2	(2)	4	(2)
Derivative instruments designated and qualifying as cash flow hedges:
Net gain (loss) arising during the period, tax expense (benefit)	0	0	0	2
Net gain reclassified into income, tax expense (benefit)			0	(1)
Net gain (loss) on cash flow hedges, tax expense (benefit)	0	0	0	1
Other comprehensive income (loss), tax expense (benefit)	2	(2)	4	(1)
Foreign currency translation adjustment, net	197	150	(169)	76
Amounts reclassified into income related to:
Net actuarial loss, net	10	6	20	11
Prior service credit, net	(6)	(4)	(13)	(11)
Net gain (loss) on pension and other postretirement benefits, net	4	2	7	0
Derivative instruments designated and qualifying as cash flow hedges:
Net gain (loss) arising during the period, net	0	(3)	0	2
Net gain reclassified into income, net			0	(2)
Net gain (loss) on cash flow hedges, net	0	(3)	0	0
Other comprehensive income (loss)	$ 201	$ 149	$ (162)	$ 76

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	$ 20,677
Ending balance, accumulated other comprehensive income (loss), net of tax	21,453
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	(367)	$ 350
Other comprehensive income (loss) before reclassifications	(169)	78
Amounts reclassified from accumulated other comprehensive income (loss)	7	(2)
Other comprehensive income (loss)	(162)	76
Ending balance, accumulated other comprehensive income (loss), net of tax	(529)	426
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	1	408
Other comprehensive income (loss) before reclassifications	(169)	76
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other comprehensive income (loss)	(169)	76
Ending balance, accumulated other comprehensive income (loss), net of tax	(168)	484
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	(368)	(58)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income (loss)	7	0
Other comprehensive income (loss)	7	0
Ending balance, accumulated other comprehensive income (loss), net of tax	(361)	(58)
Gains and (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	0	0
Other comprehensive income (loss) before reclassifications	0	2
Amounts reclassified from accumulated other comprehensive income (loss)	0	(2)
Other comprehensive income (loss)	0	0
Ending balance, accumulated other comprehensive income (loss), net of tax	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Plan [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 30	$ 55	$ 60
Interest cost	25	23	49	46
Expected return on plan assets	(34)	(33)	(67)	(66)
Amortization of:
Prior service credit	(6)	(5)	(11)	(10)
Net actuarial loss	15	9	31	17
Net periodic benefit cost	28	24	57	47
Employee Benefit Plans (Textual)
Contributions to benefit plans			21	22
Other Postretirement Benefit Plan [Member]
Components of net periodic benefit cost:
Service cost	2	1	4	3
Interest cost	3	4	7	8
Expected return on plan assets	0	0	0	0
Amortization of:
Prior service credit	(4)	(4)	(9)	(9)
Net actuarial loss	0	0	0	0
Net periodic benefit cost	$ 1	$ 1	2	2
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 6	$ 9

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations	$ 1,351	$ 651	$ 2,315	$ 1,480
Less dividends paid:
Weighted-average common shares outstanding (in shares)	505	529	509	530
Earnings per common share from continuing operations:
Total earnings per common share from continuing operations (in usd per share)	$ 2.67	$ 1.23	$ 4.53	$ 2.78
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations	$ 1,351	$ 651	$ 2,315	$ 1,480
Weighted-average common shares outstanding (in shares)	505	529	509	530
Common equivalent shares:
Weighted-average common shares outstanding – assuming dilution (in shares)	508	534	512	535
Earnings per common share from continuing operations – assuming dilution (in usd per share)	$ 2.66	$ 1.22	$ 4.52	$ 2.77
Common Stock [Member]
Earnings per common share from continuing operations:
Net income attributable to Valero stockholders from continuing operations	$ 1,351	$ 651	$ 2,315	$ 1,480
Less dividends paid:
Common stock	203	133	408	265
Participating securities			1	1
Undistributed earnings	$ 1,148	$ 518	$ 1,906	$ 1,214
Weighted-average common shares outstanding (in shares)	505	529	509	530
Earnings per common share from continuing operations:
Distributed earnings (in usd per share)	$ 0.40	$ 0.25	$ 0.80	$ 0.50
Undistributed earnings (in usd per share)	2.27	0.98	3.73	2.28
Total earnings per common share from continuing operations (in usd per share)	$ 2.67	$ 1.23	$ 4.53	$ 2.78
Earnings per common share from continuing operations – assuming dilution:
Net income attributable to Valero stockholders from continuing operations	$ 1,351	$ 651	$ 2,315	$ 1,480
Weighted-average common shares outstanding (in shares)	505	529	509	530
Common equivalent shares:
Stock options (in shares)	2	3	2	3
Performance awards and nonvested restricted stock (in shares)	1	2	1	2
Weighted-average common shares outstanding – assuming dilution (in shares)	508	534	512	535
Earnings per common share from continuing operations – assuming dilution (in usd per share)	$ 2.66	$ 1.22	$ 4.52	$ 2.77
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	2	2	2	2
Earnings per common share from continuing operations:
Distributed earnings (in usd per share)	$ 0.40	$ 0.25	$ 0.80	$ 0.50
Undistributed earnings (in usd per share)	2.27	0.98	3.73	2.28
Total earnings per common share from continuing operations (in usd per share)	$ 2.67	$ 1.23	$ 4.53	$ 2.78
Earnings per common share from continuing operations – assuming dilution:
Weighted-average common shares outstanding (in shares)	2	2	2	2

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Segment information for our reportable segments
Operating revenues	$ 25,118	$ 34,914	$ 46,448	$ 68,577
Operating income (loss)	2,078	1,085	3,573	2,436
Total assets by reportable segment
Reportable segment assets	47,599		47,599		$ 45,550
Refining [Member]
Total assets by reportable segment
Reportable segment assets	39,813		39,813		40,103
Ethanol [Member]
Total assets by reportable segment
Reportable segment assets	961		961		954
Corporate and Other [Member]
Total assets by reportable segment
Reportable segment assets	6,825		6,825		$ 4,493
Operating Segments [Member] | Refining [Member]
Segment information for our reportable segments
Operating revenues	24,350	33,457	44,879	65,909
Operating income (loss)	2,161	1,079	3,802	2,359
Operating Segments [Member] | Ethanol [Member]
Segment information for our reportable segments
Operating revenues	768	1,457	1,569	2,668
Operating income (loss)	108	187	120	430
Corporate, Non-Segment [Member] | Corporate and Other [Member]
Segment information for our reportable segments
Operating income (loss)	(191)	(181)	(349)	(353)
Intersegment Eliminations [Member]
Segment information for our reportable segments
Operating revenues	37	9	65	34
Intersegment Eliminations [Member] | Refining [Member]
Segment information for our reportable segments
Operating revenues	0	0	0	0
Intersegment Eliminations [Member] | Ethanol [Member]
Segment information for our reportable segments
Operating revenues	$ 37	$ 9	$ 65	$ 34

Supplemental Cash Flow Inform44

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Jul. 31, 2015	Jul. 31, 2014	Jun. 30, 2015	Jun. 30, 2014
Decrease (increase) in current assets:
Receivables, net			$ 77	$ 837
Inventories			(19)	(721)
Income taxes receivable			79	(16)
Prepaid expenses and other			7	11
Increase (decrease) in current liabilities:
Accounts payable			575	(707)
Accrued expenses			(75)	12
Taxes other than income taxes			15	(71)
Income taxes payable			(44)	(369)
Changes in current assets and current liabilities			615	(1,024)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized			202	197
Income taxes paid, net			1,079	1,054
Supplemental Cash Flow Elements (Textual)
Treasury stock purchased but settled in subsequent quarter			$ 41	$ 104
Stock purchases, in shares		2,000,000
Subsequent Event [Member]
Supplemental Cash Flow Elements (Textual)
Stock purchases, in shares	675,000

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Assets:
Commodity derivative contracts	$ 248	$ 3,132
Physical purchase contracts	7	1
Foreign currency contracts	3
Investments of certain benefit plans	94	108
Total gross fair value, assets	352	3,241
Effect of Counterparty Netting	(203)	(2,907)
Effect of Cash Collateral Netting	0	(99)
Commodity derivative contracts, net assets	45	126
Net Carrying Value on Balance Sheet, Assets	149	235
Cash Collateral Received Not Offset	0	0
Liabilities:
Commodity derivative contracts	219	2,920
Environmental credit obligations	16	14
Physical purchase contracts	1	5
Foreign currency contracts	2
Total gross fair value, liabilities	238	2,939
Effect of Counterparty Netting	(203)	(2,907)
Effect of Cash Collateral Netting	(16)	(13)
Commodity derivative contracts, net liabilities	0	0
Net Carrying Value on Balance Sheet, Liabilities	19	19
Cash Collateral Paid Not Offset	(62)	(25)
Fair Value, Inputs, Level 1 [Member]
Assets:
Commodity derivative contracts	234	3,096
Physical purchase contracts	0	0
Foreign currency contracts	3
Investments of certain benefit plans	83	97
Total gross fair value, assets	320	3,193
Liabilities:
Commodity derivative contracts	207	2,886
Environmental credit obligations	0	0
Physical purchase contracts	0	0
Foreign currency contracts	2
Total gross fair value, liabilities	209	2,886
Fair Value, Inputs, Level 2 [Member]
Assets:
Commodity derivative contracts	14	36
Physical purchase contracts	7	1
Foreign currency contracts	0
Investments of certain benefit plans	0	0
Total gross fair value, assets	21	37
Liabilities:
Commodity derivative contracts	12	34
Environmental credit obligations	16	14
Physical purchase contracts	1	5
Foreign currency contracts	0
Total gross fair value, liabilities	29	53
Fair Value, Inputs, Level 3 [Member]
Assets:
Commodity derivative contracts	0	0
Physical purchase contracts	0	0
Foreign currency contracts	0
Investments of certain benefit plans	11	11
Total gross fair value, assets	11	11
Liabilities:
Commodity derivative contracts	0	0
Environmental credit obligations	0	0
Physical purchase contracts	0	0
Foreign currency contracts	0
Total gross fair value, liabilities	$ 0	$ 0

Fair Value Measurements, Level

Fair Value Measurements, Level 3 Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	$ 0	$ 0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 5,764	$ 3,689	$ 3,480	$ 4,292
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,319	6,354
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	5,764	3,689
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 8,334	$ 7,562

Price Risk Management Activit49

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, MMBTU in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)MMBTUlbMBblsbu	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)MMBTUlbMBblsbu	Jun. 30, 2014USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 55	$ 91	$ 188	$ 183
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 574		$ 574
Foreign currency commitments maturity date			Jul. 31, 2015
Fair Value Hedging [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	0		0
Cash Flow Hedging [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	0		0
Economic Hedging [Member] | Swap, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	12,933		12,933
Economic Hedging [Member] | Swap, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	12,355		12,355
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	400		400
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	300		300
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	50,688		50,688
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	27,520		27,520
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | lb	174,000		174,000
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	61,555		61,555
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	54,560		54,560
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | lb	268,980		268,980
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	448		448
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	85		85
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | lb	0		0
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	400		400
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	2,915		2,915
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | lb	0		0
Economic Hedging [Member] | Forward Contracts, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	28,091		28,091
Economic Hedging [Member] | Forward Contracts, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | bu	3,142		3,142
Trading Derivatives [Member] | Swap, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	3,521		3,521
Trading Derivatives [Member] | Swap, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	3,521		3,521
Trading Derivatives [Member] | Swap, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	180		180
Trading Derivatives [Member] | Swap, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	180		180
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	27,485		27,485
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Natural Gas (in millions of BTUs) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | MMBTU	2,150		2,150
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	29,540		29,540
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Natural Gas (in millions of BTUs) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | MMBTU	0		0
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	500		500
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Natural Gas (in millions of BTUs) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | MMBTU	0		0
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	0		0
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Natural Gas (in millions of BTUs) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives | MMBTU	0		0
Trading Derivatives [Member] | Options Held, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	3,600		3,600
Trading Derivatives [Member] | Options Held, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	3,912		3,912
Trading Derivatives [Member] | Options Held, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	0		0
Trading Derivatives [Member] | Options Held, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives	0		0

Price Risk Management Activit50

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 258	$ 3,133
Derivative liability, fair value, gross liability	222	2,925
Future [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	234	3,096
Derivative asset, fair value, gross liability	207	2,886
Swap [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	12	34
Derivative asset, fair value, gross liability	12	31
Options Held [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	2	2
Derivative asset, fair value, gross liability	0	3
Forward Contracts [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	7	1
Derivative asset, fair value, gross liability	1	$ 5
Forward Contracts [Member] | Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	3
Derivative asset, fair value, gross liability	0
Forward Contracts [Member] | Foreign Currency Contracts [Member] | Accrued Liabilities [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0
Derivative liability, fair value, gross liability	$ 2

Price Risk Management Activit51

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Price Risk Management Activities (Textual)
Accumulated other comprehensive income, cumulative after-tax gains on cash flow hedges	$ 0		$ 0
Fair Value Hedging [Member] | Commodity Contracts [Member] | Cost of Sales [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	0	$ 5,000,000	0	$ (26,000,000)
Gain (loss) recognized in income on hedged item	0	(5,000,000)	0	25,000,000
Loss recognized in income on derivatives (ineffective portion)	0	0	0	(1,000,000)
Cash Flow Hedging [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in OCI on derivatives (effective portion)	0	(3,000,000)	0	4,000,000
Cash Flow Hedging [Member] | Commodity Contracts [Member] | Cost of Sales [Member]
Effect of Derivative Instruments on Income and OCI
Gain reclassified from accumulated OCI into income (effective portion)	0	0	0	3,000,000
Gain (loss) recognized in income on derivatives (ineffective portion)	0	3,000,000	0	(1,000,000)
Economic Hedging [Member] | Commodity Contracts [Member] | Cost of Sales [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(27,000,000)	(136,000,000)	37,000,000	(132,000,000)
Economic Hedging [Member] | Foreign Currency Contracts [Member] | Cost of Sales [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(15,000,000)	(32,000,000)	7,000,000	(23,000,000)
Trading Derivatives [Member] | Commodity Contracts [Member] | Cost of Sales [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 1,000,000	$ 4,000,000	$ 21,000,000	$ 3,000,000