Valero Energy (VLO) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		469,802,627

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and temporary cash investments	$ 3,778	$ 4,114
Receivables, net	4,518	4,464
Inventories	6,056	5,898
Income taxes receivable	174	218
Prepaid expenses and other	335	204
Total current assets	14,861	14,898
Property, plant, and equipment, at cost	37,275	36,907
Accumulated depreciation	(10,530)	(10,204)
Property, plant, and equipment, net	26,745	26,703
Deferred charges and other assets, net	2,653	2,626
Total assets	44,259	44,227
Current liabilities:
Current portion of debt and capital lease obligations	128	127
Accounts payable	4,980	4,907
Accrued expenses	416	554
Taxes other than income taxes	957	1,069
Income taxes payable	294	337
Total current liabilities	6,775	6,994
Debt and capital lease obligations, less current portion	7,207	7,208
Deferred income taxes	7,192	7,060
Other long-term liabilities	$ 1,590	$ 1,611
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	7,057	7,064
Treasury stock, at cost; 203,711,810 and 200,462,208 common shares	(11,007)	(10,799)
Retained earnings	25,401	25,188
Accumulated other comprehensive loss	(802)	(933)
Total Valero Energy Corporation stockholders’ equity	20,656	20,527
Noncontrolling interests	839	827
Total equity	21,495	21,354
Total liabilities and equity	$ 44,259	$ 44,227

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Valero Energy Corporation stockholders’ equity:
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	203,711,810	200,462,208

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Operating revenues (a)	[1]	$ 15,714	$ 21,330
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		13,507	18,163
Lower of cost or market inventory valuation adjustment		(293)	0
Operating expenses		1,030	1,084
General and administrative expenses		156	147
Depreciation and amortization expense		485	441
Total costs and expenses		14,885	19,835
Operating income		829	1,495
Other income, net		9	24
Interest and debt expense, net of capitalized interest		(108)	(101)
Income before income tax expense		730	1,418
Income tax expense		217	450
Net income		513	968
Less: Net income attributable to noncontrolling interests		18	4
Net income attributable to Valero Energy Corporation stockholders		$ 495	$ 964
Earnings per common share		$ 1.05	$ 1.87
Weighted-average common shares outstanding (in millions)		469	513
Earnings per common share – assuming dilution		$ 1.05	$ 1.87
Weighted-average common shares outstanding – assuming dilution (in millions)		471	516
Dividends per common share		$ 0.60	$ 0.40
[1]	Includes excise taxes on sales by certain of our international operations of $1,395 million and $1,426 million for the three months ended March 31, 2016 and 2015, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,395	$ 1,426

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income	$ 513	$ 968
Other comprehensive income (loss):
Foreign currency translation adjustment	122	(366)
Net gain on pension and other postretirement benefits	3	5
Other comprehensive income (loss) before income tax expense (benefit)	125	(361)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(7)	2
Other comprehensive income (loss)	132	(363)
Comprehensive income	645	605
Less: Comprehensive income attributable to noncontrolling interests	19	4
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 626	$ 601

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 513	$ 968
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	485	441
Lower of cost or market inventory valuation adjustment	(293)	0
Deferred income tax expense (benefit)	121	(61)
Changes in current assets and current liabilities	(177)	57
Changes in deferred charges and credits and other operating activities, net	(9)	28
Net cash provided by operating activities	640	1,433
Cash flows from investing activities:
Capital expenditures	(316)	(458)
Deferred turnaround and catalyst costs	(161)	(240)
Other investing activities, net	(4)	(15)
Net cash used in investing activities	(481)	(713)
Cash flows from financing activities:
Proceeds from debt issuances or borrowings	0	1,446
Repayments of debt and capital lease obligations	(3)	(403)
Proceeds from the exercise of stock options	3	15
Purchase of common stock for treasury	(265)	(325)
Common stock dividends	(282)	(206)
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(7)	(5)
Other financing activities, net	10	4
Net cash provided by (used in) financing activities	(544)	526
Effect of foreign exchange rate changes on cash	49	(65)
Net increase (decrease) in cash and temporary cash investments	(336)	1,181
Cash and temporary cash investments at beginning of period	4,114	3,689
Cash and temporary cash investments at end of period	$ 3,778	$ 4,870

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND 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 months ended March 31, 2016 and 2015 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The balance sheet as of December 31, 2015 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, 2015 . Reclassifications Certain amounts reported as of December 31, 2015 have been reclassified in order to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January 1, 2016. The adoption of the amendments to ASC Subtopic 835-30, “Interest–Imputation of Interest,” resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and capital lease obligations, less current portion.” The adoption of the amendments to ASC Topic 740, “Income Taxes” resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060 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. Accounting Pronouncements Adopted During the Period 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. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. With the adoption of this guidance effective January 1, 2016, we have determined that Valero Energy Partners LP (VLP) is a VIE. Since we previously consolidated the financial statements of VLP, the adoption of this guidance did not affect our financial position or results of operations. See Note 8 for disclosures related to our consolidated VIEs. 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. In August 2015, these provisions were further amended with guidance from the Securities and Exchange Commission staff that they would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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. The adoption of this guidance effective January 1, 2016 did not materially affect our financial position and did not affect our results of operations because we already reported the amortization of debt issuance costs as interest expense. See “Basis of Presentation–Reclassifications” above for the reclassified presentation in our balance sheet. Debt issuance costs associated with our line-of-credit arrangements will continue to be reported in the balance sheet as “deferred charges and other assets, net.” In May 2015, the provisions of ASC Topic 820, “Fair Value Measurements,” were amended 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. The adoption of this guidance effective January 1, 2016 did not affect our financial position or results of operations, but will result in revised annual disclosures related to the fair value presentation of certain assets of our defined benefit pension plans for which fair value is measured using net asset value per share as a practical expedient. In accordance with the new guidance, these investments will no longer be categorized within the fair value hierarchy. Changes to prior period disclosures will be applied retrospectively in accordance with the guidance. In September 2015, the provisions of ASC Topic 805, “Business Combinations,” were amended to simplify the accounting and reporting of adjustments made to provisional amounts recognized in a business combination. The amendment requires that an acquirer (i) record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (ii) present separately on the statement of income or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, and should be applied prospectively to adjustments made to provisional amounts that occur after the effective date. The adoption of this guidance effective January 1, 2016 did not affect our financial position or results of operations; however, it may result in changes to the manner in which adjustments to provisional amounts recognized in a future business combination, if any, are presented in our financial statements. In November 2015, the provisions of ASC Topic 740, “Income Taxes,” were amended to simplify the presentation of deferred income taxes. The amendments require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The amendments are effective for financial statements for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of any interim or annual period. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Entities applying the guidance retrospectively should disclose in the first interim and first annual period of adoption the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. Effective January 1, 2016, we adopted this guidance on a retrospective basis, but such adoption did not materially affect our financial position and it did not impact our results of operations. Upon adoption, our current deferred income tax assets of $74 million and current deferred income tax liabilities of $366 million as of December 31, 2015 were reclassified to noncurrent deferred income tax liabilities. See “Basis of Presentation–Reclassifications” above for the reclassified presentation. Adoption of this guidance simplifies the future presentation of our deferred income tax assets and liabilities. Accounting Pronouncements Not Yet Adopted In May 2014, the ASC was amended and a new accounting standard, ASC Topic 606, “Revenue from Contracts with Customers,” was issued to clarify the principles for recognizing revenue. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In July 2015, the provisions of ASC Topic 330, “Inventory” were amended to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. 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 will not affect our financial position or results of operations. In January 2016, the provisions of ASC Subtopic 825-10, “Financial Instruments–Overall,” were amended to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In February 2016, the ASC was amended and a new accounting standard, ASC Topic 842, “Leases,” was issued to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the provisions of ASC Topic 718, “Compensation–Stock Compensation,” were amended to simplify the accounting and reporting for employee share-based payments. These amendments involve several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid on the statement of cash flows. These provisions are effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
INVENTORIES	2. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,574 $ 2,404 Refined products and blendstocks 3,424 3,774 Ethanol feedstocks and products 264 242 Materials and supplies 249 244 Inventories, before lower of cost or market inventory valuation reserve 6,511 6,664 Lower of cost or market inventory valuation reserve (455 ) (766 ) Inventories $ 6,056 $ 5,898 Inventories are valued at the lower of cost or market. As of March 31, 2016 and December 31, 2015 , we had a valuation reserve of $455 million and $766 million , respectively, in order to state our inventories at market. During the three months ended March 31, 2016 , we recorded a change in our lower of cost or market inventory valuation reserve that resulted in a net benefit to our results of operations of $293 million . The income statement benefit for the first quarter of 2016 differs from the change in the balance sheet reserve due to the foreign currency effect of inventories held for our international operations. As of March 31, 2016 and December 31, 2015 , our non-LIFO inventories accounted for $685 million and $668 million , respectively, of our total inventories.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
DEBT	3. DEBT Credit Facilities Revolver We have a $3 billion revolving credit facility (the Revolver) that matures in November 2020 . We have the option to increase the aggregate commitments under the Revolver to $4.5 billion , subject to certain conditions. The Revolver also provides for the issuance of letters of credit of up to $2.0 billion . No amounts were outstanding under the Revolver as of March 31, 2016 or December 31, 2015 , and we had no borrowings under the Revolver during the three months ended March 31, 2016 and 2015 . VLP Revolver VLP has a $750 million senior unsecured revolving credit facility agreement (the VLP Revolver) that matures in November 2020 . The VLP Revolver is available only to the operations of VLP, and creditors of VLP do not have recourse against Valero. VLP has the option to increase the aggregate commitments under the VLP Revolver to $1.0 billion , subject to certain conditions. The VLP Revolver also provides for the issuance of letters of credit of up to $100 million . Outstanding borrowings under the VLP Revolver bear interest at a variable rate, which was 1.75 percent as of March 31, 2016 . During the three months ended March 31, 2016 , VLP had no borrowings or repayments under the VLP Revolver. During the three months ended March 31, 2015 , VLP borrowed $200 million under the VLP Revolver in connection with VLP’s acquisition of the Houston and St. Charles Terminal Services Business from us. On April 1, 2016 , VLP borrowed $139 million under the VLP Revolver in connection with VLP’s acquisition of the McKee Terminal Services Business from us. Canadian Revolver One of our Canadian subsidiaries has a C$50 million committed revolving credit facility (the Canadian Revolver) that matures in November 2016 . No amounts were outstanding under the Canadian Revolver as of March 31, 2016 or December 31, 2015 , and we had no borrowings under the Canadian Revolver during the three months ended March 31, 2016 and 2015 . Accounts Receivable Sales Facility We have an accounts receivable sales facility with a group of third-party entities and financial institutions to sell up to $1.4 billion of eligible trade receivables on a revolving basis. This facility matures in 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. During the three months ended March 31, 2016 and 2015 , we had no proceeds from or repayments under the accounts receivable sales facility. Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2016 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Availability Committed facilities: Revolver $ 3,000 November 2020 $ — $ 53 $ 2,947 VLP Revolver $ 750 November 2020 $ 175 $ — $ 575 Canadian Revolver C$ 50 November 2016 C$ — C$ 10 C$ 40 Accounts receivable sales facility $ 1,400 July 2016 $ 100 $ — $ 974 Letter of credit facilities $ 275 June 2016 and $ — $ 16 $ 259 Uncommitted facilities: Letter of credit facilities $ 700 N/A $ — $ 61 $ 639 As of March 31, 2016 , the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.1 billion primarily due to a decrease in eligible trade receivables as a result of the decline in the market prices of the finished products that we produce. Non-Bank Debt During the three months ended March 31, 2016 , we made no scheduled debt repayments. During the three months ended March 31, 2015 , we made a scheduled debt repayment of $400 million related to our 4.5 percent senior notes. During the three months ended March 31, 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. Capitalized Interest Capitalized interest was $20 million and $16 million for the three months ended March 31, 2016 and 2015 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	4. 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 during 2015, one of these companies assumed the ongoing remediation in the Village pursuant to a federal court order. We had previously conducted an initial response in the Village, along with other companies, pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial response may have further claims between themselves for costs already incurred. We also continue to be engaged in site assessment and interim measures at the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005, and we are in litigation with other potentially responsible parties and the Illinois EPA relating to the remediation of the site. In each of these matters, we have various defenses and rights for contribution from the other responsible parties. We have recorded a liability 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	3 Months Ended
	Mar. 31, 2016
Equity [Abstract]
EQUITY	5. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2016 2015 Valero Stockholders ’ Equity Non- controlling Interests Total Equity Valero Stockholders ’ Equity Non- controlling Interests Total Equity Balance as of beginning of period $ 20,527 $ 827 $ 21,354 $ 20,677 $ 567 $ 21,244 Net income 495 18 513 964 4 968 Dividends (282 ) — (282 ) (206 ) — (206 ) Stock-based compensation expense 12 — 12 9 — 9 Tax deduction in excess of stock-based compensation expense 10 — 10 15 — 15 Transactions in connection with stock-based compensation plans: Stock issuances 3 — 3 15 — 15 Stock purchases (42 ) — (42 ) (50 ) — (50 ) Stock purchases under purchase program (198 ) — (198 ) (287 ) — (287 ) Contributions from noncontrolling interests — — — — 2 2 Distributions to noncontrolling interests — (7 ) (7 ) — (5 ) (5 ) Other comprehensive income (loss) 131 1 132 (363 ) — (363 ) Balance as of end of period $ 20,656 $ 839 $ 21,495 $ 20,774 $ 568 $ 21,342 The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 8 for information about our consolidated VIEs. Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions): Three Months Ended March 31, 2016 2015 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (200 ) 673 (159 ) Transactions in connection with stock-based compensation plans: Stock issuances — 1 — 2 Stock purchases — (1 ) — (1 ) Stock purchases under purchase program — (4 ) — (5 ) Balance as of end of period 673 (204 ) 673 (163 ) Treasury Stock We purchase shares of our common stock as authorized under our common stock purchase program and to meet our obligations under employee stock-based compensation plans. 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 March 31, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ 122 $ — $ 122 $ (366 ) $ — $ (366 ) Pension and other postretirement benefits: Miscellaneous gain arising during the period — (8 ) 8 — — — Amounts reclassified into income related to: Net actuarial loss 12 4 8 15 5 10 Prior service credit (9 ) (3 ) (6 ) (10 ) (3 ) (7 ) Net gain on pension and other postretirement benefits 3 (7 ) 10 5 2 3 Other comprehensive income (loss) $ 125 $ (7 ) $ 132 $ (361 ) $ 2 $ (363 ) Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2015 $ (605 ) $ (328 ) $ (933 ) Other comprehensive income before reclassifications 121 8 129 Amounts reclassified from accumulated other comprehensive loss — 2 2 Net other comprehensive income 121 10 131 Balance as of March 31, 2016 $ (484 ) $ (318 ) $ (802 ) Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2014 $ 1 $ (368 ) $ (367 ) Other comprehensive loss before reclassifications (366 ) — (366 ) Amounts reclassified from accumulated other comprehensive loss — 3 3 Net other comprehensive income (loss) (366 ) 3 (363 ) Balance as of March 31, 2015 $ (365 ) $ (365 ) $ (730 )

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	6. 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 2016 2015 2016 2015 Three months ended March 31: Service cost $ 28 $ 27 $ 2 $ 2 Interest cost 21 24 3 4 Expected return on plan assets (35 ) (33 ) — — Amortization of: Prior service credit (5 ) (5 ) (4 ) (5 ) Net actuarial loss 12 16 — — Net periodic benefit cost $ 21 $ 29 $ 1 $ 1 Our anticipated contributions to our pension and other postretirement benefit plans during 2016 have not changed from amounts previously disclosed in our financial statements for the year ended December 31, 2015 . We contributed $8 million and $7 million , respectively, to our pension plans and $4 million and $2 million , respectively, to our other postretirement benefit plans during the three months ended March 31, 2016 and 2015 .

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	7. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended March 31, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 495 $ 964 Less dividends paid: Common stock 281 205 Participating securities 1 1 Undistributed earnings $ 213 $ 758 Weighted-average common shares outstanding 2 469 2 513 Earnings per common share: Distributed earnings $ 0.60 $ 0.60 $ 0.40 $ 0.40 Undistributed earnings 0.45 0.45 1.47 1.47 Total earnings per common share $ 1.05 $ 1.05 $ 1.87 $ 1.87 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 495 $ 964 Weighted-average common shares outstanding 469 513 Common equivalent shares: Stock options 1 2 Performance awards and nonvested restricted stock 1 1 Weighted-average common shares outstanding – assuming dilution 471 516 Earnings per common share – assuming dilution $ 1.05 $ 1.87 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	8. VARIABLE INTEREST ENTITIES In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIEs, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. The following discussion summarizes our involvement with our VIEs: • VLP is a publicly traded master limited partnership whose common limited partner units are traded on the New York Stock Exchange under “VLP.” We formed VLP in July 2013 to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets. VLP’s assets include 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 nine of our refineries. As of March 31, 2016 , we owned a 65.7 percent limited partner interest and a 2 percent general partner interest in VLP, and public unitholders owned a 32.3 percent limited partner interest. VLP was determined to be a VIE because the public limited partners of VLP ( i.e. , parties other than entities under common control with the general partner) lack the power to direct the activities of VLP that most significantly impact its economic performance since they do not have substantive kick-out rights over the general partner or substantive participating rights in VLP. Furthermore, we determined that we are the primary beneficiary of VLP because (a) we are the single decision maker as our general partner interest provides us with the sole power to direct the activities that most significantly impact VLP’s economic performance and (b) our 65.7 percent limited partner interest and 2 percent general partner interest provide us with significant economic rights and obligations. All of VLP’s revenues are derived from us; therefore, there is limited risk to us associated with VLP’s operations. • Diamond Green Diesel Holdings LLC (DGD) is a joint venture with Darling Green Energy LLC, a subsidiary of Darling Ingredients Inc., that was formed to construct and operate a biodiesel plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel. The plant is located next to our St. Charles Refinery and began operations in June 2013. The significant agreements between DGD and us include a debt agreement whereby we financed approximately 60 percent of the construction costs of the plant, an operations agreement that outlines our responsibilities as operator of the plant, and a marketing agreement. In the event of certain conditions, the debt agreement provides us (as lender) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because the loan agreement conveys such power to us and is separate from our ownership rights, DGD was determined to be a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined we are the primary beneficiary of DGD. DGD has risk associated with its operations as it generates revenues from third-party customers. • We also have financial interests in other entities in which we hold a 50 percent ownership interest, which is a significant variable interest. These entities were determined to be VIEs because the entities’ contractual arrangements transfer the power to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined we were the primary beneficiary of these VIEs because (a) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and (b) our 50 percent ownership interests provide us with significant economic rights and obligations. The financial position, results of operations, and cash flows of these VIEs are not material to us. The VIEs’ assets can only be used to settle their own obligations and the VIEs’ creditors have no recourse to our assets. We do not provide financial guarantees to our VIEs. Although we have provided credit facilities to the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by our consolidated VIEs’ performance, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 102 $ 17 $ 11 $ 130 Other current assets — 231 — 231 Property, plant, and equipment, net 749 357 141 1,247 Liabilities Current liabilities $ 10 $ 14 $ 19 $ 43 Debt and capital lease obligations, less current portion 175 — — 175 December 31, 2015 VLP DGD Other Total Assets Cash and temporary cash investments $ 81 $ 44 $ 7 $ 132 Other current assets — 211 — 211 Property, plant, and equipment, net 747 356 140 1,243 Liabilities Current liabilities $ 13 $ 12 $ 18 $ 43 Debt and capital lease obligations, less current portion 175 — — 175

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Total segment revenues $ 14,920 $ 828 $ — $ 15,748 Less intersegment revenues — 34 — 34 Operating revenues from external customers $ 14,920 $ 794 $ — $ 15,714 Lower of cost or market inventory valuation adjustment $ (263 ) $ (30 ) $ — $ (293 ) Operating income (loss) 958 39 (168 ) 829 Three months ended March 31, 2015: Total segment revenues $ 20,529 $ 829 $ — $ 21,358 Less intersegment revenues — 28 — 28 Operating revenues from external customers $ 20,529 $ 801 $ — $ 21,330 Operating income (loss) $ 1,641 $ 12 $ (158 ) $ 1,495 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 38,427 $ 38,068 Ethanol 1,040 1,016 Corporate 4,792 5,143 Total assets $ 44,259 $ 44,227

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2016
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): Three Months Ended 2016 2015 Decrease (increase) in current assets: Receivables, net $ (47 ) $ 892 Inventories 147 (166 ) Income taxes receivable 45 39 Prepaid expenses and other (126 ) 8 Increase (decrease) in current liabilities: Accounts payable 108 (688 ) Accrued expenses (137 ) (80 ) Taxes other than income taxes (113 ) (107 ) Income taxes payable (54 ) 159 Changes in current assets and current liabilities $ (177 ) $ 57 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; • 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 or financing activities for the three months ended March 31, 2016 and 2015 . Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2016 2015 Interest paid in excess of amount capitalized $ 95 $ 78 Income taxes paid, net 95 298

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . 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 in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2016 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 $ 702 $ 17 $ — $ 719 $ (681 ) $ (21 ) $ 17 $ — Investments of certain benefit plans 61 — 11 72 n/a n/a 72 n/a Total $ 763 $ 17 $ 11 $ 791 $ (681 ) $ (21 ) $ 89 Liabilities: Commodity derivative contracts $ 722 $ 18 $ — $ 740 $ (681 ) $ (59 ) $ — $ (120 ) Environmental credit obligations — 20 — 20 n/a n/a 20 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Total $ 725 $ 43 $ — $ 768 $ (681 ) $ (59 ) $ 28 December 31, 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 $ 649 $ 33 $ — $ 682 $ (557 ) $ (12 ) $ 113 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 64 — 11 75 n/a n/a 75 n/a Total $ 716 $ 33 $ 11 $ 760 $ (557 ) $ (12 ) $ 191 Liabilities: Commodity derivative contracts $ 522 $ 35 $ — $ 557 $ (557 ) $ — $ — $ (31 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Total $ 522 $ 43 $ — $ 565 $ (557 ) $ — $ 8 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 fixed-price corn purchase contracts. The fair values of these 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 “Environmental 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 March 31, 2016 and December 31, 2015 that were measured at fair value on a recurring basis. There was no activity during the three months ended March 31, 2016 and 2015 related to the fair value amounts categorized in Level 3 as of March 31, 2016 and December 31, 2015 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2016 and December 31, 2015 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below along with their associated fair values (in millions): March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 3,778 $ 3,778 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 7,252 8,005 7,292 7,759 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	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks primarily related to the volatility in the price of commodities 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, 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.” 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 our 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, from time to time. 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 exceed our previous year-end LIFO inventory levels. We had no commodity derivative instruments outstanding that were entered into as fair value hedges as of March 31, 2016 or during the three months ended March 31, 2016 and 2015 . • 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. We had no commodity derivative instruments outstanding that were entered into as cash flow hedges as of March 31, 2016 or during the three months ended March 31, 2016 and 2015 . • 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 qualify as hedging instruments for accounting purposes. As of March 31, 2016 , 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 2016 2017 Crude oil and refined products: Swaps – long 24,120 — Swaps – short 23,676 — Futures – long 85,898 — Futures – short 89,219 — Corn: Futures – long 18,180 10 Futures – short 36,810 345 Physical contracts – long 15,770 335 Soybean oil: Futures – long 67,920 — Futures – short 122,880 — • 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 March 31, 2016 , 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 and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2016 2017 Crude oil and refined products: Swaps – long 5,240 300 Swaps – short 5,240 300 Futures – long 33,036 3,550 Futures – short 32,792 3,550 Options – long 22,800 55,000 Options – short 22,200 55,000 Natural gas: Futures – long 1,400 — Corn: Futures – long 3 — Futures – short 3 — 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 March 31, 2016 , we had commitments to purchase $261 million of U.S. dollars. These commitments matured on or before April 30, 2016 . 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 compliance programs was $161 million and $133 million for the three months ended March 31, 2016 and 2015 , 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 recovered the majority of these costs from our customers for the three months ended March 31, 2016 and 2015 and expect to continue to recover the majority of these costs in the future. For the three months ended March 31, 2016 and 2015 , 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 March 31, 2016 and December 31, 2015 (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 March 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 700 $ 720 Swaps Receivables, net 11 17 Options Receivables, net 8 3 Physical purchase contracts Inventories — 5 Foreign currency contracts Accrued expenses — 3 Total $ 719 $ 748 Balance Sheet Location December 31, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 648 $ 522 Swaps Receivables, net 30 33 Options Receivables, net 4 2 Physical purchase contracts Inventories — 6 Foreign currency contracts Receivables, net 3 — Total $ 685 $ 563 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 our 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 The following tables provide information about the gain or loss recognized in income on our derivative instruments and the income statement line items in which such gains and losses are reflected (in millions). Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Three Months Ended 2016 2015 Commodity contracts Cost of sales $ (139 ) $ 64 Foreign currency contracts Cost of sales (3 ) 22 Trading Derivatives Location of Gain Three Months Ended 2016 2015 Commodity contracts Cost of sales $ 41 $ 20

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The balance sheet as of December 31, 2015 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, 2015 .
Reclassifications	Reclassifications Certain amounts reported as of December 31, 2015 have been reclassified in order to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January 1, 2016. The adoption of the amendments to ASC Subtopic 835-30, “Interest–Imputation of Interest,” resulted in the reclassification of certain debt issuance costs from “deferred charges and other assets, net” to “debt and capital lease obligations, less current portion.” The adoption of the amendments to ASC Topic 740, “Income Taxes” resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060
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.
Principles of Consolidation	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. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods. With the adoption of this guidance effective January 1, 2016, we have determined that Valero Energy Partners LP (VLP) is a VIE. Since we previously consolidated the financial statements of VLP, the adoption of this guidance did not affect our financial position or results of operations. See Note 8 for disclosures related to our consolidated VIEs.
Debt Issuance Costs	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. In August 2015, these provisions were further amended with guidance from the Securities and Exchange Commission staff that they would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. 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. The adoption of this guidance effective January 1, 2016 did not materially affect our financial position and did not affect our results of operations because we already reported the amortization of debt issuance costs as interest expense. See “Basis of Presentation–Reclassifications” above for the reclassified presentation in our balance sheet. Debt issuance costs associated with our line-of-credit arrangements will continue to be reported in the balance sheet as “deferred charges and other assets, net.”
Fair Value Measurements	In May 2015, the provisions of ASC Topic 820, “Fair Value Measurements,” were amended 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. The adoption of this guidance effective January 1, 2016 did not affect our financial position or results of operations, but will result in revised annual disclosures related to the fair value presentation of certain assets of our defined benefit pension plans for which fair value is measured using net asset value per share as a practical expedient. In accordance with the new guidance, these investments will no longer be categorized within the fair value hierarchy. Changes to prior period disclosures will be applied retrospectively in accordance with the guidance.
Business Combinations	In September 2015, the provisions of ASC Topic 805, “Business Combinations,” were amended to simplify the accounting and reporting of adjustments made to provisional amounts recognized in a business combination. The amendment requires that an acquirer (i) record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and (ii) present separately on the statement of income or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. These provisions are effective for annual reporting periods beginning after December 15, 2015, and interim periods within those annual periods, and should be applied prospectively to adjustments made to provisional amounts that occur after the effective date. The adoption of this guidance effective January 1, 2016 did not affect our financial position or results of operations; however, it may result in changes to the manner in which adjustments to provisional amounts recognized in a future business combination, if any, are presented in our financial statements.
Income Taxes	In November 2015, the provisions of ASC Topic 740, “Income Taxes,” were amended to simplify the presentation of deferred income taxes. The amendments require that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The amendments are effective for financial statements for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted as of the beginning of any interim or annual period. The amendments may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. Entities applying the guidance retrospectively should disclose in the first interim and first annual period of adoption the nature of and reason for the change in accounting principle and quantitative information about the effects of the accounting change on prior periods. Effective January 1, 2016, we adopted this guidance on a retrospective basis, but such adoption did not materially affect our financial position and it did not impact our results of operations. Upon adoption, our current deferred income tax assets of $74 million and current deferred income tax liabilities of $366 million as of December 31, 2015 were reclassified to noncurrent deferred income tax liabilities. See “Basis of Presentation–Reclassifications” above for the reclassified presentation. Adoption of this guidance simplifies the future presentation of our deferred income tax assets and liabilities.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In May 2014, the ASC was amended and a new accounting standard, ASC Topic 606, “Revenue from Contracts with Customers,” was issued to clarify the principles for recognizing revenue. The standard is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In July 2015, the provisions of ASC Topic 330, “Inventory” were amended to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. 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 will not affect our financial position or results of operations. In January 2016, the provisions of ASC Subtopic 825-10, “Financial Instruments–Overall,” were amended to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In February 2016, the ASC was amended and a new accounting standard, ASC Topic 842, “Leases,” was issued to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the provisions of ASC Topic 718, “Compensation–Stock Compensation,” were amended to simplify the accounting and reporting for employee share-based payments. These amendments involve several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid on the statement of cash flows. These provisions are effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.
Variable interest entities	We also have financial interests in other entities in which we hold a 50 percent ownership interest, which is a significant variable interest. These entities were determined to be VIEs because the entities’ contractual arrangements transfer the power to direct the activities that most significantly impact their economic performance or reduce the exposure to operational variability and risk of loss created by the entity that otherwise would be held exclusively by the equity owners. Furthermore, we determined we were the primary beneficiary of these VIEs because (a) certain contractual arrangements (exclusive of our ownership rights) provide us with the power to direct the activities that most significantly impact the economic performance of these entities and (b) our 50 percent ownership interests provide us with significant economic rights and obligations. In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary such that we have (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (b) the obligation to absorb losses of or the right to receive benefits from the VIE that could potentially be significant to the VIE. In order to make this determination, we evaluated our contractual arrangements with the VIEs, including arrangements for the use of assets, purchases of products and services, debt, equity, or management of operating activities. In the event of certain conditions, the debt agreement provides us (as lender) with certain power to direct the activities that most significantly impact DGD’s economic performance. Because the loan agreement conveys such power to us and is separate from our ownership rights, DGD was determined to be a VIE. For this reason and because we hold a 50 percent ownership interest that provides us with significant economic rights and obligations, we determined we are the primary beneficiary of DGD. VLP was determined to be a VIE because the public limited partners of VLP ( i.e. , parties other than entities under common control with the general partner) lack the power to direct the activities of VLP that most significantly impact its economic performance since they do not have substantive kick-out rights over the general partner or substantive participating rights in VLP. Furthermore, we determined that we are the primary beneficiary of VLP because (a) we are the single decision maker as our general partner interest provides us with the sole power to direct the activities that most significantly impact VLP’s economic performance and (b) our 65.7 percent limited partner interest and 2 percent general partner interest provide us with significant economic rights and obligations.
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 in the tables below on a gross basis. 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 primarily related to the volatility in the price of commodities 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, 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.” 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.

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Balance sheet line items retrospectively adjusted for the adoption of new accounting pronouncements	The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in millions): December 31, 2015 Previously Reported Reclassifications Currently Assets Current deferred income taxes $ 74 $ (74 ) $ — Deferred charges and other assets, net 2,668 (42 ) 2,626 Liabilities Current deferred income taxes 366 (366 ) — Debt and capital lease obligations, less current portion 7,250 (42 ) 7,208 Deferred income taxes 6,768 292 7,060

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,574 $ 2,404 Refined products and blendstocks 3,424 3,774 Ethanol feedstocks and products 264 242 Materials and supplies 249 244 Inventories, before lower of cost or market inventory valuation reserve 6,511 6,664 Lower of cost or market inventory valuation reserve (455 ) (766 ) Inventories $ 6,056 $ 5,898

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2016 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Availability Committed facilities: Revolver $ 3,000 November 2020 $ — $ 53 $ 2,947 VLP Revolver $ 750 November 2020 $ 175 $ — $ 575 Canadian Revolver C$ 50 November 2016 C$ — C$ 10 C$ 40 Accounts receivable sales facility $ 1,400 July 2016 $ 100 $ — $ 974 Letter of credit facilities $ 275 June 2016 and $ — $ 16 $ 259 Uncommitted facilities: Letter of credit facilities $ 700 N/A $ — $ 61 $ 639

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2016
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 noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2016 2015 Valero Stockholders ’ Equity Non- controlling Interests Total Equity Valero Stockholders ’ Equity Non- controlling Interests Total Equity Balance as of beginning of period $ 20,527 $ 827 $ 21,354 $ 20,677 $ 567 $ 21,244 Net income 495 18 513 964 4 968 Dividends (282 ) — (282 ) (206 ) — (206 ) Stock-based compensation expense 12 — 12 9 — 9 Tax deduction in excess of stock-based compensation expense 10 — 10 15 — 15 Transactions in connection with stock-based compensation plans: Stock issuances 3 — 3 15 — 15 Stock purchases (42 ) — (42 ) (50 ) — (50 ) Stock purchases under purchase program (198 ) — (198 ) (287 ) — (287 ) Contributions from noncontrolling interests — — — — 2 2 Distributions to noncontrolling interests — (7 ) (7 ) — (5 ) (5 ) Other comprehensive income (loss) 131 1 132 (363 ) — (363 ) Balance as of end of period $ 20,656 $ 839 $ 21,495 $ 20,774 $ 568 $ 21,342
Schedule of stock by class	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Three Months Ended March 31, 2016 2015 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (200 ) 673 (159 ) Transactions in connection with stock-based compensation plans: Stock issuances — 1 — 2 Stock purchases — (1 ) — (1 ) Stock purchases under purchase program — (4 ) — (5 ) Balance as of end of period 673 (204 ) 673 (163 )
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 March 31, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ 122 $ — $ 122 $ (366 ) $ — $ (366 ) Pension and other postretirement benefits: Miscellaneous gain arising during the period — (8 ) 8 — — — Amounts reclassified into income related to: Net actuarial loss 12 4 8 15 5 10 Prior service credit (9 ) (3 ) (6 ) (10 ) (3 ) (7 ) Net gain on pension and other postretirement benefits 3 (7 ) 10 5 2 3 Other comprehensive income (loss) $ 125 $ (7 ) $ 132 $ (361 ) $ 2 $ (363 )
Schedule of changes in accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2015 $ (605 ) $ (328 ) $ (933 ) Other comprehensive income before reclassifications 121 8 129 Amounts reclassified from accumulated other comprehensive loss — 2 2 Net other comprehensive income 121 10 131 Balance as of March 31, 2016 $ (484 ) $ (318 ) $ (802 ) Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2014 $ 1 $ (368 ) $ (367 ) Other comprehensive loss before reclassifications (366 ) — (366 ) Amounts reclassified from accumulated other comprehensive loss — 3 3 Net other comprehensive income (loss) (366 ) 3 (363 ) Balance as of March 31, 2015 $ (365 ) $ (365 ) $ (730 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2016
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 2016 2015 2016 2015 Three months ended March 31: Service cost $ 28 $ 27 $ 2 $ 2 Interest cost 21 24 3 4 Expected return on plan assets (35 ) (33 ) — — Amortization of: Prior service credit (5 ) (5 ) (4 ) (5 ) Net actuarial loss 12 16 — — Net periodic benefit cost $ 21 $ 29 $ 1 $ 1

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 495 $ 964 Less dividends paid: Common stock 281 205 Participating securities 1 1 Undistributed earnings $ 213 $ 758 Weighted-average common shares outstanding 2 469 2 513 Earnings per common share: Distributed earnings $ 0.60 $ 0.60 $ 0.40 $ 0.40 Undistributed earnings 0.45 0.45 1.47 1.47 Total earnings per common share $ 1.05 $ 1.05 $ 1.87 $ 1.87 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 495 $ 964 Weighted-average common shares outstanding 469 513 Common equivalent shares: Stock options 1 2 Performance awards and nonvested restricted stock 1 1 Weighted-average common shares outstanding – assuming dilution 471 516 Earnings per common share – assuming dilution $ 1.05 $ 1.87

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 102 $ 17 $ 11 $ 130 Other current assets — 231 — 231 Property, plant, and equipment, net 749 357 141 1,247 Liabilities Current liabilities $ 10 $ 14 $ 19 $ 43 Debt and capital lease obligations, less current portion 175 — — 175 December 31, 2015 VLP DGD Other Total Assets Cash and temporary cash investments $ 81 $ 44 $ 7 $ 132 Other current assets — 211 — 211 Property, plant, and equipment, net 747 356 140 1,243 Liabilities Current liabilities $ 13 $ 12 $ 18 $ 43 Debt and capital lease obligations, less current portion 175 — — 175

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Total segment revenues $ 14,920 $ 828 $ — $ 15,748 Less intersegment revenues — 34 — 34 Operating revenues from external customers $ 14,920 $ 794 $ — $ 15,714 Lower of cost or market inventory valuation adjustment $ (263 ) $ (30 ) $ — $ (293 ) Operating income (loss) 958 39 (168 ) 829 Three months ended March 31, 2015: Total segment revenues $ 20,529 $ 829 $ — $ 21,358 Less intersegment revenues — 28 — 28 Operating revenues from external customers $ 20,529 $ 801 $ — $ 21,330 Operating income (loss) $ 1,641 $ 12 $ (158 ) $ 1,495 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 38,427 $ 38,068 Ethanol 1,040 1,016 Corporate 4,792 5,143 Total assets $ 44,259 $ 44,227

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2016 2015 Interest paid in excess of amount capitalized $ 95 $ 78 Income taxes paid, net 95 298 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): Three Months Ended 2016 2015 Decrease (increase) in current assets: Receivables, net $ (47 ) $ 892 Inventories 147 (166 ) Income taxes receivable 45 39 Prepaid expenses and other (126 ) 8 Increase (decrease) in current liabilities: Accounts payable 108 (688 ) Accrued expenses (137 ) (80 ) Taxes other than income taxes (113 ) (107 ) Income taxes payable (54 ) 159 Changes in current assets and current liabilities $ (177 ) $ 57

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 and December 31, 2015 . 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 in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2016 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 $ 702 $ 17 $ — $ 719 $ (681 ) $ (21 ) $ 17 $ — Investments of certain benefit plans 61 — 11 72 n/a n/a 72 n/a Total $ 763 $ 17 $ 11 $ 791 $ (681 ) $ (21 ) $ 89 Liabilities: Commodity derivative contracts $ 722 $ 18 $ — $ 740 $ (681 ) $ (59 ) $ — $ (120 ) Environmental credit obligations — 20 — 20 n/a n/a 20 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Total $ 725 $ 43 $ — $ 768 $ (681 ) $ (59 ) $ 28 December 31, 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 $ 649 $ 33 $ — $ 682 $ (557 ) $ (12 ) $ 113 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 64 — 11 75 n/a n/a 75 n/a Total $ 716 $ 33 $ 11 $ 760 $ (557 ) $ (12 ) $ 191 Liabilities: Commodity derivative contracts $ 522 $ 35 $ — $ 557 $ (557 ) $ — $ — $ (31 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Total $ 522 $ 43 $ — $ 565 $ (557 ) $ — $ 8
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 along with their associated fair values (in millions): March 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 3,778 $ 3,778 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 7,252 8,005 7,292 7,759

Price Risk Management Activit31

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2016 , 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 and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2016 2017 Crude oil and refined products: Swaps – long 5,240 300 Swaps – short 5,240 300 Futures – long 33,036 3,550 Futures – short 32,792 3,550 Options – long 22,800 55,000 Options – short 22,200 55,000 Natural gas: Futures – long 1,400 — Corn: Futures – long 3 — Futures – short 3 — As of March 31, 2016 , 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 2016 2017 Crude oil and refined products: Swaps – long 24,120 — Swaps – short 23,676 — Futures – long 85,898 — Futures – short 89,219 — Corn: Futures – long 18,180 10 Futures – short 36,810 345 Physical contracts – long 15,770 335 Soybean oil: Futures – long 67,920 — Futures – short 122,880 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of March 31, 2016 and December 31, 2015 (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 March 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 700 $ 720 Swaps Receivables, net 11 17 Options Receivables, net 8 3 Physical purchase contracts Inventories — 5 Foreign currency contracts Accrued expenses — 3 Total $ 719 $ 748 Balance Sheet Location December 31, 2015 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 648 $ 522 Swaps Receivables, net 30 33 Options Receivables, net 4 2 Physical purchase contracts Inventories — 6 Foreign currency contracts Receivables, net 3 — Total $ 685 $ 563
Effect of derivative instruments on income	The following tables provide information about the gain or loss recognized in income on our derivative instruments and the income statement line items in which such gains and losses are reflected (in millions). Derivatives Designated as Economic Hedges and Other Derivative Instruments Location of Gain (Loss) Three Months Ended 2016 2015 Commodity contracts Cost of sales $ (139 ) $ 64 Foreign currency contracts Cost of sales (3 ) 22 Trading Derivatives Location of Gain Three Months Ended 2016 2015 Commodity contracts Cost of sales $ 41 $ 20

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets
Deferred charges and other assets, net	$ 2,653	$ 2,626
Liabilities
Debt and capital lease obligations, less current portion	7,207	7,208
Deferred income taxes	$ 7,192	7,060
Adjustments for New Accounting Pronouncements [Member]
Assets
Current deferred income taxes		0
Deferred charges and other assets, net		2,626
Liabilities
Current deferred income taxes		0
Debt and capital lease obligations, less current portion		7,208
Deferred income taxes		7,060
Adjustments for New Accounting Pronouncements [Member] | Previously Reported [Member]
Assets
Current deferred income taxes		74
Deferred charges and other assets, net		2,668
Liabilities
Current deferred income taxes		366
Debt and capital lease obligations, less current portion		7,250
Deferred income taxes		6,768
Adjustments for New Accounting Pronouncements [Member] | Reclassifications [Member]
Assets
Current deferred income taxes		(74)
Deferred charges and other assets, net		(42)
Liabilities
Current deferred income taxes		(366)
Debt and capital lease obligations, less current portion		(42)
Deferred income taxes		$ 292

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Inventories
Refinery feedstocks	$ 2,574		$ 2,404
Refined products and blendstocks	3,424		3,774
Ethanol feedstocks and products	264		242
Materials and supplies	249		244
Inventories, before lower of cost or market inventory valuation reserve	6,511		6,664
Lower of cost or market inventory valuation reserve	(455)		(766)
Inventories	6,056		5,898
Inventories (Textual)
Lower of cost or market inventory valuation adjustment	(293)	$ 0
Amount of non-LIFO inventory	$ 685		$ 668

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)	Apr. 01, 2016USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016CAD	Mar. 31, 2016USD ($)	Dec. 31, 2015CAD	Dec. 31, 2015USD ($)
U S Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					$ 3,000,000,000
Line of credit facility, expiration date		Nov. 30, 2020
Amount outstanding					0		$ 0
Line of credit facility, remaining borrowing capacity					2,947,000,000
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option					4,500,000,000
U S Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					2,000,000,000
Amount outstanding					53,000,000
VLP Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					750,000,000
Line of credit facility, expiration date		Nov. 30, 2020
Amount outstanding					175,000,000
Line of credit facility, remaining borrowing capacity					575,000,000
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option					1,000,000,000
Line of credit facility, interest rate during period		1.75%
Borrowings from long-term lines of credit		$ 0	$ 200,000,000
Repayments of long-term lines of credit		$ 0
VLP Revolver [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit	$ 139,000,000
VLP Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					100,000,000
Amount outstanding					0
Canadian Revolver [Member] | Credit Facilities [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, 2016
Amount outstanding | CAD				0		CAD 0
Line of credit facility, remaining borrowing capacity | CAD				40,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding | CAD				CAD 10,000,000
A/R Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					1,400,000,000
Line of credit facility, expiration date		Jul. 31, 2016
Amount outstanding					100,000,000
Line of credit facility, remaining borrowing capacity					974,000,000
Credit Facilities (Textual)
Line of credit facility, current borrowing capacity					1,100,000,000
Committed Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					275,000,000
Amount outstanding					16,000,000
Line of credit facility, remaining borrowing capacity					259,000,000
Committed Letter of Credit Facility Expires June 2016 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, expiration date		Jun. 30, 2016
Committed Letter of Credit Facility Expires November 2016 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, expiration date		Nov. 30, 2016
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity					700,000,000
Amount outstanding					61,000,000
Line of credit facility, remaining borrowing capacity					$ 639,000,000

Debt, Non-Bank Debt (Details)

Debt, Non-Bank Debt (Details) - Senior Notes [Member]	3 Months Ended
	Mar. 31, 2015USD ($)
Non-Bank Debt (Textual)
Proceeds from issuance of senior long-term debt	$ 1,246,000,000
Debt issuance costs	12,000,000
Senior Notes Due In 2015 [Member]
Non-Bank Debt (Textual)
Debt repayments	$ 400,000,000
Interest rate of notes in percentage	4.50%
Senior Notes Due in 2025 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	3.65%
Face amount of long-term debt issuance	$ 600,000,000
Maturity date of long-term debt issuance	Mar. 15, 2025
Senior Notes Due in 2045 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	4.90%
Face amount of long-term debt issuance	$ 650,000,000
Maturity date of long-term debt issuance	Mar. 15, 2045

Debt, Capitalized Interest (Det

Debt, Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Capitalized Interest (Textual)
Interest costs incurred, capitalized	$ 20	$ 16

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)
Commitments and Contingencies (Textual)
Minimum range of possible loss contingency	$ 0
Maximum range of possible loss contingency	$ 200

Equity (Details)

Equity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	$ 21,354	$ 21,244
Net income	513	968
Dividends	(282)	(206)
Stock-based compensation expense	12	9
Tax deduction in excess of stock-based compensation expense	10	15
Transactions in connection with stock-based compensation plans:
Stock issuances	3	15
Contributions from noncontrolling interests	0	2
Distributions to noncontrolling interests	(7)	(5)
Other comprehensive income (loss)	132	(363)
Balance as of end of period	21,495	21,342
Stock-Based Compensation Plans Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases	(42)	(50)
Common Stock Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases	(198)	(287)
Parent [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	20,527	20,677
Net income	495	964
Dividends	(282)	(206)
Stock-based compensation expense	12	9
Tax deduction in excess of stock-based compensation expense	10	15
Transactions in connection with stock-based compensation plans:
Stock issuances	3	15
Contributions from noncontrolling interests	0	0
Distributions to noncontrolling interests	0	0
Other comprehensive income (loss)	131	(363)
Balance as of end of period	20,656	20,774
Parent [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases	(42)	(50)
Parent [Member] | Common Stock Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases	(198)	(287)
Noncontrolling Interest [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	827	567
Net income	18	4
Transactions in connection with stock-based compensation plans:
Contributions from noncontrolling interests	0	2
Distributions to noncontrolling interests	(7)	(5)
Other comprehensive income (loss)	1	0
Balance as of end of period	$ 839	$ 568

Equity, Share Activity Rollforw

Equity, Share Activity Rollforward (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share Activity
Treasury stock, shares, beginning balance	(200,462,208)
Treasury stock, shares, ending balance	(203,711,810)
Common Stock [Member]
Share Activity
Common stock, shares, beginning balance	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	(200,000,000)	(159,000,000)
Stock issuances, shares	1,000,000	2,000,000
Treasury stock, shares, ending balance	(204,000,000)	(163,000,000)
Treasury Stock [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Share Activity
Stock purchases, shares	(1,000,000)	(1,000,000)
Treasury Stock [Member] | Common Stock Purchase Program [Member]
Share Activity
Stock purchases, shares	(4,000,000)	(5,000,000)

Equity, Income Tax Effects on O

Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss) before income tax expense (benefit)	$ 125	$ (361)
Other Comprehensive Income (Loss), Tax
Income tax expense (benefit) related to items of other comprehensive income (loss)	(7)	2
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss)	132	(363)
Accumulated Foreign Currency Adjustment [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax	122	(366)
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	0	0
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax	122	(366)
Accumulated Defined Benefit Plans Adjustment, Miscellaneous Gain Component [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss), before reclassifications, before tax	0	0
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss) before reclassifications, tax expense (benefit)	(8)	0
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax	8	0
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Component [Member]
Other Comprehensive Income (Loss), before Tax
Reclassification from accumulated other comprehensive income (loss), current period, before tax	12	15
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)	4	5
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax	8	10
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) Component [Member]
Other Comprehensive Income (Loss), before Tax
Reclassification from accumulated other comprehensive income (loss), current period, before tax	(9)	(10)
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)	(3)	(3)
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax	(6)	(7)
Accumulated Defined Benefit Plans Adjustment [Member]
Other Comprehensive Income (Loss), before Tax
Other comprehensive income (loss) before income tax expense (benefit)	3	5
Other Comprehensive Income (Loss), Tax
Income tax expense (benefit) related to items of other comprehensive income (loss)	(7)	2
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss)	$ 10	$ 3

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	$ 20,527
Ending balance, accumulated other comprehensive income (loss), net of tax	20,656
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	(933)	$ (367)
Other comprehensive income (loss) before reclassifications	129	(366)
Amounts reclassified from accumulated other comprehensive loss	2	3
Net other comprehensive income (loss)	131	(363)
Ending balance, accumulated other comprehensive income (loss), net of tax	(802)	(730)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	(605)	1
Other comprehensive income (loss) before reclassifications	121	(366)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	121	(366)
Ending balance, accumulated other comprehensive income (loss), net of tax	(484)	(365)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Income (Loss), By Component
Beginning balance, accumulated other comprehensive income (loss), net of tax	(328)	(368)
Other comprehensive income (loss) before reclassifications	8	0
Amounts reclassified from accumulated other comprehensive loss	2	3
Net other comprehensive income (loss)	10	3
Ending balance, accumulated other comprehensive income (loss), net of tax	$ (318)	$ (365)

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 27
Interest cost	21	24
Expected return on plan assets	(35)	(33)
Amortization of:
Prior service credit	(5)	(5)
Net actuarial loss	12	16
Net periodic benefit cost	21	29
Employee Benefit Plans (Textual)
Contributions to benefit plans	8	7
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	2
Interest cost	3	4
Expected return on plan assets	0	0
Amortization of:
Prior service credit	(4)	(5)
Net actuarial loss	0	0
Net periodic benefit cost	1	1
Employee Benefit Plans (Textual)
Contributions to benefit plans	$ 4	$ 2

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Less dividends paid:
Weighted-average common shares outstanding (in shares)	469	513
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	469	513
Common equivalent shares:
Weighted-average common shares outstanding – assuming dilution (in shares)	471	516
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 495	$ 964
Less dividends paid:
Common stock	281	205
Participating securities	1	1
Undistributed earnings	$ 213	$ 758
Weighted-average common shares outstanding (in shares)	469	513
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.60	$ 0.40
Undistributed earnings (in usd per share)	0.45	1.47
Total earnings per common share (in usd per share)	$ 1.05	$ 1.87
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 495	$ 964
Weighted-average common shares outstanding (in shares)	469	513
Common equivalent shares:
Stock options (in shares)	1	2
Performance awards and nonvested restricted stock (in shares)	1	1
Weighted-average common shares outstanding – assuming dilution (in shares)	471	516
Earnings per common share – assuming dilution (in usd per share)	$ 1.05	$ 1.87
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	2	2
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.60	$ 0.40
Undistributed earnings (in usd per share)	0.45	1.47
Total earnings per common share (in usd per share)	$ 1.05	$ 1.87
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	2	2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)refineries	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Assets
Cash and temporary cash investments	$ 3,778	$ 4,114	$ 4,870	$ 3,689
Property, plant, and equipment, net	26,745	26,703
Liabilities
Current liabilities	6,775	6,994
Debt and capital lease obligations, less current portion	$ 7,207	7,208
Variable Interest Entity (Textual)
Number of refineries impacted by VLP operations | refineries	9
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	$ 130	132
Other current assets	231	211
Property, plant, and equipment, net	1,247	1,243
Liabilities
Current liabilities	43	43
Debt and capital lease obligations, less current portion	175	175
Valero Energy Partners LP [Member]
Assets
Cash and temporary cash investments	102	81
Other current assets	0	0
Property, plant, and equipment, net	749	747
Liabilities
Current liabilities	10	13
Debt and capital lease obligations, less current portion	175	175
Diamond Green Diesel Holdings LLC [Member]
Assets
Cash and temporary cash investments	17	44
Other current assets	231	211
Property, plant, and equipment, net	357	356
Liabilities
Current liabilities	14	12
Debt and capital lease obligations, less current portion	$ 0	0
Variable Interest Entity (Textual)
Ownership percentage	50.00%
Maximum percentage of joint venture construction costs financed	60.00%
Other Variable Interest Entities [Member]
Assets
Cash and temporary cash investments	$ 11	7
Other current assets	0	0
Property, plant, and equipment, net	141	140
Liabilities
Current liabilities	19	18
Debt and capital lease obligations, less current portion	$ 0	$ 0
Variable Interest Entity (Textual)
Ownership percentage	50.00%
Limited Partner [Member] | Valero Energy Partners LP [Member]
Variable Interest Entity (Textual)
Ownership percentage	65.70%
Limited Partner [Member] | Valero Energy Partners LP - Public Unitholders [Member]
Variable Interest Entity (Textual)
Ownership percentage	32.30%
General Partner [Member] | Valero Energy Partners LP [Member]
Variable Interest Entity (Textual)
Ownership percentage	2.00%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Segment information for our reportable segments
Operating revenues	[1]	$ 15,714	$ 21,330
Lower of cost or market inventory valuation adjustment		(293)	0
Operating income (loss)		829	1,495
Total assets by reportable segment
Reportable segment assets		44,259		$ 44,227
Refining [Member]
Segment information for our reportable segments
Operating revenues		14,920	20,529
Total assets by reportable segment
Reportable segment assets		38,427		38,068
Ethanol [Member]
Segment information for our reportable segments
Operating revenues		794	801
Total assets by reportable segment
Reportable segment assets		1,040		1,016
Corporate and Other [Member]
Total assets by reportable segment
Reportable segment assets		4,792		$ 5,143
Operating Segments [Member]
Segment information for our reportable segments
Operating revenues		15,748	21,358
Operating Segments [Member] | Refining [Member]
Segment information for our reportable segments
Operating revenues		14,920	20,529
Lower of cost or market inventory valuation adjustment		(263)
Operating income (loss)		958	1,641
Operating Segments [Member] | Ethanol [Member]
Segment information for our reportable segments
Operating revenues		828	829
Lower of cost or market inventory valuation adjustment		(30)
Operating income (loss)		39	12
Intersegment Eliminations [Member]
Segment information for our reportable segments
Operating revenues		34	28
Intersegment Eliminations [Member] | Refining [Member]
Segment information for our reportable segments
Operating revenues		0	0
Intersegment Eliminations [Member] | Ethanol [Member]
Segment information for our reportable segments
Operating revenues		34	28
Corporate, Non-Segment [Member] | Corporate and Other [Member]
Segment information for our reportable segments
Operating income (loss)		$ (168)	$ (158)
[1]	Includes excise taxes on sales by certain of our international operations of $1,395 million and $1,426 million for the three months ended March 31, 2016 and 2015, respectively.

Supplemental Cash Flow Inform46

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Decrease (increase) in current assets:
Receivables, net	$ (47)	$ 892
Inventories	147	(166)
Income taxes receivable	45	39
Prepaid expenses and other	(126)	8
Increase (decrease) in current liabilities:
Accounts payable	108	(688)
Accrued expenses	(137)	(80)
Taxes other than income taxes	(113)	(107)
Income taxes payable	(54)	159
Changes in current assets and current liabilities	(177)	57
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	95	78
Income taxes paid, net	$ 95	$ 298

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Assets:
Commodity derivative contracts	$ 719	$ 682
Foreign currency contracts		3
Investments of certain benefit plans	72	75
Total gross fair value, assets	791	760
Effect of Counterparty Netting	(681)	(557)
Effect of Cash Collateral Netting	(21)	(12)
Commodity derivative contracts, net assets	17	113
Net Carrying Value on Balance Sheet, Assets	89	191
Cash Collateral Received Not Offset	0	0
Liabilities:
Commodity derivative contracts	740	557
Environmental credit obligations	20	2
Physical purchase contracts	5	6
Foreign currency contracts	3
Total gross fair value, liabilities	768	565
Effect of Counterparty Netting	(681)	(557)
Effect of Cash Collateral Netting	(59)	0
Commodity derivative contracts, net liabilities	0	0
Net Carrying Value on Balance Sheet, Liabilities	28	8
Cash Collateral Paid Not Offset	(120)	(31)
Fair Value, Inputs, Level 1 [Member]
Assets:
Commodity derivative contracts	702	649
Foreign currency contracts		3
Investments of certain benefit plans	61	64
Total gross fair value, assets	763	716
Liabilities:
Commodity derivative contracts	722	522
Environmental credit obligations	0	0
Physical purchase contracts	0	0
Foreign currency contracts	3
Total gross fair value, liabilities	725	522
Fair Value, Inputs, Level 2 [Member]
Assets:
Commodity derivative contracts	17	33
Foreign currency contracts		0
Investments of certain benefit plans	0	0
Total gross fair value, assets	17	33
Liabilities:
Commodity derivative contracts	18	35
Environmental credit obligations	20	2
Physical purchase contracts	5	6
Foreign currency contracts	0
Total gross fair value, liabilities	43	43
Fair Value, Inputs, Level 3 [Member]
Assets:
Commodity derivative 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
	Mar. 31, 2016	Mar. 31, 2015
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
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	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 3,778	$ 4,114	$ 4,870	$ 3,689
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,252	7,292
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	3,778	4,114
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 8,005	$ 7,759

Price Risk Management Activit51

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, MMBTU in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2016	Mar. 31, 2016USD ($)MMBTUlbbuMBbls	Mar. 31, 2015USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 161	$ 133
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 261
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Apr. 30, 2016
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, volume		24,120
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, volume		23,676
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, volume		0
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, volume		0
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, volume		85,898
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		18,180
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, pounds | lb		67,920
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, volume		89,219
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		36,810
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, pounds | lb		122,880
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, volume		0
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		10
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, pounds | lb		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, volume		0
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		345
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, pounds | lb		0
Economic Hedging [Member] | Forward Contracts, Maturity Current Year [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		15,770
Economic Hedging [Member] | Forward Contracts, Maturity Year Two [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		335
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, volume		5,240
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, volume		5,240
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, volume		300
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, volume		300
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, volume		33,036
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		3
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, millions of Btus | MMBTU		1,400
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, volume		32,792
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		3
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, volume		3,550
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		0
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, millions of Btus | MMBTU		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, volume		3,550
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		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, volume		22,800
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, volume		22,200
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, volume		55,000
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, volume		55,000

Price Risk Management Activit52

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2016	Dec. 31, 2015
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 719	$ 685
Derivative liability, fair value, gross liability	748	563
Future [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	700	648
Derivative asset, fair value, gross liability	720	522
Swap [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	11	30
Derivative asset, fair value, gross liability	17	33
Options Held [Member] | Commodity Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	8	4
Derivative asset, fair value, gross liability	3	2
Forward Contracts [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	0	0
Derivative asset, fair value, gross liability	5	6
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	$ 3

Price Risk Management Activit53

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Sales [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Economic Hedging [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ (139)	$ 64
Economic Hedging [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(3)	22
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 41	$ 20