Valero Energy (VLO) 10-Q 8 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 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	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		452,664,759

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and temporary cash investments	$ 5,949	$ 4,114
Receivables, net	4,672	4,464
Inventories	5,979	5,898
Income taxes receivable	50	218
Prepaid expenses and other	228	204
Total current assets	16,878	14,898
Property, plant, and equipment, at cost	37,555	36,907
Accumulated depreciation	(11,037)	(10,204)
Property, plant, and equipment, net	26,518	26,703
Deferred charges and other assets, net	2,869	2,626
Total assets	46,265	44,227
Current liabilities:
Current portion of debt and capital lease obligations	1,064	127
Accounts payable	5,368	4,907
Accrued expenses	628	554
Taxes other than income taxes	1,036	1,069
Income taxes payable	128	337
Total current liabilities	8,224	6,994
Debt and capital lease obligations, less current portion	7,888	7,208
Deferred income taxes	7,369	7,060
Other long-term liabilities	1,654	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	7,108	7,064
Treasury stock, at cost; 220,417,088 and 200,462,208 common shares	(11,926)	(10,799)
Retained earnings	26,270	25,188
Accumulated other comprehensive loss	(1,120)	(933)
Total Valero Energy Corporation stockholders’ equity	20,339	20,527
Noncontrolling interests	791	827
Total equity	21,130	21,354
Total liabilities and equity	$ 46,265	$ 44,227

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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	220,417,088	200,462,208

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Operating revenues (a)	[1]	$ 19,649	$ 22,579	$ 54,947	$ 69,027
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		17,033	18,677	47,660	58,234
Lower of cost or market inventory valuation adjustment		0	0	(747)	0
Operating expenses		1,062	1,102	3,093	3,229
General and administrative expenses		192	179	507	504
Depreciation and amortization expense		470	482	1,426	1,348
Asset impairment loss		0	0	56	0
Total costs and expenses		18,757	20,440	51,995	63,315
Operating income		892	2,139	2,952	5,712
Other income, net		12	3	35	35
Interest and debt expense, net of capitalized interest		(115)	(112)	(334)	(326)
Income before income tax expense		789	2,030	2,653	5,421
Income tax expense		144	657	652	1,715
Net income		645	1,373	2,001	3,706
Less: Net income (loss) attributable to noncontrolling interests		32	(4)	79	14
Net income attributable to Valero Energy Corporation stockholders		$ 613	$ 1,377	$ 1,922	$ 3,692
Earnings per common share		$ 1.33	$ 2.79	$ 4.12	$ 7.31
Weighted-average common shares outstanding (in millions)		458	491	465	503
Earnings per common share – assuming dilution		$ 1.33	$ 2.79	$ 4.12	$ 7.30
Weighted-average common shares outstanding – assuming dilution (in millions)		460	494	467	506
Dividends per common share		$ 0.60	$ 0.40	$ 1.80	$ 1.20
[1]	Includes excise taxes on sales by certain of our international operations of $1,398 million and $1,538 million for the three months ended September 30, 2016 and 2015, respectively, and $4,263 million and $4,477 million for the nine months ended September 30, 2016 and 2015, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,398	$ 1,538	$ 4,263	$ 4,477

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Net income	$ 645	$ 1,373	$ 2,001	$ 3,706
Other comprehensive loss:
Foreign currency translation adjustment	(117)	(270)	(197)	(439)
Net gain on pension and other postretirement benefits	0	6	6	17
Other comprehensive loss before income tax expense (benefit)	(117)	(264)	(191)	(422)
Income tax expense (benefit) related to items of other comprehensive loss	1	2	(5)	6
Other comprehensive loss	(118)	(266)	(186)	(428)
Comprehensive income	527	1,107	1,815	3,278
Less: Comprehensive income (loss) attributable to noncontrolling interests	32	(4)	80	14
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 495	$ 1,111	$ 1,735	$ 3,264

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net income	$ 2,001	$ 3,706
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,426	1,348
Lower of cost or market inventory valuation adjustment	(747)	0
Asset impairment loss	56	0
Deferred income tax expense	193	77
Changes in current assets and current liabilities	953	46
Changes in deferred charges and credits and other operating activities, net	(60)	(53)
Net cash provided by operating activities	3,822	5,124
Cash flows from investing activities:
Capital expenditures	(912)	(1,186)
Deferred turnaround and catalyst costs	(474)	(509)
Other investing activities, net	2	16
Net cash used in investing activities	(1,384)	(1,679)
Cash flows from financing activities:
Proceeds from debt issuances or borrowings	1,653	1,446
Repayments of debt and capital lease obligations	(28)	(509)
Purchase of common stock for treasury	(1,167)	(2,071)
Common stock dividends	(840)	(608)
Contributions from noncontrolling interests	0	4
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(22)	(14)
Distributions to other noncontrolling interest	(32)	(25)
Other financing activities, net	(143)	50
Net cash used in financing activities	(579)	(1,727)
Effect of foreign exchange rate changes on cash	(24)	(106)
Net increase in cash and temporary cash investments	1,835	1,612
Cash and temporary cash investments at beginning of period	4,114	3,689
Cash and temporary cash investments at end of period	$ 5,949	$ 5,301

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and nine months ended September 30, 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 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 9 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, which provides that the staff 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. 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. 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. 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 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 in 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. Effective January 1, 2016, we adopted this guidance on a prospective basis, and such adoption did not materially affect our financial position, results of operations, or cash flows. Excess tax benefits, which were previously reported in cash flows from financing activities, are currently reported in cash flows from operating activities. 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 have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the standard’s revenue recognition model, is completing the review and documentation of our contracts, and is analyzing whether enhancements are needed to our business and accounting systems. 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 annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the accounting and disclosure provisions of the standard and is in the process of analyzing the impacts to our business and accounting systems, including the development of new accounting systems to account for our leases and support the required disclosures. In October 2016, the provisions of ASC Topic 740, “Income Taxes,” were amended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The amendments require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a modified retrospective basis with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption for the recognition of income tax consequences of intra-entity transfers of assets other than inventory that occur before the adoption date. The adoption of this guidance effective January 1, 2018 is not expected to materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities. In October 2016, the provisions of ASC Topic 810, “Consolidation,” were amended to provide guidance on how a reporting entity that is a single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. These provisions are effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this guidance effective January 1, 2017 will not affect our financial position or results of operations.

Aruba Disposition

Aruba Disposition	9 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
ARUBA DISPOSITION	2. ARUBA DISPOSITION Effective October 1, 2016, we (i) transferred ownership of all of our assets in Aruba, other than certain hydrocarbon inventories and working capital, to Refineria di Aruba N.V. (RDA), an entity wholly-owned by the Government of Aruba (GOA), (ii) settled our obligations under various agreements with the GOA, including agreements that required us to dismantle our leasehold improvements under certain conditions, and (iii) sold the working capital of our Aruba operations, including hydrocarbon inventories, to the GOA, CITGO Aruba Refining N.V. (CAR), and CITGO Petroleum Corporation (together with CAR and certain other affiliates, collectively, CITGO). We refer to this transaction as the “Aruba Disposition.” The agreements associated with the Aruba Disposition were finalized in September 2016, including approval of such agreements by the Aruba Parliament. We no longer own any assets or have any operations in Aruba. In June 2016, we recognized an asset impairment loss of $56 million representing all of the remaining carrying value of our long-lived assets in Aruba. These assets were primarily related to our crude oil and refined products terminal and transshipment facility in Aruba (collectively, the Aruba Terminal), which were included in our refining segment. We recognized the impairment loss at that time because we concluded that it was more likely than not that we would ultimately transfer ownership of these assets to the GOA as a result of agreements entered into in June 2016 between the GOA and CITGO providing for, among other things, the GOA’s lease of those assets to CITGO. (See Note 12 for disclosure related to the method to determine fair value.) We had previously written off all of the carrying value of the long-lived assets of the refining operations (the Aruba Refinery) and recognized an asset retirement obligation upon the suspension of operations of those assets in 2012. Therefore, there was no other significant effect to our results of operations from the Aruba Disposition during the three and nine months ended September 30, 2016, except with respect to income taxes, which are discussed below. In addition, the net cash impact to us upon effectiveness of the Aruba Disposition on October 1, 2016, was not significant. In September 2016 and in connection with the Aruba Disposition, our U.S. subsidiaries were unable to collect any outstanding debt obligations owed to them by our Aruba subsidiaries, which resulted in the recognition by us of an income tax benefit in the U.S. of $42 million during the three and nine months ended September 30, 2016 . We had no income tax effect in Aruba from the cancellation of debt or other effects of the Aruba Disposition because of net operating loss carryforwards associated with our operations in Aruba against which we had previously recorded a full valuation allowance.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 2,244 $ 2,404 Refined products and blendstocks 3,283 3,774 Ethanol feedstocks and products 202 242 Materials and supplies 250 244 Inventories, before lower of cost or market inventory valuation reserve 5,979 6,664 Lower of cost or market inventory valuation reserve — (766 ) Inventories $ 5,979 $ 5,898 Inventories are valued at the lower of cost or market. As of December 31, 2015 , we had a valuation reserve of $766 million in order to state our inventories at market. As of September 30, 2016 , we reevaluated our inventories and determined that our cost was lower than market. As a result, for the nine months ended September 30, 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 $747 million . The income statement benefit for the nine months ended September 30, 2016 differs from the change in the balance sheet reserve due to the foreign currency effect of inventories held by our international operations. As of September 30, 2016 , the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $1.2 billion . As of September 30, 2016 and December 31, 2015 , our non-LIFO inventories accounted for $675 million and $668 million , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	4. DEBT AND CAPITAL LEASE OBLIGATIONS 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 September 30, 2016 or December 31, 2015 , and we had no borrowings under the Revolver during the nine months ended September 30, 2016 and 2015 . VLP Revolver VLP has a $750 million senior unsecured revolving credit facility (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 1.8125 percent as of September 30, 2016 . During the nine months ended September 30, 2016 , VLP borrowed $139 million and $210 million under the VLP Revolver in connection with VLP’s acquisitions from us of the McKee Terminal Services Business in April 2016 and the Meraux and Three Rivers Terminal Services Business in September 2016 , respectively, and made no repayments under the VLP Revolver. During the nine months ended September 30, 2015 , VLP borrowed $200 million under the VLP Revolver in connection with VLP’s acquisition from us of the Houston and St. Charles Terminal Services Business and repaid $25 million on the VLP Revolver. Borrowings outstanding under the VLP Revolver were $524 million and $175 million as of September 30, 2016 and December 31, 2015 , respectively. 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 September 30, 2016 or December 31, 2015 , and we had no borrowings under the Canadian Revolver during the nine months ended September 30, 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 eligible trade receivables on a revolving basis. In July 2016, we amended our agreement to decrease the facility from $1.4 billion to $1.3 billion and extended the maturity date to July 2017 . 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 nine months ended September 30, 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 revolving credit facilities as follows (in millions): September 30, 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 $ 524 $ — $ 226 Canadian Revolver C$ 50 November 2016 C$ — C$ 10 C$ 40 Accounts receivable sales facility (a) $ 1,300 July 2017 $ 100 $ — $ 1,051 Letter of credit facilities $ 275 November 2016 and June 2017 $ — $ — $ 275 Uncommitted facilities: Letter of credit facilities $ 650 N/A $ — $ 185 $ 465 ___________________ (a) As of September 30, 2016 , the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.2 billion primarily due to a decrease in eligible trade receivables as a result of the current market price environment for the finished products that we produce. Non-Bank Debt During the nine months ended September 30, 2016 , we issued $1.25 billion of 3.4 percent senior notes due September 15, 2026 . Proceeds from this debt issuance totaled $1.246 billion . We also incurred $10 million of debt issuance costs. During the nine months ended September 30, 2016 , we had no repayments under our non-bank debt. In October 2016, we redeemed our 6.125 percent senior notes with a maturity date of June 15, 2017 for $778 million , or 103.70 percent of stated value, and our 7.2 percent senior notes with a maturity date of October 15, 2017 for $213 million , or 106.27 percent of stated value. During the nine months ended September 30, 2015 , we issued $600 million of 3.65 percent senior notes due March 15, 2025 and $650 million of 4.9 percent senior notes due March 15, 2045 . Proceeds from these debt issuances totaled $1.246 billion . We also incurred $12 million of debt issuance costs. In addition, we made scheduled debt repayments of $400 million related to our 4.5 percent senior notes and $75 million related to our 8.75 percent debentures. Other Debt In June 2016, a joint venture in Canada that we consolidate entered into a C$72 million senior secured credit facility. This non-revolving credit facility bears interest at a fixed rate (as defined by the lender) plus the applicable margin and matures in June 2023 . During the nine months ended September 30, 2016 , borrowings under this facility totaled C$72 million and debt repayments totaled C$2 million . As of September 30, 2016 , the effective interest rate of this facility was 3.85 percent. Capitalized Interest Capitalized interest was $14 million and $18 million for the three months ended September 30, 2016 and 2015 , respectively, and $53 million and $50 million for the nine months ended September 30, 2016 and 2015 , respectively. Capital Lease Obligations In October 2016, we entered into agreements under which we expect to lease storage tanks located at three of our refineries. The leases will not commence until certain required regulatory permitting occurs. The lease agreements will be accounted for as capital leases and we expect to recognize capital lease assets and related obligations of approximately $490 million . These capital lease agreements have initial terms of 10 years each and each agreement has successive 10 -year automatic renewal terms.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and 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 among 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, limitations, and potential rights for contribution from the other responsible parties. We have recorded a liability for our 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	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
EQUITY	6. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Nine Months Ended September 30, 2016 2015 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 20,527 $ 827 $ 21,354 $ 20,677 $ 567 $ 21,244 Net income 1,922 79 2,001 3,692 14 3,706 Dividends (840 ) — (840 ) (608 ) — (608 ) Stock-based compensation expense 33 — 33 27 — 27 Tax deduction in excess of stock-based compensation expense — — — 33 — 33 Transactions in connection with stock-based compensation plans: Stock issuances 4 — 4 29 — 29 Stock purchases (43 ) — (43 ) (136 ) — (136 ) Stock purchases under purchase program (1,120 ) — (1,120 ) (1,965 ) — (1,965 ) Issuance of Valero Energy Partners LP common units — 6 6 — — — Contributions from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — (54 ) (54 ) — (39 ) (39 ) Transfers from noncontrolling interests, net of tax (b) 43 (68 ) (25 ) — — — Other comprehensive income (loss) (187 ) 1 (186 ) (428 ) — (428 ) Balance as of end of period $ 20,339 $ 791 $ 21,130 $ 21,321 $ 547 $ 21,868 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 9 for information about our consolidated VIEs. (b) “Transfers from noncontrolling interests, net of tax” reflects an adjustment to reallocate VLP equity activity between our ownership interest in VLP and that of the noncontrolling interests. This reallocation occurred due to the expiration of the subordination period on August 10, 2016 and as a result of a change in ownership interest resulting from VLP’s issuances of equity following that date. During the subordination period, we held certain common units in VLP that were subordinate to other common units held by us and VLP’s public unitholders. Upon expiration of the subordination period, all unitholders have equal ownership rights. Share Activity Activity in the number of shares of common stock and treasury stock was as follows (in millions): Nine Months Ended September 30, 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 — 3 Stock purchases — (1 ) — (2 ) Stock purchases under purchase program — (20 ) — (32 ) Balance as of end of period 673 (220 ) 673 (190 ) 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. On September 21, 2016 , our board of directors authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date. Common Stock Dividends On November 2, 2016 , our board of directors declared a quarterly cash dividend of $0.60 per common share payable on December 15, 2016 to holders of record at the close of business on November 22, 2016 . Income Tax Effects Related to Components of Other Comprehensive Loss The tax effects allocated to each component of other comprehensive loss were as follows (in millions): Three Months Ended September 30, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (117 ) $ — $ (117 ) $ (270 ) $ — $ (270 ) Pension and other postretirement benefits: Amounts reclassified into income related to: Prior service credit (9 ) (3 ) (6 ) (10 ) (3 ) (7 ) Net actuarial loss 12 4 8 16 5 11 Settlement (3 ) — (3 ) — — — Net gain (loss) on pension and other postretirement benefits — 1 (1 ) 6 2 4 Other comprehensive loss $ (117 ) $ 1 $ (118 ) $ (264 ) $ 2 $ (266 ) Nine Months Ended September 30, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (197 ) $ — $ (197 ) $ (439 ) $ — $ (439 ) Pension and other postretirement benefits: Miscellaneous gain arising during the period — (8 ) 8 — — — Amounts reclassified into income related to: Prior service credit (27 ) (10 ) (17 ) (30 ) (10 ) (20 ) Net actuarial loss 36 13 23 47 16 31 Settlement (3 ) — (3 ) — — — Net gain on pension and other postretirement benefits 6 (5 ) 11 17 6 11 Other comprehensive loss $ (191 ) $ (5 ) $ (186 ) $ (422 ) $ 6 $ (428 ) 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 (loss) before reclassifications (198 ) 8 (190 ) Amounts reclassified from accumulated other comprehensive loss — 3 3 Net other comprehensive income (loss) (198 ) 11 (187 ) Balance as of September 30, 2016 $ (803 ) $ (317 ) $ (1,120 ) Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2014 $ 1 $ (368 ) $ (367 ) Other comprehensive loss before reclassifications (439 ) — (439 ) Amounts reclassified from accumulated other comprehensive loss — 11 11 Net other comprehensive income (loss) (439 ) 11 (428 ) Balance as of September 30, 2015 $ (438 ) $ (357 ) $ (795 )

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2016 2015 2016 2015 Three months ended September 30: 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 (gain) loss 13 16 (1 ) — Special credits (7 ) — — — Net periodic benefit cost $ 15 $ 29 $ — $ 1 Nine months ended September 30: Service cost $ 84 $ 82 $ 5 $ 6 Interest cost 63 73 9 11 Expected return on plan assets (104 ) (100 ) — — Amortization of: Prior service credit (15 ) (16 ) (12 ) (14 ) Net actuarial (gain) loss 37 47 (1 ) — Special charges (credits) (7 ) 5 — — Net periodic benefit cost $ 58 $ 91 $ 1 $ 3 We contributed $132 million and $114 million , respectively, to our pension plans and $12 million and $11 million , respectively, to our other postretirement benefit plans during the nine months ended September 30, 2016 and 2015 . Of the $132 million contributed to our pension plans during the nine months ended September 30, 2016 , $100 million was discretionary and was contributed during the third quarter of 2016. As a result of the discretionary pension contributions discussed above, our expected contributions to our pension plans have increased to $136 million for 2016. Our anticipated contributions to our other postretirement benefit plans during 2016 have not changed from the amount previously disclosed in our financial statements for the year ended December 31, 2015.

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	8. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended September 30, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 613 $ 1,377 Less dividends paid: Common stock 275 198 Participating securities 1 1 Undistributed earnings $ 337 $ 1,178 Weighted-average common shares outstanding 1 458 2 491 Earnings per common share: Distributed earnings $ 0.60 $ 0.60 $ 0.40 $ 0.40 Undistributed earnings 0.73 0.73 2.39 2.39 Total earnings per common share $ 1.33 $ 1.33 $ 2.79 $ 2.79 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 613 $ 1,377 Weighted-average common shares outstanding 458 491 Common equivalent shares: Stock options 1 1 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 460 494 Earnings per common share – assuming dilution $ 1.33 $ 2.79 Nine Months Ended September 30, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,922 $ 3,692 Less dividends paid: Common stock 837 606 Participating securities 3 2 Undistributed earnings $ 1,082 $ 3,084 Weighted-average common shares outstanding 1 465 2 503 Earnings per common share: Distributed earnings $ 1.80 $ 1.80 $ 1.20 $ 1.20 Undistributed earnings 2.32 2.32 6.11 6.11 Total earnings per common share $ 4.12 $ 4.12 $ 7.31 $ 7.31 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,922 $ 3,692 Weighted-average common shares outstanding 465 503 Common equivalent shares: Stock options 1 2 Performance awards and nonvested restricted stock 1 1 Weighted-average common shares outstanding – assuming dilution 467 506 Earnings per common share – assuming dilution $ 4.12 $ 7.30 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	9. 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 ten of our refineries. As of September 30, 2016 , we owned a 66.6 percent limited partner interest and a 2 percent general partner interest in VLP, and public unitholders owned a 31.4 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 because 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 and because 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 66.6 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. Our significant agreements with DGD 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 that we are the primary beneficiary of DGD. DGD has risk associated with its operations because 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 that we are 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). September 30, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 35 $ 121 $ 19 $ 175 Other current assets 4 81 — 85 Property, plant, and equipment, net 854 354 136 1,344 Liabilities Current liabilities $ 11 $ 17 $ 7 $ 35 Debt and capital lease obligations, less current portion 524 — 48 572 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	9 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	10. SEGMENT INFORMATION The following table reflects activity related to our reportable segments (in millions): Refining Ethanol Corporate Total Three months ended September 30, 2016: Total segment revenues $ 18,718 $ 987 $ — $ 19,705 Less intersegment revenues — 56 — 56 Operating revenues from external customers $ 18,718 $ 931 $ — $ 19,649 Operating income (loss) $ 990 $ 106 $ (204 ) $ 892 Three months ended September 30, 2015: Total segment revenues $ 21,739 $ 879 $ — $ 22,618 Less intersegment revenues — 39 — 39 Operating revenues from external customers $ 21,739 $ 840 $ — $ 22,579 Operating income (loss) $ 2,295 $ 35 $ (191 ) $ 2,139 Nine months ended September 30, 2016: Total segment revenues $ 52,302 $ 2,780 $ — $ 55,082 Less intersegment revenues — 135 — 135 Operating revenues from external customers $ 52,302 $ 2,645 $ — $ 54,947 Lower of cost or market inventory valuation adjustment $ (697 ) $ (50 ) $ — $ (747 ) Asset impairment loss 56 — — 56 Operating income (loss) 3,280 214 (542 ) 2,952 Nine months ended September 30, 2015: Total segment revenues $ 66,618 $ 2,513 $ — $ 69,131 Less intersegment revenues — 104 — 104 Operating revenues from external customers $ 66,618 $ 2,409 $ — $ 69,027 Operating income (loss) $ 6,097 $ 155 $ (540 ) $ 5,712 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 37,993 $ 38,068 Ethanol 1,277 1,016 Corporate 6,995 5,143 Total assets $ 46,265 $ 44,227

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	11. 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): Nine Months Ended 2016 2015 Decrease (increase) in current assets: Receivables, net $ (278 ) $ 1,093 Inventories 557 (45 ) Income taxes receivable 165 88 Prepaid expenses and other (28 ) (11 ) Increase (decrease) in current liabilities: Accounts payable 494 (1,007 ) Accrued expenses 46 (5 ) Taxes other than income taxes 8 (50 ) Income taxes payable (11 ) (17 ) Changes in current assets and current liabilities $ 953 $ 46 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 activities for the nine months ended September 30, 2016 . Noncash financing activities for the nine months ended September 30, 2016 included: • an accrual of $20 million for the purchase of 382,935 of our common stock, which was settled in early October 2016, and • a noncash transfer of $68 million between additional paid-in capital and noncontrolling interests for ownership changes in VLP, and the establishment of a $25 million deferred tax liability on the equity transfer. This noncash transaction is further described in Note 6 . Noncash investing and financing activities for the nine months ended September 30, 2015 included the recognition of a capital lease asset and related obligation associated with an agreement for storage tanks near one of our refineries. Noncash financing activities for the nine months ended September 30, 2015 also included an accrual of $30 million for the purchase of 506,100 shares of our common stock, which was settled in early October 2015. Cash flows reflected as “other financing activities, net” for the nine months ended September 30, 2016 included the payment of a long-term liability of $137 million owed to a joint venture partner associated with an owner-method joint venture investment. Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2016 2015 Interest paid in excess of amount capitalized $ 312 $ 301 Income taxes paid, net 305 1,532

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. 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 September 30, 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. September 30, 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 $ 753 $ 25 $ — $ 778 $ (706 ) $ — $ 72 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 57 — 11 68 n/a n/a 68 n/a Total $ 811 $ 26 $ 11 $ 848 $ (706 ) $ — $ 142 Liabilities: Commodity derivative contracts $ 706 $ 18 $ — $ 724 $ (706 ) $ (18 ) $ — $ (86 ) Environmental credit obligations — 63 — 63 n/a n/a 63 n/a Physical purchase contracts — 11 — 11 n/a n/a 11 n/a Total $ 706 $ 92 $ — $ 798 $ (706 ) $ (18 ) $ 74 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 13 , 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 13 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 levels for assets and liabilities held as of September 30, 2016 and December 31, 2015 that were measured at fair value on a recurring basis. There was no activity during the three and nine months ended September 30, 2016 and 2015 related to the fair value amounts categorized in Level 3 as of September 30, 2016 and December 31, 2015 . Nonrecurring Fair Value Measurements As discussed in Note 2 , we concluded that the Aruba Terminal was impaired as of June 30, 2016, which resulted in an asset impairment loss of $56 million that was recorded in June 2016. The fair value of the Aruba Terminal was determined using an income approach and was classified in Level 3. We employed a probability-weighted approach to possible future cash flow scenarios, including transferring ownership of the business to the GOA or continuing to operate. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 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): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,949 $ 5,949 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 8,875 10,005 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	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	13. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with various government and regulatory programs. 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 12 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on 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. 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. To manage commodity price risk, we use economic hedges, which are not designated as fair value or cash flow hedges, and we use fair value and cash flow hedges from time to time. We also enter into certain commodity derivative instruments for trading purposes. Our objectives for entering into hedges or trading derivatives are described below. • Economic Hedges – Economic hedges represent commodity derivative instruments that are used to manage price volatility in certain (i) feedstock and refined product inventories, (ii) fixed-price purchase contracts, and (iii) forecasted feedstock, refined product or natural gas purchases and refined product sales. The objectives of our economic hedges are to hedge price volatility in certain feedstock and refined product inventories and 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. Economic hedges are not designated as fair value or cash flow hedges for accounting purposes, usually due to the difficulty of establishing the required documentation at the date the derivative instrument is entered into for them to qualify as hedging instruments for accounting purposes. As of September 30, 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 2018 Crude oil and refined products: Swaps – long 16,154 485 — Swaps – short 16,349 20 — Futures – long 93,710 777 — Futures – short 87,610 2,178 — Options – long 2,000 — — Options – short 2,000 — — Corn: Futures – long 16,875 550 — Futures – short 34,935 4,970 10 Physical contracts – long 16,807 4,913 10 Soybean oil: Futures – long 81,600 — — Futures – short 118,320 20,580 — • Trading Derivatives – Our objective for entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions for crude oil and refined products. As of September 30, 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 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 1,260 1,500 Swaps – short 1,260 1,500 Futures – long 48,588 1,399 Futures – short 48,170 1,846 Options – long 22,550 133,490 Options – short 22,150 133,490 Corn: Futures – long — 500 Futures – short — 500 We had no commodity derivative contracts outstanding as of September 30, 2016 and 2015 or during the nine months ended September 30, 2016 and 2015 that were designated as fair value or cash flow hedges. 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 are classified as economic hedges. As of September 30, 2016 , we had forward contracts to purchase $328 million of U.S. dollars. These contracts matured on or before October 31, 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. 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. 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 $198 million and $94 million for the three months ended September 30, 2016 and 2015 , respectively, and $532 million and $283 million for the nine months ended September 30, 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 12 . 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 nine months ended September 30, 2016 and 2015 and expect to continue to recover the majority of these costs in the future. For the three and nine months ended September 30, 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 September 30, 2016 and December 31, 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12 , 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 September 30, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 749 $ 702 Swaps Receivables, net 21 17 Options Receivables, net 8 5 Physical purchase contracts Inventories 1 11 Foreign currency contracts Receivables, net 1 — Total $ 780 $ 735 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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Commodity contracts Cost of sales $ 42 $ 122 $ (210 ) $ 159 Foreign currency contracts Cost of sales 4 24 5 31 Trading Derivatives Location of Gain Three Months Ended Nine Months Ended 2016 2015 2016 2015 Commodity contracts Cost of sales $ 13 $ 20 $ 51 $ 41

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2016 and 2015 included in these Condensed Notes to Consolidated Financial Statements is derived from our unaudited financial statements. Operating results for the three and nine months ended September 30, 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 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 9 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, which provides that the staff 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.
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. 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.
Stock-based Compensation	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 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 in 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. Effective January 1, 2016, we adopted this guidance on a prospective basis, and such adoption did not materially affect our financial position, results of operations, or cash flows. Excess tax benefits, which were previously reported in cash flows from financing activities, are currently reported in cash flows from operating activities.
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 have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the standard’s revenue recognition model, is completing the review and documentation of our contracts, and is analyzing whether enhancements are needed to our business and accounting systems. 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 annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We have been evaluating and continue to evaluate the provisions of this standard and its impact on our business processes, business and accounting systems, and financial statements and related disclosures. A multi-disciplined implementation team has gained an understanding of the accounting and disclosure provisions of the standard and is in the process of analyzing the impacts to our business and accounting systems, including the development of new accounting systems to account for our leases and support the required disclosures. In October 2016, the provisions of ASC Topic 740, “Income Taxes,” were amended to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The amendments require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a modified retrospective basis with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption for the recognition of income tax consequences of intra-entity transfers of assets other than inventory that occur before the adoption date. The adoption of this guidance effective January 1, 2018 is not expected to materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities. In October 2016, the provisions of ASC Topic 810, “Consolidation,” were amended to provide guidance on how a reporting entity that is a single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. These provisions are effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. The amendments should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this guidance effective January 1, 2017 will not affect our financial position or results of operations.
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 that we are 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 that 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 because 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 and because 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 66.6 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, foreign currency exchange rates, and the price of credits needed to comply with various government and regulatory programs. 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 12 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on 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 Sig22

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 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)	9 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 2,244 $ 2,404 Refined products and blendstocks 3,283 3,774 Ethanol feedstocks and products 202 242 Materials and supplies 250 244 Inventories, before lower of cost or market inventory valuation reserve 5,979 6,664 Lower of cost or market inventory valuation reserve — (766 ) Inventories $ 5,979 $ 5,898

Debt and Capital Lease Obliga24

Debt and Capital Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2016
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our revolving credit facilities as follows (in millions): September 30, 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 $ 524 $ — $ 226 Canadian Revolver C$ 50 November 2016 C$ — C$ 10 C$ 40 Accounts receivable sales facility (a) $ 1,300 July 2017 $ 100 $ — $ 1,051 Letter of credit facilities $ 275 November 2016 and June 2017 $ — $ — $ 275 Uncommitted facilities: Letter of credit facilities $ 650 N/A $ — $ 185 $ 465 ___________________ (a) As of September 30, 2016 , the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.2 billion primarily due to a decrease in eligible trade receivables as a result of the current market price environment for the finished products that we produce.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 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): Nine Months Ended September 30, 2016 2015 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 20,527 $ 827 $ 21,354 $ 20,677 $ 567 $ 21,244 Net income 1,922 79 2,001 3,692 14 3,706 Dividends (840 ) — (840 ) (608 ) — (608 ) Stock-based compensation expense 33 — 33 27 — 27 Tax deduction in excess of stock-based compensation expense — — — 33 — 33 Transactions in connection with stock-based compensation plans: Stock issuances 4 — 4 29 — 29 Stock purchases (43 ) — (43 ) (136 ) — (136 ) Stock purchases under purchase program (1,120 ) — (1,120 ) (1,965 ) — (1,965 ) Issuance of Valero Energy Partners LP common units — 6 6 — — — Contributions from noncontrolling interests — — — — 5 5 Distributions to noncontrolling interests — (54 ) (54 ) — (39 ) (39 ) Transfers from noncontrolling interests, net of tax (b) 43 (68 ) (25 ) — — — Other comprehensive income (loss) (187 ) 1 (186 ) (428 ) — (428 ) Balance as of end of period $ 20,339 $ 791 $ 21,130 $ 21,321 $ 547 $ 21,868 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 9 for information about our consolidated VIEs. (b) “Transfers from noncontrolling interests, net of tax” reflects an adjustment to reallocate VLP equity activity between our ownership interest in VLP and that of the noncontrolling interests. This reallocation occurred due to the expiration of the subordination period on August 10, 2016 and as a result of a change in ownership interest resulting from VLP’s issuances of equity following that date. During the subordination period, we held certain common units in VLP that were subordinate to other common units held by us and VLP’s public unitholders. Upon expiration of the subordination period, all unitholders have equal ownership rights.
Schedule of stock by class	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Nine Months Ended September 30, 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 — 3 Stock purchases — (1 ) — (2 ) Stock purchases under purchase program — (20 ) — (32 ) Balance as of end of period 673 (220 ) 673 (190 )
Income tax effects related to components of other comprehensive income (loss)	The tax effects allocated to each component of other comprehensive loss were as follows (in millions): Three Months Ended September 30, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (117 ) $ — $ (117 ) $ (270 ) $ — $ (270 ) Pension and other postretirement benefits: Amounts reclassified into income related to: Prior service credit (9 ) (3 ) (6 ) (10 ) (3 ) (7 ) Net actuarial loss 12 4 8 16 5 11 Settlement (3 ) — (3 ) — — — Net gain (loss) on pension and other postretirement benefits — 1 (1 ) 6 2 4 Other comprehensive loss $ (117 ) $ 1 $ (118 ) $ (264 ) $ 2 $ (266 ) Nine Months Ended September 30, 2016 2015 Before- Tax Amount Tax Expense (Benefit) Net Amount Before- Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustment $ (197 ) $ — $ (197 ) $ (439 ) $ — $ (439 ) Pension and other postretirement benefits: Miscellaneous gain arising during the period — (8 ) 8 — — — Amounts reclassified into income related to: Prior service credit (27 ) (10 ) (17 ) (30 ) (10 ) (20 ) Net actuarial loss 36 13 23 47 16 31 Settlement (3 ) — (3 ) — — — Net gain on pension and other postretirement benefits 6 (5 ) 11 17 6 11 Other comprehensive loss $ (191 ) $ (5 ) $ (186 ) $ (422 ) $ 6 $ (428 )
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 (loss) before reclassifications (198 ) 8 (190 ) Amounts reclassified from accumulated other comprehensive loss — 3 3 Net other comprehensive income (loss) (198 ) 11 (187 ) Balance as of September 30, 2016 $ (803 ) $ (317 ) $ (1,120 ) Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of December 31, 2014 $ 1 $ (368 ) $ (367 ) Other comprehensive loss before reclassifications (439 ) — (439 ) Amounts reclassified from accumulated other comprehensive loss — 11 11 Net other comprehensive income (loss) (439 ) 11 (428 ) Balance as of September 30, 2015 $ (438 ) $ (357 ) $ (795 )

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 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 September 30: 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 (gain) loss 13 16 (1 ) — Special credits (7 ) — — — Net periodic benefit cost $ 15 $ 29 $ — $ 1 Nine months ended September 30: Service cost $ 84 $ 82 $ 5 $ 6 Interest cost 63 73 9 11 Expected return on plan assets (104 ) (100 ) — — Amortization of: Prior service credit (15 ) (16 ) (12 ) (14 ) Net actuarial (gain) loss 37 47 (1 ) — Special charges (credits) (7 ) 5 — — Net periodic benefit cost $ 58 $ 91 $ 1 $ 3

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 613 $ 1,377 Less dividends paid: Common stock 275 198 Participating securities 1 1 Undistributed earnings $ 337 $ 1,178 Weighted-average common shares outstanding 1 458 2 491 Earnings per common share: Distributed earnings $ 0.60 $ 0.60 $ 0.40 $ 0.40 Undistributed earnings 0.73 0.73 2.39 2.39 Total earnings per common share $ 1.33 $ 1.33 $ 2.79 $ 2.79 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 613 $ 1,377 Weighted-average common shares outstanding 458 491 Common equivalent shares: Stock options 1 1 Performance awards and nonvested restricted stock 1 2 Weighted-average common shares outstanding – assuming dilution 460 494 Earnings per common share – assuming dilution $ 1.33 $ 2.79 Nine Months Ended September 30, 2016 2015 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,922 $ 3,692 Less dividends paid: Common stock 837 606 Participating securities 3 2 Undistributed earnings $ 1,082 $ 3,084 Weighted-average common shares outstanding 1 465 2 503 Earnings per common share: Distributed earnings $ 1.80 $ 1.80 $ 1.20 $ 1.20 Undistributed earnings 2.32 2.32 6.11 6.11 Total earnings per common share $ 4.12 $ 4.12 $ 7.31 $ 7.31 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,922 $ 3,692 Weighted-average common shares outstanding 465 503 Common equivalent shares: Stock options 1 2 Performance awards and nonvested restricted stock 1 1 Weighted-average common shares outstanding – assuming dilution 467 506 Earnings per common share – assuming dilution $ 4.12 $ 7.30

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 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). September 30, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 35 $ 121 $ 19 $ 175 Other current assets 4 81 — 85 Property, plant, and equipment, net 854 354 136 1,344 Liabilities Current liabilities $ 11 $ 17 $ 7 $ 35 Debt and capital lease obligations, less current portion 524 — 48 572 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)	9 Months Ended
	Sep. 30, 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 September 30, 2016: Total segment revenues $ 18,718 $ 987 $ — $ 19,705 Less intersegment revenues — 56 — 56 Operating revenues from external customers $ 18,718 $ 931 $ — $ 19,649 Operating income (loss) $ 990 $ 106 $ (204 ) $ 892 Three months ended September 30, 2015: Total segment revenues $ 21,739 $ 879 $ — $ 22,618 Less intersegment revenues — 39 — 39 Operating revenues from external customers $ 21,739 $ 840 $ — $ 22,579 Operating income (loss) $ 2,295 $ 35 $ (191 ) $ 2,139 Nine months ended September 30, 2016: Total segment revenues $ 52,302 $ 2,780 $ — $ 55,082 Less intersegment revenues — 135 — 135 Operating revenues from external customers $ 52,302 $ 2,645 $ — $ 54,947 Lower of cost or market inventory valuation adjustment $ (697 ) $ (50 ) $ — $ (747 ) Asset impairment loss 56 — — 56 Operating income (loss) 3,280 214 (542 ) 2,952 Nine months ended September 30, 2015: Total segment revenues $ 66,618 $ 2,513 $ — $ 69,131 Less intersegment revenues — 104 — 104 Operating revenues from external customers $ 66,618 $ 2,409 $ — $ 69,027 Operating income (loss) $ 6,097 $ 155 $ (540 ) $ 5,712 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 37,993 $ 38,068 Ethanol 1,277 1,016 Corporate 6,995 5,143 Total assets $ 46,265 $ 44,227

Supplemental Cash Flow Inform30

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2016
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	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): Nine Months Ended 2016 2015 Decrease (increase) in current assets: Receivables, net $ (278 ) $ 1,093 Inventories 557 (45 ) Income taxes receivable 165 88 Prepaid expenses and other (28 ) (11 ) Increase (decrease) in current liabilities: Accounts payable 494 (1,007 ) Accrued expenses 46 (5 ) Taxes other than income taxes 8 (50 ) Income taxes payable (11 ) (17 ) Changes in current assets and current liabilities $ 953 $ 46 Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2016 2015 Interest paid in excess of amount capitalized $ 312 $ 301 Income taxes paid, net 305 1,532

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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. September 30, 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 $ 753 $ 25 $ — $ 778 $ (706 ) $ — $ 72 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 57 — 11 68 n/a n/a 68 n/a Total $ 811 $ 26 $ 11 $ 848 $ (706 ) $ — $ 142 Liabilities: Commodity derivative contracts $ 706 $ 18 $ — $ 724 $ (706 ) $ (18 ) $ — $ (86 ) Environmental credit obligations — 63 — 63 n/a n/a 63 n/a Physical purchase contracts — 11 — 11 n/a n/a 11 n/a Total $ 706 $ 92 $ — $ 798 $ (706 ) $ (18 ) $ 74 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): September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,949 $ 5,949 $ 4,114 $ 4,114 Financial liabilities: Debt (excluding capital leases) 8,875 10,005 7,292 7,759

Price Risk Management Activit32

Price Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of September 30, 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 2018 Crude oil and refined products: Swaps – long 16,154 485 — Swaps – short 16,349 20 — Futures – long 93,710 777 — Futures – short 87,610 2,178 — Options – long 2,000 — — Options – short 2,000 — — Corn: Futures – long 16,875 550 — Futures – short 34,935 4,970 10 Physical contracts – long 16,807 4,913 10 Soybean oil: Futures – long 81,600 — — Futures – short 118,320 20,580 — As of September 30, 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 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 1,260 1,500 Swaps – short 1,260 1,500 Futures – long 48,588 1,399 Futures – short 48,170 1,846 Options – long 22,550 133,490 Options – short 22,150 133,490 Corn: Futures – long — 500 Futures – short — 500
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of September 30, 2016 and December 31, 2015 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12 , 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 September 30, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 749 $ 702 Swaps Receivables, net 21 17 Options Receivables, net 8 5 Physical purchase contracts Inventories 1 11 Foreign currency contracts Receivables, net 1 — Total $ 780 $ 735 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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2016 2015 2016 2015 Commodity contracts Cost of sales $ 42 $ 122 $ (210 ) $ 159 Foreign currency contracts Cost of sales 4 24 5 31 Trading Derivatives Location of Gain Three Months Ended Nine Months Ended 2016 2015 2016 2015 Commodity contracts Cost of sales $ 13 $ 20 $ 51 $ 41

Basis of Presentation and Sig33

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Assets
Deferred charges and other assets, net	$ 2,869	$ 2,626
Liabilities
Debt and capital lease obligations, less current portion	7,888	7,208
Deferred income taxes, currently reported	$ 7,369	7,060
Adjustments for New Accounting Pronouncement [Member]
Assets
Deferred charges and other assets, net		2,626
Liabilities
Debt and capital lease obligations, less current portion		7,208
Deferred income taxes, currently reported		7,060
Adjustments for New Accounting Pronouncement [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 Pronouncement [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

Aruba Disposition (Details)

Aruba Disposition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Aruba Disposition (Textual)
Asset impairment loss		$ 0	$ 0	$ 56	$ 0
Tax benefit on disposition		$ (144)	$ (657)	(652)	$ (1,715)
Aruba Terminal [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56
Refining [Member] | Aruba Disposition [Member]
Aruba Disposition (Textual)
Tax benefit on disposition				$ 42
Refining [Member] | Aruba Terminal [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Inventories
Refinery feedstocks	$ 2,244		$ 2,244		$ 2,404
Refined products and blendstocks	3,283		3,283		3,774
Ethanol feedstocks and products	202		202		242
Materials and supplies	250		250		244
Inventories, before lower of cost or market inventory valuation reserve	5,979		5,979		6,664
Lower of cost or market inventory valuation reserve	0		0		(766)
Inventories	5,979		5,979		5,898
Inventories (Textual)
Lower of cost or market inventory valuation adjustment	0	$ 0	747	$ 0
Excess of market value over carrying amount of LIFO inventories	1,200		1,200
Amount of non-LIFO inventory	$ 675		$ 675		$ 668

Debt and Capital Lease Obliga36

Debt and Capital Lease Obligations, Credit Facilities (Details) CAD in Millions		9 Months Ended
		Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016CAD	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	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					524,000,000			$ 175,000,000
Line of credit facility, remaining borrowing capacity					226,000,000
Credit Facilities (Textual)
Line of credit facility, accordion feature, higher borrowing capacity option					$ 1,000,000,000
Line of credit facility, interest rate at period end				1.8125%	1.8125%
Repayments of long-term lines of credit		$ 0	$ 25,000,000
VLP Revolver [Member] | Credit Facilities [Member] | McKee Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit		139,000,000
VLP Revolver [Member] | Credit Facilities [Member] | Meraux and Three Rivers Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit		$ 210,000,000
VLP Revolver [Member] | Credit Facilities [Member] | Houston and St. Charles Terminal Services Business [Member]
Credit Facilities (Textual)
Borrowings from long-term lines of credit			$ 200,000,000
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
Line of credit facility, expiration date		Nov. 30, 2016
Amount outstanding | CAD				0			CAD 0
Line of credit facility, remaining borrowing capacity | CAD				40
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding | CAD				CAD 10
A/R Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	[1]				1,300,000,000	$ 1,400,000,000
Line of credit facility, expiration date		Jul. 31, 2017
Amount outstanding					100,000,000
Line of credit facility, remaining borrowing capacity					1,051,000,000
Credit Facilities (Textual)
Line of credit facility, current borrowing capacity					1,200,000,000
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					0
Line of credit facility, remaining borrowing capacity					275,000,000
Committed Letter of Credit Facility Expires June 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, expiration date		Jun. 30, 2017
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					650,000,000
Amount outstanding					185,000,000
Line of credit facility, remaining borrowing capacity					$ 465,000,000
[1]	As of September 30, 2016, the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.2 billion primarily due to a decrease in eligible trade receivables as a result of the current market price environment for the finished products that we produce.

Debt and Capital Lease Obliga37

Debt and Capital Lease Obligations, Non-Bank Debt (Details) - USD ($)	1 Months Ended	9 Months Ended
	Oct. 31, 2016	Sep. 30, 2016	Sep. 30, 2015
Issued Debt [Member]
Non-Bank Debt (Textual)
Repayments of non-bank debt		$ 0
Senior Notes [Member]
Non-Bank Debt (Textual)
Proceeds from issuance of senior long-term debt			$ 1,246,000,000
Debt issuance costs			12,000,000
Senior Notes [Member] | Senior Notes Due in 2026 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance		$ 1,250,000,000
Interest rate of notes in percentage		3.40%
Maturity date of long-term debt issuance		Sep. 15, 2026
Proceeds from issuance of senior long-term debt		$ 1,246,000,000
Debt issuance costs		$ 10,000,000
Senior Notes [Member] | Senior Notes Due in June 2017 [Member] | Subsequent Event [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	6.125%
Maturity date of long-term debt issuance	Jun. 15, 2017
Early repayment of senior debt	$ 778,000,000
Debt instrument, redemption price, percentage of principal amount redeemed	103.70%
Senior Notes [Member] | Senior Notes Due in October 2017 [Member] | Subsequent Event [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage	7.20%
Maturity date of long-term debt issuance	Oct. 15, 2017
Early repayment of senior debt	$ 213,000,000
Debt instrument, redemption price, percentage of principal amount redeemed	106.27%
Senior Notes [Member] | Senior Notes Due in 2025 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance			$ 600,000,000
Interest rate of notes in percentage			3.65%
Maturity date of long-term debt issuance			Mar. 15, 2025
Senior Notes [Member] | Senior Notes Due in 2045 [Member]
Non-Bank Debt (Textual)
Face amount of long-term debt issuance			$ 650,000,000
Interest rate of notes in percentage			4.90%
Maturity date of long-term debt issuance			Mar. 15, 2045
Senior Notes [Member] | Senior Notes Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage			4.50%
Debt repayments			$ 400,000,000
Debentures [Member] | Debenture Due In 2015 [Member]
Non-Bank Debt (Textual)
Interest rate of notes in percentage			8.75%
Debt repayments			$ 75,000,000

Debt and Capital Lease Obliga38

Debt and Capital Lease Obligations, Other Debt (Details) - Secured Debt [Member] - Senior Secured Credit Agreement Due in 2023 [Member] CAD in Millions	9 Months Ended
	Sep. 30, 2016CAD
Other Debt (Textual)
Face amount of long-term debt issuance	CAD 72
Maturity date of long-term debt issuance	Jun. 30, 2023
Proceeds from issuance of secured debt	CAD 72
Repayments of other debt	CAD 2
Interest rate, effective percentage	3.85%

Debt and Capital Lease Obliga39

Debt and Capital Lease Obligations, Capitalized Interest (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Capitalized Interest (Textual)
Interest costs incurred, capitalized	$ 14	$ 18	$ 53	$ 50

Debt and Capital Lease Obliga40

Debt and Capital Lease Obligations, Capital Lease Obligations (Details) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Oct. 31, 2016USD ($)
Assets Held under Capital Leases [Member]
Debt Instrument [Line Items]
Capital lease assets, additions	$ 490
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Capital lease obligations incurred	$ 490
Capital lease, initial lease term (in years)	10 years
Capital lease, duration of renewal option (in years)	10 years

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2016USD ($)
Minimum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 0
Maximum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 200

Equity (Details)

Equity (Details) - USD ($)		Nov. 02, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period					$ 21,354,000,000	$ 21,244,000,000
Net income			$ 645,000,000	$ 1,373,000,000	2,001,000,000	3,706,000,000
Dividends					(840,000,000)	(608,000,000)
Stock-based compensation expense					33,000,000	27,000,000
Tax deduction in excess of stock-based compensation expense					0	33,000,000
Transactions in connection with stock-based compensation plans:
Stock issuances					4,000,000	29,000,000
Distributions to noncontrolling interests					(54,000,000)	(39,000,000)
Transfers from noncontrolling interests, net of tax	[1]				(25,000,000)	0
Other comprehensive income (loss)			(118,000,000)	(266,000,000)	(186,000,000)	(428,000,000)
Balance as of end of period			21,130,000,000	21,868,000,000	21,130,000,000	21,868,000,000
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		Nov. 2, 2016
Dividends payable, amount per share		$ 0.60
Dividends payable, date to be paid		Dec. 15, 2016
Dividends payable, date of record		Nov. 22, 2016
Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance					6,000,000	0
VIEs Other than Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance					0	5,000,000
Stock-Based Compensation Plans Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases					(43,000,000)	(136,000,000)
Common Stock Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases					(1,120,000,000)	(1,965,000,000)
$2.5 Billion Program Approved September 2016 [Member]
Equity (Textual)
Authorized amount under stock purchase program			2,500,000,000		2,500,000,000
Parent [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period					20,527,000,000	20,677,000,000
Net income					1,922,000,000	3,692,000,000
Dividends					(840,000,000)	(608,000,000)
Stock-based compensation expense					33,000,000	27,000,000
Tax deduction in excess of stock-based compensation expense					0	33,000,000
Transactions in connection with stock-based compensation plans:
Stock issuances					4,000,000	29,000,000
Distributions to noncontrolling interests					0	0
Transfers from noncontrolling interests, net of tax	[1]				43,000,000	0
Other comprehensive income (loss)					(187,000,000)	(428,000,000)
Balance as of end of period			20,339,000,000	21,321,000,000	20,339,000,000	21,321,000,000
Parent [Member] | Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance					0	0
Parent [Member] | VIEs Other than Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance					0	0
Parent [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases					(43,000,000)	(136,000,000)
Parent [Member] | Common Stock Purchase Program [Member]
Transactions in connection with stock-based compensation plans:
Stock purchases					(1,120,000,000)	(1,965,000,000)
Noncontrolling Interest [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	[2]				827,000,000	567,000,000
Net income	[2]				79,000,000	14,000,000
Transactions in connection with stock-based compensation plans:
Distributions to noncontrolling interests	[2]				(54,000,000)	(39,000,000)
Transfers from noncontrolling interests, net of tax	[1],[2]				(68,000,000)	0
Other comprehensive income (loss)	[2]				1,000,000	0
Balance as of end of period	[2]		$ 791,000,000	$ 547,000,000	791,000,000	547,000,000
Noncontrolling Interest [Member] | Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance	[2]				6,000,000	0
Noncontrolling Interest [Member] | VIEs Other than Valero Energy Partners LP [Member]
Transactions in connection with stock-based compensation plans:
Noncontrolling interest increase from subsidiary equity issuance	[2]				$ 0	$ 5,000,000
[1]	“Transfers from noncontrolling interests, net of tax” reflects an adjustment to reallocate VLP equity activity between our ownership interest in VLP and that of the noncontrolling interests. This reallocation occurred due to the expiration of the subordination period on August 10, 2016 and as a result of a change in ownership interest resulting from VLP’s issuances of equity following that date. During the subordination period, we held certain common units in VLP that were subordinate to other common units held by us and VLP’s public unitholders. Upon expiration of the subordination period, all unitholders have equal ownership rights.
[2]	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 9 for information about our consolidated VIEs.

Equity, Share Activity Rollforw

Equity, Share Activity Rollforward (Details) - shares	1 Months Ended	9 Months Ended
	Oct. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Share Activity
Treasury stock, shares, beginning balance		(200,462,208)
Stock purchases, shares	(506,100)
Treasury stock, shares, ending balance		(220,417,088)
Common Stock [Member]
Share Activity
Common stock, shares, beginning balance	673,000,000	673,000,000	673,000,000
Stock issuances, shares		0	0
Common stock, shares, ending balance		673,000,000	673,000,000
Treasury Stock [Member]
Share Activity
Treasury stock, shares, beginning balance	(190,000,000)	(200,000,000)	(159,000,000)
Stock issuances, shares		1,000,000	3,000,000
Treasury stock, shares, ending balance		(220,000,000)	(190,000,000)
Treasury Stock [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Share Activity
Stock purchases, shares		(1,000,000)	(2,000,000)
Treasury Stock [Member] | Common Stock Purchase Program [Member]
Share Activity
Stock purchases, shares		(20,000,000)	(32,000,000)

Equity, Income Tax Effects on O

Equity, Income Tax Effects on Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Comprehensive Income (Loss), Before Tax
Other comprehensive loss before income tax expense (benefit)	$ (117)	$ (264)	$ (191)	$ (422)
Other Comprehensive Income (Loss), Tax
Income tax expense (benefit) related to items of other comprehensive loss	1	2	(5)	6
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive loss	(118)	(266)	(186)	(428)
Accumulated Foreign Currency Adjustment [Member]
Other Comprehensive Income (Loss), Before Tax
Other comprehensive income (loss), before reclassifications, before tax	(117)	(270)	(197)	(439)
Other Comprehensive Income (Loss), Tax
Other comprehensive income (loss), before reclassifications, tax expense (benefit)	0	0	0	0
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive income (loss), before reclassifications, net of tax	(117)	(270)	(197)	(439)
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 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)	(27)	(30)
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)	(3)	(3)	(10)	(10)
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax	(6)	(7)	(17)	(20)
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	16	36	47
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)	4	5	13	16
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax	8	11	23	31
Accumulated Defined Benefit Plans Adjustment, Curtailment and Settlement [Member]
Other Comprehensive Income (Loss), Before Tax
Reclassification from accumulated other comprehensive income (loss), current period, before tax	(3)	0	(3)	0
Other Comprehensive Income (Loss), Tax
Reclassification from accumulated other comprehensive income (loss), current period, tax expense (benefit)	0	0	0	0
Other Comprehensive Income (Loss), Net of Tax
Reclassification from accumulated other comprehensive income (loss), current period, net of tax	(3)	0	(3)	0
Accumulated Defined Benefit Plans Adjustment [Member]
Other Comprehensive Income (Loss), Before Tax
Other comprehensive loss before income tax expense (benefit)	0	6	6	17
Other Comprehensive Income (Loss), Tax
Income tax expense (benefit) related to items of other comprehensive loss	1	2	(5)	6
Other Comprehensive Income (Loss), Net of Tax
Other comprehensive loss	$ (1)	$ 4	$ 11	$ 11

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 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 loss, net of tax	20,339
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	(190)	(439)
Amounts reclassified from accumulated other comprehensive loss	3	11
Net other comprehensive income (loss)	(187)	(428)
Ending balance, accumulated other comprehensive loss, net of tax	(1,120)	(795)
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	(198)	(439)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	(198)	(439)
Ending balance, accumulated other comprehensive loss, net of tax	(803)	(438)
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	3	11
Net other comprehensive income (loss)	11	11
Ending balance, accumulated other comprehensive loss, net of tax	$ (317)	$ (357)

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 27	$ 84	$ 82
Interest cost	21	24	63	73
Expected return on plan assets	(35)	(33)	(104)	(100)
Amortization of:
Prior service credit	(5)	(5)	(15)	(16)
Net actuarial (gain) loss	13	16	37	47
Special charges (credits)	(7)	0	(7)	5
Net periodic benefit cost	15	29	58	91
Employee Benefit Plans (Textual)
Contributions to benefit plans			132	114
Discretionary contribution to benefit plans			100
Expected contributions to benefit plans in current fiscal year			136
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	2	5	6
Interest cost	3	4	9	11
Expected return on plan assets	0	0	0	0
Amortization of:
Prior service credit	(4)	(5)	(12)	(14)
Net actuarial (gain) loss	(1)	0	(1)	0
Special charges (credits)	0	0	0	0
Net periodic benefit cost	$ 0	$ 1	1	3
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 12	$ 11

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Less dividends paid:
Weighted-average common shares outstanding (in shares)	458	491	465	503
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	458	491	465	503
Common equivalent shares:
Weighted-average common shares outstanding – assuming dilution (in shares)	460	494	467	506
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 613	$ 1,377	$ 1,922	$ 3,692
Less dividends paid:
Common stock	275	198	837	606
Participating securities	1	1	3	2
Undistributed earnings	$ 337	$ 1,178	$ 1,082	$ 3,084
Weighted-average common shares outstanding (in shares)	458	491	465	503
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.60	$ 0.40	$ 1.80	$ 1.20
Undistributed earnings (in usd per share)	0.73	2.39	2.32	6.11
Total earnings per common share (in usd per share)	$ 1.33	$ 2.79	$ 4.12	$ 7.31
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 613	$ 1,377	$ 1,922	$ 3,692
Weighted-average common shares outstanding (in shares)	458	491	465	503
Common equivalent shares:
Stock options (in shares)	1	1	1	2
Performance awards and nonvested restricted stock (in shares)	1	2	1	1
Weighted-average common shares outstanding – assuming dilution (in shares)	460	494	467	506
Earnings per common share – assuming dilution (in usd per share)	$ 1.33	$ 2.79	$ 4.12	$ 7.30
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	1	2	1	2
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.60	$ 0.40	$ 1.80	$ 1.20
Undistributed earnings (in usd per share)	0.73	2.39	2.32	6.11
Total earnings per common share (in usd per share)	$ 1.33	$ 2.79	$ 4.12	$ 7.31
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	1	2	1	2

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)refineries	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Assets
Cash and temporary cash investments	$ 5,949	$ 4,114	$ 5,301	$ 3,689
Property, plant, and equipment, net	26,518	26,703
Liabilities
Current liabilities	8,224	6,994
Debt and capital lease obligations, less current portion	$ 7,888	7,208
Variable Interest Entity (Textual)
Number of refineries impacted by VLP operations | refineries	10
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	$ 175	132
Other current assets	85	211
Property, plant, and equipment, net	1,344	1,243
Liabilities
Current liabilities	35	43
Debt and capital lease obligations, less current portion	572	175
Valero Energy Partners LP [Member]
Assets
Cash and temporary cash investments	35	81
Other current assets	4	0
Property, plant, and equipment, net	854	747
Liabilities
Current liabilities	11	13
Debt and capital lease obligations, less current portion	$ 524	175
Valero Energy Partners LP [Member] | Limited Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	66.60%
Valero Energy Partners LP [Member] | General Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	2.00%
Diamond Green Diesel Holdings LLC [Member]
Assets
Cash and temporary cash investments	$ 121	44
Other current assets	81	211
Property, plant, and equipment, net	354	356
Liabilities
Current liabilities	17	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	$ 19	7
Other current assets	0	0
Property, plant, and equipment, net	136	140
Liabilities
Current liabilities	7	18
Debt and capital lease obligations, less current portion	$ 48	$ 0
Variable Interest Entity (Textual)
Ownership percentage	50.00%
Valero Energy Partners LP - Public Unitholders [Member] | Limited Partner [Member]
Variable Interest Entity (Textual)
Ownership percentage	31.40%

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Segment Information for our Reportable Segments
Operating revenues	[1]	$ 19,649	$ 22,579	$ 54,947	$ 69,027
Lower of cost or market inventory valuation adjustment		0	0	(747)	0
Asset impairment loss		0	0	56	0
Operating income (loss)		892	2,139	2,952	5,712
Total Assets by Reportable Segment
Reportable segment assets		46,265		46,265		$ 44,227
Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		18,718	21,739	52,302	66,618
Total Assets by Reportable Segment
Reportable segment assets		37,993		37,993		38,068
Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		931	840	2,645	2,409
Total Assets by Reportable Segment
Reportable segment assets		1,277		1,277		1,016
Corporate and Other [Member]
Total Assets by Reportable Segment
Reportable segment assets		6,995		6,995		$ 5,143
Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		19,705	22,618	55,082	69,131
Operating Segments [Member] | Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		18,718	21,739	52,302	66,618
Lower of cost or market inventory valuation adjustment				(697)
Asset impairment loss				56
Operating income (loss)		990	2,295	3,280	6,097
Operating Segments [Member] | Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		987	879	2,780	2,513
Lower of cost or market inventory valuation adjustment				(50)
Asset impairment loss				0
Operating income (loss)		106	35	214	155
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		56	39	135	104
Intersegment Eliminations [Member] | Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0	0	0
Intersegment Eliminations [Member] | Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		56	39	135	104
Corporate, Non-Segment [Member] | Corporate and Other [Member]
Segment Information for our Reportable Segments
Asset impairment loss				0
Operating income (loss)		$ (204)	$ (191)	$ (542)	$ (540)
[1]	Includes excise taxes on sales by certain of our international operations of $1,398 million and $1,538 million for the three months ended September 30, 2016 and 2015, respectively, and $4,263 million and $4,477 million for the nine months ended September 30, 2016 and 2015, respectively.

Supplemental Cash Flow Inform50

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	1 Months Ended		9 Months Ended
	Oct. 31, 2016	Oct. 31, 2015	Sep. 30, 2016	Sep. 30, 2015
Decrease (increase) in current assets:
Receivables, net			$ (278)	$ 1,093
Inventories			557	(45)
Income taxes receivable			165	88
Prepaid expenses and other			(28)	(11)
Increase (decrease) in current liabilities:
Accounts payable			494	(1,007)
Accrued expenses			46	(5)
Taxes other than income taxes			8	(50)
Income taxes payable			(11)	(17)
Changes in current assets and current liabilities			953	46
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized			312	301
Income taxes paid, net			305	1,532
Supplemental Cash Flow Elements (Textual)
Treasury stock purchased but settled in subsequent quarter			20	30
Stock purchases, shares		506,100
Noncash equity transfer received - APIC			68
Noncash equity transfer given - NCI			68
Deferred tax liability on equity transfer			25
Payment of long-term liability to joint venture partner			143	$ (50)
Owner-Method Joint Venture Investment [Member]
Supplemental Cash Flow Elements (Textual)
Payment of long-term liability to joint venture partner			$ 137
Subsequent Event [Member]
Supplemental Cash Flow Elements (Textual)
Stock purchases, shares	382,935

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Assets:
Investments of certain benefit plans	$ 68	$ 75
Total gross fair value, assets	848	760
Effect of Counterparty Netting	(706)	(557)
Effect of Cash Collateral Netting	0	(12)
Net Carrying Value on Balance Sheet, Assets	142	191
Liabilities:
Environmental credit obligations	63	2
Total gross fair value, liabilities	798	565
Effect of Counterparty Netting	(706)	(557)
Effect of Cash Collateral Netting	(18)	0
Net Carrying Value on Balance Sheet, Liabilities	74	8
Commodity Contracts [Member]
Assets:
Derivative contracts	778	682
Effect of Counterparty Netting	(706)	(557)
Effect of Cash Collateral Netting	0	(12)
Derivative contracts, net assets	72	113
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	724	557
Effect of Counterparty Netting	(706)	(557)
Effect of Cash Collateral Netting	(18)	0
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(86)	(31)
Physical Purchase Contracts [Member]
Assets:
Derivative contracts	1
Derivative contracts, net assets	1
Liabilities:
Derivative contracts	11	6
Derivative contracts, net liabilities	11	6
Foreign Currency Contracts [Member]
Assets:
Derivative contracts	1	3
Derivative contracts, net assets	1	3
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	57	64
Total gross fair value, assets	811	716
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	706	522
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	753	649
Liabilities:
Derivative contracts	706	522
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	1	3
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	26	33
Liabilities:
Environmental credit obligations	63	2
Total gross fair value, liabilities	92	43
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	25	33
Liabilities:
Derivative contracts	18	35
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	1
Liabilities:
Derivative contracts	11	6
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member]
Assets:
Investments of certain benefit plans	11	11
Total gross fair value, assets	11	11
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Level

Fair Value Measurements, Level 3 Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Fair Value Measurements (Textual)
Asset impairment loss		$ 0	$ 0	$ 56	$ 0
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring		0		0		$ 0
Liabilities measured at fair value, nonrecurring		$ 0		$ 0		$ 0
Aruba Terminal [Member]
Fair Value Measurements (Textual)
Asset impairment loss	$ 56

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 5,949	$ 4,114	$ 5,301	$ 3,689
Financial liabilities:
Debt (excluding capital leases), at carrying amount	8,875	7,292
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	5,949	4,114
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 10,005	$ 7,759

Price Risk Management Activit55

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2016	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)lbMBblsbu	Sep. 30, 2015USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 198	$ 94	$ 532	$ 283
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 328		$ 328
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Oct. 31, 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				16,154
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				16,349
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				485
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				20
Economic Hedging [Member] | Swap, Maturity Year Three [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 Three [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				93,710
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				16,875
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				81,600
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				87,610
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				34,935
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				118,320
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				777
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				550
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				2,178
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				4,970
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				20,580
Economic Hedging [Member] | Future, Maturity Year Three [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 Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				0
Economic Hedging [Member] | Future, Maturity Year Three [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 Three [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 Three [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				10
Economic Hedging [Member] | Future, Maturity Year Three [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] | 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				2,000
Economic Hedging [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				2,000
Economic Hedging [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				0
Economic Hedging [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				0
Economic Hedging [Member] | Options Held, Maturity Year Three [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] | Options Held, Maturity Year Three [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] | Forward Contracts, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				16,807
Economic Hedging [Member] | Forward Contracts, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				4,913
Economic Hedging [Member] | Forward Contracts, Maturity Year Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				10
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				1,260
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				1,260
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				1,500
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				1,500
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				48,588
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				0
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				48,170
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Grain (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] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				1,399
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				500
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				1,846
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				500
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				22,550
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				22,150
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				133,490
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				133,490

Price Risk Management Activit56

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 780	$ 685
Derivative liability, fair value, gross liability	735	563
Commodity Future [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	749	648
Derivative asset, fair value, gross liability	702	522
Commodity Swap [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	21	30
Derivative asset, fair value, gross liability	17	33
Commodity Option [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	8	4
Derivative asset, fair value, gross liability	5	2
Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1	0
Derivative asset, fair value, gross liability	11	6
Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1	3
Derivative asset, fair value, gross liability	$ 0	$ 0

Price Risk Management Activit57

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Sales [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Economic Hedging [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 42	$ 122	$ (210)	$ 159
Economic Hedging [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	4	24	5	31
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 13	$ 20	$ 51	$ 41