Valero Energy (VLO) 10-Q 8 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document and Entity Information
Entity Registrant Name	VALERO ENERGY CORP/TX
Entity Central Index Key	1,035,002
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		447,231,409

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and temporary cash investments	$ 4,463	$ 4,816
Receivables, net	5,104	5,901
Inventories	6,025	5,709
Prepaid expenses and other	316	374
Total current assets	15,908	16,800
Property, plant, and equipment, at cost	38,571	37,733
Accumulated depreciation	(11,580)	(11,261)
Property, plant, and equipment, net	26,991	26,472
Deferred charges and other assets, net	3,148	2,901
Total assets	46,047	46,173
Current liabilities:
Current portion of debt and capital lease obligations	120	115
Accounts payable	6,037	6,357
Accrued expenses	707	694
Taxes other than income taxes	971	1,084
Income taxes payable	64	78
Total current liabilities	7,899	8,328
Debt and capital lease obligations, less current portion	8,369	7,886
Deferred income taxes	7,196	7,361
Other long-term liabilities	1,932	1,744
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	7,096	7,088
Treasury stock, at cost; 226,338,916 and 222,000,024 common shares	(12,310)	(12,027)
Retained earnings	26,366	26,366
Accumulated other comprehensive loss	(1,334)	(1,410)
Total Valero Energy Corporation stockholders’ equity	19,825	20,024
Noncontrolling interests	826	830
Total equity	20,651	20,854
Total liabilities and equity	$ 46,047	$ 46,173

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	226,338,916	222,000,024

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Operating revenues (a)	[1]	$ 21,772	$ 15,714
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		19,428	13,507
Lower of cost or market inventory valuation adjustment		0	(293)
Operating expenses		1,117	1,030
General and administrative expenses		190	156
Depreciation and amortization expense		500	485
Total costs and expenses		21,235	14,885
Operating income		537	829
Other income, net		17	9
Interest and debt expense, net of capitalized interest		(121)	(108)
Income before income tax expense		433	730
Income tax expense		112	217
Net income		321	513
Less: Net income attributable to noncontrolling interests		16	18
Net income attributable to Valero Energy Corporation stockholders		$ 305	$ 495
Earnings per common share		$ 0.68	$ 1.05
Weighted-average common shares outstanding (in millions)		448	469
Earnings per common share – assuming dilution		$ 0.68	$ 1.05
Weighted-average common shares outstanding – assuming dilution (in millions)		451	471
Dividends per common share		$ 0.70	$ 0.60
[1]	Includes excise taxes on sales by certain of our international operations of $1,272 million and $1,395 million for the three months ended March 31, 2017 and 2016, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,272	$ 1,395

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 321	$ 513
Other comprehensive income:
Foreign currency translation adjustment	74	122
Net gain on pension and other postretirement benefits	3	3
Other comprehensive income before income tax expense (benefit)	77	125
Income tax expense (benefit) related to items of other comprehensive income	1	(7)
Other comprehensive income	76	132
Comprehensive income	397	645
Less: Comprehensive income attributable to noncontrolling interests	16	19
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 381	$ 626

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 321	$ 513
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	500	485
Lower of cost or market inventory valuation adjustment	0	(293)
Deferred income tax expense (benefit)	(4)	121
Changes in current assets and current liabilities	151	(177)
Changes in deferred charges and credits and other operating activities, net	20	(9)
Net cash provided by operating activities	988	640
Cash flows from investing activities:
Capital expenditures	(279)	(316)
Deferred turnaround and catalyst costs	(245)	(161)
Investments in joint ventures	(117)	(2)
Acquisition of undivided interest in crude system assets	(72)	0
Other investing activities, net	(1)	(2)
Net cash used in investing activities	(714)	(481)
Cash flows from financing activities:
Repayments of debt and capital lease obligations	(5)	(3)
Purchase of common stock for treasury	(314)	(265)
Common stock dividends	(315)	(282)
Proceeds from issuance of Valero Energy Partners LP common units	35	0
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(9)	(7)
Distributions to other noncontrolling interests	(25)	0
Other financing activities, net	(19)	13
Net cash used in financing activities	(652)	(544)
Effect of foreign exchange rate changes on cash	25	49
Net decrease in cash and temporary cash investments	(353)	(336)
Cash and temporary cash investments at beginning of period	4,816	4,114
Cash and temporary cash investments at end of period	$ 4,463	$ 3,778

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General 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. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The balance sheet as of December 31, 2016 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, 2016 . Reclassifications As of January 1, 2017, we revised our reportable segments to reflect a new reportable segment — VLP. The results of the VLP segment include the results of Valero Energy Partners LP (VLP), our majority-owned master limited partnership. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See Note 9 for additional information. 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 July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-11, “Inventory (Topic 330),” to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. The provisions of this ASU require the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The provisions of this ASU are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. Our adoption of this ASU effective January 1, 2017 did not affect our financial position or results of operations since the majority of our inventory is stated at last-in, first-out (LIFO). In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740),” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The provisions of this ASU 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 reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a modified retrospective basis with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption to recognize the income tax consequences of intra-entity transfers of assets that occurred before the adoption date. Our early adoption of this ASU using the modified retrospective method effective January 1, 2017 did not have a material affect on our financial position or results of operations. Adoption of this guidance more accurately reflects the economics of an intra-entity asset transfer when it occurs by eliminating the previous exception that prohibited the recognition of the income tax consequences of an intra-entity asset transfer until the asset had been sold to an outside party. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810),” 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. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The provisions 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. Our adoption of this ASU effective January 1, 2017 did not affect our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805),” to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. Our early adoption of this ASU effective January 1, 2017 did not have an affect on our financial position or results of operations. However, more of our future acquisitions may be accounted for as asset acquisitions. Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We recently completed our evaluation of the provisions of this ASU and concluded that our adoption of the ASU will not materially change the amount or timing of revenues recognized by us, nor will it materially affect our financial position. The majority of our revenues are generated from the sale of refined petroleum products and ethanol. These revenues are largely based on the current spot (market) prices of the products sold, which represents consideration specifically allocable to the products being sold on a given day, and we recognize those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when our control of the products is transferred to our customers and when our performance obligation to our customers is fulfilled. We will adopt this ASU effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the ASU. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. During 2017, we are developing our revenue disclosures and enhancing our accounting systems. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10),” to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of this ASU effective January 1, 2018 will not affect our financial position or results of operations, but will result in revised disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” 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 anticipate adopting the new standard on January 1, 2019 and we expect to use the modified retrospective method of adoption as permitted by the ASU. We recently completed our evaluation of the provisions of this standard, and a multi-disciplined implementation team has gained an understanding of the standard’s accounting and disclosure provisions. This team is developing enhanced contracting and lease evaluation processes and information systems to support such processes, as well as new and enhanced accounting systems to account for our leases and support the required disclosures. We continue to evaluate the effect that adopting this standard will have on our financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new standard requires that an employer report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2018 is not expected to materially affect our financial position or results of operations.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
INVENTORIES	2. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,318 $ 2,068 Refined petroleum products and blendstocks 3,189 3,153 Ethanol feedstocks and products 268 238 Materials and supplies 250 250 Inventories $ 6,025 $ 5,709 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. During the three months ended March 31, 2016 , we recorded a change in our lower of cost or market inventory valuation reserve that resulted in a net benefit to our results of operations of $293 million . As of March 31, 2017 and December 31, 2016 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $1.8 billion and $1.9 billion , respectively. As of March 31, 2017 and December 31, 2016 , our non-LIFO inventories accounted for $663 million and $641 million , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	3. DEBT AND CAPITAL LEASE OBLIGATIONS There was no significant activity related to our debt during the three months ended March 31, 2017 and 2016 . Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2017 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 150 $ 2,850 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2017 $ 100 n/a $ 1,183 Letter of credit facilities $ 225 June 2017 and n/a $ — $ 225 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 235 n/a As of March 31, 2017 and December 31, 2016 , the weighted-average interest rate on the VLP Revolver was 2.3125 percent. As of March 31, 2017 and December 31, 2016 , the weighted-average interest rate on the accounts receivable sales facility was 1.4805 percent and 1.3422 percent, respectively. Capital Leases In January 2017 , we recognized capital lease assets and related obligations of approximately $490 million for the lease of storage tanks located at three of our refineries. These lease agreements have initial terms of 10 years each with successive 10 -year automatic renewal terms.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	4 . COMMITMENTS AND CONTINGENCIES Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and during 2015, one of these companies assumed the ongoing remediation in the Village pursuant to a federal court order. We had previously conducted an initial response in the Village, along with other companies, pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial response may have further claims 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	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
EQUITY	5. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2017 2016 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 20,024 $ 830 $ 20,854 $ 20,527 $ 827 $ 21,354 Net income 305 16 321 495 18 513 Dividends (315 ) — (315 ) (282 ) — (282 ) Stock-based compensation expense 13 — 13 12 — 12 Stock purchases in connection with stock-based compensation plans (10 ) — (10 ) (42 ) — (42 ) Stock purchases under purchase program (292 ) — (292 ) (198 ) — (198 ) Distributions to noncontrolling interests — (34 ) (34 ) — (7 ) (7 ) Other 24 14 38 13 — 13 Other comprehensive income 76 — 76 131 1 132 Balance as of end of period $ 19,825 $ 826 $ 20,651 $ 20,656 $ 839 $ 21,495 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs. Share Activity There was no significant share activity during the three months ended March 31, 2017 and 2016 . Common Stock Dividends On May 3, 2017 , our board of directors declared a quarterly cash dividend of $0.70 per common share payable on June 7, 2017 to holders of record at the close of business on May 17, 2017 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2017 2016 Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (1,021 ) $ (389 ) $ (1,410 ) $ (605 ) $ (328 ) $ (933 ) Other comprehensive income before reclassifications 74 — 74 121 8 129 Amounts reclassified from accumulated other comprehensive loss — 2 2 — 2 2 Net other comprehensive income 74 2 76 121 10 131 Balance as of end of period $ (947 ) $ (387 ) $ (1,334 ) $ (484 ) $ (318 ) $ (802 )

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Overview 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. Our significant VIE’s include: • VLP, a publicly traded master limited partnership formed to own, operate, develop, and acquire crude oil and refined petroleum products pipelines, terminals, and other transportation and logistics assets; and • Diamond Green Diesel Holdings LLC (DGD), a joint venture formed to construct and operate a biodiesel plant that processes animal fats, used cooking oils, and other vegetable oils into renewable green diesel. The VIEs’ assets can only be used to settle their own obligations and the VIEs’ creditors have no recourse to our assets. We do not provide financial guarantees to our VIEs. Although we have provided credit facilities to the VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by our consolidated VIEs’ performance, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 66 $ 159 $ 15 $ 240 Other current assets 2 48 — 50 Property, plant, and equipment, net 940 360 131 1,431 Liabilities Current liabilities $ 17 $ 16 $ 7 $ 40 Debt and capital lease obligations, less current portion 525 — 45 570 December 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 71 $ 167 $ 15 $ 253 Other current assets 3 87 — 90 Property, plant, and equipment, net 865 355 133 1,353 Liabilities Current liabilities $ 15 $ 17 $ 7 $ 39 Debt and capital lease obligations, less current portion 525 — 46 571

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2017
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 2017 2016 2017 2016 Three months ended March 31: Service cost $ 31 $ 28 $ 1 $ 2 Interest cost 21 21 3 3 Expected return on plan assets (37 ) (35 ) — — Amortization of: Net actuarial (gain) loss 13 12 (1 ) — Prior service credit (5 ) (5 ) (4 ) (4 ) Net periodic benefit cost $ 23 $ 21 $ (1 ) $ 1 Our anticipated contributions to our pension and other post retirement benefit plans during 2017 have not changed from amounts previously disclosed in our financial statements for the year ended December 31, 2016. We contributed $7 million and $8 million , respectively, to our pension plans and $5 million and $4 million , respectively, to our other postretirement benefit plans during the three months ended March 31, 2017 and 2016 .

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 305 $ 495 Less dividends paid: Common stock 314 281 Participating securities 1 1 Undistributed earnings (excess distributions over earnings) $ (10 ) $ 213 Weighted-average common shares outstanding 2 448 2 469 Earnings (loss) per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings (excess distributions over earnings) — (0.02 ) 0.45 0.45 Total earnings per common share $ 0.70 $ 0.68 $ 1.05 $ 1.05 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 305 $ 495 Weighted-average common shares outstanding 448 469 Common equivalent shares 3 2 Weighted-average common shares outstanding – assuming dilution 451 471 Earnings per common share – assuming dilution $ 0.68 $ 1.05 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	9. SEGMENT INFORMATION Effective January 1, 2017, we revised our reportable segments to align with certain changes in how our chief operating decision maker manages and allocates resources to our business. Accordingly, we created a new reportable segment — VLP. The results of the VLP segment, which include the results of our majority-owned master limited partnership referred to by the same name, were transferred from the refining segment. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. As a result, we have three reportable segments as follows: • Refining segment includes our refining operations, the associated marketing activities, and certain logistics assets that support our refining operations that are not owned by VLP; • Ethanol segment includes our ethanol operations, the associated marketing activities, and logistics assets that support our ethanol operations; and • VLP segment includes the results of VLP, which provides transportation and terminaling services in support our refining segment. Operations that are not included in any of the reportable segments are included in the corporate category. Our reportable segments are strategic business units that offer different products and services. They are managed separately as each business requires unique technologies and marketing strategies. Performance is evaluated based on segment operating income, which includes revenues and expenses that are directly attributable to management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following table reflects activity related to our reportable segments (in millions): Refining Ethanol VLP Corporate and Eliminations Total Three months ended March 31, 2017: Operating revenues: Operating revenues from external customers $ 20,887 $ 885 $ — $ — $ 21,772 Intersegment revenues — 60 106 (166 ) — Total operating revenues 20,887 945 106 (166 ) 21,772 Costs and expenses: Cost of sales: Cost of sales from external customers 18,641 787 — — 19,428 Intersegment cost of sales 166 — — (166 ) — Total cost of sales 18,807 787 — (166 ) 19,428 Operating expenses 984 109 24 — 1,117 General and administrative expenses — — — 190 190 Depreciation and amortization expense 449 27 12 12 500 Total costs and expenses 20,240 923 36 36 21,235 Operating income (loss) $ 647 $ 22 $ 70 $ (202 ) $ 537 Three months ended March 31, 2016: Operating revenues: Operating revenues from external customers $ 14,920 $ 794 $ — $ — $ 15,714 Intersegment revenues — 34 79 (113 ) — Total operating revenues 14,920 828 79 (113 ) 15,714 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 12,799 708 — — 13,507 Intersegment cost of sales 113 — — (113 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 12,912 708 — (113 ) 13,507 Lower of cost or market inventory valuation adjustment (263 ) (30 ) — — (293 ) Operating expenses (a) 907 99 24 — 1,030 General and administrative expenses — — — 156 156 Depreciation and amortization expense (a) 449 12 12 12 485 Total costs and expenses 14,005 789 36 55 14,885 Operating income (loss) $ 915 $ 39 $ 43 $ (168 ) $ 829 ___________________________ (a) The VLP segment information for the three months ended March 31, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to March 31, 2016. Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 38,219 $ 38,095 Ethanol 1,338 1,316 VLP 1,039 972 Corporate 5,451 5,790 Total assets $ 46,047 $ 46,173

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10 . SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 817 $ (47 ) Inventories (291 ) 147 Income taxes receivable 41 45 Prepaid expenses and other 12 (126 ) Increase (decrease) in current liabilities: Accounts payable (306 ) 108 Accrued expenses 20 (137 ) Taxes other than income taxes (123 ) (113 ) Income taxes payable (19 ) (54 ) Changes in current assets and current liabilities $ 151 $ (177 ) Noncash investing and financing activities during the three months ended March 31, 2017 included the recognition of a capital lease asset and related obligation associated with an agreement for storage tanks near three of our refineries. This noncash transaction is further described in Note 3 . There were no significant noncash investing or financing activities during the three months ended March 31, 2016 . Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 128 $ 95 Income taxes paid, net 96 95

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2017 and December 31, 2016 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2017 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 $ 661 $ 12 $ — $ 673 $ (637 ) $ — $ 36 $ — Investments of certain benefit plans 59 — 11 70 n/a n/a 70 n/a Total $ 720 $ 12 $ 11 $ 743 $ (637 ) $ — $ 106 Liabilities: Commodity derivative contracts $ 636 $ 9 $ — $ 645 $ (637 ) $ (8 ) $ — $ (61 ) Environmental credit obligations — 289 — 289 n/a n/a 289 n/a Physical purchase contracts — 3 — 3 n/a n/a 3 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 638 $ 301 $ — $ 939 $ (637 ) $ (8 ) $ 294 December 31, 2016 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 874 $ 38 $ — $ 912 $ (875 ) $ — $ 37 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 58 — 11 69 n/a n/a 69 n/a Total $ 935 $ 38 $ 11 $ 984 $ (875 ) $ — $ 109 Liabilities: Commodity derivative contracts $ 872 $ 23 $ — $ 895 $ (875 ) $ (20 ) $ — $ (88 ) Environmental credit obligations — 188 — 188 n/a n/a 188 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 872 $ 216 $ — $ 1,088 $ (875 ) $ (20 ) $ 193 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures and swaps, and as disclosed in Note 12 , some of these contracts are designated as hedging instruments. These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Swaps are priced using third-party broker quotes, industry pricing services, and exchange-traded curves, with appropriate consideration of counterparty credit risk, but because they have contractual terms that are not identical to exchange-traded futures instruments with a comparable market price, these financial instruments are categorized in Level 2 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts entered into for our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of those operations. These contracts are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32) and Quebec’s Regulation respecting the cap-and-trade system for greenhouse gas emission allowances (the Quebec cap-and-trade system), (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are further described in Note 12 under “Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between levels for assets and liabilities held as of March 31, 2017 and December 31, 2016 that were measured at fair value on a recurring basis. There was no activity during the three months ended March 31, 2017 and 2016 related to the fair value amounts categorized in Level 3 as of March 31, 2017 and December 31, 2016 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2017 and December 31, 2016 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below along with their associated fair values (in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 4,463 $ 4,463 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,926 8,935 7,926 8,882 The methods and significant assumptions used to estimate the fair value of these financial instruments are as follows: • The fair value of cash and temporary cash investments approximates the carrying value due to the low level of credit risk of these assets combined with their short maturities and market interest rates (Level 1). • The fair value of debt is determined primarily using the market approach based on quoted prices provided by third-party brokers and vendor pricing services (Level 2).

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks primarily related to the volatility in the price of commodities, and foreign currency exchange rates, 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 11 ), 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.” 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 petroleum 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 petroleum product inventories, (ii) fixed-price purchase contracts, and (iii) forecasted feedstock, refined petroleum product or natural gas purchases and refined petroleum product sales. The objectives of our economic hedges are to hedge price volatility in certain feedstock and refined petroleum product inventories and to lock in the price of forecasted feedstock, refined petroleum product, or natural gas purchases or refined petroleum 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 March 31, 2017 , 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 2017 2018 Crude oil and refined petroleum products: Swaps – long 22,246 — Swaps – short 22,660 — Futures – long 110,287 2,100 Futures – short 115,080 6,981 Corn: Futures – long 18,040 5 Futures – short 40,575 2,185 Physical contracts – long 16,273 2,177 Soybean oil: Futures – long 125,338 — Futures – short 158,758 — • 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 petroleum products. As of March 31, 2017 , 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 2017 2018 Crude oil and refined petroleum products: Swaps – long 3,105 — Swaps – short 3,105 — Futures – long 24,358 4,300 Futures – short 22,304 6,400 Options – long 106,990 29,700 Options – short 104,990 29,700 Corn: Futures – long 2,250 — Futures – short 2,000 — We had no commodity derivative contracts outstanding as of March 31, 2017 and 2016 or during the three months ended March 31, 2017 and 2016 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 March 31, 2017 , we had forward contracts to purchase $350 million of U.S. dollars. These commitments matured on or before April 30, 2017 . 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 $146 million and $161 million for the three months ended March 31, 2017 and 2016 , respectively. These amounts are reflected in cost of sales. We are subject to additional requirements under greenhouse gas (GHG) emission programs, including the cap-and-trade systems, as discussed in Note 11 . Under these cap-and-trade systems, we purchase various GHG emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we recovered the majority of these costs from our customers for the three months ended March 31, 2017 and 2016 and expect to continue to recover the majority of these costs in the future. For the three months ended March 31, 2017 and 2016 , the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of March 31, 2017 and December 31, 2016 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 661 $ 636 Swaps Receivables, net 7 7 Options Receivables, net 5 2 Physical purchase contracts Inventories — 3 Foreign currency contracts Accrued expenses — 2 Total $ 673 $ 650 Balance Sheet Location December 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 874 $ 872 Swaps Receivables, net 32 21 Options Receivables, net 6 2 Physical purchase contracts Inventories — 5 Foreign currency contracts Receivables, net 3 — Total $ 915 $ 900 Market 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 Loss Three Months Ended 2017 2016 Commodity contracts Cost of sales $ (97 ) $ (139 ) Foreign currency contracts Cost of sales (6 ) (3 ) Trading Derivatives Location of Gain Three Months Ended 2017 2016 Commodity contracts Cost of sales $ 1 $ 41

Basis of Presentation and Sig20

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General 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. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The balance sheet as of December 31, 2016 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, 2016 .
Reclassifications	Reclassifications As of January 1, 2017, we revised our reportable segments to reflect a new reportable segment — VLP. The results of the VLP segment include the results of Valero Energy Partners LP (VLP), our majority-owned master limited partnership. Our prior period segment information has been retrospectively adjusted to reflect our current segment presentation. See Note 9 for additional information.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
New Accounting Pronouncements	Accounting Pronouncements Adopted During the Period In July 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-11, “Inventory (Topic 330),” to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. The provisions of this ASU require the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The provisions of this ASU are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. Our adoption of this ASU effective January 1, 2017 did not affect our financial position or results of operations since the majority of our inventory is stated at last-in, first-out (LIFO). In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740),” to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The provisions of this ASU 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 reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a modified retrospective basis with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption to recognize the income tax consequences of intra-entity transfers of assets that occurred before the adoption date. Our early adoption of this ASU using the modified retrospective method effective January 1, 2017 did not have a material affect on our financial position or results of operations. Adoption of this guidance more accurately reflects the economics of an intra-entity asset transfer when it occurs by eliminating the previous exception that prohibited the recognition of the income tax consequences of an intra-entity asset transfer until the asset had been sold to an outside party. In October 2016, the FASB issued ASU No. 2016-17, “Consolidation (Topic 810),” 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. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The provisions 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. Our adoption of this ASU effective January 1, 2017 did not affect our financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805),” to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. Our early adoption of this ASU effective January 1, 2017 did not have an affect on our financial position or results of operations. However, more of our future acquisitions may be accounted for as asset acquisitions. Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” to clarify the principles for recognizing revenue. The ASU is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual periods. We recently completed our evaluation of the provisions of this ASU and concluded that our adoption of the ASU will not materially change the amount or timing of revenues recognized by us, nor will it materially affect our financial position. The majority of our revenues are generated from the sale of refined petroleum products and ethanol. These revenues are largely based on the current spot (market) prices of the products sold, which represents consideration specifically allocable to the products being sold on a given day, and we recognize those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when our control of the products is transferred to our customers and when our performance obligation to our customers is fulfilled. We will adopt this ASU effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the ASU. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. During 2017, we are developing our revenue disclosures and enhancing our accounting systems. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10),” to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of this ASU effective January 1, 2018 will not affect our financial position or results of operations, but will result in revised disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” 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 anticipate adopting the new standard on January 1, 2019 and we expect to use the modified retrospective method of adoption as permitted by the ASU. We recently completed our evaluation of the provisions of this standard, and a multi-disciplined implementation team has gained an understanding of the standard’s accounting and disclosure provisions. This team is developing enhanced contracting and lease evaluation processes and information systems to support such processes, as well as new and enhanced accounting systems to account for our leases and support the required disclosures. We continue to evaluate the effect that adopting this standard will have on our financial statements and related disclosures. In March 2017, the FASB issued ASU 2017-07, “Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new standard requires that an employer report the service cost component in the same line item as other compensation costs arising from services rendered by the pertinent employees during the period. It also requires the other components of net periodic pension cost and net periodic postretirement benefit cost to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This ASU is to be applied retrospectively for income statement items and prospectively for any capitalized benefit costs. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2017, and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this guidance effective January 1, 2018 is not expected to materially affect our financial position or results of operations.
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.
Offsetting fair value amounts of commodity derivative contracts	We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, and foreign currency exchange rates, 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 11 ), 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.”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,318 $ 2,068 Refined petroleum products and blendstocks 3,189 3,153 Ethanol feedstocks and products 268 238 Materials and supplies 250 250 Inventories $ 6,025 $ 5,709

Debt and Capital Lease Obliga22

Debt and Capital Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2017 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 150 $ 2,850 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2017 $ 100 n/a $ 1,183 Letter of credit facilities $ 225 June 2017 and n/a $ — $ 225 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 235 n/a

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Schedule of changes in equity	The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2017 2016 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 20,024 $ 830 $ 20,854 $ 20,527 $ 827 $ 21,354 Net income 305 16 321 495 18 513 Dividends (315 ) — (315 ) (282 ) — (282 ) Stock-based compensation expense 13 — 13 12 — 12 Stock purchases in connection with stock-based compensation plans (10 ) — (10 ) (42 ) — (42 ) Stock purchases under purchase program (292 ) — (292 ) (198 ) — (198 ) Distributions to noncontrolling interests — (34 ) (34 ) — (7 ) (7 ) Other 24 14 38 13 — 13 Other comprehensive income 76 — 76 131 1 132 Balance as of end of period $ 19,825 $ 826 $ 20,651 $ 20,656 $ 839 $ 21,495 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs.
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2017 2016 Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (1,021 ) $ (389 ) $ (1,410 ) $ (605 ) $ (328 ) $ (933 ) Other comprehensive income before reclassifications 74 — 74 121 8 129 Amounts reclassified from accumulated other comprehensive loss — 2 2 — 2 2 Net other comprehensive income 74 2 76 121 10 131 Balance as of end of period $ (947 ) $ (387 ) $ (1,334 ) $ (484 ) $ (318 ) $ (802 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 66 $ 159 $ 15 $ 240 Other current assets 2 48 — 50 Property, plant, and equipment, net 940 360 131 1,431 Liabilities Current liabilities $ 17 $ 16 $ 7 $ 40 Debt and capital lease obligations, less current portion 525 — 45 570 December 31, 2016 VLP DGD Other Total Assets Cash and temporary cash investments $ 71 $ 167 $ 15 $ 253 Other current assets 3 87 — 90 Property, plant, and equipment, net 865 355 133 1,353 Liabilities Current liabilities $ 15 $ 17 $ 7 $ 39 Debt and capital lease obligations, less current portion 525 — 46 571

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 2017 2016 Three months ended March 31: Service cost $ 31 $ 28 $ 1 $ 2 Interest cost 21 21 3 3 Expected return on plan assets (37 ) (35 ) — — Amortization of: Net actuarial (gain) loss 13 12 (1 ) — Prior service credit (5 ) (5 ) (4 ) (4 ) Net periodic benefit cost $ 23 $ 21 $ (1 ) $ 1

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended March 31, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 305 $ 495 Less dividends paid: Common stock 314 281 Participating securities 1 1 Undistributed earnings (excess distributions over earnings) $ (10 ) $ 213 Weighted-average common shares outstanding 2 448 2 469 Earnings (loss) per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings (excess distributions over earnings) — (0.02 ) 0.45 0.45 Total earnings per common share $ 0.70 $ 0.68 $ 1.05 $ 1.05 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 305 $ 495 Weighted-average common shares outstanding 448 469 Common equivalent shares 3 2 Weighted-average common shares outstanding – assuming dilution 451 471 Earnings per common share – assuming dilution $ 0.68 $ 1.05

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment information for our reportable segments	The following table reflects activity related to our reportable segments (in millions): Refining Ethanol VLP Corporate and Eliminations Total Three months ended March 31, 2017: Operating revenues: Operating revenues from external customers $ 20,887 $ 885 $ — $ — $ 21,772 Intersegment revenues — 60 106 (166 ) — Total operating revenues 20,887 945 106 (166 ) 21,772 Costs and expenses: Cost of sales: Cost of sales from external customers 18,641 787 — — 19,428 Intersegment cost of sales 166 — — (166 ) — Total cost of sales 18,807 787 — (166 ) 19,428 Operating expenses 984 109 24 — 1,117 General and administrative expenses — — — 190 190 Depreciation and amortization expense 449 27 12 12 500 Total costs and expenses 20,240 923 36 36 21,235 Operating income (loss) $ 647 $ 22 $ 70 $ (202 ) $ 537 Three months ended March 31, 2016: Operating revenues: Operating revenues from external customers $ 14,920 $ 794 $ — $ — $ 15,714 Intersegment revenues — 34 79 (113 ) — Total operating revenues 14,920 828 79 (113 ) 15,714 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 12,799 708 — — 13,507 Intersegment cost of sales 113 — — (113 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 12,912 708 — (113 ) 13,507 Lower of cost or market inventory valuation adjustment (263 ) (30 ) — — (293 ) Operating expenses (a) 907 99 24 — 1,030 General and administrative expenses — — — 156 156 Depreciation and amortization expense (a) 449 12 12 12 485 Total costs and expenses 14,005 789 36 55 14,885 Operating income (loss) $ 915 $ 39 $ 43 $ (168 ) $ 829 ___________________________ (a) The VLP segment information for the three months ended March 31, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to March 31, 2016. Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 38,219 $ 38,095 Ethanol 1,338 1,316 VLP 1,039 972 Corporate 5,451 5,790 Total assets $ 46,047 $ 46,173

Supplemental Cash Flow Inform28

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 128 $ 95 Income taxes paid, net 96 95 In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 817 $ (47 ) Inventories (291 ) 147 Income taxes receivable 41 45 Prepaid expenses and other 12 (126 ) Increase (decrease) in current liabilities: Accounts payable (306 ) 108 Accrued expenses 20 (137 ) Taxes other than income taxes (123 ) (113 ) Income taxes payable (19 ) (54 ) Changes in current assets and current liabilities $ 151 $ (177 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The tables below present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2017 and December 31, 2016 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the tables below on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2017 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 $ 661 $ 12 $ — $ 673 $ (637 ) $ — $ 36 $ — Investments of certain benefit plans 59 — 11 70 n/a n/a 70 n/a Total $ 720 $ 12 $ 11 $ 743 $ (637 ) $ — $ 106 Liabilities: Commodity derivative contracts $ 636 $ 9 $ — $ 645 $ (637 ) $ (8 ) $ — $ (61 ) Environmental credit obligations — 289 — 289 n/a n/a 289 n/a Physical purchase contracts — 3 — 3 n/a n/a 3 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 638 $ 301 $ — $ 939 $ (637 ) $ (8 ) $ 294 December 31, 2016 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 874 $ 38 $ — $ 912 $ (875 ) $ — $ 37 $ — Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Investments of certain benefit plans 58 — 11 69 n/a n/a 69 n/a Total $ 935 $ 38 $ 11 $ 984 $ (875 ) $ — $ 109 Liabilities: Commodity derivative contracts $ 872 $ 23 $ — $ 895 $ (875 ) $ (20 ) $ — $ (88 ) Environmental credit obligations — 188 — 188 n/a n/a 188 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Total $ 872 $ 216 $ — $ 1,088 $ (875 ) $ (20 ) $ 193
Carrying amounts and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the table below along with their associated fair values (in millions): March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 4,463 $ 4,463 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,926 8,935 7,926 8,882

Price Risk Management Activit30

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2017 , 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 2017 2018 Crude oil and refined petroleum products: Swaps – long 3,105 — Swaps – short 3,105 — Futures – long 24,358 4,300 Futures – short 22,304 6,400 Options – long 106,990 29,700 Options – short 104,990 29,700 Corn: Futures – long 2,250 — Futures – short 2,000 — As of March 31, 2017 , 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 2017 2018 Crude oil and refined petroleum products: Swaps – long 22,246 — Swaps – short 22,660 — Futures – long 110,287 2,100 Futures – short 115,080 6,981 Corn: Futures – long 18,040 5 Futures – short 40,575 2,185 Physical contracts – long 16,273 2,177 Soybean oil: Futures – long 125,338 — Futures – short 158,758 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of March 31, 2017 and December 31, 2016 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 661 $ 636 Swaps Receivables, net 7 7 Options Receivables, net 5 2 Physical purchase contracts Inventories — 3 Foreign currency contracts Accrued expenses — 2 Total $ 673 $ 650 Balance Sheet Location December 31, 2016 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 874 $ 872 Swaps Receivables, net 32 21 Options Receivables, net 6 2 Physical purchase contracts Inventories — 5 Foreign currency contracts Receivables, net 3 — Total $ 915 $ 900
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 Loss Three Months Ended 2017 2016 Commodity contracts Cost of sales $ (97 ) $ (139 ) Foreign currency contracts Cost of sales (6 ) (3 ) Trading Derivatives Location of Gain Three Months Ended 2017 2016 Commodity contracts Cost of sales $ 1 $ 41

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Inventories
Refinery feedstocks	$ 2,318		$ 2,068
Refined petroleum products and blendstocks	3,189		3,153
Ethanol feedstocks and products	268		238
Materials and supplies	250		250
Inventories	6,025		5,709
Inventories (Textual)
Lower of cost or market inventory valuation reserve				$ 766
Lower of cost or market inventory valuation adjustment	0	$ 293
Excess of market value over carrying amount of LIFO inventories	1,800		1,900
Amount of non-LIFO inventory	$ 663		$ 641

Debt and Capital Lease Obliga32

Debt and Capital Lease Obligations, Credit Facilities (Details) CAD in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017CAD	Mar. 31, 2017USD ($)	Dec. 31, 2016
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 3,000
Line of credit facility, expiration date	Nov. 30, 2020
Amount outstanding		0
Line of credit facility, remaining borrowing capacity		2,850
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding		150
VLP Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		750
Line of credit facility, expiration date	Nov. 30, 2020
Amount outstanding		30
Line of credit facility, remaining borrowing capacity		$ 720
Credit Facilities (Textual)
Weighted-average interest rate	2.3125%	2.3125%	2.3125%
VLP Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding		$ 0
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity | CAD	CAD 25
Line of credit facility, expiration date	Nov. 30, 2017
Amount outstanding | CAD	CAD 0
Line of credit facility, remaining borrowing capacity | CAD	15
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		1,300
Line of credit facility, expiration date	Jul. 31, 2017
Amount outstanding		100
Line of credit facility, remaining borrowing capacity		$ 1,183
Credit Facilities (Textual)
Weighted-average interest rate	1.4805%	1.4805%	1.3422%
Committed Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		$ 225
Amount outstanding		0
Line of credit facility, remaining borrowing capacity		225
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 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, expiration date	Nov. 30, 2017
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Amount outstanding		$ 235

Debt and Capital Lease Obliga33

Debt and Capital Lease Obligations, Capital Lease Obligations (Details) $ in Millions	1 Months Ended
	Jan. 31, 2017USD ($)
Capital Lease Obligations [Member]
Capital Lease Obligations (Textual)
Capital lease obligations incurred	$ 490
Capital lease, initial lease term (in years)	10 years
Capital lease, duration of renewal option (in years)	10 years
Assets Held under Capital Leases [Member]
Capital Lease Obligations (Textual)
Capital lease assets, additions	$ 490

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2017USD ($)
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 ($) $ / shares in Units, $ in Millions		May 03, 2017	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period			$ 20,854	$ 21,354
Net income			321	513
Dividends			(315)	(282)
Stock-based compensation expense			13	12
Distributions to noncontrolling interests			(34)	(7)
Other			38	13
Other comprehensive income			76	132
Balance as of end of period			20,651	21,495
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		May 3, 2017
Dividends payable, amount per share		$ 0.70
Dividends payable, date to be paid		Jun. 7, 2017
Dividends payable, date of record		May 17, 2017
Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases			(10)	(42)
Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases			(292)	(198)
Parent [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period			20,024	20,527
Net income			305	495
Dividends			(315)	(282)
Stock-based compensation expense			13	12
Distributions to noncontrolling interests			0	0
Other			24	13
Other comprehensive income			76	131
Balance as of end of period			19,825	20,656
Parent [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases			(10)	(42)
Parent [Member] | Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases			(292)	(198)
Noncontrolling Interests [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	[1]		830	827
Net income	[1]		16	18
Distributions to noncontrolling interests	[1]		(34)	(7)
Other	[1]		14	0
Other comprehensive income	[1]		0	1
Balance as of end of period	[1]		$ 826	$ 839
[1]	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs.

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	$ 20,024
Ending balance, accumulated other comprehensive loss, net of tax	19,825
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(1,410)	$ (933)
Other comprehensive income before reclassifications	74	129
Amounts reclassified from accumulated other comprehensive loss	2	2
Net other comprehensive income	76	131
Ending balance, accumulated other comprehensive loss, net of tax	(1,334)	(802)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(1,021)	(605)
Other comprehensive income before reclassifications	74	121
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income	74	121
Ending balance, accumulated other comprehensive loss, net of tax	(947)	(484)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(389)	(328)
Other comprehensive income before reclassifications	0	8
Amounts reclassified from accumulated other comprehensive loss	2	2
Net other comprehensive income	2	10
Ending balance, accumulated other comprehensive loss, net of tax	$ (387)	$ (318)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Assets
Cash and temporary cash investments	$ 4,463	$ 4,816	$ 3,778	$ 4,114
Property, plant, and equipment, net	26,991	26,472
Liabilities
Current liabilities	7,899	8,328
Debt and capital lease obligations, less current portion	8,369	$ 7,886
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	240		253
Other current assets	50		90
Property, plant, and equipment, net	1,431		1,353
Liabilities
Current liabilities	40		39
Debt and capital lease obligations, less current portion	570		571
Valero Energy Partners LP [Member]
Assets
Cash and temporary cash investments	66		71
Other current assets	2		3
Property, plant, and equipment, net	940		865
Liabilities
Current liabilities	17		15
Debt and capital lease obligations, less current portion	525		525
Diamond Green Diesel Holdings LLC [Member]
Assets
Cash and temporary cash investments	159		167
Other current assets	48		87
Property, plant, and equipment, net	360		355
Liabilities
Current liabilities	16		17
Debt and capital lease obligations, less current portion	0		0
Other Variable Interest Entities [Member]
Assets
Cash and temporary cash investments	15		15
Other current assets	0		0
Property, plant, and equipment, net	131		133
Liabilities
Current liabilities	7		7
Debt and capital lease obligations, less current portion	$ 45		$ 46

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 31	$ 28
Interest cost	21	21
Expected return on plan assets	(37)	(35)
Amortization of:
Net actuarial (gain) loss	13	12
Prior service credit	(5)	(5)
Net periodic benefit cost	23	21
Employee Benefit Plans (Textual)
Contributions to benefit plans	7	8
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	2
Interest cost	3	3
Expected return on plan assets	0	0
Amortization of:
Net actuarial (gain) loss	(1)	0
Prior service credit	(4)	(4)
Net periodic benefit cost	(1)	1
Employee Benefit Plans (Textual)
Contributions to benefit plans	$ 5	$ 4

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Less dividends paid:
Weighted-average common shares outstanding (in shares)	448	469
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	448	469
Weighted-average common shares outstanding – assuming dilution (in shares)	451	471
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 305	$ 495
Less dividends paid:
Common stock	314	281
Participating securities	1	1
Undistributed earnings (excess distributions over earnings)	$ (10)	$ 213
Weighted-average common shares outstanding (in shares)	448	469
Earnings (loss) per common share:
Distributed earnings (in usd per share)	$ 0.70	$ 0.60
Undistributed earnings (excess distributions over earnings) (in usd per share)	(0.02)	0.45
Total earnings per common share (in usd per share)	$ 0.68	$ 1.05
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 305	$ 495
Weighted-average common shares outstanding (in shares)	448	469
Common equivalent shares (in shares)	3	2
Weighted-average common shares outstanding – assuming dilution (in shares)	451	471
Earnings per common share – assuming dilution (in usd per share)	$ 0.68	$ 1.05
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	2	2
Earnings (loss) per common share:
Distributed earnings (in usd per share)	$ 0.70	$ 0.60
Undistributed earnings (excess distributions over earnings) (in usd per share)	0	0.45
Total earnings per common share (in usd per share)	$ 0.70	$ 1.05
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	2	2

Segment Information, Activity (

Segment Information, Activity (Details) $ in Millions		3 Months Ended
		Mar. 31, 2017USD ($)segments	Mar. 31, 2016USD ($)
Segment Information for our Reportable Segments
Operating revenues	[1]	$ 21,772	$ 15,714
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		19,428	13,507
Lower of cost or market inventory valuation adjustment		0	(293)
Operating expenses		1,117	1,030
General and administrative expenses		190	156
Depreciation and amortization expense		500	485
Total costs and expenses		21,235	14,885
Operating income (loss)		$ 537	829
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segments		3
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		$ (166)	(113)
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		(166)	(113)
Corporate, Non-Segment [Member]
Segment Information for our Reportable Segments
Operating revenues		(166)	(113)
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		(166)	(113)
Operating expenses		0	0
General and administrative expenses		190	156
Depreciation and amortization expense		12	12
Total costs and expenses		36	55
Operating income (loss)		(202)	(168)
Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		20,887	14,920
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		18,641	12,799
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		166	113
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		20,887	14,920
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		18,807	12,912
Lower of cost or market inventory valuation adjustment			(263)
Operating expenses		984	907
General and administrative expenses		0	0
Depreciation and amortization expense		449	449
Total costs and expenses		20,240	14,005
Operating income (loss)		647	915
Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		885	794
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		787	708
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		60	34
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		945	828
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		787	708
Lower of cost or market inventory valuation adjustment			(30)
Operating expenses		109	99
General and administrative expenses		0	0
Depreciation and amortization expense		27	12
Total costs and expenses		923	789
Operating income (loss)		22	39
VLP [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0
VLP [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		106	79
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0
VLP [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		106	79
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0
Lower of cost or market inventory valuation adjustment			0
Operating expenses		24	24	[2]
General and administrative expenses		0	0
Depreciation and amortization expense		12	12	[2]
Total costs and expenses		36	36
Operating income (loss)		$ 70	$ 43
[1]	Includes excise taxes on sales by certain of our international operations of $1,272 million and $1,395 million for the three months ended March 31, 2017 and 2016, respectively.
[2]	The VLP segment information for the three months ended March 31, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to March 31, 2016.

Segment Information, Assets (De

Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Total Assets by Reportable Segment
Reportable segment assets	$ 46,047	$ 46,173
Corporate, Non-Segment [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,451	5,790
Refining [Member]
Total Assets by Reportable Segment
Reportable segment assets	38,219	38,095
Ethanol [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,338	1,316
VLP [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,039	$ 972

Supplemental Cash Flow Inform42

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Decrease (increase) in current assets:
Receivables, net	$ 817	$ (47)
Inventories	(291)	147
Income taxes receivable	41	45
Prepaid expenses and other	12	(126)
Increase (decrease) in current liabilities:
Accounts payable	(306)	108
Accrued expenses	20	(137)
Taxes other than income taxes	(123)	(113)
Income taxes payable	(19)	(54)
Changes in current assets and current liabilities	151	(177)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	128	95
Income taxes paid, net	$ 96	$ 95

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2017	Mar. 31, 2016
Assets:
Investments of certain benefit plans	$ 70	$ 69
Total gross fair value, assets	743	984
Effect of Counterparty Netting	(637)	(875)
Effect of Cash Collateral Netting	0	0
Net Carrying Value on Balance Sheet, Assets	106	109
Liabilities:
Environmental credit obligations	289	188
Total gross fair value, liabilities	939	1,088
Effect of Counterparty Netting	(637)	(875)
Effect of Cash Collateral Netting	(8)	(20)
Net Carrying Value on Balance Sheet, Liabilities	294	193
Commodity Contracts [Member]
Assets:
Derivative contracts	673	912
Effect of Counterparty Netting	(637)	(875)
Effect of Cash Collateral Netting	0	0
Derivative contracts, net assets	36	37
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	645	895
Effect of Counterparty Netting	(637)	(875)
Effect of Cash Collateral Netting	(8)	(20)
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(61)	(88)
Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	3	5
Derivative contracts, net liabilities	3	5
Foreign Currency Contracts [Member]
Assets:
Derivative contracts		3
Derivative contracts, net assets		3
Liabilities:
Derivative contracts	2
Derivative contracts, net liabilities	2
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	59	58
Total gross fair value, assets	720	935
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	638	872
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	661	874
Liabilities:
Derivative contracts	636	872
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts		3
Liabilities:
Derivative contracts	2
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	12	38
Liabilities:
Environmental credit obligations	289	188
Total gross fair value, liabilities	301	216
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	12	38
Liabilities:
Derivative contracts	9	23
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	3	5
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts		0
Liabilities:
Derivative contracts	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]
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts		$ 0
Liabilities:
Derivative contracts	$ 0

Fair Value Measurements, Level

Fair Value Measurements, Level 3 Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	$ 0	$ 0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 4,463	$ 4,816	$ 3,778	$ 4,114
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,926	7,926
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	4,463	4,816
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 8,935	$ 8,882

Price Risk Management Activit47

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2017	Mar. 31, 2017USD ($)lbbuMBbls	Mar. 31, 2016USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 146	$ 161
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 350
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Apr. 30, 2017
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		22,246
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		22,660
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Swap, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		0
Economic Hedging [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		110,287
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		18,040
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		125,338
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		115,080
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		40,575
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		158,758
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		2,100
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		5
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		6,981
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		2,185
Economic Hedging [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb		0
Economic Hedging [Member] | Forward Contracts, Maturity Current Year [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		16,273
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		2,177
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		3,105
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		3,105
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		0
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		0
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		24,358
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		2,250
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		22,304
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		2,000
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		4,300
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		0
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		6,400
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		0
Trading Derivatives [Member] | Options Held, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		106,990
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		104,990
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		29,700
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		29,700

Price Risk Management Activit48

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 673	$ 915
Derivative liability, fair value, gross liability	650	900
Commodity Future [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	661	874
Derivative asset, fair value, gross liability	636	872
Commodity Swap [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	7	32
Derivative asset, fair value, gross liability	7	21
Commodity Option [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	5	6
Derivative asset, fair value, gross liability	2	2
Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	0	0
Derivative asset, fair value, gross liability	3	5
Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset		3
Derivative asset, fair value, gross liability		$ 0
Foreign Currency Contracts [Member] | Accrued Liabilities [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0
Derivative liability, fair value, gross liability	$ 2

Price Risk Management Activit49

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Sales [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Economic Hedging [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ (97)	$ (139)
Economic Hedging [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(6)	(3)
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 1	$ 41