Valero Energy (VLO) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 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	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		441,663,968

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and temporary cash investments	$ 5,207	$ 4,816
Receivables, net	4,573	5,901
Inventories	5,674	5,709
Prepaid expenses and other	277	374
Total current assets	15,731	16,800
Property, plant, and equipment, at cost	38,979	37,733
Accumulated depreciation	(11,925)	(11,261)
Property, plant, and equipment, net	27,054	26,472
Deferred charges and other assets, net	3,189	2,901
Total assets	45,974	46,173
Current liabilities:
Current portion of debt and capital lease obligations	121	115
Accounts payable	5,456	6,357
Accrued expenses	955	694
Taxes other than income taxes	1,076	1,084
Income taxes payable	75	78
Total current liabilities	7,683	8,328
Debt and capital lease obligations, less current portion	8,366	7,886
Deferred income taxes	7,254	7,361
Other long-term liabilities	1,906	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; 231,498,415 and 222,000,024 common shares	(12,660)	(12,027)
Retained earnings	26,603	26,366
Accumulated other comprehensive loss	(1,123)	(1,410)
Total Valero Energy Corporation stockholders’ equity	19,923	20,024
Noncontrolling interests	842	830
Total equity	20,765	20,854
Total liabilities and equity	$ 45,974	$ 46,173

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	231,498,415	222,000,024

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Operating revenues (a)	[1]	$ 22,254	$ 19,584	$ 44,026	$ 35,298
Costs and expenses:
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		19,609	17,120	39,037	30,627
Lower of cost or market inventory valuation adjustment		0	(454)	0	(747)
Operating expenses		1,097	1,001	2,214	2,031
General and administrative expenses		178	159	368	315
Depreciation and amortization expense		499	471	999	956
Asset impairment loss		0	56	0	56
Total costs and expenses		21,383	18,353	42,618	33,238
Operating income		871	1,231	1,408	2,060
Other income, net		16	14	33	23
Interest and debt expense, net of capitalized interest		(119)	(111)	(240)	(219)
Income before income tax expense		768	1,134	1,201	1,864
Income tax expense		196	291	308	508
Net income		572	843	893	1,356
Less: Net income attributable to noncontrolling interests		24	29	40	47
Net income attributable to Valero Energy Corporation stockholders		$ 548	$ 814	$ 853	$ 1,309
Earnings per common share		$ 1.23	$ 1.74	$ 1.90	$ 2.79
Weighted-average common shares outstanding (in millions)		444	467	446	468
Earnings per common share – assuming dilution		$ 1.23	$ 1.73	$ 1.90	$ 2.78
Weighted-average common shares outstanding – assuming dilution (in millions)		446	470	448	471
Dividends per common share		$ 0.70	$ 0.60	$ 1.40	$ 1.20
[1]	Includes excise taxes on sales by certain of our international operations of $1,384 million and $1,470 million for the three months ended June 30, 2017 and 2016, respectively, and $2,656 million and $2,865 million for the six months ended June 30, 2017 and 2016, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,384	$ 1,470	$ 2,656	$ 2,865

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 572	$ 843	$ 893	$ 1,356
Other comprehensive income (loss):
Foreign currency translation adjustment	208	(202)	282	(80)
Net gain on pension and other postretirement benefits	4	3	7	6
Other comprehensive income (loss) before income tax expense (benefit)	212	(199)	289	(74)
Income tax expense (benefit) related to items of other comprehensive income (loss)	1	1	2	(6)
Other comprehensive income (loss)	211	(200)	287	(68)
Comprehensive income	783	643	1,180	1,288
Less: Comprehensive income attributable to noncontrolling interests	24	29	40	48
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 759	$ 614	$ 1,140	$ 1,240

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 893	$ 1,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	999	956
Lower of cost or market inventory valuation adjustment	0	(747)
Asset impairment loss	0	56
Deferred income tax expense	24	195
Changes in current assets and current liabilities	859	1,130
Changes in deferred charges and credits and other operating activities, net	10	13
Net cash provided by operating activities	2,785	2,959
Cash flows from investing activities:
Capital expenditures	(572)	(610)
Deferred turnaround and catalyst costs	(308)	(325)
Investment in joint venture	(222)	0
Acquisition of undivided interest in crude system assets	(72)	0
Other investing activities, net	0	4
Net cash used in investing activities	(1,174)	(931)
Cash flows from financing activities:
Proceeds from debt issuances or borrowings	0	197
Repayments of debt and capital lease obligations	(11)	(24)
Purchase of common stock for treasury	(660)	(665)
Common stock dividends	(627)	(564)
Proceeds from issuance of Valero Energy Partners LP common units	36	0
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(18)	(14)
Distributions to other noncontrolling interests	(27)	(33)
Other financing activities, net	(21)	(134)
Net cash used in financing activities	(1,328)	(1,237)
Effect of foreign exchange rate changes on cash	108	20
Net increase in cash and temporary cash investments	391	811
Cash and temporary cash investments at beginning of period	4,816	4,114
Cash and temporary cash investments at end of period	$ 5,207	$ 4,925

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Effective 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 10 for additional information. Certain amounts reported for the six months ended June 30, 2016 have been reclassified to conform with the 2017 presentation. 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 effect 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. This new standard 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 standard and concluded that our adoption 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 new standard effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the standard. 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 will adopt this new standard on January 1, 2019 and we expect to use the modified retrospective method of adoption as permitted by the standard. We are 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 provisions of this ASU require 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 ASU effective January 1, 2018 is not expected to materially affect our financial position or results of operations. In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718),” to reduce diversity in practice, as well as reduce cost and complexity regarding a change to the terms or conditions of a share-based payment award. 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 ASU effective January 1, 2018 will not have an immediate effect on our financial position or results of operations as it will be applied prospectively to an award modified on or after adoption.

Aruba Disposition

Aruba Disposition	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
ARUBA DISPOSITION	2. ARUBA DISPOSITION Prior to the Aruba Disposition discussed below, we recognized an asset impairment loss of $56 million in June 2016 representing all of the remaining carrying value of our long-lived assets in Aruba. These assets were primarily related to our crude oil and refined petroleum products terminal and transshipment facility in Aruba (collectively, the Aruba Terminal), which were included in our refining segment. We recognized the impairment loss at that time because we concluded that it was more likely than not that we would ultimately transfer ownership of these assets to the Government of Aruba (GOA) as a result of agreements entered into in June 2016 between the GOA, CITGO Aruba Refining N.V. (CAR), and CITGO Petroleum Corporation (together with CAR and certain other affiliates, collectively, CITGO) providing for, among other things, the GOA’s lease of those assets to CITGO. (See Note 12 for disclosure related to the method to determine fair value.) Effective October 1, 2016, we (i) transferred ownership of all of our assets in Aruba, other than certain hydrocarbon inventories and working capital, to Refineria di Aruba N.V., an entity wholly-owned by the GOA, (ii) settled our obligations under various agreements with the GOA, including agreements that required us to dismantle our leasehold improvements under certain conditions, and (iii) sold the working capital of our Aruba operations, including hydrocarbon inventories, to the GOA and CITGO. We refer to this transaction as the “Aruba Disposition.” The agreements associated with the Aruba Disposition were finalized in September 2016, including approval of such agreements by the Aruba Parliament. We no longer own any assets or have any operations in Aruba.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,254 $ 2,068 Refined petroleum products and blendstocks 2,941 3,153 Ethanol feedstocks and products 227 238 Materials and supplies 252 250 Inventories $ 5,674 $ 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. 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 $454 million and $747 million for the three and six months ended June 30, 2016 , respectively. As of June 30, 2017 and December 31, 2016 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $1.1 billion and $1.9 billion , respectively. As of June 30, 2017 and December 31, 2016 , our non-LIFO inventories accounted for $421 million and $641 million , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	6 Months Ended
	Jun. 30, 2017
Debt and Capital Lease Obligations [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	4. DEBT AND CAPITAL LEASE OBLIGATIONS Debt There was no significant activity related to our debt during the six months ended June 30, 2017 . During the six months ended June 30, 2016, the following activity occurred related to our debt: • VLP borrowed $139 million under its $750 million senior unsecured revolving credit facility (the VLP Revolver) in connection with VLP’s acquisition from us of the McKee Terminal Services Business in April 2016 , and • one of our consolidated joint ventures entered into a C$72 million senior secured credit facility. We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): June 30, 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 (a) $ 1,300 July 2017 $ 100 n/a $ 999 Letter of credit facility $ 100 November 2017 n/a $ — $ 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 202 n/a ___________________ (a) As of June 30, 2017, the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.1 billion due to a decrease in eligible trade receivables. In July 2017, we amended this facility to extend the maturity date from July 2017 to July 2018 . In June 2017 , one of our committed letter of credit facilities with a borrowing capacity of $125 million expired and was not renewed. As of June 30, 2017 and December 31, 2016 , the weighted-average interest rate on the VLP Revolver was 2.5625 percent and 2.3125 percent, respectively. As of June 30, 2017 and December 31, 2016 , the weighted-average interest rate on the accounts receivable sales facility was 1.7249 percent and 1.3422 percent, respectively. Other Disclosures Interest and debt expense, net of capitalized interest is comprised of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest and debt expense $ 134 $ 130 $ 268 $ 258 Less capitalized interest 15 19 28 39 Interest and debt expense, net of capitalized interest $ 119 $ 111 $ 240 $ 219 Capital Leases In January 2017, we recognized capital lease assets and related obligations totaling 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 renewals.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and during 2015, one of these companies assumed the ongoing remediation in the Village pursuant to a federal court order. We had previously conducted an initial response in the Village, along with other companies, pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial response may have further claims among themselves for costs already incurred. We also continue to be engaged in site assessment and interim measures at the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005, and we are in litigation with other potentially responsible parties and the Illinois EPA relating to the remediation of the site. In each of these matters, we have various defenses, limitations, and potential rights for contribution from the other responsible parties. We have recorded a liability for our expected contribution obligations. However, because of the unpredictable nature of these cleanups, the methodology for allocation of liabilities, and the State of Illinois’ failure to directly sue third parties responsible for historic contamination at the site, it is reasonably possible that we could incur a loss in a range of $0 to $200 million in excess of the amount of our accrual to ultimately resolve these matters. Factors underlying this estimated range are expected to change from time to time, and actual results may vary significantly from this estimate. Litigation Matters We are party to claims and legal proceedings arising in the ordinary course of business. We have not recorded a loss contingency liability with respect to some of these matters because we have determined that it is remote that a loss has been incurred. For other matters, we have recorded a loss contingency liability where we have determined that it is probable that a loss has been incurred and that the loss is reasonably estimable. These loss contingency liabilities are not material to our financial position. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any changes to the recorded liabilities will not be material to our financial position, results of operations, or liquidity.

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
EQUITY	6. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Six Months Ended June 30, 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 853 40 893 1,309 47 1,356 Dividends (627 ) — (627 ) (564 ) — (564 ) Stock-based compensation expense 25 — 25 23 — 23 Stock purchases in connection with stock-based compensation plans (13 ) — (13 ) (43 ) — (43 ) Stock purchases under purchase program (649 ) — (649 ) (610 ) — (610 ) Distributions to noncontrolling interests — (45 ) (45 ) — (47 ) (47 ) Other 23 17 40 3 — 3 Other comprehensive income (loss) 287 — 287 (69 ) 1 (68 ) Balance as of end of period $ 19,923 $ 842 $ 20,765 $ 20,576 $ 828 $ 21,404 ___________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 for information about our consolidated VIEs. Share Activity There was no significant share activity during the six months ended June 30, 2017 and 2016 . Common Stock Dividends On July 20, 2017 , our board of directors declared a quarterly cash dividend of $0.70 per common share payable on September 7, 2017 to holders of record at the close of business on August 9, 2017 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Six Months Ended June 30, 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 (loss) before reclassifications 282 — 282 (81 ) 8 (73 ) Amounts reclassified from accumulated other comprehensive loss — 5 5 — 4 4 Net other comprehensive income (loss) 282 5 287 (81 ) 12 (69 ) Balance as of end of period $ (739 ) $ (384 ) $ (1,123 ) $ (686 ) $ (316 ) $ (1,002 )

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	7. 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). June 30, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 88 $ 155 $ 12 $ 255 Other current assets 1 55 — 56 Property, plant, and equipment, net 945 371 130 1,446 Liabilities Current liabilities $ 14 $ 17 $ 6 $ 37 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	6 Months Ended
	Jun. 30, 2017
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	8. 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 June 30: Service cost $ 30 $ 28 $ 2 $ 1 Interest cost 22 21 2 3 Expected return on plan assets (38 ) (34 ) — — Amortization of: Net actuarial (gain) loss 14 12 (1 ) — Prior service credit (5 ) (5 ) (4 ) (4 ) Net periodic benefit cost (credit) $ 23 $ 22 $ (1 ) $ — Six months ended June 30: Service cost $ 61 $ 56 $ 3 $ 3 Interest cost 43 42 5 6 Expected return on plan assets (75 ) (69 ) — — Amortization of: Net actuarial (gain) loss 27 24 (2 ) — Prior service credit (10 ) (10 ) (8 ) (8 ) Net periodic benefit cost (credit) $ 46 $ 43 $ (2 ) $ 1 We contributed $14 million and $14 million , respectively, to our pension plans and $13 million and $8 million , respectively, to our other postretirement benefit plans during the six months ended June 30, 2017 and 2016 . Management has elected to increase the discretionary contributions to our pension plans by $80 million in the third quarter of 2017, resulting in expected contributions to our pension plans of $108 million for 2017. Our anticipated contributions to our other postretirement benefit plans during 2017 have not changed from the amount previously disclosed in our financial statements for the year ended December 31, 2016 .

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	9. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended June 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 548 $ 814 Less dividends paid: Common stock 311 281 Participating securities 1 1 Undistributed earnings $ 236 $ 532 Weighted-average common shares outstanding 2 444 1 467 Earnings per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings 0.53 0.53 1.14 1.14 Total earnings per common share $ 1.23 $ 1.23 $ 1.74 $ 1.74 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 548 $ 814 Weighted-average common shares outstanding 444 467 Common equivalent shares 2 3 Weighted-average common shares outstanding – assuming dilution 446 470 Earnings per common share – assuming dilution $ 1.23 $ 1.73 Six Months Ended June 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 853 $ 1,309 Less dividends paid: Common stock 625 562 Participating securities 2 2 Undistributed earnings $ 226 $ 745 Weighted-average common shares outstanding 2 446 1 468 Earnings per common share: Distributed earnings $ 1.40 $ 1.40 $ 1.20 $ 1.20 Undistributed earnings 0.50 0.50 1.59 1.59 Total earnings per common share $ 1.90 $ 1.90 $ 2.79 $ 2.79 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 853 $ 1,309 Weighted-average common shares outstanding 446 468 Common equivalent shares 2 3 Weighted-average common shares outstanding – assuming dilution 448 471 Earnings per common share – assuming dilution $ 1.90 $ 2.78 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	10. 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 of 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 the 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 June 30, 2017: Operating revenues: Operating revenues from external customers $ 21,415 $ 839 $ — $ — $ 22,254 Intersegment revenues — 28 110 (138 ) — Total operating revenues 21,415 867 110 (138 ) 22,254 Costs and expenses: Cost of sales: Cost of sales from external customers 18,899 710 — — 19,609 Intersegment cost of sales 138 — — (138 ) — Total cost of sales 19,037 710 — (138 ) 19,609 Operating expenses 965 107 27 (2 ) 1,097 General and administrative expenses — — — 178 178 Depreciation and amortization expense 454 19 12 14 499 Total costs and expenses 20,456 836 39 52 21,383 Operating income (loss) $ 959 $ 31 $ 71 $ (190 ) $ 871 Three months ended June 30, 2016: Operating revenues: Operating revenues from external customers $ 18,664 $ 920 $ — $ — $ 19,584 Intersegment revenues — 45 87 (132 ) — Total operating revenues 18,664 965 87 (132 ) 19,584 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 16,322 798 — — 17,120 Intersegment cost of sales 132 — — (132 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 16,454 798 — (132 ) 17,120 Lower of cost or market inventory valuation adjustment (434 ) (20 ) — — (454 ) Operating expenses (a) 878 99 24 — 1,001 General and administrative expenses — — — 159 159 Depreciation and amortization expense (a) 430 19 11 11 471 Asset impairment loss 56 — — — 56 Total costs and expenses 17,384 896 35 38 18,353 Operating income (loss) $ 1,280 $ 69 $ 52 $ (170 ) $ 1,231 ___________________ (a) The VLP segment information for the three months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016 . Refining Ethanol VLP Corporate and Eliminations Total Six months ended June 30, 2017: Operating revenues: Operating revenues from external customers $ 42,302 $ 1,724 $ — $ — $ 44,026 Intersegment revenues — 88 216 (304 ) — Total operating revenues 42,302 1,812 216 (304 ) 44,026 Costs and expenses: Cost of sales: Cost of sales from external customers 37,540 1,497 — — 39,037 Intersegment cost of sales 304 — — (304 ) — Total cost of sales 37,844 1,497 — (304 ) 39,037 Operating expenses 1,949 216 51 (2 ) 2,214 General and administrative expenses — — — 368 368 Depreciation and amortization expense 903 46 24 26 999 Total costs and expenses 40,696 1,759 75 88 42,618 Operating income (loss) $ 1,606 $ 53 $ 141 $ (392 ) $ 1,408 Six months ended June 30, 2016: Operating revenues: Operating revenues from external customers $ 33,584 $ 1,714 $ — $ — $ 35,298 Intersegment revenues — 79 166 (245 ) — Total operating revenues 33,584 1,793 166 (245 ) 35,298 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 29,121 1,506 — — 30,627 Intersegment cost of sales 245 — — (245 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 29,366 1,506 — (245 ) 30,627 Lower of cost or market inventory valuation adjustment (697 ) (50 ) — — (747 ) Operating expenses (a) 1,785 198 48 — 2,031 General and administrative expenses — — — 315 315 Depreciation and amortization expense (a) 879 31 23 23 956 Asset impairment loss 56 — — — 56 Total costs and expenses 31,389 1,685 71 93 33,238 Operating income (loss) $ 2,195 $ 108 $ 95 $ (338 ) $ 2,060 ___________________ (a) The VLP segment information for the six months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016 . Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 37,401 $ 38,095 Ethanol 1,314 1,316 VLP 1,072 972 Corporate 6,187 5,790 Total assets $ 45,974 $ 46,173

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	11. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 1,396 $ (467 ) Inventories 123 422 Income taxes receivable 45 169 Prepaid expenses and other 41 14 Increase (decrease) in current liabilities: Accounts payable (942 ) 1,090 Accrued expenses 262 (113 ) Taxes other than income taxes (41 ) 7 Income taxes payable (25 ) 8 Changes in current assets and current liabilities $ 859 $ 1,130 Noncash investing and financing activities during the six months ended June 30, 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 4 . There were no significant noncash investing or financing activities during the six months ended June 30, 2016 . Cash flows reflected as “other financing activities, net” for the six months ended June 30, 2016 included the payment of a long-term liability of $137 million owed to a joint venture partner associated with an owner-method joint venture investment. Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 235 $ 213 Income taxes paid, net 263 137

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. 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 June 30, 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. June 30, 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 $ 650 $ 12 $ — $ 662 $ (612 ) $ (5 ) $ 45 $ — Investments of certain benefit plans 59 — 11 70 n/a n/a 70 n/a Total $ 709 $ 12 $ 11 $ 732 $ (612 ) $ (5 ) $ 115 Liabilities: Commodity derivative contracts $ 605 $ 14 $ — $ 619 $ (612 ) $ (7 ) $ — $ (68 ) Environmental credit obligations — 274 — 274 n/a n/a 274 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 615 $ 292 $ — $ 907 $ (612 ) $ (7 ) $ 288 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 13 , some of these contracts are designated as hedging instruments. These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Swaps are priced using third-party broker quotes, industry pricing services, and exchange-traded curves, with appropriate consideration of counterparty credit risk, but because they have contractual terms that are not identical to exchange-traded futures instruments with a comparable market price, these financial instruments are categorized in Level 2 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts entered into for our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of those operations. These contracts are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32), Quebec’s Environmental Quality Act (the Quebec cap-and-trade system), and Ontario’s Climate Change Mitigation and Low-Carbon Economy Act (the Ontario cap-and-trade system), (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are further described in Note 13 under “Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between levels for assets and liabilities held as of June 30, 2017 and December 31, 2016 that were measured at fair value on a recurring basis. There was no activity during the three and six months ended June 30, 2017 and 2016 related to the fair value amounts categorized in Level 3 as of June 30, 2017 and December 31, 2016 . Nonrecurring Fair Value Measurements As discussed in Note 2 , we concluded that the Aruba Terminal was impaired as of June 30, 2016, which resulted in an asset impairment loss of $56 million that was recorded in June 2016. The fair value of the Aruba Terminal was determined using an income approach and was classified in Level 3. We employed a probability-weighted approach to possible future cash flow scenarios, including transferring ownership of the business to the GOA or continuing to operate. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of June 30, 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): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,207 $ 5,207 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,928 9,129 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	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	13. PRICE RISK MANAGEMENT ACTIVITIES We are exposed to market risks primarily related to the volatility in the price of commodities, 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 12 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income.” 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 June 30, 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 14,194 — Swaps – short 14,479 — Futures – long 69,198 7,005 Futures – short 72,906 6,982 Corn: Futures – long 35,610 5 Futures – short 64,260 4,545 Physical contracts – long 28,720 4,573 Soybean oil: Futures – long 168,178 — Futures – short 246,957 — • 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 June 30, 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 natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 2018 Crude oil and refined petroleum products: Swaps – long 2,070 — Swaps – short 2,070 — Futures – long 53,842 20,816 Futures – short 52,419 21,091 Options – long 75,375 102,300 Options – short 75,577 102,300 Natural gas: Futures – long 2,500 — Futures – short 1,750 — Corn: Futures – long 2,500 — Futures – short 2,500 — We had no commodity derivative contracts outstanding as of June 30, 2017 and 2016 or during the six months ended June 30, 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 June 30, 2017 , we had forward contracts to purchase $424 million of U.S. dollars. These commitments matured on or before July 31, 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 $255 million and $173 million for the three months ended June 30, 2017 and 2016 , respectively, and $401 million and $334 million for the six months ended June 30, 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 12 . 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 and six months ended June 30, 2017 and 2016 and expect to continue to recover the majority of these costs in the future. For the three and six months ended June 30, 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 June 30, 2017 and December 31, 2016 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location June 30, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 650 $ 605 Swaps Receivables, net 8 12 Options Receivables, net 4 2 Physical purchase contracts Inventories — 4 Foreign currency contracts Accrued expenses — 10 Total $ 662 $ 633 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 Gain (Loss) Three Months Ended Six Months Ended 2017 2016 2017 2016 Commodity contracts Cost of sales $ 25 $ (113 ) $ (72 ) $ (252 ) Foreign currency contracts Cost of sales (20 ) 4 (26 ) 1 Trading Derivatives Location of Gain (Loss) Three Months Ended Six Months Ended 2017 2016 2017 2016 Commodity contracts Cost of sales $ (3 ) $ (3 ) $ (2 ) $ 38

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 Effective 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 10 for additional information. Certain amounts reported for the six months ended June 30, 2016 have been reclassified to conform with the 2017 presentation.
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 effect 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. This new standard 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 standard and concluded that our adoption 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 new standard effective January 1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the standard. 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 will adopt this new standard on January 1, 2019 and we expect to use the modified retrospective method of adoption as permitted by the standard. We are 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 provisions of this ASU require 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 ASU effective January 1, 2018 is not expected to materially affect our financial position or results of operations. In May 2017, the FASB issued ASU 2017-09, “Compensation—Stock Compensation (Topic 718),” to reduce diversity in practice, as well as reduce cost and complexity regarding a change to the terms or conditions of a share-based payment award. 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 ASU effective January 1, 2018 will not have an immediate effect on our financial position or results of operations as it will be applied prospectively to an award modified on or after adoption.
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 12 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income.”
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)	6 Months Ended
	Jun. 30, 2017
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,254 $ 2,068 Refined petroleum products and blendstocks 2,941 3,153 Ethanol feedstocks and products 227 238 Materials and supplies 252 250 Inventories $ 5,674 $ 5,709

Debt and Capital Lease Obliga23

Debt and Capital Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2017
Debt and Capital Lease Obligations [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): June 30, 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 (a) $ 1,300 July 2017 $ 100 n/a $ 999 Letter of credit facility $ 100 November 2017 n/a $ — $ 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 202 n/a ___________________ (a) As of June 30, 2017, the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.1 billion due to a decrease in eligible trade receivables. In July 2017, we amended this facility to extend the maturity date from July 2017 to July 2018 .
Interest and debt expense, net of capitalized interest	Interest and debt expense, net of capitalized interest is comprised of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Interest and debt expense $ 134 $ 130 $ 268 $ 258 Less capitalized interest 15 19 28 39 Interest and debt expense, net of capitalized interest $ 119 $ 111 $ 240 $ 219

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended June 30, 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 853 40 893 1,309 47 1,356 Dividends (627 ) — (627 ) (564 ) — (564 ) Stock-based compensation expense 25 — 25 23 — 23 Stock purchases in connection with stock-based compensation plans (13 ) — (13 ) (43 ) — (43 ) Stock purchases under purchase program (649 ) — (649 ) (610 ) — (610 ) Distributions to noncontrolling interests — (45 ) (45 ) — (47 ) (47 ) Other 23 17 40 3 — 3 Other comprehensive income (loss) 287 — 287 (69 ) 1 (68 ) Balance as of end of period $ 19,923 $ 842 $ 20,765 $ 20,576 $ 828 $ 21,404 ___________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 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): Six Months Ended June 30, 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 (loss) before reclassifications 282 — 282 (81 ) 8 (73 ) Amounts reclassified from accumulated other comprehensive loss — 5 5 — 4 4 Net other comprehensive income (loss) 282 5 287 (81 ) 12 (69 ) Balance as of end of period $ (739 ) $ (384 ) $ (1,123 ) $ (686 ) $ (316 ) $ (1,002 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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). June 30, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 88 $ 155 $ 12 $ 255 Other current assets 1 55 — 56 Property, plant, and equipment, net 945 371 130 1,446 Liabilities Current liabilities $ 14 $ 17 $ 6 $ 37 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)	6 Months Ended
	Jun. 30, 2017
Defined Benefit Plan [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 June 30: Service cost $ 30 $ 28 $ 2 $ 1 Interest cost 22 21 2 3 Expected return on plan assets (38 ) (34 ) — — Amortization of: Net actuarial (gain) loss 14 12 (1 ) — Prior service credit (5 ) (5 ) (4 ) (4 ) Net periodic benefit cost (credit) $ 23 $ 22 $ (1 ) $ — Six months ended June 30: Service cost $ 61 $ 56 $ 3 $ 3 Interest cost 43 42 5 6 Expected return on plan assets (75 ) (69 ) — — Amortization of: Net actuarial (gain) loss 27 24 (2 ) — Prior service credit (10 ) (10 ) (8 ) (8 ) Net periodic benefit cost (credit) $ 46 $ 43 $ (2 ) $ 1

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 548 $ 814 Less dividends paid: Common stock 311 281 Participating securities 1 1 Undistributed earnings $ 236 $ 532 Weighted-average common shares outstanding 2 444 1 467 Earnings per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings 0.53 0.53 1.14 1.14 Total earnings per common share $ 1.23 $ 1.23 $ 1.74 $ 1.74 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 548 $ 814 Weighted-average common shares outstanding 444 467 Common equivalent shares 2 3 Weighted-average common shares outstanding – assuming dilution 446 470 Earnings per common share – assuming dilution $ 1.23 $ 1.73 Six Months Ended June 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 853 $ 1,309 Less dividends paid: Common stock 625 562 Participating securities 2 2 Undistributed earnings $ 226 $ 745 Weighted-average common shares outstanding 2 446 1 468 Earnings per common share: Distributed earnings $ 1.40 $ 1.40 $ 1.20 $ 1.20 Undistributed earnings 0.50 0.50 1.59 1.59 Total earnings per common share $ 1.90 $ 1.90 $ 2.79 $ 2.79 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 853 $ 1,309 Weighted-average common shares outstanding 446 468 Common equivalent shares 2 3 Weighted-average common shares outstanding – assuming dilution 448 471 Earnings per common share – assuming dilution $ 1.90 $ 2.78

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2017: Operating revenues: Operating revenues from external customers $ 21,415 $ 839 $ — $ — $ 22,254 Intersegment revenues — 28 110 (138 ) — Total operating revenues 21,415 867 110 (138 ) 22,254 Costs and expenses: Cost of sales: Cost of sales from external customers 18,899 710 — — 19,609 Intersegment cost of sales 138 — — (138 ) — Total cost of sales 19,037 710 — (138 ) 19,609 Operating expenses 965 107 27 (2 ) 1,097 General and administrative expenses — — — 178 178 Depreciation and amortization expense 454 19 12 14 499 Total costs and expenses 20,456 836 39 52 21,383 Operating income (loss) $ 959 $ 31 $ 71 $ (190 ) $ 871 Three months ended June 30, 2016: Operating revenues: Operating revenues from external customers $ 18,664 $ 920 $ — $ — $ 19,584 Intersegment revenues — 45 87 (132 ) — Total operating revenues 18,664 965 87 (132 ) 19,584 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 16,322 798 — — 17,120 Intersegment cost of sales 132 — — (132 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 16,454 798 — (132 ) 17,120 Lower of cost or market inventory valuation adjustment (434 ) (20 ) — — (454 ) Operating expenses (a) 878 99 24 — 1,001 General and administrative expenses — — — 159 159 Depreciation and amortization expense (a) 430 19 11 11 471 Asset impairment loss 56 — — — 56 Total costs and expenses 17,384 896 35 38 18,353 Operating income (loss) $ 1,280 $ 69 $ 52 $ (170 ) $ 1,231 ___________________ (a) The VLP segment information for the three months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016 . Refining Ethanol VLP Corporate and Eliminations Total Six months ended June 30, 2017: Operating revenues: Operating revenues from external customers $ 42,302 $ 1,724 $ — $ — $ 44,026 Intersegment revenues — 88 216 (304 ) — Total operating revenues 42,302 1,812 216 (304 ) 44,026 Costs and expenses: Cost of sales: Cost of sales from external customers 37,540 1,497 — — 39,037 Intersegment cost of sales 304 — — (304 ) — Total cost of sales 37,844 1,497 — (304 ) 39,037 Operating expenses 1,949 216 51 (2 ) 2,214 General and administrative expenses — — — 368 368 Depreciation and amortization expense 903 46 24 26 999 Total costs and expenses 40,696 1,759 75 88 42,618 Operating income (loss) $ 1,606 $ 53 $ 141 $ (392 ) $ 1,408 Six months ended June 30, 2016: Operating revenues: Operating revenues from external customers $ 33,584 $ 1,714 $ — $ — $ 35,298 Intersegment revenues — 79 166 (245 ) — Total operating revenues 33,584 1,793 166 (245 ) 35,298 Costs and expenses: Cost of sales (excluding the lower of cost or market inventory valuation adjustment): Cost of sales from external customers 29,121 1,506 — — 30,627 Intersegment cost of sales 245 — — (245 ) — Total cost of sales (excluding the lower of cost or market inventory valuation adjustment) 29,366 1,506 — (245 ) 30,627 Lower of cost or market inventory valuation adjustment (697 ) (50 ) — — (747 ) Operating expenses (a) 1,785 198 48 — 2,031 General and administrative expenses — — — 315 315 Depreciation and amortization expense (a) 879 31 23 23 956 Asset impairment loss 56 — — — 56 Total costs and expenses 31,389 1,685 71 93 33,238 Operating income (loss) $ 2,195 $ 108 $ 95 $ (338 ) $ 2,060 ___________________ (a) The VLP segment information for the six months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016 . Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 37,401 $ 38,095 Ethanol 1,314 1,316 VLP 1,072 972 Corporate 6,187 5,790 Total assets $ 45,974 $ 46,173

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 235 $ 213 Income taxes paid, net 263 137 In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 1,396 $ (467 ) Inventories 123 422 Income taxes receivable 45 169 Prepaid expenses and other 41 14 Increase (decrease) in current liabilities: Accounts payable (942 ) 1,090 Accrued expenses 262 (113 ) Taxes other than income taxes (41 ) 7 Income taxes payable (25 ) 8 Changes in current assets and current liabilities $ 859 $ 1,130

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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. June 30, 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 $ 650 $ 12 $ — $ 662 $ (612 ) $ (5 ) $ 45 $ — Investments of certain benefit plans 59 — 11 70 n/a n/a 70 n/a Total $ 709 $ 12 $ 11 $ 732 $ (612 ) $ (5 ) $ 115 Liabilities: Commodity derivative contracts $ 605 $ 14 $ — $ 619 $ (612 ) $ (7 ) $ — $ (68 ) Environmental credit obligations — 274 — 274 n/a n/a 274 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 615 $ 292 $ — $ 907 $ (612 ) $ (7 ) $ 288 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): June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,207 $ 5,207 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,928 9,129 7,926 8,882

Price Risk Management Activit31

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 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 14,194 — Swaps – short 14,479 — Futures – long 69,198 7,005 Futures – short 72,906 6,982 Corn: Futures – long 35,610 5 Futures – short 64,260 4,545 Physical contracts – long 28,720 4,573 Soybean oil: Futures – long 168,178 — Futures – short 246,957 — As of June 30, 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 natural gas contracts that are presented in billions of British thermal units and corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2017 2018 Crude oil and refined petroleum products: Swaps – long 2,070 — Swaps – short 2,070 — Futures – long 53,842 20,816 Futures – short 52,419 21,091 Options – long 75,375 102,300 Options – short 75,577 102,300 Natural gas: Futures – long 2,500 — Futures – short 1,750 — Corn: Futures – long 2,500 — Futures – short 2,500 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2017 and December 31, 2016 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments. As indicated in Note 12 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The tables below, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location June 30, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 650 $ 605 Swaps Receivables, net 8 12 Options Receivables, net 4 2 Physical purchase contracts Inventories — 4 Foreign currency contracts Accrued expenses — 10 Total $ 662 $ 633 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 Gain (Loss) Three Months Ended Six Months Ended 2017 2016 2017 2016 Commodity contracts Cost of sales $ 25 $ (113 ) $ (72 ) $ (252 ) Foreign currency contracts Cost of sales (20 ) 4 (26 ) 1 Trading Derivatives Location of Gain (Loss) Three Months Ended Six Months Ended 2017 2016 2017 2016 Commodity contracts Cost of sales $ (3 ) $ (3 ) $ (2 ) $ 38

Aruba Disposition (Details)

Aruba Disposition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Aruba Disposition (Textual)
Asset impairment loss		$ 0	$ 56	$ 0	$ 56
Aruba Terminal [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56
Aruba Terminal [Member] | Refining [Member]
Aruba Disposition (Textual)
Asset impairment loss	$ 56

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Inventories
Refinery feedstocks	$ 2,254		$ 2,254		$ 2,068
Refined petroleum products and blendstocks	2,941		2,941		3,153
Ethanol feedstocks and products	227		227		238
Materials and supplies	252		252		250
Inventories	5,674		5,674		5,709
Inventories (Textual)
Lower of cost or market inventory valuation reserve						$ 766
Lower of cost or market inventory valuation adjustment	0	$ 454	0	$ 747
Excess of market value over carrying amount of LIFO inventories	1,100		1,100		1,900
Amount of non-LIFO inventory	$ 421		$ 421		$ 641

Debt and Capital Lease Obliga34

Debt and Capital Lease Obligations, Debt and Credit Facilities (Details) CAD in Millions		1 Months Ended	6 Months Ended
		Jul. 31, 2017	Jun. 30, 2017CAD	Jun. 29, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016	Jun. 30, 2016CAD
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity						$ 3,000,000,000
Line of credit facility, expiration date			Nov. 30, 2020
Amount outstanding						0
Line of credit facility, remaining borrowing capacity						2,850,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding						150,000,000
VLP Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity						750,000,000
Line of credit facility, expiration date			Nov. 30, 2020
Amount outstanding						30,000,000
Line of credit facility, remaining borrowing capacity						$ 720,000,000
Credit Facilities (Textual)
Weighted-average interest rate			2.5625%			2.5625%	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]					1,300,000,000
Line of credit facility, expiration date	[1]		Jul. 31, 2017
Amount outstanding						100,000,000
Line of credit facility, remaining borrowing capacity						999,000,000
Credit Facilities (Textual)
Line of credit facility, current borrowing capacity						$ 1,100,000,000
Weighted-average interest rate			1.7249%			1.7249%	1.3422%
A/R Sales Facility [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Line of Credit Facility
Line of credit facility, expiration date		Jul. 31, 2018
Committed Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity						$ 100,000,000
Amount outstanding						0
Line of credit facility, remaining borrowing capacity						100,000,000
Committed Letter of Credit Facility Expires June 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity				$ 125,000,000
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						$ 202,000,000
Senior Secured Credit Agreement Due in 2023 [Member] | Secured Debt [Member]
Credit Facilities (Textual)
Face amount of long-term debt issuance | CAD								CAD 72
McKee Terminal Services Business [Member] | VLP Revolver [Member] | Credit Facilities [Member]
Credit Facilities (Textual)
Proceeds from long-term lines of credit					$ 139,000,000
[1]	As of June 30, 2017, the actual availability under the accounts receivable sales facility fell below the facility borrowing capacity to $1.1 billion due to a decrease in eligible trade receivables. In July 2017, we amended this facility to extend the maturity date from July 2017 to July 2018.

Debt and Capital Lease Obliga35

Debt and Capital Lease Obligations, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 134	$ 130	$ 268	$ 258
Less capitalized interest	15	19	28	39
Interest and debt expense, net of capitalized interest	$ 119	$ 111	$ 240	$ 219

Debt and Capital Lease Obliga36

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	Jun. 30, 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		Jul. 20, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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			$ 572	$ 843	893	1,356
Dividends					(627)	(564)
Stock-based compensation expense					25	23
Distributions to noncontrolling interests					(45)	(47)
Other					40	3
Other comprehensive income (loss)			211	(200)	287	(68)
Balance as of end of period			20,765	21,404	20,765	21,404
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		Jul. 20, 2017
Dividends payable, amount per share		$ 0.70
Dividends payable, date to be paid		Sep. 7, 2017
Dividends payable, date of record		Aug. 9, 2017
Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(13)	(43)
Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(649)	(610)
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					853	1,309
Dividends					(627)	(564)
Stock-based compensation expense					25	23
Distributions to noncontrolling interests					0	0
Other					23	3
Other comprehensive income (loss)					287	(69)
Balance as of end of period			19,923	20,576	19,923	20,576
Parent [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(13)	(43)
Parent [Member] | Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(649)	(610)
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]				40	47
Distributions to noncontrolling interests	[1]				(45)	(47)
Other	[1]				17	0
Other comprehensive income (loss)	[1]				0	1
Balance as of end of period	[1]		$ 842	$ 828	$ 842	$ 828
[1]	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 for information about our consolidated VIEs.

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 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	19,923
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 (loss) before reclassifications	282	(73)
Amounts reclassified from accumulated other comprehensive loss	5	4
Net other comprehensive income (loss)	287	(69)
Ending balance, accumulated other comprehensive loss, net of tax	(1,123)	(1,002)
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 (loss) before reclassifications	282	(81)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	282	(81)
Ending balance, accumulated other comprehensive loss, net of tax	(739)	(686)
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 (loss) before reclassifications	0	8
Amounts reclassified from accumulated other comprehensive loss	5	4
Net other comprehensive income (loss)	5	12
Ending balance, accumulated other comprehensive loss, net of tax	$ (384)	$ (316)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and temporary cash investments	$ 5,207	$ 4,816	$ 4,925	$ 4,114
Property, plant, and equipment, net	27,054	26,472
Liabilities
Current liabilities	7,683	8,328
Debt and capital lease obligations, less current portion	8,366	7,886
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	255	253
Other current assets	56	90
Property, plant, and equipment, net	1,446	1,353
Liabilities
Current liabilities	37	39
Debt and capital lease obligations, less current portion	570	571
Valero Energy Partners LP [Member]
Assets
Cash and temporary cash investments	88	71
Other current assets	1	3
Property, plant, and equipment, net	945	865
Liabilities
Current liabilities	14	15
Debt and capital lease obligations, less current portion	525	525
Diamond Green Diesel Holdings LLC [Member]
Assets
Cash and temporary cash investments	155	167
Other current assets	55	87
Property, plant, and equipment, net	371	355
Liabilities
Current liabilities	17	17
Debt and capital lease obligations, less current portion	0	0
Other Variable Interest Entities [Member]
Assets
Cash and temporary cash investments	12	15
Other current assets	0	0
Property, plant, and equipment, net	130	133
Liabilities
Current liabilities	6	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 30	$ 28	$ 61	$ 56
Interest cost	22	21	43	42
Expected return on plan assets	(38)	(34)	(75)	(69)
Amortization of:
Net actuarial (gain) loss	14	12	27	24
Prior service credit	(5)	(5)	(10)	(10)
Net periodic benefit cost (credit)	23	22	46	43
Employee Benefit Plans (Textual)
Contributions to benefit plans			14	14
Expected contributions to pension plans in current year	108		108
Pension Plans [Member] | Forecast [Member]
Employee Benefit Plans (Textual)
Discretionary contributions to pension plans					$ 80
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	1	3	3
Interest cost	2	3	5	6
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	(1)	0	(2)	0
Prior service credit	(4)	(4)	(8)	(8)
Net periodic benefit cost (credit)	$ (1)	$ 0	(2)	1
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 13	$ 8

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Less dividends paid:
Weighted-average common shares outstanding (in shares)	444	467	446	468
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	444	467	446	468
Weighted-average common shares outstanding – assuming dilution (in shares)	446	470	448	471
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 548	$ 814	$ 853	$ 1,309
Less dividends paid:
Common stock	311	281	625	562
Participating securities	1	1	2	2
Undistributed earnings	$ 236	$ 532	$ 226	$ 745
Weighted-average common shares outstanding (in shares)	444	467	446	468
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.70	$ 0.60	$ 1.40	$ 1.20
Undistributed earnings (in usd per share)	0.53	1.14	0.50	1.59
Total earnings per common share (in usd per share)	$ 1.23	$ 1.74	$ 1.90	$ 2.79
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 548	$ 814	$ 853	$ 1,309
Weighted-average common shares outstanding (in shares)	444	467	446	468
Common equivalent shares (in shares)	2	3	2	3
Weighted-average common shares outstanding – assuming dilution (in shares)	446	470	448	471
Earnings per common share – assuming dilution (in usd per share)	$ 1.23	$ 1.73	$ 1.90	$ 2.78
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	2	1	2	1
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.70	$ 0.60	$ 1.40	$ 1.20
Undistributed earnings (in usd per share)	0.53	1.14	0.50	1.59
Total earnings per common share (in usd per share)	$ 1.23	$ 1.74	$ 1.90	$ 2.79
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	2	1	2	1

Segment Information, Activity (

Segment Information, Activity (Details) $ in Millions		3 Months Ended			6 Months Ended
		Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)		Jun. 30, 2017USD ($)segments	Jun. 30, 2016USD ($)
Segment Information for our Reportable Segments
Operating revenues	[1]	$ 22,254	$ 19,584		$ 44,026	$ 35,298
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		19,609	17,120		39,037	30,627
Lower of cost or market inventory valuation adjustment		0	(454)		0	(747)
Operating expenses		1,097	1,001		2,214	2,031
General and administrative expenses		178	159		368	315
Depreciation and amortization expense		499	471		999	956
Asset impairment loss		0	56		0	56
Total costs and expenses		21,383	18,353		42,618	33,238
Operating income (loss)		871	1,231		$ 1,408	2,060
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segments					3
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		(138)	(132)		$ (304)	(245)
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		(138)	(132)		(304)	(245)
Corporate, Non-Segment [Member]
Segment Information for our Reportable Segments
Operating revenues		(138)	(132)		(304)	(245)
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		(138)	(132)		(304)	(245)
Operating expenses		(2)	0		(2)	0
General and administrative expenses		178	159		368	315
Depreciation and amortization expense		14	11		26	23
Asset impairment loss			0			0
Total costs and expenses		52	38		88	93
Operating income (loss)		(190)	(170)		(392)	(338)
Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		21,415	18,664		42,302	33,584
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		18,899	16,322		37,540	29,121
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0		0	0
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		138	132		304	245
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		21,415	18,664		42,302	33,584
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		19,037	16,454		37,844	29,366
Lower of cost or market inventory valuation adjustment			(434)			(697)
Operating expenses		965	878		1,949	1,785
General and administrative expenses		0	0		0	0
Depreciation and amortization expense		454	430		903	879
Asset impairment loss			56			56
Total costs and expenses		20,456	17,384		40,696	31,389
Operating income (loss)		959	1,280		1,606	2,195
Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		839	920		1,724	1,714
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		710	798		1,497	1,506
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		28	45		88	79
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0		0	0
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		867	965		1,812	1,793
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		710	798		1,497	1,506
Lower of cost or market inventory valuation adjustment			(20)			(50)
Operating expenses		107	99		216	198
General and administrative expenses		0	0		0	0
Depreciation and amortization expense		19	19		46	31
Asset impairment loss			0			0
Total costs and expenses		836	896		1,759	1,685
Operating income (loss)		31	69		53	108
VLP [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0		0	0
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0		0	0
VLP [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		110	87		216	166
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0		0	0
VLP [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		110	87		216	166
Cost of sales (excluding the lower of cost or market inventory valuation adjustment)		0	0		0	0
Lower of cost or market inventory valuation adjustment			0			0
Operating expenses		27	24	[2]	51	48	[2]
General and administrative expenses		0	0		0	0
Depreciation and amortization expense		12	11	[2]	24	23	[2]
Asset impairment loss			0			0
Total costs and expenses		39	35		75	71
Operating income (loss)		$ 71	$ 52		$ 141	$ 95
[1]	Includes excise taxes on sales by certain of our international operations of $1,384 million and $1,470 million for the three months ended June 30, 2017 and 2016, respectively, and $2,656 million and $2,865 million for the six months ended June 30, 2017 and 2016, respectively.
[2]	The VLP segment information for the three months ended June 30, 2016 has been retrospectively adjusted for VLP’s acquisitions that occurred subsequent to June 30, 2016.

Segment Information, Assets (De

Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Total Assets by Reportable Segment
Reportable segment assets	$ 45,974	$ 46,173
Corporate, Non-Segment [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,187	5,790
Refining [Member]
Total Assets by Reportable Segment
Reportable segment assets	37,401	38,095
Ethanol [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,314	1,316
VLP [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,072	$ 972

Supplemental Cash Flow Inform45

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Decrease (increase) in current assets:
Receivables, net	$ 1,396	$ (467)
Inventories	123	422
Income taxes receivable	45	169
Prepaid expenses and other	41	14
Increase (decrease) in current liabilities:
Accounts payable	(942)	1,090
Accrued expenses	262	(113)
Taxes other than income taxes	(41)	7
Income taxes payable	(25)	8
Changes in current assets and current liabilities	859	1,130
Supplemental Cash Flow Elements (Textual)
Payment of long-term liability to joint venture partner	21	134
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	235	213
Income taxes paid, net	$ 263	137
Owner-Method Joint Venture Investment [Member]
Supplemental Cash Flow Elements (Textual)
Payment of long-term liability to joint venture partner		$ 137

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Assets:
Investments of certain benefit plans	$ 70	$ 69
Total gross fair value, assets	732	984
Effect of Counterparty Netting	(612)	(875)
Effect of Cash Collateral Netting	(5)	0
Net Carrying Value on Balance Sheet, Assets	115	109
Liabilities:
Environmental credit obligations	274	188
Total gross fair value, liabilities	907	1,088
Effect of Counterparty Netting	(612)	(875)
Effect of Cash Collateral Netting	(7)	(20)
Net Carrying Value on Balance Sheet, Liabilities	288	193
Commodity Contracts [Member]
Assets:
Derivative contracts	662	912
Effect of Counterparty Netting	(612)	(875)
Effect of Cash Collateral Netting	(5)	0
Derivative contracts, net assets	45	37
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	619	895
Effect of Counterparty Netting	(612)	(875)
Effect of Cash Collateral Netting	(7)	(20)
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(68)	(88)
Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	4	5
Derivative contracts, net liabilities	4	5
Foreign Currency Contracts [Member]
Assets:
Derivative contracts		3
Derivative contracts, net assets		3
Liabilities:
Derivative contracts	10
Derivative contracts, net liabilities	10
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	59	58
Total gross fair value, assets	709	935
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	615	872
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	650	874
Liabilities:
Derivative contracts	605	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	10
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	274	188
Total gross fair value, liabilities	292	216
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	12	38
Liabilities:
Derivative contracts	14	23
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	4	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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Measurements, Recurring [Member]
Fair Value Measurements (Textual)
Activity related to fair value amounts categorized in level 3	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Fair Value Measurements (Textual)
Asset impairment loss		$ 0	$ 56	$ 0	$ 56
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring		0		0		$ 0
Liabilities measured at fair value, nonrecurring		$ 0		$ 0		$ 0
Aruba Terminal [Member]
Fair Value Measurements (Textual)
Asset impairment loss	$ 56

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 5,207	$ 4,816	$ 4,925	$ 4,114
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,928	7,926
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	5,207	4,816
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 9,129	$ 8,882

Price Risk Management Activit50

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, MMBTU in Thousands, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2017	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)MMBTUlbMBblsbu	Jun. 30, 2016USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 255	$ 173	$ 401	$ 334
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 424		$ 424
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Jul. 31, 2017
Economic Hedges [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				14,194
Economic Hedges [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				14,479
Economic Hedges [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 Hedges [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 Hedges [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				69,198
Economic Hedges [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				35,610
Economic Hedges [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				168,178
Economic Hedges [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				72,906
Economic Hedges [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				64,260
Economic Hedges [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				246,957
Economic Hedges [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				7,005
Economic Hedges [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 Hedges [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 Hedges [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				6,982
Economic Hedges [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				4,545
Economic Hedges [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 Hedges [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				28,720
Economic Hedges [Member] | Forward Contracts, Maturity Year Two [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				4,573
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				2,070
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				2,070
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				53,842
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU				2,500
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				2,500
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				52,419
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU				1,750
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				2,500
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				20,816
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Long (Purchases) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU				0
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				21,091
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Derivative, Nonmonetary Notional Amount, Energy Measure | MMBTU				0
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				75,375
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				75,577
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				102,300
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				102,300

Price Risk Management Activit51

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 662	$ 915
Derivative liability, fair value, gross liability	633	900
Commodity Future [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	650	874
Derivative asset, fair value, gross liability	605	872
Commodity Swap [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	8	32
Derivative asset, fair value, gross liability	12	21
Commodity Option [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	4	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	4	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	$ 10

Price Risk Management Activit52

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Sales [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Economic Hedges [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 25	$ (113)	$ (72)	$ (252)
Economic Hedges [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(20)	4	(26)	1
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ (3)	$ (3)	$ (2)	$ 38