Valero Energy (VLO) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	VALERO ENERGY CORP/TX
Entity Central Index Key	1,035,002
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		437,581,357

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and temporary cash investments	$ 5,176	$ 4,816
Receivables, net	5,959	5,901
Inventories	6,137	5,709
Prepaid expenses and other	170	374
Total current assets	17,442	16,800
Property, plant, and equipment, at cost	39,527	37,733
Accumulated depreciation	(12,253)	(11,261)
Property, plant, and equipment, net	27,274	26,472
Deferred charges and other assets, net	3,272	2,901
Total assets	47,988	46,173
Current liabilities:
Current portion of debt and capital lease obligations	121	115
Accounts payable	6,677	6,357
Accrued expenses	817	694
Taxes other than income taxes payable	1,223	1,084
Income taxes payable	292	78
Total current liabilities	9,130	8,328
Debt and capital lease obligations, less current portion	8,364	7,886
Deferred income taxes	7,362	7,361
Other long-term liabilities	1,908	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	7,060	7,088
Treasury stock, at cost; 235,534,764 and 222,000,024 common shares	(12,939)	(12,027)
Retained earnings	27,135	26,366
Accumulated other comprehensive loss	(893)	(1,410)
Total Valero Energy Corporation stockholders’ equity	20,370	20,024
Noncontrolling interests	854	830
Total equity	21,224	20,854
Total liabilities and equity	$ 47,988	$ 46,173

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	235,534,764	222,000,024

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Operating revenues	[1]	$ 23,562	$ 19,649	$ 67,588	$ 54,947
Cost of sales:
Cost of materials and other		20,329	17,033	59,366	47,660
Operating expenses (excluding depreciation and amortization expense reflected below)		1,125	1,062	3,339	3,093
Depreciation and amortization expense		484	458	1,457	1,391
Lower of cost or market inventory valuation adjustment		0	0	0	(747)
Total cost of sales		21,938	18,553	64,162	51,397
Other operating expenses		44	0	44	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		229	192	597	507
Depreciation and amortization expense		13	12	39	35
Asset impairment loss		0	0	0	56
Operating income		1,338	892	2,746	2,952
Other income, net		17	12	50	35
Interest and debt expense, net of capitalized interest		(114)	(115)	(354)	(334)
Income before income tax expense		1,241	789	2,442	2,653
Income tax expense		378	144	686	652
Net income		863	645	1,756	2,001
Less: Net income attributable to noncontrolling interests		22	32	62	79
Net income attributable to Valero Energy Corporation stockholders		$ 841	$ 613	$ 1,694	$ 1,922
Earnings per common share (in dollars per share)		$ 1.91	$ 1.33	$ 3.80	$ 4.12
Weighted-average common shares outstanding (in shares)		439	458	444	465
Earnings per common share – assuming dilution (in dollars per share)		$ 1.91	$ 1.33	$ 3.80	$ 4.12
Weighted-average common shares outstanding – assuming dilution (in shares)		441	460	446	467
Dividends per common share (in dollars per share)		$ 0.70	$ 0.60	$ 2.10	$ 1.80
[1]	Includes excise taxes on sales by certain of our international operations of $1,447 million and $1,398 million for the three months ended September 30, 2017 and 2016, respectively, and $4,103 million and $4,263 million for the nine months ended September 30, 2017 and 2016, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,447	$ 1,398	$ 4,103	$ 4,263

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Net income	$ 863	$ 645	$ 1,756	$ 2,001
Other comprehensive income (loss):
Foreign currency translation adjustment	228	(117)	510	(197)
Net gain on pension and other postretirement benefits	4	0	11	6
Other comprehensive income (loss) before income tax expense (benefit)	232	(117)	521	(191)
Income tax expense (benefit) related to items of other comprehensive income (loss)	1	1	3	(5)
Other comprehensive income (loss)	231	(118)	518	(186)
Comprehensive income	1,094	527	2,274	1,815
Less: Comprehensive income attributable to noncontrolling interests	23	32	63	80
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 1,071	$ 495	$ 2,211	$ 1,735

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 1,756	$ 2,001
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,496	1,426
Lower of cost or market inventory valuation adjustment	0	(747)
Asset impairment loss	0	56
Deferred income tax expense	80	193
Changes in current assets and current liabilities	544	953
Changes in deferred charges and credits and other operating activities, net	(54)	(60)
Net cash provided by operating activities	3,822	3,822
Cash flows from investing activities:
Capital expenditures	(913)	(912)
Deferred turnaround and catalyst costs	(381)	(474)
Investments in joint ventures	(373)	0
Acquisition of undivided interest in crude system assets	(72)	0
Other investing activities, net	(1)	2
Net cash used in investing activities	(1,740)	(1,384)
Cash flows from financing activities:
Proceeds from debt issuances or borrowings	0	1,653
Repayments of debt and capital lease obligations	(15)	(28)
Purchase of common stock for treasury	(951)	(1,167)
Common stock dividends	(936)	(840)
Proceeds from issuance of Valero Energy Partners LP common units	36	3
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP	(29)	(22)
Distributions to other noncontrolling interests	(27)	(32)
Other financing activities, net	(21)	(146)
Net cash used in financing activities	(1,943)	(579)
Effect of foreign exchange rate changes on cash	221	(24)
Net increase in cash and temporary cash investments	360	1,835
Cash and temporary cash investments at beginning of period	4,816	4,114
Cash and temporary cash investments at end of period	$ 5,176	$ 5,949

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 three and nine months ended September 30, 2016 have been reclassified to conform to the 2017 presentation. The changes were primarily due to the separate presentation of depreciation and amortization expense related to operating expenses and general and administrative expenses. 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 effect 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 affect 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 have completed our evaluation of the provisions of this standard and concluded that our adoption will not change the amount or timing of revenues recognized by us, nor will it 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 represent 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 will 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. We do not, however, expect to make such an adjustment to retained earnings. We are currently developing our revenue disclosures and enhancing our accounting systems to enable the preparation of such disclosures as well as the implementation of our internal controls. 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. This 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 No. 2017-07, “Compensation—Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost 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 (non-service cost components) 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 will not affect our financial position or results of operations, but will result in the reclassification of the non-service cost components from “operating expenses (excluding depreciation and amortization)” and “general and administrative expenses (excluding depreciation and amortization)” to “other income, net.” In May 2017, the FASB issued ASU No. 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. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815),” to improve and simplify accounting guidance for hedge accounting. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We use economic hedges to manage commodity price risk; however, we have not designated these hedges as fair value or cash flow hedges. As a result, the adoption of this ASU effective January 1, 2019 is not expected to affect our financial position or results of operations. Cost Classifications “Cost of materials and other” primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our environmental credit obligations to comply with various governmental and regulatory programs (such as the cost of renewable identification numbers (RINs) as required by the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard and emission credits under various cap-and-trade systems, as defined in Note 12 ); (iv) gains and losses on our commodity derivative instruments; and (v) certain excise taxes. “Operating expenses (excluding depreciation and amortization expense)” include costs to operate our refineries, ethanol plants, and VLP’s logistics assets, except for depreciation and amortization expense. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repairs and maintenance expenses. “Depreciation and amortization expense” associated with our operations is separately presented in our statement of income as a component of cost of sales and is disclosed by reportable segment in Note 10 . “Other operating expenses” include costs, if any, incurred by our reportable segments that are not associated with our cost of sales.

Aruba Disposition

Aruba Disposition	9 Months Ended
	Sep. 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.) In September 2016 and in connection with the Aruba Disposition discussed below, our U.S. subsidiaries were unable to collect outstanding debt obligations owed to them by our Aruba subsidiaries, which resulted in the recognition by us of an income tax benefit in the U.S. of $42 million during the three and nine months ended September 30, 2016 . We had no income tax effect in Aruba from the cancellation of debt or other effects of the Aruba Disposition because of net operating loss carryforwards associated with our operations in Aruba against which we had previously recorded a full valuation allowance. 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	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 2,357 $ 2,068 Refined petroleum products and blendstocks 3,304 3,153 Ethanol feedstocks and products 223 238 Materials and supplies 253 250 Inventories $ 6,137 $ 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 $747 million for the nine months ended September 30, 2016 . As of September 30, 2017 and December 31, 2016 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $1.9 billion for both periods. As of September 30, 2017 and December 31, 2016 , our non-LIFO inventories accounted for $770 million and $641 million , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	9 Months Ended
	Sep. 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 nine months ended September 30, 2017 . During the nine months ended September 30, 2016 , the following activity occurred related to our debt: • VLP borrowed $139 million and $210 million under its $750 million senior unsecured revolving credit facility (the VLP Revolver) in connection with VLP’s acquisitions from us of the McKee Terminal Services Business in April 2016 and the Meraux and Three Rivers Terminal Services Business in September 2016 , respectively; • we issued $1.25 billion of 3.4 percent senior notes due September 15, 2026 . Proceeds from this debt issuance totaled $1.246 billion and were used in October 2016 to redeem $750 million aggregate principal amount of our 6.125 percent Senior Notes due 2017 and $200 million aggregate principal amount of our 7.2 percent Senior Notes due 2017. We also incurred $10 million of debt issuance costs; 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): September 30, 2017 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 367 $ 2,633 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2018 $ 100 n/a $ 1,200 Letter of credit facility $ 100 November 2017 n/a $ — $ 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 212 n/a Letters of credit issued as of September 30, 2017 expire at various times in 2017 through 2020 . 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 September 30, 2017 and December 31, 2016 , the borrowings on the VLP Revolver bear interest at a variable rate, which was 2.75 percent and 2.3125 percent, respectively. As of September 30, 2017 and December 31, 2016 , the variable interest rate on the accounts receivable sales facility was 1.9124 percent and 1.3422 percent, respectively. In October 2017, one of our Canadian subsidiaries amended its committed revolving credit facility (the Canadian Revolver) to increase the borrowing capacity from C$25 million to C$75 million under which it may borrow and obtain letters of credit and to extend the maturity date from November 2017 to November 2018 . In connection with VLP’s acquisitions of Parkway Pipeline LLC and Valero Partners Port Arthur, LLC, subsidiaries of ours that own certain pipeline and terminaling assets, VLP borrowed $118 million and $262 million , respectively, under the VLP Revolver on November 1, 2017. These borrowings bear interest at variable rates, which were 2.75 percent and 2.875 percent, respectively, as of November 1, 2017. Other Disclosures Interest and debt expense, net of capitalized interest is comprised of the following (in millions): Three Months Ended Nine Months Ended 2017 2016 2017 2016 Interest and debt expense $ 134 $ 129 $ 402 $ 387 Less capitalized interest 20 14 48 53 Interest and debt expense, net of capitalized interest $ 114 $ 115 $ 354 $ 334 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	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	5. COMMITMENTS AND CONTINGENCIES MVP Terminal We have a 50 percent membership interest in MVP Terminalling, LLC (MVP), a Delaware limited liability company formed in September 2017 with a subsidiary of Magellan Midstream Partners LP (Magellan), to construct, own, and operate the Magellan Valero Pasadena marine terminal (MVP Terminal) located adjacent to the Houston Ship Channel in Pasadena, Texas. The MVP Terminal will contain (i) approximately 5 million barrels of storage capacity, (ii) a dock with two ship berths, and (iii) a three-bay truck rack facility. In connection with our terminaling agreement with MVP, described below, we will have dedicated use of (i) approximately 4 million barrels of storage, (ii) one ship berth, and (iii) the three-bay truck rack facility. Construction began in 2017 with a total estimated cost of $840 million for phases one and two of the project, of which we expect to contribute 50 percent (approximately $420 million ). The project could expand up to four phases with a total project cost of approximately $1.4 billion if warranted by additional demand and agreed to by Magellan and us. We have contributed $77 million to MVP through September 2017; no further contributions are required to be made during the remainder of 2017. Concurrent with the formation of MVP, we entered into a terminalling agreement with MVP to utilize the MVP Terminal upon completion of phase two of construction, which is expected to occur in early 2020. The terminalling agreement has an initial term of 12 years with two five -year automatic renewals, and year-to-year renewals thereafter. Due to our membership interest in MVP and because the terminalling agreement was determined to be a capital lease, we are the accounting owner of the MVP Terminal during the construction period. Accordingly, as of September 30, 2017 , we recorded an asset of $110 million in property, plant, and equipment for 100 percent of the construction costs incurred by MVP and a long-term liability of $55 million payable to Magellan. The amounts recorded for the portion of the construction costs associated with the payable to Magellan are noncash investing and financing items, respectively. Central Texas Pipeline and Terminal Projects We have a 40 percent undivided interest in a project with a subsidiary of Magellan to jointly build a 135 -mile, 16 -inch refined petroleum products pipeline with a capacity of up to 150,000 barrels per day from Houston to Hearne, Texas. The pipeline is expected to be completed in mid-2019. Our estimated cost for our 40 percent undivided interest in this pipeline is $170 million . In addition, we will separately build, own, and operate a terminal in Hearne, a terminal in Williamson County, Texas, and a 70 -mile, 12 -inch refined petroleum products pipeline connecting the two terminals. The new pipeline and terminals are expected to supply up to 60,000 barrels per day into the central Texas area. Our estimated cost for these projects is $210 million with expected completion in mid-2019. 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 EPA. The parties involved in the initial response may have further claims among themselves for costs already incurred. We also continue to be engaged in site assessment and interim measures at the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005, and we are in litigation with other potentially responsible parties and the Illinois EPA relating to the remediation of the site. In each of these matters, we have various defenses, limitations, and potential rights for contribution from the other responsible parties. We have recorded a liability for our expected contribution obligations. However, because of the unpredictable nature of these cleanups, the methodology for allocation of liabilities, and the State of Illinois’ failure to directly sue third parties responsible for historic contamination at the site, it is reasonably possible that we could incur a loss in a range of $0 to $200 million in excess of the amount of our accrual to ultimately resolve these matters. Factors underlying this estimated range are expected to change from time to time, and actual results may vary significantly from this estimate. Litigation Matters We are party to claims and legal proceedings arising in the ordinary course of business. We have not recorded a loss contingency liability with respect to some of these matters because we have determined that it is remote that a loss has been incurred. For other matters, we have recorded a loss contingency liability where we have determined that it is probable that a loss has been incurred and that the loss is reasonably estimable. These loss contingency liabilities are not material to our financial position. We re-evaluate and update our loss contingency liabilities as matters progress over time, and we believe that any changes to the recorded liabilities will not be material to our financial position, results of operations, or liquidity.

Equity

Equity	9 Months Ended
	Sep. 30, 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): Nine Months Ended September 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 1,694 62 1,756 1,922 79 2,001 Dividends (936 ) — (936 ) (840 ) — (840 ) Stock-based compensation expense 37 — 37 33 — 33 Stock purchases in connection with stock-based compensation plans (27 ) — (27 ) (43 ) — (43 ) Stock purchases under purchase program (925 ) — (925 ) (1,120 ) — (1,120 ) Issuance of Valero Energy Partners LP common units — 33 33 — 6 6 Distributions to noncontrolling interests — (56 ) (56 ) — (54 ) (54 ) Other (14 ) (16 ) (30 ) 47 (68 ) (21 ) Other comprehensive income (loss) 517 1 518 (187 ) 1 (186 ) Balance as of end of period $ 20,370 $ 854 $ 21,224 $ 20,339 $ 791 $ 21,130 ___________________ (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 Activity in the number of shares of common stock and treasury stock was as follows (in millions): Nine Months Ended September 30, 2017 2016 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (222 ) 673 (200 ) Transactions in connection with stock-based compensation plans: Stock issuances — — — 1 Stock purchases — — — (1 ) Stock purchases under purchase program — (14 ) — (20 ) Balance as of end of period 673 (236 ) 673 (220 ) Common Stock Dividends On November 1, 2017 , our board of directors declared a quarterly cash dividend of $0.70 per common share payable on December 12, 2017 to holders of record at the close of business on November 21, 2017 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Nine Months Ended September 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 509 — 509 (198 ) 8 (190 ) Amounts reclassified from accumulated other comprehensive loss — 8 8 — 3 3 Net other comprehensive income (loss) 509 8 517 (198 ) 11 (187 ) Balance as of end of period $ (512 ) $ (381 ) $ (893 ) $ (803 ) $ (317 ) $ (1,120 )

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	7. VARIABLE INTEREST ENTITIES Consolidated VIEs 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). September 30, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 116 $ 148 $ 14 $ 278 Other current assets 1 54 — 55 Property, plant, and equipment, net 955 391 129 1,475 Liabilities Current liabilities $ 26 $ 25 $ 7 $ 58 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 Non-Consolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are primarily accounted for as equity investments. However, one of our non-consolidated VIEs is accounted for under owner accounting and is further described below and in Note 5 . As described in Note 5 , we have a 50 percent membership interest in MVP, which was formed to construct, own, and operate the MVP Terminal. MVP was determined to be a VIE because the power to direct the activities that most significantly impact its economic performance is not required to be held by its two members, but is held by Magellan, as operator under a construction, operating, and management agreement with MVP. For this reason and because Magellan holds a 50 percent interest in MVP that provides it with significant economic rights and obligations, we determined that we are not the primary beneficiary. As of September 30, 2017 , our maximum exposure to loss was $77 million , which represents our equity investment in MVP.

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2017
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	8. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost (credit) related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2017 2016 2017 2016 Three months ended September 30: Service cost $ 31 $ 28 $ 1 $ 2 Interest cost 21 21 3 3 Expected return on plan assets (37 ) (35 ) — — Amortization of: Net actuarial (gain) loss 13 13 — (1 ) Prior service credit (5 ) (5 ) (4 ) (4 ) Special charges (credits) 3 (7 ) — — Net periodic benefit cost $ 26 $ 15 $ — $ — Nine months ended September 30: Service cost $ 92 $ 84 $ 4 $ 5 Interest cost 64 63 8 9 Expected return on plan assets (112 ) (104 ) — — Amortization of: Net actuarial (gain) loss 40 37 (2 ) (1 ) Prior service credit (15 ) (15 ) (12 ) (12 ) Special charges (credits) 3 (7 ) — — Net periodic benefit cost (credit) $ 72 $ 58 $ (2 ) $ 1 We contributed $104 million and $132 million , respectively, to our pension plans and $17 million and $12 million , respectively, to our other postretirement benefit plans during the nine months ended September 30, 2017 and 2016 . Of the $104 million contributed to our pension plans during the nine months ended September 30, 2017 , $80 million was discretionary and was contributed during the third quarter of 2017. As a result of the discretionary pension contributions discussed above, our expected contributions to our pension plans have increased to $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	9 Months Ended
	Sep. 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 September 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 841 $ 613 Less dividends paid: Common stock 308 275 Participating securities 1 1 Undistributed earnings $ 532 $ 337 Weighted-average common shares outstanding 2 439 1 458 Earnings per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings 1.21 1.21 0.73 0.73 Total earnings per common share $ 1.91 $ 1.91 $ 1.33 $ 1.33 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 841 $ 613 Weighted-average common shares outstanding 439 458 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 441 460 Earnings per common share – assuming dilution $ 1.91 $ 1.33 Nine Months Ended September 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,694 $ 1,922 Less dividends paid: Common stock 933 837 Participating securities 3 3 Undistributed earnings $ 758 $ 1,082 Weighted-average common shares outstanding 2 444 1 465 Earnings per common share: Distributed earnings $ 2.10 $ 2.10 $ 1.80 $ 1.80 Undistributed earnings 1.70 1.70 2.32 2.32 Total earnings per common share $ 3.80 $ 3.80 $ 4.12 $ 4.12 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,694 $ 1,922 Weighted-average common shares outstanding 444 465 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 446 467 Earnings per common share – assuming dilution $ 3.80 $ 4.12 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Segment Information

Segment Information	9 Months Ended
	Sep. 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 September 30, 2017: Operating revenues: Operating revenues from external customers $ 22,728 $ 834 $ — $ — $ 23,562 Intersegment revenues 1 48 110 (159 ) — Total operating revenues 22,729 882 110 (159 ) 23,562 Cost of sales: Cost of materials and other 19,818 669 — (158 ) 20,329 Operating expenses (excluding depreciation and amortization expense reflected below) 986 114 26 (1 ) 1,125 Depreciation and amortization expense 455 17 12 — 484 Total cost of sales 21,259 800 38 (159 ) 21,938 Other operating expenses 41 — 3 — 44 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 229 229 Depreciation and amortization expense — — — 13 13 Operating income (loss) by segment $ 1,429 $ 82 $ 69 $ (242 ) $ 1,338 Three months ended September 30, 2016: Operating revenues: Operating revenues from external customers $ 18,718 $ 931 $ — $ — $ 19,649 Intersegment revenues — 56 92 (148 ) — Total operating revenues 18,718 987 92 (148 ) 19,649 Cost of sales: Cost of materials and other 16,424 757 — (148 ) 17,033 Operating expenses (excluding depreciation and amortization expense reflected below) 931 107 24 — 1,062 Depreciation and amortization expense 429 17 12 — 458 Total cost of sales 17,784 881 36 (148 ) 18,553 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 192 192 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ 934 $ 106 $ 56 $ (204 ) $ 892 Refining Ethanol VLP Corporate and Eliminations Total Nine months ended September 30, 2017: Operating revenues: Operating revenues from external customers $ 65,030 $ 2,558 $ — $ — $ 67,588 Intersegment revenues 1 136 326 (463 ) — Total operating revenues 65,031 2,694 326 (463 ) 67,588 Cost of sales: Cost of materials and other 57,662 2,166 — (462 ) 59,366 Operating expenses (excluding depreciation and amortization expense reflected below) 2,935 330 75 (1 ) 3,339 Depreciation and amortization expense 1,358 63 36 — 1,457 Total cost of sales 61,955 2,559 111 (463 ) 64,162 Other operating expenses 41 — 3 — 44 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 597 597 Depreciation and amortization expense — — — 39 39 Operating income (loss) by segment $ 3,035 $ 135 $ 212 $ (636 ) $ 2,746 Nine months ended September 30, 2016: Operating revenues: Operating revenues from external customers $ 52,302 $ 2,645 $ — $ — $ 54,947 Intersegment revenues — 135 258 (393 ) — Total operating revenues 52,302 2,780 258 (393 ) 54,947 Cost of sales: Cost of materials and other 45,790 2,263 — (393 ) 47,660 Operating expenses (excluding depreciation and amortization expense reflected below) 2,716 305 72 — 3,093 Depreciation and amortization expense 1,308 48 35 — 1,391 Lower of cost or market inventory valuation adjustment (697 ) (50 ) — — (747 ) Total cost of sales 49,117 2,566 107 (393 ) 51,397 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 507 507 Depreciation and amortization expense — — — 35 35 Asset impairment loss 56 — — — 56 Operating income (loss) by segment $ 3,129 $ 214 $ 151 $ (542 ) $ 2,952 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 39,450 $ 38,095 Ethanol 1,319 1,316 VLP 1,110 972 Corporate and eliminations 6,109 5,790 Total assets $ 47,988 $ 46,173

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 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): Nine Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 74 $ (278 ) Inventories (285 ) 557 Prepaid expenses and other 138 137 Increase (decrease) in current liabilities: Accounts payable 227 494 Accrued expenses 121 46 Taxes other than income taxes payable 78 8 Income taxes payable 191 (11 ) Changes in current assets and current liabilities $ 544 $ 953 Noncash investing and financing activities during the nine months ended September 30, 2017 included the recognition of (i) a capital lease asset and related obligation associated with an agreement for storage tanks near three of our refineries as described in Note 4 and (ii) terminal assets and related obligation recorded under owner accounting as described in Note 5 . There were no significant noncash investing and financing activities during the nine months ended September 30, 2016 . Cash flows reflected as “other financing activities, net” for the nine months ended September 30, 2016 included the payment of a long-term liability of $137 million owed to a joint venture partner associated with an owner-method joint venture investment. Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 356 $ 312 Income taxes paid, net 357 305

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 September 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. September 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 $ 861 $ 34 $ — $ 895 $ (882 ) $ (11 ) $ 2 $ — Foreign currency contracts 6 — — 6 n/a n/a 6 n/a Investments of certain benefit plans 63 — 8 71 n/a n/a 71 n/a Total $ 930 $ 34 $ 8 $ 972 $ (882 ) $ (11 ) $ 79 Liabilities: Commodity derivative contracts $ 974 $ 16 $ — $ 990 $ (882 ) $ (108 ) $ — $ (171 ) Environmental credit obligations — 231 — 231 n/a n/a 231 n/a Physical purchase contracts — 8 — 8 n/a n/a 8 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 975 $ 255 $ — $ 1,230 $ (882 ) $ (108 ) $ 240 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 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 September 30, 2017 and December 31, 2016 that were measured at fair value on a recurring basis. There was no significant activity during the three and nine months ended September 30, 2017 and 2016 related to the fair value amounts categorized in Level 3 as of September 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 the business. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 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): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,176 $ 5,176 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,930 9,195 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	9 Months Ended
	Sep. 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 September 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 2019 Crude oil and refined petroleum products: Swaps – long 13,369 725 — Swaps – short 12,889 650 — Futures – long 99,816 7,014 — Futures – short 107,940 6,982 — Corn: Futures – long 19,060 20 35 Futures – short 24,985 18,070 45 Physical contracts – long 13,065 9,223 11 Soybean oil: Futures – long 63,059 — — Futures – short 157,018 — — • 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 September 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 in 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 1,922 134 Swaps – short 1,922 134 Futures – long 56,273 25,948 Futures – short 55,234 26,933 Options – long 39,380 142,450 Options – short 38,980 142,450 Natural gas: Futures – long 600 — Futures – short 300 — Corn: Futures – long 400 — We had no commodity derivative contracts outstanding as of September 30, 2017 and 2016 or during the nine months ended September 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 September 30, 2017 , we had forward contracts to purchase $514 million of U.S. dollars. These commitments matured on or before October 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 $230 million and $198 million for the three months ended September 30, 2017 and 2016 , respectively, and $631 million and $532 million for the nine months ended September 30, 2017 and 2016 , respectively. These amounts are reflected in cost of materials and other. 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 nine months ended September 30, 2017 and 2016 and expect to continue to recover the majority of these costs in the future. For the three and nine months ended September 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 September 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 September 30, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 861 $ 974 Swaps Receivables, net 27 13 Options Receivables, net 7 3 Physical purchase contracts Inventories — 8 Foreign currency contracts Receivables, net 6 — Foreign currency contracts Accrued expenses — 1 Total $ 901 $ 999 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 Nine Months Ended 2017 2016 2017 2016 Commodity contracts Cost of materials and other $ (86 ) $ 42 $ (158 ) $ (210 ) Foreign currency contracts Cost of materials and other (16 ) 4 (42 ) 5 Trading Derivatives Location of Gain Three Months Ended Nine Months Ended 2017 2016 2017 2016 Commodity contracts Cost of materials and other $ 31 $ 13 $ 29 $ 51

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 three and nine months ended September 30, 2016 have been reclassified to conform to the 2017 presentation. The changes were primarily due to the separate presentation of depreciation and amortization expense related to operating expenses and general and administrative expenses.
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 effect 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 affect 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 have completed our evaluation of the provisions of this standard and concluded that our adoption will not change the amount or timing of revenues recognized by us, nor will it 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 represent 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 will 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. We do not, however, expect to make such an adjustment to retained earnings. We are currently developing our revenue disclosures and enhancing our accounting systems to enable the preparation of such disclosures as well as the implementation of our internal controls. 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. This 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 No. 2017-07, “Compensation—Retirement Benefits (Topic 715),” which requires employers to report the service cost component of net periodic pension cost and net periodic postretirement benefit cost 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 (non-service cost components) 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 will not affect our financial position or results of operations, but will result in the reclassification of the non-service cost components from “operating expenses (excluding depreciation and amortization)” and “general and administrative expenses (excluding depreciation and amortization)” to “other income, net.” In May 2017, the FASB issued ASU No. 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. In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815),” to improve and simplify accounting guidance for hedge accounting. The provisions of this ASU are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We use economic hedges to manage commodity price risk; however, we have not designated these hedges as fair value or cash flow hedges. As a result, the adoption of this ASU effective January 1, 2019 is not expected to affect our financial position or results of operations.
Cost Classifications	Cost Classifications “Cost of materials and other” primarily includes the cost of materials that are a component of our products sold. These costs include (i) the direct cost of materials (such as crude oil and other refinery feedstocks, refined petroleum products and blendstocks, and ethanol feedstocks and products) that are a component of our products sold; (ii) costs related to the delivery (such as shipping and handling costs) of products sold; (iii) costs related to our environmental credit obligations to comply with various governmental and regulatory programs (such as the cost of renewable identification numbers (RINs) as required by the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard and emission credits under various cap-and-trade systems, as defined in Note 12 ); (iv) gains and losses on our commodity derivative instruments; and (v) certain excise taxes. “Operating expenses (excluding depreciation and amortization expense)” include costs to operate our refineries, ethanol plants, and VLP’s logistics assets, except for depreciation and amortization expense. These costs primarily include employee-related expenses, energy and utility costs, catalysts and chemical costs, and repairs and maintenance expenses. “Depreciation and amortization expense” associated with our operations is separately presented in our statement of income as a component of cost of sales and is disclosed by reportable segment in Note 10 . “Other operating expenses” include costs, if any, incurred by our reportable segments that are not associated with our cost of sales.
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. We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are primarily accounted for as equity investments. However, one of our non-consolidated VIEs is accounted for under owner accounting and is further described below and in Note 5 . As described in Note 5 , we have a 50 percent membership interest in MVP, which was formed to construct, own, and operate the MVP Terminal. MVP was determined to be a VIE because the power to direct the activities that most significantly impact its economic performance is not required to be held by its two members, but is held by Magellan, as operator under a construction, operating, and management agreement with MVP. For this reason and because Magellan holds a 50 percent interest in MVP that provides it with significant economic rights and obligations, we determined that we are not the primary beneficiary.
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)	9 Months Ended
	Sep. 30, 2017
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 2,357 $ 2,068 Refined petroleum products and blendstocks 3,304 3,153 Ethanol feedstocks and products 223 238 Materials and supplies 253 250 Inventories $ 6,137 $ 5,709

Debt and Capital Lease Obliga23

Debt and Capital Lease Obligations (Tables)	9 Months Ended
	Sep. 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): September 30, 2017 Facility Amount Maturity Date Outstanding Borrowings Letters of Credit Issued Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 367 $ 2,633 VLP Revolver $ 750 November 2020 $ 30 $ — $ 720 Canadian Revolver C$ 25 November 2017 C$ — C$ 10 C$ 15 Accounts receivable sales facility $ 1,300 July 2018 $ 100 n/a $ 1,200 Letter of credit facility $ 100 November 2017 n/a $ — $ 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 212 n/a
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 Nine Months Ended 2017 2016 2017 2016 Interest and debt expense $ 134 $ 129 $ 402 $ 387 Less capitalized interest 20 14 48 53 Interest and debt expense, net of capitalized interest $ 114 $ 115 $ 354 $ 334

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended September 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 1,694 62 1,756 1,922 79 2,001 Dividends (936 ) — (936 ) (840 ) — (840 ) Stock-based compensation expense 37 — 37 33 — 33 Stock purchases in connection with stock-based compensation plans (27 ) — (27 ) (43 ) — (43 ) Stock purchases under purchase program (925 ) — (925 ) (1,120 ) — (1,120 ) Issuance of Valero Energy Partners LP common units — 33 33 — 6 6 Distributions to noncontrolling interests — (56 ) (56 ) — (54 ) (54 ) Other (14 ) (16 ) (30 ) 47 (68 ) (21 ) Other comprehensive income (loss) 517 1 518 (187 ) 1 (186 ) Balance as of end of period $ 20,370 $ 854 $ 21,224 $ 20,339 $ 791 $ 21,130 ___________________ (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 activity in number of shares of common stock and treasury stock	Activity in the number of shares of common stock and treasury stock was as follows (in millions): Nine Months Ended September 30, 2017 2016 Common Stock Treasury Stock Common Stock Treasury Stock Balance as of beginning of period 673 (222 ) 673 (200 ) Transactions in connection with stock-based compensation plans: Stock issuances — — — 1 Stock purchases — — — (1 ) Stock purchases under purchase program — (14 ) — (20 ) Balance as of end of period 673 (236 ) 673 (220 )
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Nine Months Ended September 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 509 — 509 (198 ) 8 (190 ) Amounts reclassified from accumulated other comprehensive loss — 8 8 — 3 3 Net other comprehensive income (loss) 509 8 517 (198 ) 11 (187 ) Balance as of end of period $ (512 ) $ (381 ) $ (893 ) $ (803 ) $ (317 ) $ (1,120 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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). September 30, 2017 VLP DGD Other Total Assets Cash and temporary cash investments $ 116 $ 148 $ 14 $ 278 Other current assets 1 54 — 55 Property, plant, and equipment, net 955 391 129 1,475 Liabilities Current liabilities $ 26 $ 25 $ 7 $ 58 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)	9 Months Ended
	Sep. 30, 2017
Defined Benefit Plan [Abstract]
Periodic benefit cost (credit) related to our defined benefit plans, net	The components of net periodic benefit cost (credit) related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2017 2016 2017 2016 Three months ended September 30: Service cost $ 31 $ 28 $ 1 $ 2 Interest cost 21 21 3 3 Expected return on plan assets (37 ) (35 ) — — Amortization of: Net actuarial (gain) loss 13 13 — (1 ) Prior service credit (5 ) (5 ) (4 ) (4 ) Special charges (credits) 3 (7 ) — — Net periodic benefit cost $ 26 $ 15 $ — $ — Nine months ended September 30: Service cost $ 92 $ 84 $ 4 $ 5 Interest cost 64 63 8 9 Expected return on plan assets (112 ) (104 ) — — Amortization of: Net actuarial (gain) loss 40 37 (2 ) (1 ) Prior service credit (15 ) (15 ) (12 ) (12 ) Special charges (credits) 3 (7 ) — — Net periodic benefit cost (credit) $ 72 $ 58 $ (2 ) $ 1

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 841 $ 613 Less dividends paid: Common stock 308 275 Participating securities 1 1 Undistributed earnings $ 532 $ 337 Weighted-average common shares outstanding 2 439 1 458 Earnings per common share: Distributed earnings $ 0.70 $ 0.70 $ 0.60 $ 0.60 Undistributed earnings 1.21 1.21 0.73 0.73 Total earnings per common share $ 1.91 $ 1.91 $ 1.33 $ 1.33 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 841 $ 613 Weighted-average common shares outstanding 439 458 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 441 460 Earnings per common share – assuming dilution $ 1.91 $ 1.33 Nine Months Ended September 30, 2017 2016 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,694 $ 1,922 Less dividends paid: Common stock 933 837 Participating securities 3 3 Undistributed earnings $ 758 $ 1,082 Weighted-average common shares outstanding 2 444 1 465 Earnings per common share: Distributed earnings $ 2.10 $ 2.10 $ 1.80 $ 1.80 Undistributed earnings 1.70 1.70 2.32 2.32 Total earnings per common share $ 3.80 $ 3.80 $ 4.12 $ 4.12 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,694 $ 1,922 Weighted-average common shares outstanding 444 465 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 446 467 Earnings per common share – assuming dilution $ 3.80 $ 4.12

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 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 September 30, 2017: Operating revenues: Operating revenues from external customers $ 22,728 $ 834 $ — $ — $ 23,562 Intersegment revenues 1 48 110 (159 ) — Total operating revenues 22,729 882 110 (159 ) 23,562 Cost of sales: Cost of materials and other 19,818 669 — (158 ) 20,329 Operating expenses (excluding depreciation and amortization expense reflected below) 986 114 26 (1 ) 1,125 Depreciation and amortization expense 455 17 12 — 484 Total cost of sales 21,259 800 38 (159 ) 21,938 Other operating expenses 41 — 3 — 44 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 229 229 Depreciation and amortization expense — — — 13 13 Operating income (loss) by segment $ 1,429 $ 82 $ 69 $ (242 ) $ 1,338 Three months ended September 30, 2016: Operating revenues: Operating revenues from external customers $ 18,718 $ 931 $ — $ — $ 19,649 Intersegment revenues — 56 92 (148 ) — Total operating revenues 18,718 987 92 (148 ) 19,649 Cost of sales: Cost of materials and other 16,424 757 — (148 ) 17,033 Operating expenses (excluding depreciation and amortization expense reflected below) 931 107 24 — 1,062 Depreciation and amortization expense 429 17 12 — 458 Total cost of sales 17,784 881 36 (148 ) 18,553 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 192 192 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ 934 $ 106 $ 56 $ (204 ) $ 892 Refining Ethanol VLP Corporate and Eliminations Total Nine months ended September 30, 2017: Operating revenues: Operating revenues from external customers $ 65,030 $ 2,558 $ — $ — $ 67,588 Intersegment revenues 1 136 326 (463 ) — Total operating revenues 65,031 2,694 326 (463 ) 67,588 Cost of sales: Cost of materials and other 57,662 2,166 — (462 ) 59,366 Operating expenses (excluding depreciation and amortization expense reflected below) 2,935 330 75 (1 ) 3,339 Depreciation and amortization expense 1,358 63 36 — 1,457 Total cost of sales 61,955 2,559 111 (463 ) 64,162 Other operating expenses 41 — 3 — 44 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 597 597 Depreciation and amortization expense — — — 39 39 Operating income (loss) by segment $ 3,035 $ 135 $ 212 $ (636 ) $ 2,746 Nine months ended September 30, 2016: Operating revenues: Operating revenues from external customers $ 52,302 $ 2,645 $ — $ — $ 54,947 Intersegment revenues — 135 258 (393 ) — Total operating revenues 52,302 2,780 258 (393 ) 54,947 Cost of sales: Cost of materials and other 45,790 2,263 — (393 ) 47,660 Operating expenses (excluding depreciation and amortization expense reflected below) 2,716 305 72 — 3,093 Depreciation and amortization expense 1,308 48 35 — 1,391 Lower of cost or market inventory valuation adjustment (697 ) (50 ) — — (747 ) Total cost of sales 49,117 2,566 107 (393 ) 51,397 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 507 507 Depreciation and amortization expense — — — 35 35 Asset impairment loss 56 — — — 56 Operating income (loss) by segment $ 3,129 $ 214 $ 151 $ (542 ) $ 2,952 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 39,450 $ 38,095 Ethanol 1,319 1,316 VLP 1,110 972 Corporate and eliminations 6,109 5,790 Total assets $ 47,988 $ 46,173

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended 2017 2016 Interest paid in excess of amount capitalized $ 356 $ 312 Income taxes paid, net 357 305 In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Nine Months Ended 2017 2016 Decrease (increase) in current assets: Receivables, net $ 74 $ (278 ) Inventories (285 ) 557 Prepaid expenses and other 138 137 Increase (decrease) in current liabilities: Accounts payable 227 494 Accrued expenses 121 46 Taxes other than income taxes payable 78 8 Income taxes payable 191 (11 ) Changes in current assets and current liabilities $ 544 $ 953

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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. September 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 $ 861 $ 34 $ — $ 895 $ (882 ) $ (11 ) $ 2 $ — Foreign currency contracts 6 — — 6 n/a n/a 6 n/a Investments of certain benefit plans 63 — 8 71 n/a n/a 71 n/a Total $ 930 $ 34 $ 8 $ 972 $ (882 ) $ (11 ) $ 79 Liabilities: Commodity derivative contracts $ 974 $ 16 $ — $ 990 $ (882 ) $ (108 ) $ — $ (171 ) Environmental credit obligations — 231 — 231 n/a n/a 231 n/a Physical purchase contracts — 8 — 8 n/a n/a 8 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Total $ 975 $ 255 $ — $ 1,230 $ (882 ) $ (108 ) $ 240 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): September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments $ 5,176 $ 5,176 $ 4,816 $ 4,816 Financial liabilities: Debt (excluding capital leases) 7,930 9,195 7,926 8,882

Price Risk Management Activit31

Price Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of September 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 2019 Crude oil and refined petroleum products: Swaps – long 13,369 725 — Swaps – short 12,889 650 — Futures – long 99,816 7,014 — Futures – short 107,940 6,982 — Corn: Futures – long 19,060 20 35 Futures – short 24,985 18,070 45 Physical contracts – long 13,065 9,223 11 Soybean oil: Futures – long 63,059 — — Futures – short 157,018 — — As of September 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 in 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 1,922 134 Swaps – short 1,922 134 Futures – long 56,273 25,948 Futures – short 55,234 26,933 Options – long 39,380 142,450 Options – short 38,980 142,450 Natural gas: Futures – long 600 — Futures – short 300 — Corn: Futures – long 400 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of September 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 September 30, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 861 $ 974 Swaps Receivables, net 27 13 Options Receivables, net 7 3 Physical purchase contracts Inventories — 8 Foreign currency contracts Receivables, net 6 — Foreign currency contracts Accrued expenses — 1 Total $ 901 $ 999 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 Nine Months Ended 2017 2016 2017 2016 Commodity contracts Cost of materials and other $ (86 ) $ 42 $ (158 ) $ (210 ) Foreign currency contracts Cost of materials and other (16 ) 4 (42 ) 5 Trading Derivatives Location of Gain Three Months Ended Nine Months Ended 2017 2016 2017 2016 Commodity contracts Cost of materials and other $ 31 $ 13 $ 29 $ 51

Aruba Disposition (Details)

Aruba Disposition (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Aruba Disposition (Textual)
Asset impairment loss		$ 0	$ 0	$ 0	$ 56
Tax benefit on disposition		$ (378)	(144)	$ (686)	(652)
Refining [Member] | Aruba Disposition [Member]
Aruba Disposition (Textual)
Tax benefit on disposition			$ 42		$ 42
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		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Inventories
Refinery feedstocks	$ 2,357		$ 2,357		$ 2,068
Refined petroleum products and blendstocks	3,304		3,304		3,153
Ethanol feedstocks and products	223		223		238
Materials and supplies	253		253		250
Inventories	6,137		6,137		5,709
Inventories (Textual)
Lower of cost or market inventory valuation reserve						$ 766
Lower of cost or market inventory valuation adjustment	0	$ 0	0	$ 747
Excess of market value over carrying amount of LIFO inventories	1,900		1,900		1,900
Amount of non-LIFO inventory	$ 770		$ 770		$ 641

Debt and Capital Lease Obliga34

Debt and Capital Lease Obligations, Debt and Credit Facilities (Details)	Nov. 01, 2017USD ($)	Oct. 31, 2017CAD	Oct. 31, 2016USD ($)	Jun. 29, 2017USD ($)	Sep. 30, 2017CAD	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016	Sep. 30, 2016CAD	Sep. 30, 2016USD ($)
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							2,633,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding							367,000,000
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)
Interest rate at period end (percent)					2.75%		2.75%	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 25,000,000
Line of credit facility, expiration date					Nov. 30, 2017
Amount outstanding | CAD					CAD 0
Line of credit facility, remaining borrowing capacity | CAD					15,000,000
Canadian Revolver [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity | CAD		CAD 75,000,000
Line of credit facility, expiration date		Nov. 30, 2018
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Amount outstanding | CAD					CAD 10,000,000
A/R Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							1,300,000,000
Line of credit facility, expiration date					Jul. 31, 2018
Amount outstanding							100,000,000
Line of credit facility, remaining borrowing capacity							$ 1,200,000,000
Credit Facilities (Textual)
Interest rate at period end (percent)					1.9124%		1.9124%	1.3422%
Committed Letter of Credit Facility Expires November 2017 [Member] | Credit Facilities [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity							$ 100,000,000
Line of credit facility, expiration date					Nov. 30, 2017
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
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Amount outstanding							$ 212,000,000
Senior Notes Due in 2026 [Member] | Senior Notes [Member]
Credit Facilities (Textual)
Face amount of long-term debt issuance										$ 1,250,000,000
Stated rate on debt instrument (percent)									3.40%	3.40%
Maturity date of long-term debt						Sep. 15, 2026
Proceeds from issuance of senior long-term debt						$ 1,246,000,000
Debt issuance costs						10,000,000
Senior Notes Due in June 2017 [Member] | Senior Notes [Member]
Credit Facilities (Textual)
Stated rate on debt instrument (percent)			6.125%
Aggregate principal amount of debt redeemed			$ 750,000,000
Senior Notes Due in October 2017 [Member] | Senior Notes [Member]
Credit Facilities (Textual)
Stated rate on debt instrument (percent)			7.20%
Aggregate principal amount of debt redeemed			$ 200,000,000
Senior Secured Credit Agreement Due in 2023 [Member] | Secured Debt [Member]
Credit Facilities (Textual)
Face amount of long-term debt issuance | CAD									CAD 72,000,000
McKee Terminal Services Business [Member] | VLP Revolver [Member] | Credit Facilities [Member]
Credit Facilities (Textual)
Proceeds from long-term lines of credit						139,000,000
Meraux and Three Rivers Terminal Services Business [Member] | VLP Revolver [Member] | Credit Facilities [Member]
Credit Facilities (Textual)
Proceeds from long-term lines of credit						$ 210,000,000
Parkway Pipeline LLC [Member] | VLP Revolver [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Credit Facilities (Textual)
Proceeds from long-term lines of credit	$ 118,000,000
Interest rate at period end (percent)	2.75%
Valero Partners Port Arthur, LLC [Member] | VLP Revolver [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Credit Facilities (Textual)
Proceeds from long-term lines of credit	$ 262,000,000
Interest rate at period end (percent)	2.875%

Debt and Capital Lease Obliga35

Debt and Capital Lease Obligations, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 134	$ 129	$ 402	$ 387
Less capitalized interest	20	14	48	53
Interest and debt expense, net of capitalized interest	$ 114	$ 115	$ 354	$ 334

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 recognized	$ 490

Commitments and Contingencies (

Commitments and Contingencies (Details) bbl in Millions, $ in Millions	1 Months Ended	9 Months Ended		21 Months Ended	27 Months Ended
	Sep. 30, 2017USD ($)bbl / drenewalbbl	Sep. 30, 2017USD ($)bbl / drenewalbbl	Sep. 30, 2016USD ($)	Jun. 30, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2016USD ($)
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 39,527	$ 39,527				$ 37,733
Contributions made or expected to be made to MVP		373	$ 0
Estimated cost of undivided interest in pipeline		72	0
Estimated construction costs		$ 913	$ 912
Terminalling Agreement [Member] | MVP Terminalling, LLC (MVP) [Member]
Commitments and Contingencies (Textual)
Initial term of terminal agreement	12 years
Number of available automatic renewals | renewal	2	2
Automatic renewal term of terminalling agreement	5 years
Minimum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 0	$ 0
Maximum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 200	$ 200
MVP Terminal [Member]
Commitments and Contingencies (Textual)
Approximate storage capacity of terminal (in barrels) | bbl	5	5
Contributions made or expected to be made to MVP	$ 77
MVP Terminal [Member] | Magellan Midstream Partners LP (Magellan) [Member]
Commitments and Contingencies (Textual)
Long-term liability recorded	55	$ 55
MVP Terminal [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 110	$ 110
MVP Terminal [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Contributions made or expected to be made to MVP					$ 420
MVP Terminal [Member] | Expected [Member] | Minimum [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs					840
MVP Terminal [Member] | Expected [Member] | Maximum [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs					$ 1,400
MVP Terminal [Member] | Valero Energy Corporation [Member]
Commitments and Contingencies (Textual)
Approximate storage capacity of terminal (in barrels) | bbl	4	4
Central Texas Pipeline [Member]
Commitments and Contingencies (Textual)
Undivided interest in project (percent)	40.00%	40.00%
Pipeline capacity (in barrels per day) | bbl / d	150,000	150,000
Central Texas Pipeline [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Estimated cost of undivided interest in pipeline				$ 170
Hearne and Williamson Terminals and Pipeline [Member]
Commitments and Contingencies (Textual)
Pipeline capacity (in barrels per day) | bbl / d	60,000	60,000
Hearne and Williamson Terminals and Pipeline [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Estimated construction costs				$ 210
Variable Interest Entity, Not Primary Beneficiary [Member] | MVP Terminalling, LLC (MVP) [Member]
Commitments and Contingencies (Textual)
Membership percentage in VIE (percent)	50.00%

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions		Nov. 01, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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			$ 863	$ 645	1,756	2,001
Dividends					(936)	(840)
Stock-based compensation expense					37	33
Distributions to noncontrolling interests					(56)	(54)
Other					(30)	(21)
Other comprehensive income (loss)			231	(118)	518	(186)
Balance as of end of period			21,224	21,130	21,224	21,130
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		Nov. 1, 2017
Dividends payable, amount per share (in dollars per share)		$ 0.70
Dividends payable, date to be paid		Dec. 12, 2017
Dividends payable, date of record		Nov. 21, 2017
Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Issuance of Valero Energy Partners LP common units					33	6
Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(27)	(43)
Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(925)	(1,120)
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					1,694	1,922
Dividends					(936)	(840)
Stock-based compensation expense					37	33
Distributions to noncontrolling interests					0	0
Other					(14)	47
Other comprehensive income (loss)					517	(187)
Balance as of end of period			20,370	20,339	20,370	20,339
Parent [Member] | Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Issuance of Valero Energy Partners LP common units					0	0
Parent [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(27)	(43)
Parent [Member] | Common Stock Purchase Program [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Stock purchases					(925)	(1,120)
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]				62	79
Distributions to noncontrolling interests	[1]				(56)	(54)
Other	[1]				(16)	(68)
Other comprehensive income (loss)	[1]				1	1
Balance as of end of period	[1]		$ 854	$ 791	854	791
Noncontrolling Interests [Member] | Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Issuance of Valero Energy Partners LP common units	[1]				$ 33	$ 6
[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, Share Activity Rollforw

Equity, Share Activity Rollforward (Details) - shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Share Activity
Treasury stock, shares, beginning balance	(222,000,024)
Treasury stock, shares, ending balance	(235,534,764)
Common Stock [Member]
Share Activity
Common stock, shares, beginning balance	673,000,000	673,000,000
Stock issuances, shares	0	0
Common stock, shares, ending balance	673,000,000	673,000,000
Treasury Stock [Member]
Share Activity
Treasury stock, shares, beginning balance	(222,000,000)	(200,000,000)
Stock issuances, shares	0	1,000,000
Treasury stock, shares, ending balance	(236,000,000)	(220,000,000)
Treasury Stock [Member] | Stock-Based Compensation Plans Purchase Program [Member]
Share Activity
Stock purchases, shares	0	(1,000,000)
Treasury Stock [Member] | Common Stock Purchase Program [Member]
Share Activity
Stock purchases, shares	(14,000,000)	(20,000,000)

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 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	20,370
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	509	(190)
Amounts reclassified from accumulated other comprehensive loss	8	3
Net other comprehensive income (loss)	517	(187)
Ending balance, accumulated other comprehensive loss, net of tax	(893)	(1,120)
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	509	(198)
Amounts reclassified from accumulated other comprehensive loss	0	0
Net other comprehensive income (loss)	509	(198)
Ending balance, accumulated other comprehensive loss, net of tax	(512)	(803)
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	8	3
Net other comprehensive income (loss)	8	11
Ending balance, accumulated other comprehensive loss, net of tax	$ (381)	$ (317)

Variable Interest Entities, Con

Variable Interest Entities, Consolidated (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets
Cash and temporary cash investments	$ 5,176	$ 4,816	$ 5,949	$ 4,114
Property, plant, and equipment, net	27,274	26,472
Liabilities
Current liabilities	9,130	8,328
Debt and capital lease obligations, less current portion	8,364	7,886
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	278	253
Other current assets	55	90
Property, plant, and equipment, net	1,475	1,353
Liabilities
Current liabilities	58	39
Debt and capital lease obligations, less current portion	570	571
Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	116	71
Other current assets	1	3
Property, plant, and equipment, net	955	865
Liabilities
Current liabilities	26	15
Debt and capital lease obligations, less current portion	525	525
Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	148	167
Other current assets	54	87
Property, plant, and equipment, net	391	355
Liabilities
Current liabilities	25	17
Debt and capital lease obligations, less current portion	0	0
Other Variable Interest Entities [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	14	15
Other current assets	0	0
Property, plant, and equipment, net	129	133
Liabilities
Current liabilities	7	7
Debt and capital lease obligations, less current portion	$ 45	$ 46

Variable Interest Entities, Non

Variable Interest Entities, Non-Consolidated (Details) - MVP Terminalling, LLC (MVP) [Member] $ in Millions	1 Months Ended
	Sep. 30, 2017USD ($)member
Variable Interest Entity, Primary Beneficiary [Member] | Magellan Midstream Partners LP (Magellan) [Member]
Variable Interest Entities (Textual)
Membership percentage in VIE (percent)	50.00%
Variable Interest Entity, Not Primary Beneficiary [Member]
Variable Interest Entities (Textual)
Membership percentage in VIE (percent)	50.00%
Number of members in MVP | member	2
Maximum exposure to loss	$ 77
Equity investment in MVP	$ 77

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 31	$ 28	$ 92	$ 84
Interest cost	21	21	64	63
Expected return on plan assets	(37)	(35)	(112)	(104)
Amortization of:
Net actuarial (gain) loss	13	13	40	37
Prior service credit	(5)	(5)	(15)	(15)
Special charges (credits)	3	(7)	3	(7)
Net periodic benefit cost (credit)	26	15	72	58
Employee Benefit Plans (Textual)
Contributions to benefit plans	80		104	132
Expected contributions to pension plans in current year	108		108
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	2	4	5
Interest cost	3	3	8	9
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	0	(1)	(2)	(1)
Prior service credit	(4)	(4)	(12)	(12)
Special charges (credits)	0	0	0	0
Net periodic benefit cost (credit)	$ 0	$ 0	(2)	1
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 17	$ 12

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Less dividends paid:
Weighted-average common shares outstanding (in shares)	439	458	444	465
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	439	458	444	465
Weighted-average common shares outstanding – assuming dilution (in shares)	441	460	446	467
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 841	$ 613	$ 1,694	$ 1,922
Less dividends paid:
Common stock	308	275	933	837
Participating securities	1	1	3	3
Undistributed earnings	$ 532	$ 337	$ 758	$ 1,082
Weighted-average common shares outstanding (in shares)	439	458	444	465
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.70	$ 0.60	$ 2.10	$ 1.80
Undistributed earnings (in usd per share)	1.21	0.73	1.70	2.32
Total earnings per common share (in usd per share)	$ 1.91	$ 1.33	$ 3.80	$ 4.12
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 841	$ 613	$ 1,694	$ 1,922
Weighted-average common shares outstanding (in shares)	439	458	444	465
Common equivalent shares (in shares)	2	2	2	2
Weighted-average common shares outstanding – assuming dilution (in shares)	441	460	446	467
Earnings per common share – assuming dilution (in usd per share)	$ 1.91	$ 1.33	$ 3.80	$ 4.12
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	$ 2.10	$ 1.80
Undistributed earnings (in usd per share)	1.21	0.73	1.70	2.32
Total earnings per common share (in usd per share)	$ 1.91	$ 1.33	$ 3.80	$ 4.12
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		9 Months Ended
		Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)segment	Sep. 30, 2016USD ($)
Segment Information for our Reportable Segments
Operating revenues	[1]	$ 23,562	$ 19,649	$ 67,588	$ 54,947
Cost of materials and other		20,329	17,033	59,366	47,660
Operating expenses (excluding depreciation and amortization expense reflected below)		1,125	1,062	3,339	3,093
Depreciation and amortization expense		484	458	1,457	1,391
Lower of cost or market inventory valuation adjustment		0	0	0	(747)
Total cost of sales		21,938	18,553	64,162	51,397
Other operating expenses		44	0	44	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		229	192	597	507
Depreciation and amortization expense		13	12	39	35
Asset impairment loss		0	0	0	56
Operating income		1,338	892	$ 2,746	2,952
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment				3
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		(159)	(148)	$ (463)	(393)
Corporate, Non-Segment [Member]
Segment Information for our Reportable Segments
Operating revenues		(159)	(148)	(463)	(393)
Cost of materials and other		(158)	(148)	(462)	(393)
Operating expenses (excluding depreciation and amortization expense reflected below)		(1)	0	(1)	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(159)	(148)	(463)	(393)
Other operating expenses		0		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		229	192	597	507
Depreciation and amortization expense		13	12	39	35
Asset impairment loss					0
Operating income		(242)	(204)	(636)	(542)
Refining [Member]
Segment Information for our Reportable Segments
Operating revenues		22,728	18,718	65,030	52,302
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		1	0	1	0
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		22,729	18,718	65,031	52,302
Cost of materials and other		19,818	16,424	57,662	45,790
Operating expenses (excluding depreciation and amortization expense reflected below)		986	931	2,935	2,716
Depreciation and amortization expense		455	429	1,358	1,308
Lower of cost or market inventory valuation adjustment					(697)
Total cost of sales		21,259	17,784	61,955	49,117
Other operating expenses		41		41
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Asset impairment loss					56
Operating income		1,429	934	3,035	3,129
Ethanol [Member]
Segment Information for our Reportable Segments
Operating revenues		834	931	2,558	2,645
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		48	56	136	135
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		882	987	2,694	2,780
Cost of materials and other		669	757	2,166	2,263
Operating expenses (excluding depreciation and amortization expense reflected below)		114	107	330	305
Depreciation and amortization expense		17	17	63	48
Lower of cost or market inventory valuation adjustment					(50)
Total cost of sales		800	881	2,559	2,566
Other operating expenses		0		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Asset impairment loss					0
Operating income		82	106	135	214
VLP [Member]
Segment Information for our Reportable Segments
Operating revenues		0	0	0	0
VLP [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Operating revenues		110	92	326	258
VLP [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Operating revenues		110	92	326	258
Cost of materials and other		0	0	0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		26	24	75	72
Depreciation and amortization expense		12	12	36	35
Lower of cost or market inventory valuation adjustment					0
Total cost of sales		38	36	111	107
Other operating expenses		3		3
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Asset impairment loss					0
Operating income		$ 69	$ 56	$ 212	$ 151
[1]	Includes excise taxes on sales by certain of our international operations of $1,447 million and $1,398 million for the three months ended September 30, 2017 and 2016, respectively, and $4,103 million and $4,263 million for the nine months ended September 30, 2017 and 2016, respectively.

Segment Information, Assets (De

Segment Information, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Total Assets by Reportable Segment
Reportable segment assets	$ 47,988	$ 46,173
Corporate, Non-Segment [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,109	5,790
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	39,450	38,095
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,319	1,316
VLP [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,110	$ 972

Supplemental Cash Flow Inform47

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Decrease (increase) in current assets:
Receivables, net	$ 74	$ (278)
Inventories	(285)	557
Prepaid expenses and other	138	137
Increase (decrease) in current liabilities:
Accounts payable	227	494
Accrued expenses	121	46
Taxes other than income taxes payable	78	8
Income taxes payable	191	(11)
Changes in current assets and current liabilities	544	953
Supplemental Cash Flow Elements (Textual)
Payment of long-term liability to joint venture partner	21	146
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	356	312
Income taxes paid, net	$ 357	305
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	Sep. 30, 2017	Dec. 31, 2016
Assets:
Investments of certain benefit plans	$ 71	$ 69
Total gross fair value, assets	972	984
Effect of Counterparty Netting	(882)	(875)
Effect of Cash Collateral Netting	(11)	0
Net Carrying Value on Balance Sheet, Assets	79	109
Liabilities:
Environmental credit obligations	231	188
Total gross fair value, liabilities	1,230	1,088
Effect of Counterparty Netting	(882)	(875)
Effect of Cash Collateral Netting	(108)	(20)
Net Carrying Value on Balance Sheet, Liabilities	240	193
Commodity Contracts [Member]
Assets:
Derivative contracts	895	912
Effect of Counterparty Netting	(882)	(875)
Effect of Cash Collateral Netting	(11)	0
Derivative contracts, net assets	2	37
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	990	895
Effect of Counterparty Netting	(882)	(875)
Effect of Cash Collateral Netting	(108)	(20)
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(171)	(88)
Foreign Currency Contracts [Member]
Assets:
Derivative contracts	6	3
Derivative contracts, net assets	6	3
Liabilities:
Derivative contracts	1
Derivative contracts, net liabilities	1
Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	8	5
Derivative contracts, net liabilities	8	5
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	63	58
Total gross fair value, assets	930	935
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	975	872
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	861	874
Liabilities:
Derivative contracts	974	872
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	6	3
Liabilities:
Derivative contracts	1
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	34	38
Liabilities:
Environmental credit obligations	231	188
Total gross fair value, liabilities	255	216
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	34	38
Liabilities:
Derivative contracts	16	23
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	8	5
Fair Value, Inputs, Level 3 [Member]
Assets:
Investments of certain benefit plans	8	11
Total gross fair value, assets	8	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] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Fair Value Measurements (Textual)
Asset impairment loss		$ 0	$ 0	$ 0	$ 56,000,000
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	$ 56,000,000

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 5,176	$ 4,816	$ 5,949	$ 4,114
Financial liabilities:
Debt (excluding capital leases), at carrying amount	7,930	7,926
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	5,176	4,816
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 9,195	$ 8,882

Price Risk Management Activit51

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, MMBTU in Thousands, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2017	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)MMBTUlbMBblsbu	Sep. 30, 2016USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 230	$ 198	$ 631	$ 532
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 514		$ 514
Foreign Currency Contracts [Member] | Subsequent Event [Member]
Price Risk Management Activities (Textual)
Foreign currency commitments maturity date	Oct. 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				13,369
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				12,889
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				725
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				650
Economic Hedges [Member] | Swap, Maturity Year Three [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Economic Hedges [Member] | Swap, Maturity Year Three [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Economic 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				99,816
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				19,060
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				63,059
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				107,940
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				24,985
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				157,018
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				7,014
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				20
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				18,070
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] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Economic Hedges [Member] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				35
Economic Hedges [Member] | Future, Maturity Year Three [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb				0
Economic Hedges [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				0
Economic Hedges [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				45
Economic Hedges [Member] | Future, Maturity Year Three [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb				0
Economic 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				13,065
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				9,223
Economic Hedges [Member] | Forward Contracts, Maturity Year Three [Member] | Long (Purchases) [Member] | Grain (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu				11
Trading Derivatives [Member] | Swap, Maturity Current Year [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				1,922
Trading Derivatives [Member] | Swap, Maturity Current Year [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				1,922
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				134
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				134
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				56,273
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				400
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Long (Purchases) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU				600
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				55,234
Trading Derivatives [Member] | Future, Maturity Current Year [Member] | Short (Sales) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU				300
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				25,948
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] | Long (Purchases) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU				0
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume				26,933
Trading Derivatives [Member] | Future, Maturity Year Two [Member] | Short (Sales) [Member] | Natural Gas In Btus [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, millions of Btus | MMBTU				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				39,380
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				38,980
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				142,450
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				142,450

Price Risk Management Activit52

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 901	$ 915
Derivative liability, fair value, gross liability	999	900
Commodity Future [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	861	874
Derivative asset, fair value, gross liability	974	872
Commodity Swap [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	27	32
Derivative asset, fair value, gross liability	13	21
Commodity Option [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	7	6
Derivative asset, fair value, gross liability	3	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	8	5
Foreign Currency Contracts [Member] | Trade Accounts Receivable [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	6	3
Derivative asset, fair value, gross liability	0	$ 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	$ 1

Price Risk Management Activit53

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Materials and Other [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Economic Hedges [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ (86)	$ 42	$ (158)	$ (210)
Economic Hedges [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	(16)	4	(42)	5
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income and OCI
Gain (loss) recognized in income on derivatives	$ 31	$ 13	$ 29	$ 51