Valero Energy (VLO) 10-Q 7 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
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	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		431,023,418

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and temporary cash investments	$ 4,658	$ 5,850
Receivables, net	6,814	6,922
Inventories	6,555	6,384
Prepaid expenses and other	233	156
Total current assets	18,260	19,312
Property, plant, and equipment, at cost	40,543	40,010
Accumulated depreciation	(12,812)	(12,530)
Property, plant, and equipment, net	27,731	27,480
Deferred charges and other assets, net	3,385	3,366
Total assets	49,376	50,158
Current liabilities:
Current portion of debt and capital lease obligations	871	122
Accounts payable	7,966	8,348
Accrued expenses	590	712
Taxes other than income taxes payable	1,226	1,321
Income taxes payable	99	568
Total current liabilities	10,752	11,071
Debt and capital lease obligations, less current portion	8,086	8,750
Deferred income tax liabilities	4,711	4,708
Other long-term liabilities	2,902	2,729
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	7,026	7,039
Treasury stock, at cost; 242,573,833 and 239,603,534 common shares	(13,588)	(13,315)
Retained earnings	29,415	29,200
Accumulated other comprehensive loss	(983)	(940)
Total Valero Energy Corporation stockholders’ equity	21,877	21,991
Noncontrolling interests	1,048	909
Total equity	22,925	22,900
Total liabilities and equity	$ 49,376	$ 50,158

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
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	242,573,833	239,603,534

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenues	[1]	$ 26,439	$ 21,772
Cost of sales:
Cost of materials and other		23,756	19,428
Operating expenses (excluding depreciation and amortization expense reflected below)		1,136	1,124
Depreciation and amortization expense		485	488
Total cost of sales		25,377	21,040
Other operating expenses		10	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		238	192
Depreciation and amortization expense		13	12
Operating income		801	528
Other income, net		51	26
Interest and debt expense, net of capitalized interest		(121)	(121)
Income before income tax expense		731	433
Income tax expense		149	112
Net income		582	321
Less: Net income attributable to noncontrolling interests		113	16
Net income attributable to Valero Energy Corporation stockholders		$ 469	$ 305
Earnings per common share (in dollars per share)		$ 1.09	$ 0.68
Weighted-average common shares outstanding (in shares)		431	448
Earnings per common share – assuming dilution (in dollars per share)		$ 1.09	$ 0.68
Weighted-average common shares outstanding – assuming dilution (in shares)		432	451
Dividends per common share (in dollars per share)		$ 0.8	$ 0.7
[1]	Includes excise taxes on sales by certain of our international operations of $1,464 million and $1,272 million for the three months ended March 31, 2018 and 2017, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,464	$ 1,272

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 582	$ 321
Other comprehensive income:
Foreign currency translation adjustment	45	74
Net gain on pension and other postretirement benefits	8	3
Other comprehensive income before income tax expense	53	77
Income tax expense related to items of other comprehensive income	2	1
Other comprehensive income	51	76
Comprehensive income	633	397
Less: Comprehensive income attributable to noncontrolling interests	116	16
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 517	$ 381

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 582	$ 321
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	498	500
Deferred income tax expense (benefit)	2	(4)
Changes in current assets and current liabilities	(1,026)	151
Changes in deferred charges and credits and other operating activities, net	82	20
Net cash provided by operating activities	138	988
Cash flows from investing activities:
Capital expenditures	(356)	(279)
Deferred turnaround and catalyst costs	(220)	(245)
Investments in joint ventures	(55)	(117)
Acquisition of undivided interests	(85)	(72)
Capital expenditures of certain variable interest entities	(28)	0
Other investing activities, net	(8)	(1)
Net cash used in investing activities	(752)	(714)
Cash flows from financing activities:
Proceeds from issuance of Valero Energy Partners LP debt	498	0
Repayments of debt and capital lease obligations	(415)	(5)
Purchase of common stock for treasury	(320)	(314)
Common stock dividends	(345)	(315)
Proceeds from issuance of Valero Energy Partners LP common units	0	35
Contribution from noncontrolling interest	32	0
Distributions to noncontrolling interests	(11)	(34)
Other financing activities, net	(12)	(19)
Net cash used in financing activities	(573)	(652)
Effect of foreign exchange rate changes on cash	(5)	25
Net decrease in cash and temporary cash investments	(1,192)	(353)
Cash and temporary cash investments at beginning of period	5,850	4,816
Cash and temporary cash investments at end of period	$ 4,658	$ 4,463

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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” refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet as of December 31, 2017 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, 2017 . Reclassifications Certain amounts reported for the three months ended March 31, 2017 have been reclassified in order to conform to the 2018 presentation. Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. Revenue Recognition We adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” (Topic 606) on January 1, 2018, as described below in “Accounting Pronouncements Adopted On January 1, 2018.” Accordingly, our revenue recognition accounting policy has been revised to reflect the adoption of this standard. Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our refining and ethanol segments. Our VLP segment generates intersegment revenues from transportation and terminaling activities provided to our refining segment that are eliminated in consolidation. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation. The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset. Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment is typically due in full within two to ten days of delivery. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected to exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our international operations. The amount of such taxes is provided in supplemental information in a footnote on the statements of income. There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service and we have included these activities in cost of materials and other. Accounting Pronouncements Adopted On January 1, 2018 Topic 606 Effective January 1, 2018, we adopted the provisions of Topic 606, which clarifies the principles for recognizing revenue and supersedes previous revenue recognition requirements under “Revenue Recognition (Topic 605),” using the modified retrospective method of adoption as permitted by the standard. Under this 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 elected to apply the transition guidance only to contracts that were not completed as of the date of adoption. There was no material impact to our financial position as a result of adopting Topic 606; therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018. Additionally, there was no material impact to our financial position or results of operations as of and for the three months ended March 31, 2018. See “Revenue Recognition” above for a discussion of our accounting policy affected by our adoption of Topic 606. Also see Note 10 for further information on our revenues. We implemented new processes in order to monitor ongoing compliance with accounting and disclosure requirements. ASU No. 2016-01 In January 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10),” (ASU No. 2016-01) to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. Effective January 1, 2018, we adopted the provisions of ASU No. 2016-01 using the cumulative-effect method of adoption as required by the ASU. The adoption of this ASU did not affect our financial position or our results of operations as of or for the three months ended March 31, 2018, but it resulted in reduced disclosures as it eliminated the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments. ASU No. 2017-07 In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715),” (ASU No. 2017-07) 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. Effective January 1, 2018, we retrospectively adopted the provisions of ASU No. 2017-07. The adoption of this ASU did not affect our financial position or results of operations. However, for the three months ended March 31, 2017 , we reclassified the non-service cost components out of operating expenses (excluding depreciation and amortization expense) and general and administrative expenses (excluding depreciation and amortization expense) of $7 million and $2 million , respectively, and into other income, net. ASU No. 2017-09 In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718),” (ASU No. 2017-09) 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. Effective January 1, 2018, we adopted ASU No. 2017-09. The adoption of this ASU did not have an immediate effect on our financial position or results of operations as it is applied prospectively to an award modified on or after adoption. ASU No. 2018-02 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220),” (ASU No. 2018-02) which allows for the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (Tax Reform) to be reclassified from accumulated other comprehensive income to retained earnings. The provisions of ASU No. 2018-02 are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. This ASU shall be applied either at the beginning of the annual or interim period of adoption or retrospectively to each period in which the income tax effects of Tax Reform affects the items remaining in accumulated other comprehensive income (loss). We elected to reclassify the stranded income tax effects of Tax Reform from accumulated other comprehensive loss to retained earnings as of the beginning of the interim period of adoption. Effective January 1, 2018, we adopted ASU No. 2018-02 and such adoption did not affect our financial position or results of operations but resulted in the reclassification of $91 million of income tax benefits related to Tax Reform from accumulated other comprehensive loss to retained earnings as presented in Note 5 under “Accumulated Other Comprehensive Loss.” We release stranded income tax effects from accumulated other comprehensive income (loss) to retained earnings on an individual item basis as those items are reclassified into income. ASU No. 2018-05 In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” (ASU No. 2018-05) which amends certain Securities and Exchange Commission (SEC) material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under Topic 740 for certain income tax effects of Tax Reform for the reporting period in which Tax Reform was enacted. See Note 8 for a discussion of the impacts of this ASU. Accounting Pronouncements Not Yet Adopted Topic 842 In February 2016, the FASB issued “Leases (Topic 842),” (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. We are enhancing our contracting and lease evaluation systems and related processes, and we are developing a new lease accounting system to capture our leases and support the required disclosures. During 2018, we will continue to monitor the adoption process to ensure compliance with accounting and disclosure requirements. We also continue the integration of our lease accounting system with our general ledger, and we will make modifications to the related procurement and payment processes. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. We expect our accounting for capital leases to remain substantially unchanged. ASU No. 2017-12 In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815),” (ASU No. 2017-12) 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 ASU No. 2017-12 effective January 1, 2019 is not expected to affect our financial position or results of operations.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
INVENTORIES	2. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,471 $ 2,427 Refined petroleum products and blendstocks 3,569 3,459 Ethanol feedstocks and products 258 242 Materials and supplies 257 256 Inventories $ 6,555 $ 6,384 As of March 31, 2018 and December 31, 2017 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.1 billion and $3.0 billion , respectively, and our non-LIFO inventories accounted for $905 million and $1.0 billion , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	3 Months Ended
	Mar. 31, 2018
Debt and Capital Lease Obligations [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	3. DEBT AND CAPITAL LEASE OBLIGATIONS Debt During the three months ended March 31, 2018 , VLP issued in a public offering $500 million aggregate principal amount of its 4.5 percent Senior Notes due March 15, 2028 . Gross proceeds from this debt issuance were $498 million before deducting the underwriting discount and other debt issuance costs totaling $5 million . The proceeds are available only to the operations of VLP and were used to repay the outstanding balance of $410 million on VLP’s $750 million senior unsecured revolving credit facility (the VLP Revolver) and $85 million of its notes payable to us, which is eliminated in consolidation. During the three months ended March 31, 2017 , we had no significant debt activity. We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2018 Facility Maturity Date Outstanding Letters of Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 138 $ 2,862 VLP Revolver 750 November 2020 — — 750 Canadian Revolver C$ 75 November 2018 C$ — C$ 6 C$ 69 Accounts receivable sales facility 1,300 July 2018 100 n/a 1,200 Letter of credit facility 100 November 2018 n/a — 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a 273 n/a Letters of credit issued as of March 31, 2018 expire at various times in 2018 through 2020 . As of March 31, 2018 and December 31, 2017 , the variable interest rate on the accounts receivable sales facility was 2.3616 percent and 2.0387 percent, respectively. Other Disclosures Interest and debt expense, net of capitalized interest is comprised of the following (in millions): Three Months Ended 2018 2017 Interest and debt expense $ 139 $ 134 Less capitalized interest 18 13 Interest and debt expense, net of capitalized interest $ 121 $ 121

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	4. COMMITMENTS AND CONTINGENCIES Commitments 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. Construction of phases one and two of the project began in 2017 with a total estimated cost of $840 million of which we have committed 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. Since inception, we have contributed $123 million to MVP, of which $42 million was contributed during the three months ended March 31, 2018 . Concurrent with the formation of MVP, we entered into a terminaling agreement with MVP to utilize the MVP Terminal upon completion of phase two, which is expected to occur in early 2020. The terminaling 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 terminaling agreement was determined to be a capital lease, we are the accounting owner of the MVP Terminal during the construction period. Accordingly, as of March 31, 2018 , we recorded an asset of $271 million in property, plant, and equipment representing 100 percent of the construction costs incurred by MVP, as well as capitalized interest incurred by us, and a long-term liability of $150 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 We have committed to a 40 percent undivided interest in a project with a subsidiary of Magellan to jointly build an estimated 135 -mile, 20 -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 to acquire our 40 percent undivided interest in this pipeline is $170 million . Since inception, capital expenditures totaled $24 million , of which $17 million was spent during the three months ended March 31, 2018 . Sunrise Pipeline System Effective January 31, 2018, we entered into a joint ownership agreement with Sunrise Pipeline LLC, a subsidiary of Plains All American Pipeline, L.P. (Plains), to acquire a 20 percent undivided interest in the expanded Sunrise Pipeline System to be constructed by Plains. The Sunrise Pipeline System is expected to contain (i) an estimated 255 -mile, 24 -inch crude oil pipeline (the Sunrise Pipeline) to originate at Plains’ terminal in Midland, Texas and end at Plains’ station in Wichita Falls, Texas with throughput capacity of approximately 500,000 barrels per day, and (ii) two 270,000 shell barrel capacity tanks located at the Colorado City, Texas station. The Sunrise Pipeline System expansion is currently under construction and is expected to be placed in service in 2019. The cost to acquire our 20 percent undivided interest in the Sunrise Pipeline System is $135 million . We expect to incur approximately $101 million during 2018. Capital expenditures totaled $68 million for the three months ended March 31, 2018 . Environmental Matters We are involved, together with several other companies, in an environmental cleanup in the Village of Hartford, Illinois (the Village) and during 2015, one of these companies assumed the ongoing remediation in the Village pursuant to a federal court order. We had previously conducted an initial response in the Village, along with other companies, pursuant to an administrative order issued by the U.S. Environmental Protection Agency (EPA). The parties involved in the initial response may have further claims among themselves for costs already incurred. We also continue to be engaged in site assessment and interim measures at the adjacent shutdown refinery site, which we acquired as part of an acquisition in 2005, and we are in litigation with other potentially responsible parties and the Illinois EPA relating to the remediation of the site. In each of these matters, we have various defenses, limitations, and potential rights for contribution from the other responsible parties. We have recorded a liability for our expected contribution obligations. Progress is being made with the Illinois EPA on remediation standards in certain areas. While we are actively working with the Illinois EPA to identify end points, 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. Texas City Refinery Fire In April 2018, our Texas City Refinery experienced a fire in its alkylate fractionator. As of the filing of this quarterly report, the Texas City Refinery is running at reduced rates while efforts are underway to determine the cause of the accident, assess damages, and establish a plan for making repairs. Although we are in the preliminary stages of assessing the extent of damages, we do not believe that this incident will have a material adverse effect on our results of operations.

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
EQUITY	5. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2018 2017 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 21,991 $ 909 $ 22,900 $ 20,024 $ 830 $ 20,854 Net income 469 113 582 305 16 321 Dividends (345 ) — (345 ) (315 ) — (315 ) Stock-based compensation expense 14 — 14 13 — 13 Transactions in connection with stock-based compensation plans (46 ) — (46 ) (10 ) — (10 ) Stock purchases under purchase programs (256 ) — (256 ) (292 ) — (292 ) Contribution from noncontrolling interest — 30 30 — — — Distributions to noncontrolling interests — (11 ) (11 ) — (34 ) (34 ) Other 2 4 6 24 14 38 Other comprehensive income 48 3 51 76 — 76 Balance as of end of period $ 21,877 $ 1,048 $ 22,925 $ 19,825 $ 826 $ 20,651 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs. Share Activity There was no significant share activity during the three months ended March 31, 2018 and 2017 . Common Stock Dividends On May 3, 2018 , our board of directors declared a quarterly cash dividend of $0.80 per common share payable on June 5, 2018 to holders of record at the close of business on May 17, 2018 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2018 2017 Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (507 ) $ (433 ) $ (940 ) $ (1,021 ) $ (389 ) $ (1,410 ) Other comprehensive income before reclassifications 42 — 42 74 — 74 Amounts reclassified from accumulated other comprehensive loss — 6 6 — 2 2 Other comprehensive income 42 6 48 74 2 76 Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02 (see Note 1) — (91 ) (91 ) — — — Balance as of end of period $ (465 ) $ (518 ) $ (983 ) $ (947 ) $ (387 ) $ (1,334 )

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. 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. Our significant consolidated 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; • 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; and • terminaling agreements with three subsidiaries of Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova), a Mexican subsidiary of Sempra Energy, a U.S. public company (the three subsidiaries are collectively referred to as VPM Terminals). 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 some of our VIEs in support of their construction or acquisition activities, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by our consolidated VIEs’ performance, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2018 VLP DGD VPM Terminals Other Total Assets Cash and temporary cash investments $ 71 $ 41 $ 1 $ 17 $ 130 Other current assets 1 243 9 — 253 Property, plant, and equipment, net 1,416 475 57 123 2,071 Liabilities Current liabilities $ 26 $ 34 $ 3 $ 9 $ 72 Debt and capital lease obligations, less current portion 989 — — 41 1,030 December 31, 2017 VLP DGD VPM Terminals Other Total Assets Cash and temporary cash investments $ 42 $ 123 $ 1 $ 13 $ 179 Other current assets 2 66 4 — 72 Property, plant, and equipment, net 1,416 435 51 127 2,029 Liabilities Current liabilities $ 27 $ 33 $ 26 $ 9 $ 95 Debt and capital lease obligations, less current portion 905 — — 43 948 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. MVP is one of our non-consolidated VIEs and is accounted for under owner accounting as described in Note 4 . As of March 31, 2018 , our maximum exposure to loss was $122 million , which represents our equity investment in MVP. We have not provided any financial support to MVP other than amounts previously required by our membership interest.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2018
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	7. 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 2018 2017 2018 2017 Three months ended March 31: Service cost $ 34 $ 31 $ 1 $ 1 Interest cost 23 21 2 3 Expected return on plan assets (41 ) (37 ) — — Amortization of: Net actuarial (gain) loss 16 13 — (1 ) Prior service credit (5 ) (5 ) (3 ) (4 ) Special charges 2 — — — Net periodic benefit cost (credit) $ 29 $ 23 $ — $ (1 ) The components of net periodic benefit cost (credit) other than the service cost component ( i.e. , the non-service cost components) are included in the line item “other income, net” in the statements of income. Our anticipated contributions to our pension and other postretirement benefit plans during 2018 have not changed from amounts previously disclosed in our financial statements for the year ended December 31, 2017 . We contributed $8 million and $7 million , respectively, to our pension plans and $4 million and $5 million , respectively, to our other postretirement benefit plans during the three months ended March 31, 2018 and 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	8. INCOME TAXES On December 22, 2017, Tax Reform was enacted, which resulted in significant changes to the U.S. Internal Revenue Code of 1986, as amended (the Code), and was effective beginning on January 1, 2018. Tax Reform introduced significant and complex changes to the Code, and regulatory guidance from the Internal Revenue Service (IRS) is needed in order to properly account for many of the changes. In response, the SEC issued Staff Accounting Bulletin No. 118, “Income Tax Accounting Implications of the Tax Cuts and Jobs Act,” that was codified through the issuance of ASU No. 2018-05 as described in Note 1 , which requires that the effects of Tax Reform be recorded for items where the accounting is complete, as well as for items where a reasonable estimate can be made (referred to as provisional amounts). For items where reasonable estimates cannot be made, provisional amounts should not be recorded and those items would continue to be accounted for under the Code prior to changes from Tax Reform until a reasonable estimate can be made. We recorded an overall income tax benefit of $1.9 billion associated with the effects of Tax Reform for the year ended December 31, 2017, and in accordance with ASU No. 2018-05, that benefit included provisional amounts associated with the one-time transition tax on the deemed repatriation of previously undistributed accumulated earnings and profits of our international subsidiaries. We also identified items where reasonable estimates could not be made at that time. We did not revise our initial provisional estimate during the three months ended March 31, 2018 , and we have not completed our accounting for the income tax effects of Tax Reform. We continue to gather additional information in order to revise our initial estimates and await regulatory guidance from the IRS. We anticipate this information and guidance will be available in the second half of 2018 and that any adjustments will be recorded at that time. The lower effective tax rate during the three months ended March 31, 2018 is due to the reduction in the U.S. statutory income tax rate from 35 percent to 21 percent effective January 1, 2018 as a result of Tax Reform.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 469 $ 305 Less dividends paid: Common stock 344 314 Participating securities 1 1 Undistributed earnings (excess distributions over earnings) $ 124 $ (10 ) Weighted-average common shares outstanding 1 431 2 448 Earnings per common share: Distributed earnings $ 0.80 $ 0.80 $ 0.70 $ 0.70 Undistributed earnings (excess distributions over earnings) 0.29 0.29 — (0.02 ) Total earnings per common share $ 1.09 $ 1.09 $ 0.70 $ 0.68 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 469 $ 305 Weighted-average common shares outstanding 431 448 Common equivalent shares 1 3 Weighted-average common shares outstanding – assuming dilution 432 451 Earnings per common share – assuming dilution $ 1.09 $ 0.68 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Revenues and Segment Informatio

Revenues and Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	10. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “ Segment Information ” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of the financial statements. Receivables from Contracts with Customers Our receivables from contracts with customers are included in “receivables, net.” These balances were $5.1 billion and $5.7 billion as of March 31, 2018 and January 1, 2018, respectively. Remaining Performance Obligations The majority of our contracts with customers are spot contracts and therefore have no remaining performance obligations. All of our remaining contracts with customers are primarily term contracts, the majority of which expire by 2020 . The transaction price for these term contracts includes an immaterial fixed amount and variable consideration (i.e., a commodity price). The variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation; therefore, the variable consideration is not included in the remaining performance obligation. As of March 31, 2018 , after excluding contracts with an original expected duration of one year or less, the aggregate amount of the transaction price allocated to our remaining performance obligations was immaterial as the transaction price for these contracts includes only an immaterial fixed amount. Segment Information We have three reportable segments – refining, ethanol, and VLP. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, 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 is a description of each segment’s business operations. • The refining segment includes the operations of our 15 petroleum refineries, the associated marketing activities, and certain logistics assets that support our refining operations that are not owned by VLP. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks (e.g., conventional gasolines, premium gasolines, and gasoline meeting the specifications of the California Air Resources Board (CARB)), distillates (e.g., diesel, low-sulfur diesel, ultra-low-sulfur diesel, CARB diesel, jet fuel, and other distillates), and other products (e.g., asphalt, petrochemicals, lubricants, and other refined petroleum products). • The ethanol segment includes the operations of our 11 ethanol plants, the associated marketing activities, and logistics assets that support our ethanol operations. The principal products manufactured by our ethanol plants are ethanol and distillers grains. Some ethanol is sold to our refining segment, which is blended into gasoline and sold to that segment’s customers as a finished gasoline product. • The VLP segment includes the results of VLP. VLP generates revenue from transportation and terminaling activities provided to our refining segment. All of VLP’s revenues are intersegment revenues that are generated under commercial agreements with our refining segment. Revenues generated under these agreements are eliminated in consolidation. Operations that are not included in any of the reportable segments are included in the corporate category. The following table reflects the components of operating income by reportable segment (in millions): Refining Ethanol VLP Corporate and Eliminations Total Three months ended March 31, 2018: Revenues: Revenues from external customers $ 25,561 $ 877 $ — $ 1 $ 26,439 Intersegment revenues 4 46 132 (182 ) — Total revenues 25,565 923 132 (181 ) 26,439 Cost of sales: Cost of materials and other 23,188 749 — (181 ) 23,756 Operating expenses (excluding depreciation and amortization expense reflected below) 997 111 29 (1 ) 1,136 Depreciation and amortization expense 448 18 19 — 485 Total cost of sales 24,633 878 48 (182 ) 25,377 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 238 238 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 922 $ 45 $ 84 $ (250 ) $ 801 Three months ended March 31, 2017: Revenues: Revenues from external customers $ 20,887 $ 885 $ — $ — $ 21,772 Intersegment revenues — 60 106 (166 ) — Total revenues 20,887 945 106 (166 ) 21,772 Cost of sales: Cost of materials and other 18,807 787 — (166 ) 19,428 Operating expenses (excluding depreciation and amortization expense reflected below) 991 109 24 — 1,124 Depreciation and amortization expense 449 27 12 — 488 Total cost of sales 20,247 923 36 (166 ) 21,040 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 192 192 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 640 $ 22 $ 70 $ (204 ) $ 528 The following table provides a disaggregation of revenues by reportable segment (in millions). Refining and ethanol segment revenues are disaggregated for our principal products, and VLP segment revenues are disaggregated by activity type. Three Months Ended March 31, 2018 2017 Refining: Gasolines and blendstocks $ 10,629 $ 9,335 Distillates 12,658 9,696 Other product revenues 2,274 1,856 Total refining revenues 25,561 20,887 Ethanol: Ethanol 701 750 Distillers grains 176 135 Total ethanol revenues 877 885 VLP: Pipeline transportation 31 23 Terminaling 99 83 Storage and other 2 — Total VLP revenues 132 106 Corporate – other revenues 1 — Elimination of intersegment revenues (132 ) (106 ) Revenues $ 26,439 $ 21,772 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 40,699 $ 40,382 Ethanol 1,355 1,344 VLP 1,545 1,517 Corporate and eliminations 5,777 6,915 Total assets $ 49,376 $ 50,158

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2018
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): Three Months Ended 2018 2017 Decrease (increase) in current assets: Receivables, net $ 145 $ 817 Inventories (126 ) (291 ) Prepaid expenses and other (79 ) 53 Increase (decrease) in current liabilities: Accounts payable (322 ) (306 ) Accrued expenses (131 ) 20 Taxes other than income taxes payable (111 ) (123 ) Income taxes payable (402 ) (19 ) Changes in current assets and current liabilities $ (1,026 ) $ 151 Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2018 2017 Interest paid in excess of amount capitalized $ 127 $ 128 Income taxes paid, net 552 96 There were no significant noncash investing and financing activities for the three months ended March 31, 2018 . Noncash investing and financing activities during the three months ended March 31, 2017 included the recognition of capital lease assets and related obligations totaling approximately $490 million for the lease of storage tanks located at three of our refineries.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	12. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2018 and December 31, 2017 . 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 following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2018 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 $ 1,011 $ 15 $ — $ 1,026 $ (1,013 ) $ (1 ) $ 12 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 63 — 8 71 n/a n/a 71 n/a Total $ 1,075 $ 17 $ 8 $ 1,100 $ (1,013 ) $ (1 ) $ 86 Liabilities: Commodity derivative contracts $ 1,030 $ 16 $ — $ 1,046 $ (1,013 ) $ (33 ) $ — $ (97 ) Environmental credit obligations — 87 — 87 n/a n/a 87 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Total $ 1,030 $ 105 $ — $ 1,135 $ (1,013 ) $ (33 ) $ 89 December 31, 2017 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 875 $ 19 $ — $ 894 $ (893 ) $ — $ 1 $ — Investments of certain benefit plans 65 — 8 73 n/a n/a 73 n/a Total $ 940 $ 19 $ 8 $ 967 $ (893 ) $ — $ 74 Liabilities: Commodity derivative contracts $ 955 $ 14 $ — $ 969 $ (893 ) $ (76 ) $ — $ (102 ) Environmental credit obligations — 104 — 104 n/a n/a 104 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 962 $ 124 $ — $ 1,086 $ (893 ) $ (76 ) $ 117 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures and swaps, and as disclosed in Note 13 , some of these contracts are designated as hedging instruments. These contracts are measured at fair value using the market approach. Exchange-traded futures are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. Swaps are priced using third-party broker quotes, industry pricing services, and exchange-traded curves, with appropriate consideration of counterparty credit risk, but because they have contractual terms that are not identical to exchange-traded futures instruments with a comparable market price, these financial instruments are categorized in Level 2 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer. • Foreign currency contracts consist of foreign currency exchange and purchase contracts entered into for our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of those operations. These contracts are valued based on quoted prices from the exchange and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32), Quebec’s Environmental Quality Act (the Quebec cap-and-trade system), and Ontario’s Climate Change Mitigation and Low-Carbon Economy Act (the Ontario cap-and-trade system), (collectively, the cap-and-trade systems). To the degree we are unable to blend biofuels (such as ethanol and biodiesel) at percentages required under the biofuel programs, we must purchase biofuel credits to comply with these programs. Under the cap-and-trade systems, we must purchase emission credits to comply with these systems. These programs are further described in Note 13 under “Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between levels for assets and liabilities held as of March 31, 2018 and December 31, 2017 that were measured at fair value on a recurring basis. There was no significant activity during the three months ended March 31, 2018 and 2017 related to the fair value amounts categorized in Level 3 as of March 31, 2018 and December 31, 2017 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2018 and December 31, 2017 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): March 31, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments Level 1 $ 4,658 $ 4,658 $ 5,850 $ 5,850 Financial liabilities: Debt (excluding capital leases) Level 2 8,392 9,527 8,310 9,795

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 , 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 2018 2019 Crude oil and refined petroleum products: Swaps – long 9,099 — Swaps – short 8,636 — Futures – long 99,455 — Futures – short 101,298 — Corn: Futures – long 23,800 125 Futures – short 63,330 4,685 Physical contracts – long 35,069 4,759 Soybean oil: Futures – long 28,320 — Futures – short 89,819 — • Trading Derivatives – Our objective for entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions for crude oil and refined petroleum products. As of March 31, 2018 , 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 corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2018 2019 Crude oil and refined petroleum products: Swaps – long 300 — Swaps – short 300 — Futures – long 35,329 2,675 Futures – short 35,247 2,675 Options – long 112,500 — Options – short 112,800 — Corn: Futures – long 250 — We had no commodity derivative contracts outstanding as of March 31, 2018 and 2017 or during the three months ended March 31, 2018 and 2017 that were designated as fair value or cash flow hedges. Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions entered into by our international operations that are denominated in currencies other than the local (functional) currencies of those operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency exchange and purchase contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of March 31, 2018 , we had forward contracts to purchase $479 million of U.S. dollars. Substantially all of these commitments matured on or before April 30, 2018 . 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 $206 million and $146 million for the three months ended March 31, 2018 and 2017 , 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 months ended March 31, 2018 and 2017 and expect to continue to recover the majority of these costs in the future. For the three months ended March 31, 2018 and 2017 , the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of March 31, 2018 and December 31, 2017 (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 following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 1,009 $ 1,029 Swaps Receivables, net 6 12 Options Receivables, net 11 5 Physical purchase contracts Inventories 2 2 Foreign currency contracts Receivables, net 1 — Total $ 1,029 $ 1,048 Balance Sheet Location December 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 875 $ 955 Swaps Receivables, net 11 11 Options Receivables, net 8 3 Physical purchase contracts Inventories — 6 Foreign currency contracts Accrued expenses — 7 Total $ 894 $ 982 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 line items in the statements of income in which such gains and losses are reflected (in millions). Derivatives Designated as Economic Hedges Location of Loss Three Months Ended 2018 2017 Commodity contracts Cost of materials and other $ (48 ) $ (97 ) Foreign currency contracts Cost of materials and other (3 ) (6 ) Trading Derivatives Location of Gain Three Months Ended 2018 2017 Commodity contracts Cost of materials and other $ 36 $ 1

Basis of Presentation and Sig21

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General As used in this report, the terms “Valero,” “we,” “us,” or “our” refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet as of December 31, 2017 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, 2017 .
Reclassifications	Reclassifications Certain amounts reported for the three months ended March 31, 2017 have been reclassified in order to conform to the 2018 presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Revenue Recognition	Revenue Recognition We adopted the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 606, “Revenue from Contracts with Customers,” (Topic 606) on January 1, 2018, as described below in “Accounting Pronouncements Adopted On January 1, 2018.” Accordingly, our revenue recognition accounting policy has been revised to reflect the adoption of this standard. Our revenues are primarily generated from contracts with customers. We generate revenue from contracts with customers from the sale of products by our refining and ethanol segments. Our VLP segment generates intersegment revenues from transportation and terminaling activities provided to our refining segment that are eliminated in consolidation. Revenues are recognized when we satisfy our performance obligation to transfer products to our customers, which typically occurs at a point in time upon shipment or delivery of the products, and for an amount that reflects the transaction price that is allocated to the performance obligation. The customer is able to direct the use of, and obtain substantially all of the benefits from, the products at the point of shipment or delivery. As a result, we consider control to have transferred upon shipment or delivery because we have a present right to payment at that time, the customer has legal title to the asset, we have transferred physical possession of the asset, and the customer has significant risks and rewards of ownership of the asset. Our contracts with customers state the final terms of the sale, including the description, quantity, and price for goods sold. Payment is typically due in full within two to ten days of delivery. In the normal course of business, we generally do not accept product returns. The transaction price is the consideration that we expect to be entitled to in exchange for our products. The transaction price for substantially all of our contracts is generally based on commodity market pricing (i.e., variable consideration). As such, this market pricing may be constrained (i.e., not estimable) at the inception of the contract but will be recognized based on the applicable market pricing, which will be known upon transfer of the goods to the customer. Some of our contracts also contain variable consideration in the form of sales incentives to our customers, such as discounts and rebates. For contracts that include variable consideration, we estimate the factors that determine the variable consideration in order to establish the transaction price. We have elected to exclude from the measurement of the transaction price all taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction and collected by us from a customer (e.g., sales tax, use tax, value-added tax, etc.). We continue to include in the transaction price excise taxes that are imposed on certain inventories in our international operations. The amount of such taxes is provided in supplemental information in a footnote on the statements of income. There are instances where we provide shipping services in relation to the goods sold to our customer. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are included in cost of materials and other. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities rather than as a promised service and we have included these activities in cost of materials and other.
New Accounting Pronouncements	Accounting Pronouncements Adopted On January 1, 2018 Topic 606 Effective January 1, 2018, we adopted the provisions of Topic 606, which clarifies the principles for recognizing revenue and supersedes previous revenue recognition requirements under “Revenue Recognition (Topic 605),” using the modified retrospective method of adoption as permitted by the standard. Under this 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 elected to apply the transition guidance only to contracts that were not completed as of the date of adoption. There was no material impact to our financial position as a result of adopting Topic 606; therefore, there was no cumulative-effect adjustment to retained earnings as of January 1, 2018. Additionally, there was no material impact to our financial position or results of operations as of and for the three months ended March 31, 2018. See “Revenue Recognition” above for a discussion of our accounting policy affected by our adoption of Topic 606. Also see Note 10 for further information on our revenues. We implemented new processes in order to monitor ongoing compliance with accounting and disclosure requirements. ASU No. 2016-01 In January 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-01, “Financial Instruments—Overall (Subtopic 825-10),” (ASU No. 2016-01) to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. Effective January 1, 2018, we adopted the provisions of ASU No. 2016-01 using the cumulative-effect method of adoption as required by the ASU. The adoption of this ASU did not affect our financial position or our results of operations as of or for the three months ended March 31, 2018, but it resulted in reduced disclosures as it eliminated the requirement to disclose the methods and significant assumptions used to estimate the fair value of financial instruments. ASU No. 2017-07 In March 2017, the FASB issued ASU No. 2017-07, “Compensation—Retirement Benefits (Topic 715),” (ASU No. 2017-07) 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. Effective January 1, 2018, we retrospectively adopted the provisions of ASU No. 2017-07. The adoption of this ASU did not affect our financial position or results of operations. However, for the three months ended March 31, 2017 , we reclassified the non-service cost components out of operating expenses (excluding depreciation and amortization expense) and general and administrative expenses (excluding depreciation and amortization expense) of $7 million and $2 million , respectively, and into other income, net. ASU No. 2017-09 In May 2017, the FASB issued ASU No. 2017-09, “Compensation—Stock Compensation (Topic 718),” (ASU No. 2017-09) 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. Effective January 1, 2018, we adopted ASU No. 2017-09. The adoption of this ASU did not have an immediate effect on our financial position or results of operations as it is applied prospectively to an award modified on or after adoption. ASU No. 2018-02 In February 2018, the FASB issued ASU No. 2018-02, “Income Statement—Reporting Comprehensive Income (Topic 220),” (ASU No. 2018-02) which allows for the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 (Tax Reform) to be reclassified from accumulated other comprehensive income to retained earnings. The provisions of ASU No. 2018-02 are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. This ASU shall be applied either at the beginning of the annual or interim period of adoption or retrospectively to each period in which the income tax effects of Tax Reform affects the items remaining in accumulated other comprehensive income (loss). We elected to reclassify the stranded income tax effects of Tax Reform from accumulated other comprehensive loss to retained earnings as of the beginning of the interim period of adoption. Effective January 1, 2018, we adopted ASU No. 2018-02 and such adoption did not affect our financial position or results of operations but resulted in the reclassification of $91 million of income tax benefits related to Tax Reform from accumulated other comprehensive loss to retained earnings as presented in Note 5 under “Accumulated Other Comprehensive Loss.” We release stranded income tax effects from accumulated other comprehensive income (loss) to retained earnings on an individual item basis as those items are reclassified into income. ASU No. 2018-05 In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)—Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” (ASU No. 2018-05) which amends certain Securities and Exchange Commission (SEC) material in Topic 740 for the income tax accounting implications of the recently issued Tax Reform. This guidance clarifies the application of Topic 740 in situations where a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting under Topic 740 for certain income tax effects of Tax Reform for the reporting period in which Tax Reform was enacted. See Note 8 for a discussion of the impacts of this ASU. Accounting Pronouncements Not Yet Adopted Topic 842 In February 2016, the FASB issued “Leases (Topic 842),” (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. We are enhancing our contracting and lease evaluation systems and related processes, and we are developing a new lease accounting system to capture our leases and support the required disclosures. During 2018, we will continue to monitor the adoption process to ensure compliance with accounting and disclosure requirements. We also continue the integration of our lease accounting system with our general ledger, and we will make modifications to the related procurement and payment processes. We anticipate this standard will have a material impact on our financial position by increasing our assets and liabilities by equal amounts through the recognition of right-of-use assets and lease liabilities for our operating leases. However, we do not expect adoption to have a material impact on our results of operations or liquidity. We expect our accounting for capital leases to remain substantially unchanged. ASU No. 2017-12 In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815),” (ASU No. 2017-12) 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 ASU No. 2017-12 effective January 1, 2019 is not expected to affect our financial position or results of operations.
Variable interest entities	In the normal course of business, we have financial interests in certain entities that have been determined to be VIEs. We 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. MVP is one of our non-consolidated VIEs and is accounted for under owner accounting as described in Note 4 .
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 following tables 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)	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,471 $ 2,427 Refined petroleum products and blendstocks 3,569 3,459 Ethanol feedstocks and products 258 242 Materials and supplies 257 256 Inventories $ 6,555 $ 6,384

Debt and Capital Lease Obliga23

Debt and Capital Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
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 (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2018 Facility Maturity Date Outstanding Letters of Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 138 $ 2,862 VLP Revolver 750 November 2020 — — 750 Canadian Revolver C$ 75 November 2018 C$ — C$ 6 C$ 69 Accounts receivable sales facility 1,300 July 2018 100 n/a 1,200 Letter of credit facility 100 November 2018 n/a — 100 Uncommitted facilities: Letter of credit facilities n/a n/a n/a 273 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 2018 2017 Interest and debt expense $ 139 $ 134 Less capitalized interest 18 13 Interest and debt expense, net of capitalized interest $ 121 $ 121

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of changes in equity	The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Three Months Ended March 31, 2018 2017 Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Valero Stockholders’ Equity Non- controlling Interests (a) Total Equity Balance as of beginning of period $ 21,991 $ 909 $ 22,900 $ 20,024 $ 830 $ 20,854 Net income 469 113 582 305 16 321 Dividends (345 ) — (345 ) (315 ) — (315 ) Stock-based compensation expense 14 — 14 13 — 13 Transactions in connection with stock-based compensation plans (46 ) — (46 ) (10 ) — (10 ) Stock purchases under purchase programs (256 ) — (256 ) (292 ) — (292 ) Contribution from noncontrolling interest — 30 30 — — — Distributions to noncontrolling interests — (11 ) (11 ) — (34 ) (34 ) Other 2 4 6 24 14 38 Other comprehensive income 48 3 51 76 — 76 Balance as of end of period $ 21,877 $ 1,048 $ 22,925 $ 19,825 $ 826 $ 20,651 ___________________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs.
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2018 2017 Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (507 ) $ (433 ) $ (940 ) $ (1,021 ) $ (389 ) $ (1,410 ) Other comprehensive income before reclassifications 42 — 42 74 — 74 Amounts reclassified from accumulated other comprehensive loss — 6 6 — 2 2 Other comprehensive income 42 6 48 74 2 76 Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02 (see Note 1) — (91 ) (91 ) — — — Balance as of end of period $ (465 ) $ (518 ) $ (983 ) $ (947 ) $ (387 ) $ (1,334 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2018 VLP DGD VPM Terminals Other Total Assets Cash and temporary cash investments $ 71 $ 41 $ 1 $ 17 $ 130 Other current assets 1 243 9 — 253 Property, plant, and equipment, net 1,416 475 57 123 2,071 Liabilities Current liabilities $ 26 $ 34 $ 3 $ 9 $ 72 Debt and capital lease obligations, less current portion 989 — — 41 1,030 December 31, 2017 VLP DGD VPM Terminals Other Total Assets Cash and temporary cash investments $ 42 $ 123 $ 1 $ 13 $ 179 Other current assets 2 66 4 — 72 Property, plant, and equipment, net 1,416 435 51 127 2,029 Liabilities Current liabilities $ 27 $ 33 $ 26 $ 9 $ 95 Debt and capital lease obligations, less current portion 905 — — 43 948

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2018
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 2018 2017 2018 2017 Three months ended March 31: Service cost $ 34 $ 31 $ 1 $ 1 Interest cost 23 21 2 3 Expected return on plan assets (41 ) (37 ) — — Amortization of: Net actuarial (gain) loss 16 13 — (1 ) Prior service credit (5 ) (5 ) (3 ) (4 ) Special charges 2 — — — Net periodic benefit cost (credit) $ 29 $ 23 $ — $ (1 )

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of earnings per common share, basic and diluted	Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended March 31, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 469 $ 305 Less dividends paid: Common stock 344 314 Participating securities 1 1 Undistributed earnings (excess distributions over earnings) $ 124 $ (10 ) Weighted-average common shares outstanding 1 431 2 448 Earnings per common share: Distributed earnings $ 0.80 $ 0.80 $ 0.70 $ 0.70 Undistributed earnings (excess distributions over earnings) 0.29 0.29 — (0.02 ) Total earnings per common share $ 1.09 $ 1.09 $ 0.70 $ 0.68 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 469 $ 305 Weighted-average common shares outstanding 431 448 Common equivalent shares 1 3 Weighted-average common shares outstanding – assuming dilution 432 451 Earnings per common share – assuming dilution $ 1.09 $ 0.68

Revenues and Segment Informat28

Revenues and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment information for our reportable segments	The following table reflects the components of operating income by reportable segment (in millions): Refining Ethanol VLP Corporate and Eliminations Total Three months ended March 31, 2018: Revenues: Revenues from external customers $ 25,561 $ 877 $ — $ 1 $ 26,439 Intersegment revenues 4 46 132 (182 ) — Total revenues 25,565 923 132 (181 ) 26,439 Cost of sales: Cost of materials and other 23,188 749 — (181 ) 23,756 Operating expenses (excluding depreciation and amortization expense reflected below) 997 111 29 (1 ) 1,136 Depreciation and amortization expense 448 18 19 — 485 Total cost of sales 24,633 878 48 (182 ) 25,377 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 238 238 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 922 $ 45 $ 84 $ (250 ) $ 801 Three months ended March 31, 2017: Revenues: Revenues from external customers $ 20,887 $ 885 $ — $ — $ 21,772 Intersegment revenues — 60 106 (166 ) — Total revenues 20,887 945 106 (166 ) 21,772 Cost of sales: Cost of materials and other 18,807 787 — (166 ) 19,428 Operating expenses (excluding depreciation and amortization expense reflected below) 991 109 24 — 1,124 Depreciation and amortization expense 449 27 12 — 488 Total cost of sales 20,247 923 36 (166 ) 21,040 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 192 192 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 640 $ 22 $ 70 $ (204 ) $ 528 The following table provides a disaggregation of revenues by reportable segment (in millions). Refining and ethanol segment revenues are disaggregated for our principal products, and VLP segment revenues are disaggregated by activity type. Three Months Ended March 31, 2018 2017 Refining: Gasolines and blendstocks $ 10,629 $ 9,335 Distillates 12,658 9,696 Other product revenues 2,274 1,856 Total refining revenues 25,561 20,887 Ethanol: Ethanol 701 750 Distillers grains 176 135 Total ethanol revenues 877 885 VLP: Pipeline transportation 31 23 Terminaling 99 83 Storage and other 2 — Total VLP revenues 132 106 Corporate – other revenues 1 — Elimination of intersegment revenues (132 ) (106 ) Revenues $ 26,439 $ 21,772 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 40,699 $ 40,382 Ethanol 1,355 1,344 VLP 1,545 1,517 Corporate and eliminations 5,777 6,915 Total assets $ 49,376 $ 50,158

Supplemental Cash Flow Inform29

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2018
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2018 2017 Decrease (increase) in current assets: Receivables, net $ 145 $ 817 Inventories (126 ) (291 ) Prepaid expenses and other (79 ) 53 Increase (decrease) in current liabilities: Accounts payable (322 ) (306 ) Accrued expenses (131 ) 20 Taxes other than income taxes payable (111 ) (123 ) Income taxes payable (402 ) (19 ) Changes in current assets and current liabilities $ (1,026 ) $ 151 Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2018 2017 Interest paid in excess of amount capitalized $ 127 $ 128 Income taxes paid, net 552 96

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2018 and December 31, 2017 . 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 following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2018 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 $ 1,011 $ 15 $ — $ 1,026 $ (1,013 ) $ (1 ) $ 12 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 63 — 8 71 n/a n/a 71 n/a Total $ 1,075 $ 17 $ 8 $ 1,100 $ (1,013 ) $ (1 ) $ 86 Liabilities: Commodity derivative contracts $ 1,030 $ 16 $ — $ 1,046 $ (1,013 ) $ (33 ) $ — $ (97 ) Environmental credit obligations — 87 — 87 n/a n/a 87 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Total $ 1,030 $ 105 $ — $ 1,135 $ (1,013 ) $ (33 ) $ 89 December 31, 2017 Total Gross Fair Value Effect of Counter- party Netting Effect of Cash Collateral Netting Net Carrying Value on Balance Sheet Cash Collateral Paid or Received Not Offset Fair Value Hierarchy Level 1 Level 2 Level 3 Assets: Commodity derivative contracts $ 875 $ 19 $ — $ 894 $ (893 ) $ — $ 1 $ — Investments of certain benefit plans 65 — 8 73 n/a n/a 73 n/a Total $ 940 $ 19 $ 8 $ 967 $ (893 ) $ — $ 74 Liabilities: Commodity derivative contracts $ 955 $ 14 $ — $ 969 $ (893 ) $ (76 ) $ — $ (102 ) Environmental credit obligations — 104 — 104 n/a n/a 104 n/a Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 962 $ 124 $ — $ 1,086 $ (893 ) $ (76 ) $ 117
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 following table along with their associated fair values (in millions): March 31, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and temporary cash investments Level 1 $ 4,658 $ 4,658 $ 5,850 $ 5,850 Financial liabilities: Debt (excluding capital leases) Level 2 8,392 9,527 8,310 9,795

Price Risk Management Activit31

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2018 , 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 corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity Derivative Instrument 2018 2019 Crude oil and refined petroleum products: Swaps – long 300 — Swaps – short 300 — Futures – long 35,329 2,675 Futures – short 35,247 2,675 Options – long 112,500 — Options – short 112,800 — Corn: Futures – long 250 — As of March 31, 2018 , 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 2018 2019 Crude oil and refined petroleum products: Swaps – long 9,099 — Swaps – short 8,636 — Futures – long 99,455 — Futures – short 101,298 — Corn: Futures – long 23,800 125 Futures – short 63,330 4,685 Physical contracts – long 35,069 4,759 Soybean oil: Futures – long 28,320 — Futures – short 89,819 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of March 31, 2018 and December 31, 2017 (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 following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 1,009 $ 1,029 Swaps Receivables, net 6 12 Options Receivables, net 11 5 Physical purchase contracts Inventories 2 2 Foreign currency contracts Receivables, net 1 — Total $ 1,029 $ 1,048 Balance Sheet Location December 31, 2017 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 875 $ 955 Swaps Receivables, net 11 11 Options Receivables, net 8 3 Physical purchase contracts Inventories — 6 Foreign currency contracts Accrued expenses — 7 Total $ 894 $ 982
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 line items in the statements of income in which such gains and losses are reflected (in millions). Derivatives Designated as Economic Hedges Location of Loss Three Months Ended 2018 2017 Commodity contracts Cost of materials and other $ (48 ) $ (97 ) Foreign currency contracts Cost of materials and other (3 ) (6 ) Trading Derivatives Location of Gain Three Months Ended 2018 2017 Commodity contracts Cost of materials and other $ 36 $ 1

Basis of Presentation and Sig32

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2018	Mar. 31, 2018	Mar. 31, 2017
New Accounting Pronouncements
Operating expenses (excluding depreciation and amortization expense reflected below)		$ 1,136	$ 1,124
General and administrative expenses (excluding depreciation and amortization expense reflected below)		$ 238	192
Accounting Standards Update 2017-07 [Member]
New Accounting Pronouncements
Operating expenses (excluding depreciation and amortization expense reflected below)			7
General and administrative expenses (excluding depreciation and amortization expense reflected below)			$ 2
Accounting Standards Update 2018-02 [Member]
New Accounting Pronouncements
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02	$ 91

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Schedule of Inventories
Refinery feedstocks	$ 2,471	$ 2,427
Refined petroleum products and blendstocks	3,569	3,459
Ethanol feedstocks and products	258	242
Materials and supplies	257	256
Inventories	6,555	6,384
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	3,100	3,000
Amount of non-LIFO inventory	$ 905	$ 1,000

Debt and Capital Lease Obliga34

Debt and Capital Lease Obligations, Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Credit Facilities [Member] | A/R Sales Facility [Member]
Credit Facilities (Textual)
Line of credit facility, maximum borrowing capacity	$ 1,300,000,000
Interest rate at period end (percent)	2.3616%	2.0387%
Valero Energy Partners LP [Member] | Senior Notes [Member] | VLP Senior Notes Due March 2028 [Member]
Credit Facilities (Textual)
Face amount of long-term debt issuance	$ 500,000,000
Stated rate on debt instrument (percent)	4.50%
Maturity date of long-term debt	Mar. 15, 2028
Proceeds from issuance of senior long-term debt	$ 498,000,000
Debt issuance costs	5,000,000
Valero Energy Partners LP [Member] | Credit Facilities [Member] | VLP Revolver [Member]
Credit Facilities (Textual)
Repayments of outstanding amounts under the VLP revolver	410,000,000
Valero Energy Partners LP [Member] | Credit Facilities [Member] | VLP Revolver [Member]
Credit Facilities (Textual)
Line of credit facility, maximum borrowing capacity	750,000,000
Valero Energy Partners LP [Member] | Subordinated Debt [Member] | VLP Subordinated Notes [Member]
Credit Facilities (Textual)
Repayments of notes payable-related party	$ 85,000,000

Debt and Capital Lease Obliga35

Debt and Capital Lease Obligations, Credit Facilities (Details) - 3 months ended Mar. 31, 2018	CAD ($)	USD ($)
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Amount outstanding		$ 273,000,000
Credit Facilities [Member] | Valero Revolver [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		2,862,000,000
Credit Facilities [Member] | Valero Revolver Letter of Credit [Member]
Line of Credit Facility
Amount outstanding		138,000,000
Credit Facilities [Member] | VLP Revolver [Member] | Valero Energy Partners LP [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		0
Line of credit facility, remaining borrowing capacity		750,000,000
Credit Facilities [Member] | VLP Revolver Letter of Credit [Member] | Valero Energy Partners LP [Member]
Line of Credit Facility
Amount outstanding		0
Credit Facilities [Member] | Canadian Revolver [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, expiration date	Nov. 30, 2018
Amount outstanding	$ 0
Line of credit facility, remaining borrowing capacity	69,000,000
Credit Facilities [Member] | Canadian Revolver Letter of Credit [Member]
Line of Credit Facility
Amount outstanding	$ 6,000,000
Credit Facilities [Member] | A/R Sales Facility [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 [Member] | Committed Letter of Credit Facility Expires November 2018 [Member]
Line of Credit Facility
Line of credit facility, maximum borrowing capacity		100,000,000
Line of credit facility, expiration date	Nov. 30, 2018
Amount outstanding		0
Line of credit facility, remaining borrowing capacity		$ 100,000,000

Debt and Capital Lease Obliga36

Debt and Capital Lease Obligations, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 139	$ 134
Less capitalized interest	18	13
Interest and debt expense, net of capitalized interest	$ 121	$ 121

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	2 Months Ended	3 Months Ended		6 Months Ended	7 Months Ended	11 Months Ended	17 Months Ended	21 Months Ended	27 Months Ended
	Mar. 31, 2018USD ($)bbl / drenewalMBbls	Mar. 31, 2018USD ($)bbl / drenewalMBbls	Mar. 31, 2017USD ($)	Mar. 31, 2018USD ($)bbl / drenewalMBbls	Mar. 31, 2018USD ($)bbl / drenewalMBbls	Dec. 31, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2017USD ($)
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 40,543	$ 40,543		$ 40,543	$ 40,543					$ 40,010
Contributions to MVP		55	$ 117
Cost of undivided interest in pipeline		$ 85	$ 72
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		2	2
Automatic renewal term of terminalling agreement		5 years
Minimum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	$ 0	$ 0		$ 0	$ 0
Maximum [Member]
Commitments and Contingencies (Textual)
Range of possible loss contingency	200	200		200	200
MVP Terminal [Member]
Commitments and Contingencies (Textual)
Contributions to MVP		42			123
MVP Terminal [Member] | Magellan Midstream Partners LP (Magellan) [Member]
Commitments and Contingencies (Textual)
Long-term liability recorded	150	150		150	150
MVP Terminal [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 271	$ 271		$ 271	$ 271
MVP Terminal [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Contributions 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
Central Texas Pipeline [Member]
Commitments and Contingencies (Textual)
Undivided interest in project (percent)	40.00%	40.00%		40.00%	40.00%
Pipeline capacity (in barrels per day) | bbl / d	150,000	150,000		150,000	150,000
Cost of undivided interest in pipeline		$ 17		$ 24
Central Texas Pipeline [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Cost of undivided interest in pipeline								$ 170
Sunrise Pipeline System [Member]
Commitments and Contingencies (Textual)
Undivided interest in project (percent)	20.00%	20.00%		20.00%	20.00%
Pipeline capacity (in barrels per day) | bbl / d	500,000	500,000		500,000	500,000
Cost of undivided interest in pipeline	$ 68
Sunrise Pipeline System [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Cost of undivided interest in pipeline						$ 101	$ 135
Colorado City Storage Tanks [Member]
Commitments and Contingencies (Textual)
Approximate storage capacity of terminal (in barrels) | MBbls	270	270		270	270
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		May 03, 2018	Mar. 31, 2018	Mar. 31, 2017
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period			$ 22,900	$ 20,854
Net income			582	321
Dividends			(345)	(315)
Stock-based compensation expense			14	13
Transactions in connection with stock-based compensation plans			(46)	(10)
Stock purchases under purchase programs			(256)	(292)
Distributions to noncontrolling interests			(11)	(34)
Other			6	38
Other comprehensive income			51	76
Balance as of end of period			22,925	20,651
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		May 3, 2018
Dividends payable, amount per share (in usd per share)		$ 0.80
Dividends payable, date to be paid		Jun. 5, 2018
Dividends payable, date of record		May 17, 2018
Entities Other Than Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Contribution from noncontrolling interest			30	0
Valero Energy Corporation Stockholders [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period			21,991	20,024
Net income			469	305
Dividends			(345)	(315)
Stock-based compensation expense			14	13
Transactions in connection with stock-based compensation plans			(46)	(10)
Stock purchases under purchase programs			(256)	(292)
Distributions to noncontrolling interests			0	0
Other			2	24
Other comprehensive income			48	76
Balance as of end of period			21,877	19,825
Valero Energy Corporation Stockholders [Member] | Entities Other Than Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Contribution from noncontrolling interest			0	0
Noncontrolling Interest [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Balance as of beginning of period	[1]		909	830
Net income	[1]		113	16
Distributions to noncontrolling interests	[1]		(11)	(34)
Other	[1]		4	14
Other comprehensive income	[1]		3	0
Balance as of end of period	[1]		1,048	826
Noncontrolling Interest [Member] | Entities Other Than Valero Energy Partners LP [Member]
Reconciliation of the Beginning and Ending Balances of the Carrying Amounts of Equity
Contribution from noncontrolling interest	[1]		$ 30	$ 0
[1]	The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 6 for information about our consolidated VIEs.

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	$ 21,991
Ending balance, accumulated other comprehensive loss, net of tax	21,877
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(940)	$ (1,410)
Other comprehensive income before reclassifications	42	74
Amounts reclassified from accumulated other comprehensive loss	6	2
Other comprehensive income	48	76
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02	(91)	0
Ending balance, accumulated other comprehensive loss, net of tax	(983)	(1,334)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(507)	(1,021)
Other comprehensive income before reclassifications	42	74
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income	42	74
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02	0	0
Ending balance, accumulated other comprehensive loss, net of tax	(465)	(947)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component
Beginning balance, accumulated other comprehensive loss, net of tax	(433)	(389)
Other comprehensive income before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	6	2
Other comprehensive income	6	2
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02	(91)	0
Ending balance, accumulated other comprehensive loss, net of tax	$ (518)	$ (387)

Variable Interest Entities, Con

Variable Interest Entities, Consolidated (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Assets
Cash and temporary cash investments	$ 4,658	$ 5,850	$ 4,463	$ 4,816
Property, plant, and equipment, net	27,731	27,480
Liabilities
Current liabilities	10,752	11,071
Debt and capital lease obligations, less current portion	8,086	8,750
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	130	179
Other current assets	253	72
Property, plant, and equipment, net	2,071	2,029
Liabilities
Current liabilities	72	95
Debt and capital lease obligations, less current portion	1,030	948
Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	71	42
Other current assets	1	2
Property, plant, and equipment, net	1,416	1,416
Liabilities
Current liabilities	26	27
Debt and capital lease obligations, less current portion	989	905
Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	41	123
Other current assets	243	66
Property, plant, and equipment, net	475	435
Liabilities
Current liabilities	34	33
Debt and capital lease obligations, less current portion	0	0
VPM Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and temporary cash investments	1	1
Other current assets	9	4
Property, plant, and equipment, net	57	51
Liabilities
Current liabilities	3	26
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	17	13
Other current assets	0	0
Property, plant, and equipment, net	123	127
Liabilities
Current liabilities	9	9
Debt and capital lease obligations, less current portion	$ 41	$ 43

Variable Interest Entities, Non

Variable Interest Entities, Non-Consolidated (Details) - Variable Interest Entity, Not Primary Beneficiary [Member] - MVP Terminalling, LLC (MVP) [Member] $ in Millions	Mar. 31, 2018USD ($)
Variable Interest Entities (Textual)
Maximum exposure to loss	$ 122
Equity investment in MVP	$ 122

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 34	$ 31
Interest cost	23	21
Expected return on plan assets	(41)	(37)
Amortization of:
Net actuarial (gain) loss	16	13
Prior service credit	(5)	(5)
Special charges	2	0
Net periodic benefit cost (credit)	29	23
Employee Benefit Plans (Textual)
Contributions to benefit plans	8	7
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1
Interest cost	2	3
Expected return on plan assets	0	0
Amortization of:
Net actuarial (gain) loss	0	(1)
Prior service credit	(3)	(4)
Special charges	0	0
Net periodic benefit cost (credit)	0	(1)
Employee Benefit Plans (Textual)
Contributions to benefit plans	$ 4	$ 5

Income Taxes (Detail)

Income Taxes (Detail) $ in Billions	3 Months Ended
	Mar. 31, 2018USD ($)
Income Tax Narrative (Textual)
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 1.9

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Less dividends paid:
Weighted-average common shares outstanding (in shares)	431	448
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	431	448
Weighted-average common shares outstanding – assuming dilution (in shares)	432	451
Common Class A [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 469	$ 305
Less dividends paid:
Common stock	344	314
Participating securities	1	1
Undistributed earnings (excess distributions over earnings)	$ 124	$ (10)
Weighted-average common shares outstanding (in shares)	431	448
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.80	$ 0.70
Undistributed earnings (excess distributions over earnings) (in usd per share)	0.29	(0.02)
Total earnings per common share (in usd per share)	$ 1.09	$ 0.68
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 469	$ 305
Weighted-average common shares outstanding (in shares)	431	448
Common equivalent shares (in shares)	1	3
Weighted-average common shares outstanding – assuming dilution (in shares)	432	451
Earnings per common share – assuming dilution (in usd per share)	$ 1.09	$ 0.68
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	1	2
Earnings per common share:
Distributed earnings (in usd per share)	$ 0.80	$ 0.70
Undistributed earnings (excess distributions over earnings) (in usd per share)	0.29	0
Total earnings per common share (in usd per share)	$ 1.09	$ 0.70
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	1	2

Revenues and Segment Informat45

Revenues and Segment Information, Receivables from Contracts with Customers (Details) - USD ($) $ in Billions	Mar. 31, 2018	Jan. 01, 2018
Revenue from Contracts with Customers [Member]
Receivables from Contracts with Customers
Receivables from contracts with customers	$ 5.1	$ 5.7

Revenues and Segment Informat46

Revenues and Segment Information, Components of Operating Income (Details) $ in Millions		3 Months Ended
		Mar. 31, 2018USD ($)refineryethanol_plantsegment	Mar. 31, 2017USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 26,439	$ 21,772
Cost of materials and other		23,756	19,428
Operating expenses (excluding depreciation and amortization expense reflected below)		1,136	1,124
Depreciation and amortization expense		485	488
Total cost of sales		25,377	21,040
Other operating expenses		10	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		238	192
Depreciation and amortization expense		13	12
Operating income		$ 801	528
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment		3
Number of petroleum refineries | refinery		15
Number of ethanol plants | ethanol_plant		11
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (181)	(166)
Operating income		(250)	(204)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		1	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		238	192
Depreciation and amortization expense		13	12
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(182)	(166)
Cost of materials and other		(181)	(166)
Operating expenses (excluding depreciation and amortization expense reflected below)		(1)	0
Depreciation and amortization expense		0	0
Total cost of sales		(182)	(166)
Other operating expenses		0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		25,561	20,887
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		25,565	20,887
Cost of materials and other		23,188	18,807
Operating expenses (excluding depreciation and amortization expense reflected below)		997	991
Depreciation and amortization expense		448	449
Total cost of sales		24,633	20,247
Other operating expenses		10
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		922	640
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		4	0
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		877	885
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		923	945
Cost of materials and other		749	787
Operating expenses (excluding depreciation and amortization expense reflected below)		111	109
Depreciation and amortization expense		18	27
Total cost of sales		878	923
Other operating expenses		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		45	22
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		46	60
VLP [Member]
Segment Information for our Reportable Segments
Revenues		0	0
VLP [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		132	106
Cost of materials and other		0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		29	24
Depreciation and amortization expense		19	12
Total cost of sales		48	36
Other operating expenses		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		84	70
VLP [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 132	$ 106
[1]	Includes excise taxes on sales by certain of our international operations of $1,464 million and $1,272 million for the three months ended March 31, 2018 and 2017, respectively.

Revenues and Segment Informat47

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Revenue by Segment
Revenues	[1]	$ 26,439	$ 21,772
Corporate, Reconciling Items And Eliminations [Member]
Revenue by Segment
Revenues		(181)	(166)
Corporate [Member]
Revenue by Segment
Revenues		1	0
Other Revenues [Member] | Corporate [Member]
Revenue by Segment
Revenues		1	0
Refining [Member]
Revenue by Segment
Revenues		25,561	20,887
Refining [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		25,565	20,887
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		10,629	9,335
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		12,658	9,696
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,274	1,856
Ethanol [Member]
Revenue by Segment
Revenues		877	885
Ethanol [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		923	945
Ethanol [Member] | Ethanol Product [Member]
Revenue by Segment
Revenues		701	750
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		176	135
VLP [Member]
Revenue by Segment
Revenues		0	0
VLP [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		132	106
VLP [Member] | Eliminations And Reconciling Items [Member]
Revenue by Segment
Revenues		(132)	(106)
VLP [Member] | Pipeline Transportation Services [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		31	23
VLP [Member] | Terminaling Services [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		99	83
VLP [Member] | Storage and Other Services [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		$ 2	$ 0
[1]	Includes excise taxes on sales by certain of our international operations of $1,464 million and $1,272 million for the three months ended March 31, 2018 and 2017, respectively.

Revenues and Segment Informat48

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Total Assets by Reportable Segment
Reportable segment assets	$ 49,376	$ 50,158
Corporate, Non-Segment [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,777	6,915
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	40,699	40,382
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,355	1,344
VLP [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,545	$ 1,517

Supplemental Cash Flow Inform49

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Decrease (increase) in current assets:
Receivables, net	$ 145	$ 817
Inventories	(126)	(291)
Prepaid expenses and other	(79)	53
Increase (decrease) in current liabilities:
Accounts payable	(322)	(306)
Accrued expenses	(131)	20
Taxes other than income taxes payable	(111)	(123)
Income taxes payable	(402)	(19)
Changes in current assets and current liabilities	(1,026)	151
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	127	128
Income taxes paid, net	$ 552	96
Capital Lease Obligations [Member]
Supplemental Cash Flow Elements (Textual)
Capital lease obligations incurred		490
Assets Held under Capital Leases [Member]
Supplemental Cash Flow Elements (Textual)
Capital lease assets recognized		$ 490

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Assets:
Investments of certain benefit plans	$ 71	$ 73
Total gross fair value, assets	1,100	967
Effect of Counterparty Netting	(1,013)	(893)
Effect of Cash Collateral Netting	(1)	0
Net Carrying Value on Balance Sheet, Assets	86	74
Liabilities:
Environmental credit obligations	87	104
Total gross fair value, liabilities	1,135	1,086
Effect of Counterparty Netting	(1,013)	(893)
Effect of Cash Collateral Netting	(33)	(76)
Net Carrying Value on Balance Sheet, Liabilities	89	117
Commodity Contracts [Member]
Assets:
Derivative contracts	1,026	894
Effect of Counterparty Netting	(1,013)	(893)
Effect of Cash Collateral Netting	(1)	0
Derivative contracts, net assets	12	1
Cash Collateral Received Not Offset	0	0
Liabilities:
Derivative contracts	1,046	969
Effect of Counterparty Netting	(1,013)	(893)
Effect of Cash Collateral Netting	(33)	(76)
Derivative contracts, net liabilities	0	0
Cash Collateral Paid Not Offset	(97)	(102)
Physical Purchase Contracts [Member]
Assets:
Derivative contracts	2
Derivative contracts, net assets	2
Liabilities:
Derivative contracts	2	6
Derivative contracts, net liabilities	2	6
Foreign Currency Contracts [Member]
Assets:
Derivative contracts	1
Derivative contracts, net assets	1
Liabilities:
Derivative contracts		7
Derivative contracts, net liabilities		7
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	63	65
Total gross fair value, assets	1,075	940
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	1,030	962
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	1,011	875
Liabilities:
Derivative contracts	1,030	955
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	1
Liabilities:
Derivative contracts		7
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	17	19
Liabilities:
Environmental credit obligations	87	104
Total gross fair value, liabilities	105	124
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	15	19
Liabilities:
Derivative contracts	16	14
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	2
Liabilities:
Derivative contracts	2	6
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts		0
Fair Value, Inputs, Level 3 [Member]
Assets:
Investments of certain benefit plans	8	8
Total gross fair value, assets	8	8
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	0	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Physical Purchase Contracts [Member]
Assets:
Derivative contracts	0
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	$ 0
Liabilities:
Derivative contracts		$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	$ 0	$ 0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Financial assets:
Cash and temporary cash investments, at carrying amount	$ 4,658	$ 5,850	$ 4,463	$ 4,816
Financial liabilities:
Debt (excluding capital leases), at carrying amount	8,392	8,310
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and temporary cash investments, at fair value	4,658	5,850
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 9,527	$ 9,795

Price Risk Management Activit53

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2018USD ($)lbMBblsbu	Mar. 31, 2017USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 206	$ 146
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 479
Foreign currency commitments maturity date	Apr. 30, 2018
Economic Hedges [Member] | Swap, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	9,099
Economic Hedges [Member] | Swap, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	8,636
Economic Hedges [Member] | Swap, 2019 Maturity [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, 2019 Maturity [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, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	99,455
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	23,800
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb	28,320
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	101,298
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	63,330
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Soybean Oil (in pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb	89,819
Economic Hedges [Member] | Future, 2019 Maturity [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, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	125
Economic Hedges [Member] | Future, 2019 Maturity [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, 2019 Maturity [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, 2019 Maturity [Member] | Short (Sales) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	4,685
Economic Hedges [Member] | Future, 2019 Maturity [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, 2018 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	35,069
Economic Hedges [Member] | Forward Contracts, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	4,759
Trading Derivatives [Member] | Swap, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	300
Trading Derivatives [Member] | Swap, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	300
Trading Derivatives [Member] | Swap, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0
Trading Derivatives [Member] | Swap, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0
Trading Derivatives [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	35,329
Trading Derivatives [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	250
Trading Derivatives [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	35,247
Trading Derivatives [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	2,675
Trading Derivatives [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	0
Trading Derivatives [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	2,675
Trading Derivatives [Member] | Options Held, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	112,500
Trading Derivatives [Member] | Options Held, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	112,800
Trading Derivatives [Member] | Options Held, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0
Trading Derivatives [Member] | Options Held, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0

Price Risk Management Activit54

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 1,029	$ 894
Derivative liability, fair value, gross liability	1,048	982
Commodity Future [Member] | Receivable, net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1,009	875
Derivative asset, fair value, gross liability	1,029	955
Commodity Swap [Member] | Receivable, net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	6	11
Derivative asset, fair value, gross liability	12	11
Commodity Option [Member] | Receivable, net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	11	8
Derivative asset, fair value, gross liability	5	3
Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	2	0
Derivative asset, fair value, gross liability	2	6
Foreign Currency Contracts [Member] | Receivable, net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1
Derivative asset, fair value, gross liability	$ 0
Foreign Currency Contracts [Member] | Accrued expenses [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset		0
Derivative liability, fair value, gross liability		$ 7

Price Risk Management Activit55

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Materials and Other [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Economic Hedges [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ (48)	$ (97)
Economic Hedges [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(3)	(6)
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 36	$ 1