Valero Energy (VLO) 10-Q 6 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 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	Jun. 30, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		427,398,027

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 4,451	$ 5,850
Receivables, net	7,535	6,922
Inventories	6,420	6,384
Prepaid expenses and other	542	156
Total current assets	18,948	19,312
Property, plant, and equipment, at cost	41,266	40,010
Accumulated depreciation	(13,086)	(12,530)
Property, plant, and equipment, net	28,180	27,480
Deferred charges and other assets, net	3,550	3,366
Total assets	50,678	50,158
Current liabilities:
Current portion of debt and capital lease obligations	183	122
Accounts payable	8,963	8,348
Accrued expenses	641	712
Taxes other than income taxes payable	1,334	1,321
Income taxes payable	220	568
Total current liabilities	11,341	11,071
Debt and capital lease obligations, less current portion	8,876	8,750
Deferred income tax liabilities	4,760	4,708
Other long-term liabilities	2,897	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	7,032	7,039
Treasury stock, at cost; 245,078,683 and 239,603,534 common shares	(13,923)	(13,315)
Retained earnings	29,915	29,200
Accumulated other comprehensive loss	(1,262)	(940)
Total Valero Energy Corporation stockholders’ equity	21,769	21,991
Noncontrolling interests	1,035	909
Total equity	22,804	22,900
Total liabilities and equity	$ 50,678	$ 50,158

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Valero Energy Corporation stockholders’ equity:
Common stock, par value (in dollars 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	245,078,683	239,603,534

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues	[1]	$ 31,015	$ 22,254	$ 57,454	$ 44,026
Cost of sales:
Cost of materials and other		27,860	19,609	51,616	39,037
Operating expenses (excluding depreciation and amortization expense reflected below)		1,110	1,111	2,246	2,235
Depreciation and amortization expense		510	485	995	973
Total cost of sales		29,480	21,205	54,857	42,245
Other operating expenses		21	0	31	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		248	175	486	367
Depreciation and amortization expense		13	14	26	26
Operating income		1,253	860	2,054	1,388
Other income (expense), net		(5)	27	46	53
Interest and debt expense, net of capitalized interest		(124)	(119)	(245)	(240)
Income before income tax expense		1,124	768	1,855	1,201
Income tax expense		249	196	398	308
Net income		875	572	1,457	893
Less: Net income attributable to noncontrolling interests		30	24	143	40
Net income attributable to Valero Energy Corporation stockholders		$ 845	$ 548	$ 1,314	$ 853
Earnings per common share (in dollars per share)		$ 1.96	$ 1.23	$ 3.05	$ 1.90
Weighted-average common shares outstanding (in shares)		429	444	430	446
Earnings per common share – assuming dilution (in dollars per share)		$ 1.96	$ 1.23	$ 3.04	$ 1.90
Weighted-average common shares outstanding – assuming dilution (in shares)		431	446	432	448
Dividends per common share (in dollars per share)		$ 0.8	$ 0.7	$ 1.6	$ 1.4
[1]	Includes excise taxes on sales by certain of our international operations of $1,470 million and $1,384 million for the three months ended June 30, 2018 and 2017, respectively, and $2,934 million and $2,656 million for the six months ended June 30, 2018 and 2017, respectively.

Consolidated Statements of Inc5

Consolidated Statements of Income (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Supplemental information:
Includes excise taxes on sales by certain of our international operations	$ 1,470	$ 1,384	$ 2,934	$ 2,656

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 875	$ 572	$ 1,457	$ 893
Other comprehensive income (loss):
Foreign currency translation adjustment	(291)	208	(246)	282
Net gain on pension and other postretirement benefits	9	4	17	7
Other comprehensive income (loss) before income tax expense	(282)	212	(229)	289
Income tax expense related to items of other comprehensive income (loss)	2	1	4	2
Other comprehensive income (loss)	(284)	211	(233)	287
Comprehensive income	591	783	1,224	1,180
Less: Comprehensive income attributable to noncontrolling interests	25	24	141	40
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 566	$ 759	$ 1,083	$ 1,140

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 1,457	$ 893
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,021	999
Deferred income tax expense (benefit)	(24)	24
Changes in current assets and current liabilities	(445)	859
Changes in deferred charges and credits and other operating activities, net	188	10
Net cash provided by operating activities	2,197	2,785
Cash flows from investing activities:
Capital expenditures	(740)	(572)
Deferred turnaround and catalyst costs	(490)	(308)
Investments in joint ventures	(119)	(222)
Peru Acquisition, net of cash acquired	(471)	0
Capital expenditures of certain variable interest entities	(78)	0
Acquisitions of undivided interests	(145)	(72)
Minor acquisitions	(91)	0
Other investing activities, net	2	0
Net cash used in investing activities	(2,132)	(1,174)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,314	0
Repayments of debt and capital lease obligations	(1,345)	(11)
Purchase of common stock for treasury	(647)	(660)
Common stock dividends	(690)	(627)
Proceeds from issuance of Valero Energy Partners LP common units	0	36
Contribution from noncontrolling interest	32	0
Distributions to noncontrolling interests	(50)	(45)
Other financing activities, net	(16)	(21)
Net cash used in financing activities	(1,402)	(1,328)
Effect of foreign exchange rate changes on cash	(62)	108
Net increase (decrease) in cash and cash equivalents	(1,399)	391
Cash and cash equivalents at beginning of period	5,850	4,816
Cash and cash equivalents at end of period	$ 4,451	$ 5,207

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 prior period amounts have been reclassified 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 Background 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. Revised Policy 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 As previously noted, we adopted the provisions of Topic 606 on January 1, 2018. Topic 606 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 for Topic 606 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 and six months ended June 30, 2018 . See “Revenue Recognition” above for a discussion of our accounting policy affected by our adoption of Topic 606. Also see Note 11 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 and six months ended June 30, 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, but did result in the reclassification of non-service cost components from operating expenses (excluding depreciation and amortization expense) and general and administrative expenses (excluding depreciation and amortization expense) to other income (expense), net. This resulted in an increase of $14 million and $21 million in operating expenses (excluding depreciation and amortization expense) and a decrease of $3 million and $1 million in general and administrative expenses (excluding depreciation and amortization expense) for the three and six months ended June 30, 2017 , respectively. 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. 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 6 under “Accumulated Other Comprehensive Loss.” We release stranded income tax effects from accumulated other comprehensive 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 9 for a discussion of the impact 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 optional transition method, which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings at the date 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.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITION	2. ACQUISITION Peru Acquisition On May 14, 2018 , we acquired 100 percent of the issued and outstanding equity interests in Pure Biofuels del Peru S.A.C. (Pure Biofuels) from Pegasus Capital Advisors L.P. and various minority equity holders (collectively, the sellers). Pure Biofuels markets refined petroleum products through a network of logistics assets throughout Peru. Pure Biofuels owns a terminal at the Port of Callao, near Lima, with approximately 1 million barrels of storage capacity for refined petroleum and renewable products. Through one of its subsidiaries, Pure Biofuels also owns a 180,000 -barrel storage terminal in Paita, in northern Peru, which is scheduled to commence operations later in 2018. We paid $471 million from available cash on hand, of which $122 million was for working capital. The amount paid for working capital is subject to adjustment pending the final working capital settlement that is expected to be completed in the third quarter of 2018. This acquisition, which is referred to as the Peru Acquisition, is consistent with our general business strategy and broadens the geographic diversity of our refining and marketing network. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date, which are preliminary and subject to change after the completion of an independent appraisal and other evaluations (in millions). Current assets, net of cash acquired $ 147 Property, plant, and equipment 137 Deferred charges and other assets 451 Current liabilities, excluding current portion of debt (25 ) Debt assumed, including current portion (137 ) Deferred income tax liabilities (81 ) Other long-term liabilities (21 ) Total consideration, net of cash acquired $ 471 Deferred charges and other assets primarily include identifiable intangible assets of $210 million and goodwill of $228 million . Identifiable intangible assets, which consist of customer contracts and relationships, are expected to be amortized on a straight-line basis over ten years . Goodwill is calculated as the excess of the consideration transferred over the estimated fair values of the underlying tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill represents the future economic benefits expected to be recognized from our expansion into the South American refined petroleum products market arising from other assets acquired that were not individually identified and separately recognized. We determined that the entire balance of goodwill is related to the refining segment. None of the goodwill is expected to be deductible for tax purposes. The Peru Acquisition purchase agreement provides for a potential earn-out payment based on Pure Biofuels’ earnings for the period from January 1, 2021 through December 31, 2021 , or if certain events occur, for the period from January 1, 2020 through December 31, 2020 . The sellers are entitled to receive the contingent earn-out payments if certain financial metrics are achieved by Pure Biofuels. As of June 30, 2018, we did not record a contingent liability with respect to this earn-out agreement based on our preliminary estimate of its fair value. Other Disclosures Our consolidated statements of income include the results of operations of Pure Biofuels since the date of acquisition, and such results are reflected in the refining segment. Results of operations since the date of acquisition, supplemental pro forma financial information, and acquisition-related costs have not been presented for the Peru Acquisition as such information is not material to our results of operations.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,213 $ 2,427 Refined petroleum products and blendstocks 3,717 3,459 Ethanol feedstocks and products 231 242 Materials and supplies 259 256 Inventories $ 6,420 $ 6,384 As of June 30, 2018 and December 31, 2017 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $3.9 billion and $3.0 billion , respectively, and our non-LIFO inventories accounted for $1.1 billion and $1.0 billion , respectively, of our total inventories.

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations	6 Months Ended
	Jun. 30, 2018
Debt and Capital Lease Obligations [Abstract]
DEBT AND CAPITAL LEASE OBLIGATIONS	4. DEBT AND CAPITAL LEASE OBLIGATIONS Debt During the six months ended June 30, 2018 , the following activity occurred: • We issued in a public offering $750 million aggregate principal amount of our 4.35 percent Senior Notes due June 1, 2028 . Gross proceeds from this debt issuance were $749 million before deducting the underwriting discount and other debt issuance costs totaling $7 million . The proceeds were used to redeem our 9.375 percent Senior Notes due March 15, 2019 ( 9.375 percent Senior Notes) for $787 million , which includes an early redemption fee of $37 million that was charged to other income (expense), net. • 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. • Central Mexico Terminals, which is the name used by us to refer to one of our consolidated variable interest entities (VIEs) and which is further described and defined in Note 7, entered into a combined $340 million unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 7). Central Mexico Terminals borrowed $56 million and had no repayments under the IEnova Revolver. The IEnova Revolver matures in February 2028 . However, IEnova may terminate the IEnova Revolver at any time and demand repayment of all outstanding amounts; therefore, such amounts are reflected in current portion of debt. The IEnova Revolver is available only to the operations of Central Mexico Terminals, and the creditors of Central Mexico Terminals do not have recourse against Valero. Outstanding borrowings under the IEnova Revolver bear interest at the three-month LIBO rate for the applicable interest period in effect from time to time plus the applicable margin. The interest rate under the IEnova Revolver is subject to adjustment, with agreement by both parties, based upon changes in market conditions. As of June 30, 2018, the variable rate was 5.958 percent. • We retired $137 million of debt assumed in connection with the Peru Acquisition with available cash on hand. During the six months ended June 30, 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): June 30, 2018 Facility Maturity Date Outstanding Letters of Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 119 $ 2,881 VLP Revolver 750 November 2020 — — 750 IEnova Revolver 340 February 2028 56 n/a 284 Canadian Revolver C$ 75 November 2018 C$ — C$ 6 C$ 69 Accounts receivable sales facility (a) 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 301 n/a ___________________ (a) In July 2018, we amended this facility to extend the maturity date from July 2018 to July 2019 . Letters of credit issued as of June 30, 2018 expire at various times in 2018 through 2020 . As of June 30, 2018 and December 31, 2017 , the variable interest rate on the accounts receivable sales facility was 2.7009 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 Six Months Ended 2018 2017 2018 2017 Interest and debt expense $ 144 $ 134 $ 283 $ 268 Less capitalized interest 20 15 38 28 Interest and debt expense, net of capitalized interest $ 124 $ 119 $ 245 $ 240

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	5. 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 $185 million to MVP of which $104 million was contributed during the six months ended June 30, 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 we determined that the terminaling agreement was a capital lease, we are the accounting owner of the MVP Terminal during the construction period. Accordingly, as of June 30, 2018 , we recorded an asset of $370 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 $186 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. The estimated cost of our 40 percent undivided interest in this pipeline is $170 million . Since inception, capital expenditures have totaled $49 million , of which $42 million was spent during the six months ended June 30, 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), that provides us a 20 percent undivided interest in the Sunrise Pipeline System expansion 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) that originates at Plains’ terminal in Midland, Texas and ends 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 estimated cost of our 20 percent undivided interest in the Sunrise Pipeline System is $135 million . Capital expenditures totaled $103 million for the six months ended June 30, 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 environmental cleanup 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 our shutdown refinery site, which is adjacent to the Village. During the second quarter of 2018, we entered into a consent order with the Illinois EPA that we anticipate will be approved by the state court. In the consent order, we have assumed the underlying liability for full cleanup of our shutdown refinery site. As a result, we recorded an adjustment to our existing environmental liability related to this matter, which did not materially affect our financial position or results of operations as of or for the three and six months ended June 30, 2018 . We continue to seek contribution under Illinois law in state court and are pursuing claims under the Comprehensive Environmental Response, Compensation and Liability Act in federal court from other potentially responsible parties. Factors underlying the expected cost of the cleanup are subject to change from time to time, and actual results may vary significantly from the current 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 alkylation unit. The costs to respond to and assess the damage caused by the fire are included in other operating expenses in the statements of income. This incident did not have a material adverse effect on our results of operations.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
EQUITY	6. EQUITY Reconciliation of Balances The following is a reconciliation of the beginning and ending balances of equity attributable to our stockholders, equity attributable to noncontrolling interests, and total equity (in millions): Six Months Ended June 30, 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 1,314 143 1,457 853 40 893 Dividends (690 ) — (690 ) (627 ) — (627 ) Stock-based compensation expense 29 — 29 25 — 25 Transactions in connection with stock-based compensation plans (134 ) — (134 ) (13 ) — (13 ) Stock purchases under purchase programs (508 ) — (508 ) (649 ) — (649 ) Contribution from noncontrolling interest — 32 32 — — — Distributions to noncontrolling interests — (50 ) (50 ) — (45 ) (45 ) Other (2 ) 3 1 23 17 40 Other comprehensive income (loss) (231 ) (2 ) (233 ) 287 — 287 Balance as of end of period $ 21,769 $ 1,035 $ 22,804 $ 19,923 $ 842 $ 20,765 ___________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 for information about our consolidated VIEs. Share Activity There was no significant share activity during the six months ended June 30, 2018 and 2017 . Common Stock Dividends On July 20, 2018 , our board of directors declared a quarterly cash dividend of $0.80 per common share payable on September 5, 2018 to holders of record at the close of business on August 7, 2018 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Six Months Ended June 30, 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 (loss) before reclassifications (244 ) — (244 ) 282 — 282 Amounts reclassified from accumulated other comprehensive loss — 13 13 — 5 5 Other comprehensive income (loss) (244 ) 13 (231 ) 282 5 287 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 $ (751 ) $ (511 ) $ (1,262 ) $ (739 ) $ (384 ) $ (1,123 )

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	7. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. 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 • Central Mexico Terminals (previously referred to by us as VPM Terminals), a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.B. de C.V. (IEnova), a Mexican company and subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico 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). June 30, 2018 VLP DGD Central Mexico Other Total Assets Cash and cash equivalents $ 100 $ 167 $ 2 $ 14 $ 283 Other current assets 1 50 13 — 64 Property, plant, and equipment, net 1,413 529 107 119 2,168 Liabilities Current liabilities $ 27 $ 29 $ 63 $ 6 $ 125 Debt and capital lease obligations, less current portion 989 — — 38 1,027 December 31, 2017 VLP DGD Central Mexico Other Total Assets Cash and cash equivalents $ 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 5 . As of June 30, 2018 , our maximum exposure to loss was $185 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	6 Months Ended
	Jun. 30, 2018
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	8. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost (credit) related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2018 2017 2018 2017 Three months ended June 30: Service cost $ 33 $ 30 $ 2 $ 2 Interest cost 23 22 3 2 Expected return on plan assets (41 ) (38 ) — — Amortization of: Net actuarial (gain) loss 17 14 (1 ) (1 ) Prior service credit (4 ) (5 ) (3 ) (4 ) Special charges 3 — — — Net periodic benefit cost (credit) $ 31 $ 23 $ 1 $ (1 ) Six months ended June 30: Service cost $ 67 $ 61 $ 3 $ 3 Interest cost 46 43 5 5 Expected return on plan assets (82 ) (75 ) — — Amortization of: Net actuarial (gain) loss 33 27 (1 ) (2 ) Prior service credit (9 ) (10 ) (6 ) (8 ) Special charges 5 — — — Net periodic benefit cost (credit) $ 60 $ 46 $ 1 $ (2 ) 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 (expense), net in the statements of income. We contributed $16 million and $14 million , respectively, to our pension plans and $9 million and $13 million , respectively, to our other postretirement benefit plans during the six months ended June 30, 2018 and 2017 . Management has elected to increase the discretionary contributions to our pension plans by $10 million during the second half of 2018, resulting in expected contributions to our pension plans of approximately $141 million for 2018, which includes discretionary contributions of $110 million . Our anticipated contributions to our other postretirement benefit plans during 2018 have not changed from the amount previously disclosed in our financial statements for the year ended December 31, 2017 .

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	9. 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 should continue to be accounted for under the Code prior to changes from Tax Reform until a reasonable estimate can be made. We recorded the effects of Tax Reform for the year ended December 31, 2017 in accordance with ASU No. 2018-05, which 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 and six months ended June 30, 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.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	10. EARNINGS PER COMMON SHARE Earnings per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended June 30, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 845 $ 548 Less dividends paid: Common stock 344 311 Participating securities 1 1 Undistributed earnings $ 500 $ 236 Weighted-average common shares outstanding 1 429 2 444 Earnings per common share: Distributed earnings $ 0.80 $ 0.80 $ 0.70 $ 0.70 Undistributed earnings 1.16 1.16 0.53 0.53 Total earnings per common share $ 1.96 $ 1.96 $ 1.23 $ 1.23 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 845 $ 548 Weighted-average common shares outstanding 429 444 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 431 446 Earnings per common share – assuming dilution $ 1.96 $ 1.23 Six Months Ended June 30, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,314 $ 853 Less dividends paid: Common stock 688 625 Participating securities 2 2 Undistributed earnings $ 624 $ 226 Weighted-average common shares outstanding 1 430 2 446 Earnings per common share: Distributed earnings $ 1.60 $ 1.60 $ 1.40 $ 1.40 Undistributed earnings 1.45 1.45 0.50 0.50 Total earnings per common share $ 3.05 $ 3.05 $ 1.90 $ 1.90 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,314 $ 853 Weighted-average common shares outstanding 430 446 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 432 448 Earnings per common share – assuming dilution $ 3.04 $ 1.90 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan.

Revenues and Segment Informatio

Revenues and Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	11. 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 and totaled $5.7 billion as of June 30, 2018 and January 1, 2018. 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 June 30, 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. We sell some ethanol to our refining segment for blending into gasoline, which is 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 June 30, 2018: Revenues: Revenues from external customers $ 30,130 $ 884 $ — $ 1 $ 31,015 Intersegment revenues 1 42 135 (178 ) — Total revenues 30,131 926 135 (177 ) 31,015 Cost of sales: Cost of materials and other 27,283 754 — (177 ) 27,860 Operating expenses (excluding depreciation and amortization expense reflected below) 969 109 33 (1 ) 1,110 Depreciation and amortization expense 471 20 19 — 510 Total cost of sales 28,723 883 52 (178 ) 29,480 Other operating expenses 21 — — — 21 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 248 248 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 1,387 $ 43 $ 83 $ (260 ) $ 1,253 Three months ended June 30, 2017: Revenues: Revenues from external customers $ 21,415 $ 839 $ — $ — $ 22,254 Intersegment revenues — 28 110 (138 ) — Total revenues 21,415 867 110 (138 ) 22,254 Cost of sales: Cost of materials and other 19,037 710 — (138 ) 19,609 Operating expenses (excluding depreciation and amortization expense reflected below) 979 107 27 (2 ) 1,111 Depreciation and amortization expense 454 19 12 — 485 Total cost of sales 20,470 836 39 (140 ) 21,205 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 175 175 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 945 $ 31 $ 71 $ (187 ) $ 860 Refining Ethanol VLP Corporate and Eliminations Total Six months ended June 30, 2018: Revenues: Revenues from external customers $ 55,691 $ 1,761 $ — $ 2 $ 57,454 Intersegment revenues 5 88 267 (360 ) — Total revenues 55,696 1,849 267 (358 ) 57,454 Cost of sales: Cost of materials and other 50,471 1,503 — (358 ) 51,616 Operating expenses (excluding depreciation and amortization expense reflected below) 1,966 220 62 (2 ) 2,246 Depreciation and amortization expense 919 38 38 — 995 Total cost of sales 53,356 1,761 100 (360 ) 54,857 Other operating expenses 31 — — — 31 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 486 486 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 2,309 $ 88 $ 167 $ (510 ) $ 2,054 Six months ended June 30, 2017: Revenues: Revenues from external customers $ 42,302 $ 1,724 $ — $ — $ 44,026 Intersegment revenues — 88 216 (304 ) — Total revenues 42,302 1,812 216 (304 ) 44,026 Cost of sales: Cost of materials and other 37,844 1,497 — (304 ) 39,037 Operating expenses (excluding depreciation and amortization expense reflected below) 1,970 216 51 (2 ) 2,235 Depreciation and amortization expense 903 46 24 — 973 Total cost of sales 40,717 1,759 75 (306 ) 42,245 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 367 367 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 1,585 $ 53 $ 141 $ (391 ) $ 1,388 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 Six Months Ended 2018 2017 2018 2017 Refining: Gasolines and blendstocks $ 12,514 $ 9,723 $ 23,143 $ 19,058 Distillates 14,459 9,736 27,117 19,432 Other product revenues 3,157 1,956 5,431 3,812 Total refining revenues 30,130 21,415 55,691 42,302 Ethanol: Ethanol 696 712 1,397 1,462 Distillers grains 188 127 364 262 Total ethanol revenues 884 839 1,761 1,724 VLP: Pipeline transportation 31 25 62 48 Terminaling 103 84 202 167 Storage and other 1 1 3 1 Total VLP revenues 135 110 267 216 Corporate – other revenues 1 — 2 — Elimination of intersegment revenues (135 ) (110 ) (267 ) (216 ) Revenues $ 31,015 $ 22,254 $ 57,454 $ 44,026 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 42,107 $ 40,382 Ethanol 1,332 1,344 VLP 1,569 1,517 Corporate and eliminations 5,670 6,915 Total assets $ 50,678 $ 50,158

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2018 2017 Decrease (increase) in current assets: Receivables, net $ (595 ) $ 1,396 Inventories (46 ) 123 Prepaid expenses and other (35 ) 86 Increase (decrease) in current liabilities: Accounts payable 661 (942 ) Accrued expenses (83 ) 262 Taxes other than income taxes payable 28 (41 ) Income taxes payable (375 ) (25 ) Changes in current assets and current liabilities $ (445 ) $ 859 Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2018 2017 Interest paid in excess of amount capitalized $ 248 $ 235 Income taxes paid, net 817 263 There were no significant noncash investing and financing activities for the six months ended June 30, 2018 . Noncash investing and financing activities during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. 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 June 30, 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. June 30, 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 $ 1,402 $ 34 $ — $ 1,436 $ (1,434 ) $ — $ 2 $ — Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 61 — 9 70 n/a n/a 70 n/a Total $ 1,465 $ 34 $ 9 $ 1,508 $ (1,434 ) $ — $ 74 Liabilities: Commodity derivative contracts $ 1,430 $ 37 $ — $ 1,467 $ (1,434 ) $ (32 ) $ 1 $ (57 ) Environmental credit obligations — 70 — 70 n/a n/a 70 n/a Physical purchase contracts — 13 — 13 n/a n/a 13 n/a Total $ 1,430 $ 120 $ — $ 1,550 $ (1,434 ) $ (32 ) $ 84 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. 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 14 under “Environmental Compliance Program Price Risk.” The liability for environmental credits is based on our deficit for such credits as of the balance sheet date, if any, after considering any credits acquired or under contract, and is equal to the product of the credits deficit and the market price of these credits as of the balance sheet date. The environmental credit obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using the market approach based on quoted prices from an independent pricing service. There were no transfers between levels for assets and liabilities held as of June 30, 2018 and December 31, 2017 that were measured at fair value on a recurring basis. There was no significant activity during the three and six months ended June 30, 2018 and 2017 related to the fair value amounts categorized in Level 3 as of June 30, 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 June 30, 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): June 30, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 4,451 $ 4,451 $ 5,850 $ 5,850 Financial liabilities: Debt (excluding capital leases) Level 2 8,451 9,310 8,310 9,795

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	14. 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 13 ), as summarized below under “Fair Values of Derivative Instruments,” with changes in fair value recognized currently in income. The effect of these derivative instruments on our income is summarized below under “Effect of Derivative Instruments on Income.” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of crude oil, refined petroleum products (primarily gasoline and distillate), grain (primarily corn), soybean oil, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, including futures, swaps, and options. We use the futures markets for the available liquidity, which provides greater flexibility in transacting our hedging and trading operations. We use swaps primarily to manage our price exposure. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that has been approved by our board of directors. To manage commodity price risk, we use economic hedges, which are not designated as fair value or cash flow hedges, and we use fair value and cash flow hedges from time to time. We also enter into certain commodity derivative instruments for trading purposes. Our objectives for entering into hedges or trading derivatives are described below. • Economic Hedges – Economic hedges represent commodity derivative instruments that are used to manage price volatility in certain (i) feedstock and refined petroleum product inventories, (ii) fixed-price purchase contracts, and (iii) forecasted feedstock, refined petroleum product or natural gas purchases and refined petroleum product sales. The objectives of our economic hedges are to hedge price volatility in certain feedstock and refined petroleum product inventories and to lock in the price of forecasted feedstock, refined petroleum product, or natural gas purchases or refined petroleum product sales at existing market prices that we deem favorable. Economic hedges are not designated as fair value or cash flow hedges for accounting purposes, usually due to the difficulty of establishing the required documentation at the date the derivative instrument is entered into for them to qualify as hedging instruments for accounting purposes. As of June 30, 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 9,892 135 Swaps – short 10,115 — Futures – long 93,569 — Futures – short 95,354 6 Corn: Futures – long 48,500 150 Futures – short 86,310 8,415 Physical contracts – long 41,029 8,264 Soybean oil: Futures – long 65,519 — Futures – short 169,018 — • Trading Derivatives – Our objective for entering into commodity derivative instruments for trading purposes is to take advantage of existing market conditions for crude oil and refined petroleum products. As of June 30, 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 55,504 7,701 Futures – short 55,402 7,751 Options – long 75,800 — Options – short 75,400 — Corn: Futures – long 150 — We had no commodity derivative contracts outstanding as of June 30, 2018 and 2017 or during the three and six months ended June 30, 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 June 30, 2018 , we had forward contracts to purchase $487 million of U.S. dollars. All of these commitments matured on or before July 31, 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 $131 million and $255 million for the three months ended June 30, 2018 and 2017 , respectively, and $337 million and $401 million for the six months ended June 30, 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 13 . Under these cap-and-trade systems, we purchase various GHG emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we recovered the majority of these costs from our customers for the three and six months ended June 30, 2018 and 2017 and expect to continue to recover the majority of these costs in the future. For the three and six months ended June 30, 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 June 30, 2018 and December 31, 2017 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13 , 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 June 30, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 1,398 $ 1,426 Swaps Receivables, net 11 11 Swaps Accounts payable — 1 Options Receivables, net 27 29 Physical purchase contracts Inventories — 13 Foreign currency contracts Receivables, net 2 — Total $ 1,438 $ 1,480 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 Gain (Loss) Three Months Ended Six Months Ended 2018 2017 2018 2017 Commodity contracts Cost of materials and other $ (66 ) $ 25 $ (114 ) $ (72 ) Foreign currency contracts Cost of materials and other 17 (20 ) 14 (26 ) Trading Derivatives Location of Gain (Loss) Three Months Ended Six Months Ended 2018 2017 2018 2017 Commodity contracts Cost of materials and other $ 51 $ (3 ) $ 87 $ (2 )

Basis of Presentation and Sig22

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 prior period amounts have been reclassified 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 Background 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. Revised Policy 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 As previously noted, we adopted the provisions of Topic 606 on January 1, 2018. Topic 606 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 for Topic 606 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 and six months ended June 30, 2018 . See “Revenue Recognition” above for a discussion of our accounting policy affected by our adoption of Topic 606. Also see Note 11 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 and six months ended June 30, 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, but did result in the reclassification of non-service cost components from operating expenses (excluding depreciation and amortization expense) and general and administrative expenses (excluding depreciation and amortization expense) to other income (expense), net. This resulted in an increase of $14 million and $21 million in operating expenses (excluding depreciation and amortization expense) and a decrease of $3 million and $1 million in general and administrative expenses (excluding depreciation and amortization expense) for the three and six months ended June 30, 2017 , respectively. 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. 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 6 under “Accumulated Other Comprehensive Loss.” We release stranded income tax effects from accumulated other comprehensive 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 9 for a discussion of the impact 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 optional transition method, which allows us to recognize a cumulative-effect adjustment to the opening balance of retained earnings at the date 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	We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. 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 5 .
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 13 ), 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.

Acquisition (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Summary of estimated fair values of assets acquired and liabilities assumed	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date, which are preliminary and subject to change after the completion of an independent appraisal and other evaluations (in millions). Current assets, net of cash acquired $ 147 Property, plant, and equipment 137 Deferred charges and other assets 451 Current liabilities, excluding current portion of debt (25 ) Debt assumed, including current portion (137 ) Deferred income tax liabilities (81 ) Other long-term liabilities (21 ) Total consideration, net of cash acquired $ 471

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,213 $ 2,427 Refined petroleum products and blendstocks 3,717 3,459 Ethanol feedstocks and products 231 242 Materials and supplies 259 256 Inventories $ 6,420 $ 6,384

Debt and Capital Lease Obliga25

Debt and Capital Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2018 Facility Maturity Date Outstanding Letters of Availability Committed facilities: Valero Revolver $ 3,000 November 2020 $ — $ 119 $ 2,881 VLP Revolver 750 November 2020 — — 750 IEnova Revolver 340 February 2028 56 n/a 284 Canadian Revolver C$ 75 November 2018 C$ — C$ 6 C$ 69 Accounts receivable sales facility (a) 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 301 n/a ___________________ (a) In July 2018, we amended this facility to extend the maturity date from July 2018 to July 2019 .
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 Six Months Ended 2018 2017 2018 2017 Interest and debt expense $ 144 $ 134 $ 283 $ 268 Less capitalized interest 20 15 38 28 Interest and debt expense, net of capitalized interest $ 124 $ 119 $ 245 $ 240

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended June 30, 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 1,314 143 1,457 853 40 893 Dividends (690 ) — (690 ) (627 ) — (627 ) Stock-based compensation expense 29 — 29 25 — 25 Transactions in connection with stock-based compensation plans (134 ) — (134 ) (13 ) — (13 ) Stock purchases under purchase programs (508 ) — (508 ) (649 ) — (649 ) Contribution from noncontrolling interest — 32 32 — — — Distributions to noncontrolling interests — (50 ) (50 ) — (45 ) (45 ) Other (2 ) 3 1 23 17 40 Other comprehensive income (loss) (231 ) (2 ) (233 ) 287 — 287 Balance as of end of period $ 21,769 $ 1,035 $ 22,804 $ 19,923 $ 842 $ 20,765 ___________________ (a) The noncontrolling interests relate to third-party ownership interests in VIEs for which we are the primary beneficiary and therefore consolidate. See Note 7 for information about our consolidated VIEs.
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Six Months Ended June 30, 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 (loss) before reclassifications (244 ) — (244 ) 282 — 282 Amounts reclassified from accumulated other comprehensive loss — 13 13 — 5 5 Other comprehensive income (loss) (244 ) 13 (231 ) 282 5 287 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 $ (751 ) $ (511 ) $ (1,262 ) $ (739 ) $ (384 ) $ (1,123 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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). June 30, 2018 VLP DGD Central Mexico Other Total Assets Cash and cash equivalents $ 100 $ 167 $ 2 $ 14 $ 283 Other current assets 1 50 13 — 64 Property, plant, and equipment, net 1,413 529 107 119 2,168 Liabilities Current liabilities $ 27 $ 29 $ 63 $ 6 $ 125 Debt and capital lease obligations, less current portion 989 — — 38 1,027 December 31, 2017 VLP DGD Central Mexico Other Total Assets Cash and cash equivalents $ 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)	6 Months Ended
	Jun. 30, 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 June 30: Service cost $ 33 $ 30 $ 2 $ 2 Interest cost 23 22 3 2 Expected return on plan assets (41 ) (38 ) — — Amortization of: Net actuarial (gain) loss 17 14 (1 ) (1 ) Prior service credit (4 ) (5 ) (3 ) (4 ) Special charges 3 — — — Net periodic benefit cost (credit) $ 31 $ 23 $ 1 $ (1 ) Six months ended June 30: Service cost $ 67 $ 61 $ 3 $ 3 Interest cost 46 43 5 5 Expected return on plan assets (82 ) (75 ) — — Amortization of: Net actuarial (gain) loss 33 27 (1 ) (2 ) Prior service credit (9 ) (10 ) (6 ) (8 ) Special charges 5 — — — Net periodic benefit cost (credit) $ 60 $ 46 $ 1 $ (2 )

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 845 $ 548 Less dividends paid: Common stock 344 311 Participating securities 1 1 Undistributed earnings $ 500 $ 236 Weighted-average common shares outstanding 1 429 2 444 Earnings per common share: Distributed earnings $ 0.80 $ 0.80 $ 0.70 $ 0.70 Undistributed earnings 1.16 1.16 0.53 0.53 Total earnings per common share $ 1.96 $ 1.96 $ 1.23 $ 1.23 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 845 $ 548 Weighted-average common shares outstanding 429 444 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 431 446 Earnings per common share – assuming dilution $ 1.96 $ 1.23 Six Months Ended June 30, 2018 2017 Participating Securities Common Stock Participating Securities Common Stock Earnings per common share: Net income attributable to Valero stockholders $ 1,314 $ 853 Less dividends paid: Common stock 688 625 Participating securities 2 2 Undistributed earnings $ 624 $ 226 Weighted-average common shares outstanding 1 430 2 446 Earnings per common share: Distributed earnings $ 1.60 $ 1.60 $ 1.40 $ 1.40 Undistributed earnings 1.45 1.45 0.50 0.50 Total earnings per common share $ 3.05 $ 3.05 $ 1.90 $ 1.90 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,314 $ 853 Weighted-average common shares outstanding 430 446 Common equivalent shares 2 2 Weighted-average common shares outstanding – assuming dilution 432 448 Earnings per common share – assuming dilution $ 3.04 $ 1.90

Revenues and Segment Informat30

Revenues and Segment Information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2018: Revenues: Revenues from external customers $ 30,130 $ 884 $ — $ 1 $ 31,015 Intersegment revenues 1 42 135 (178 ) — Total revenues 30,131 926 135 (177 ) 31,015 Cost of sales: Cost of materials and other 27,283 754 — (177 ) 27,860 Operating expenses (excluding depreciation and amortization expense reflected below) 969 109 33 (1 ) 1,110 Depreciation and amortization expense 471 20 19 — 510 Total cost of sales 28,723 883 52 (178 ) 29,480 Other operating expenses 21 — — — 21 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 248 248 Depreciation and amortization expense — — — 13 13 Operating income by segment $ 1,387 $ 43 $ 83 $ (260 ) $ 1,253 Three months ended June 30, 2017: Revenues: Revenues from external customers $ 21,415 $ 839 $ — $ — $ 22,254 Intersegment revenues — 28 110 (138 ) — Total revenues 21,415 867 110 (138 ) 22,254 Cost of sales: Cost of materials and other 19,037 710 — (138 ) 19,609 Operating expenses (excluding depreciation and amortization expense reflected below) 979 107 27 (2 ) 1,111 Depreciation and amortization expense 454 19 12 — 485 Total cost of sales 20,470 836 39 (140 ) 21,205 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 175 175 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 945 $ 31 $ 71 $ (187 ) $ 860 Refining Ethanol VLP Corporate and Eliminations Total Six months ended June 30, 2018: Revenues: Revenues from external customers $ 55,691 $ 1,761 $ — $ 2 $ 57,454 Intersegment revenues 5 88 267 (360 ) — Total revenues 55,696 1,849 267 (358 ) 57,454 Cost of sales: Cost of materials and other 50,471 1,503 — (358 ) 51,616 Operating expenses (excluding depreciation and amortization expense reflected below) 1,966 220 62 (2 ) 2,246 Depreciation and amortization expense 919 38 38 — 995 Total cost of sales 53,356 1,761 100 (360 ) 54,857 Other operating expenses 31 — — — 31 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 486 486 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 2,309 $ 88 $ 167 $ (510 ) $ 2,054 Six months ended June 30, 2017: Revenues: Revenues from external customers $ 42,302 $ 1,724 $ — $ — $ 44,026 Intersegment revenues — 88 216 (304 ) — Total revenues 42,302 1,812 216 (304 ) 44,026 Cost of sales: Cost of materials and other 37,844 1,497 — (304 ) 39,037 Operating expenses (excluding depreciation and amortization expense reflected below) 1,970 216 51 (2 ) 2,235 Depreciation and amortization expense 903 46 24 — 973 Total cost of sales 40,717 1,759 75 (306 ) 42,245 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 367 367 Depreciation and amortization expense — — — 26 26 Operating income by segment $ 1,585 $ 53 $ 141 $ (391 ) $ 1,388 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 Six Months Ended 2018 2017 2018 2017 Refining: Gasolines and blendstocks $ 12,514 $ 9,723 $ 23,143 $ 19,058 Distillates 14,459 9,736 27,117 19,432 Other product revenues 3,157 1,956 5,431 3,812 Total refining revenues 30,130 21,415 55,691 42,302 Ethanol: Ethanol 696 712 1,397 1,462 Distillers grains 188 127 364 262 Total ethanol revenues 884 839 1,761 1,724 VLP: Pipeline transportation 31 25 62 48 Terminaling 103 84 202 167 Storage and other 1 1 3 1 Total VLP revenues 135 110 267 216 Corporate – other revenues 1 — 2 — Elimination of intersegment revenues (135 ) (110 ) (267 ) (216 ) Revenues $ 31,015 $ 22,254 $ 57,454 $ 44,026 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 42,107 $ 40,382 Ethanol 1,332 1,344 VLP 1,569 1,517 Corporate and eliminations 5,670 6,915 Total assets $ 50,678 $ 50,158

Supplemental Cash Flow Inform31

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended 2018 2017 Decrease (increase) in current assets: Receivables, net $ (595 ) $ 1,396 Inventories (46 ) 123 Prepaid expenses and other (35 ) 86 Increase (decrease) in current liabilities: Accounts payable 661 (942 ) Accrued expenses (83 ) 262 Taxes other than income taxes payable 28 (41 ) Income taxes payable (375 ) (25 ) Changes in current assets and current liabilities $ (445 ) $ 859 Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2018 2017 Interest paid in excess of amount capitalized $ 248 $ 235 Income taxes paid, net 817 263

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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. June 30, 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 $ 1,402 $ 34 $ — $ 1,436 $ (1,434 ) $ — $ 2 $ — Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 61 — 9 70 n/a n/a 70 n/a Total $ 1,465 $ 34 $ 9 $ 1,508 $ (1,434 ) $ — $ 74 Liabilities: Commodity derivative contracts $ 1,430 $ 37 $ — $ 1,467 $ (1,434 ) $ (32 ) $ 1 $ (57 ) Environmental credit obligations — 70 — 70 n/a n/a 70 n/a Physical purchase contracts — 13 — 13 n/a n/a 13 n/a Total $ 1,430 $ 120 $ — $ 1,550 $ (1,434 ) $ (32 ) $ 84 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): June 30, 2018 December 31, 2017 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Cash and cash equivalents Level 1 $ 4,451 $ 4,451 $ 5,850 $ 5,850 Financial liabilities: Debt (excluding capital leases) Level 2 8,451 9,310 8,310 9,795

Price Risk Management Activit33

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 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 55,504 7,701 Futures – short 55,402 7,751 Options – long 75,800 — Options – short 75,400 — Corn: Futures – long 150 — As of June 30, 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 9,892 135 Swaps – short 10,115 — Futures – long 93,569 — Futures – short 95,354 6 Corn: Futures – long 48,500 150 Futures – short 86,310 8,415 Physical contracts – long 41,029 8,264 Soybean oil: Futures – long 65,519 — Futures – short 169,018 —
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2018 and December 31, 2017 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13 , 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 June 30, 2018 Asset Derivatives Liability Derivatives Derivatives not designated as hedging instruments Commodity contracts: Futures Receivables, net $ 1,398 $ 1,426 Swaps Receivables, net 11 11 Swaps Accounts payable — 1 Options Receivables, net 27 29 Physical purchase contracts Inventories — 13 Foreign currency contracts Receivables, net 2 — Total $ 1,438 $ 1,480 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 Gain (Loss) Three Months Ended Six Months Ended 2018 2017 2018 2017 Commodity contracts Cost of materials and other $ (66 ) $ 25 $ (114 ) $ (72 ) Foreign currency contracts Cost of materials and other 17 (20 ) 14 (26 ) Trading Derivatives Location of Gain (Loss) Three Months Ended Six Months Ended 2018 2017 2018 2017 Commodity contracts Cost of materials and other $ 51 $ (3 ) $ 87 $ (2 )

Basis of Presentation and Sig34

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Millions	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Basis of Presentation and Significant Accounting Policies (Textual)
Operating expenses (excluding depreciation and amortization expense)		$ 1,110	$ 1,111	$ 2,246	$ 2,235
General and administrative expenses (excluding depreciation and amortization expense)		$ 248	175	486	367
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02				$ 91	0
Accounting Standards Update 2017-07 [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
Operating expenses (excluding depreciation and amortization expense)			14		21
General and administrative expenses (excluding depreciation and amortization expense)			$ (3)		$ (1)
Accounting Standards Update 2018-02 [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
Reclassification of stranded income tax effects of Tax Reform to retained earnings per ASU 2018-02	$ 91
Minimum [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
Typical post-delivery payment terms (in days)				2 days
Maximum [Member]
Basis of Presentation and Significant Accounting Policies (Textual)
Typical post-delivery payment terms (in days)				10 days

Acquisition (Details)

Acquisition (Details)	May 14, 2018USD ($)MBbls	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)
Business Acquisition (Textual)
Amount paid from available cash on hand		$ 471,000,000	$ 0
Pure Biofuels [Member]
Business Acquisition (Textual)
Percent equity interests acquired	100.00%
Amount paid from available cash on hand	$ 471,000,000
Payments for working capital	122,000,000
Identifiable intangible assets	210,000,000
Goodwill	$ 228,000,000
Expected amortization period of identifiable intangible assets	10 years
Total amount of goodwill expected to be deductible for tax purposes	$ 0
Pure Biofuels [Member] | Port of Callao Terminal [Member]
Business Acquisition (Textual)
Approximate storage capacity of terminal (in thousands of barrels) | MBbls	1,000
Pure Biofuels [Member] | Paita Terminal [Member]
Business Acquisition (Textual)
Approximate storage capacity of terminal (in thousands of barrels) | MBbls	180

Acquisition, Estimated Fair Val

Acquisition, Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - Pure Biofuels [Member] $ in Millions	May 14, 2018USD ($)
Fair Values of Assets Acquired, Goodwill, and Liabilities Assumed, Net
Current assets, net of cash acquired	$ 147
Property, plant, and equipment	137
Deferred charges and other assets	451
Current liabilities, excluding current portion of debt	(25)
Debt assumed, including current portion	(137)
Deferred income tax liabilities	(81)
Other long-term liabilities	(21)
Total consideration, net of cash acquired	$ 471

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Schedule of Inventories
Refinery feedstocks	$ 2,213	$ 2,427
Refined petroleum products and blendstocks	3,717	3,459
Ethanol feedstocks and products	231	242
Materials and supplies	259	256
Inventories	6,420	6,384
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	3,900	3,000
Amount of non-LIFO inventory	$ 1,100	$ 1,000

Debt and Capital Lease Obliga38

Debt and Capital Lease Obligations, Narrative (Details) - USD ($)		6 Months Ended
		Jun. 30, 2018	Dec. 31, 2017
Peru Acquisition [Member]
Credit Facilities (Textual)
Amount of debt retired		$ 137,000,000
Senior Notes [Member] | Senior Notes Due June 2028 [Member]
Credit Facilities (Textual)
Face amount of long-term debt issuance		$ 750,000,000
Stated rate on debt instrument (percent)		4.35%
Maturity date of long-term debt		Jun. 1, 2028
Proceeds from issuance of senior long-term debt		$ 749,000,000
Debt issuance costs		$ 7,000,000
Senior Notes [Member] | Senior Notes Due March 2019 [Member]
Credit Facilities (Textual)
Stated rate on debt instrument (percent)		9.375%
Maturity date of long-term debt		Mar. 15, 2019
Early repayment of senior debt		$ 787,000,000
Early redemption fee		37,000,000
Senior Notes [Member] | VLP Senior Notes Due March 2028 [Member] | Valero Energy Partners LP [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
Credit Facilities [Member] | A/R Sales Facility [Member]
Credit Facilities (Textual)
Line of credit facility, maximum borrowing capacity	[1]	$ 1,300,000,000
Maturity date of credit facility	[1]	Jul. 31, 2018
Variable interest rate (percent)		2.7009%	2.0387%
Credit Facilities [Member] | Valero Energy Partners LP [Member] | VLP Revolver [Member]
Credit Facilities (Textual)
Line of credit facility, maximum borrowing capacity		$ 750,000,000
Maturity date of credit facility		Nov. 30, 2020
Credit Facilities [Member] | Central Mexico Terminals [Member] | IEnova Revolver [Member]
Credit Facilities (Textual)
Line of credit facility, maximum borrowing capacity		$ 340,000,000
Outstanding borrowings on amounts reflected in current portion of debt		56,000,000
Repayments on lines of credit		$ 0
Maturity date of credit facility		Feb. 28, 2028
Variable interest rate (percent)		5.958%
Credit Facilities [Member] | VLP Revolver [Member] | Valero Energy Partners LP [Member]
Credit Facilities (Textual)
Repayments of outstanding amounts under the VLP revolver		$ 410,000,000
Subordinated Debt [Member] | VLP Subordinated Notes [Member] | Valero Energy Partners LP [Member]
Credit Facilities (Textual)
Repayments of notes payable-related party		$ 85,000,000
[1]	In July 2018, we amended this facility to extend the maturity date from July 2018 to July 2019.

Debt and Capital Lease Obliga39

Debt and Capital Lease Obligations, Credit Facilities (Details)		1 Months Ended	6 Months Ended
		Jul. 31, 2018	Jun. 30, 2018CAD ($)	Jun. 30, 2018USD ($)
Uncommitted Letter of Credit Facility [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued				$ 301,000,000
Credit Facilities [Member] | Valero Revolver [Member]
Line of Credit Facility
Facility amount				3,000,000,000
Maturity date			Nov. 30, 2020
Outstanding borrowings or letters of credit issued				0
Availability				2,881,000,000
Credit Facilities [Member] | Valero Revolver Letter of Credit [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued				119,000,000
Credit Facilities [Member] | VLP Revolver [Member] | Valero Energy Partners LP [Member]
Line of Credit Facility
Facility amount				750,000,000
Maturity date			Nov. 30, 2020
Outstanding borrowings or letters of credit issued				0
Availability				750,000,000
Credit Facilities [Member] | VLP Revolver Letter of Credit [Member] | Valero Energy Partners LP [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued				0
Credit Facilities [Member] | IEnova Revolver [Member] | Central Mexico Terminals [Member]
Line of Credit Facility
Facility amount				340,000,000
Maturity date			Feb. 28, 2028
Outstanding borrowings				56,000,000
Availability				284,000,000
Credit Facilities [Member] | Canadian Revolver [Member]
Line of Credit Facility
Facility amount			$ 75,000,000
Maturity date			Nov. 30, 2018
Outstanding borrowings or letters of credit issued			$ 0
Availability			69,000,000
Credit Facilities [Member] | Canadian Revolver Letter of Credit [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued			$ 6,000,000
Credit Facilities [Member] | A/R Sales Facility [Member]
Line of Credit Facility
Facility amount	[1]			1,300,000,000
Maturity date	[1]		Jul. 31, 2018
Outstanding borrowings or letters of credit issued	[1]			100,000,000
Availability	[1]			1,200,000,000
Credit Facilities [Member] | A/R Sales Facility [Member] | Subsequent Event [Member]
Line of Credit Facility
Maturity date	[1]	Jul. 31, 2019
Credit Facilities [Member] | Committed Letter of Credit Facility Expires November 2018 [Member]
Line of Credit Facility
Facility amount				100,000,000
Maturity date			Nov. 30, 2018
Outstanding borrowings or letters of credit issued				0
Availability				$ 100,000,000
[1]	In July 2018, we amended this facility to extend the maturity date from July 2018 to July 2019.

Debt and Capital Lease Obliga40

Debt and Capital Lease Obligations, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 144	$ 134	$ 283	$ 268
Less capitalized interest	20	15	38	28
Interest and debt expense, net of capitalized interest	$ 124	$ 119	$ 245	$ 240

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	6 Months Ended		10 Months Ended	17 Months Ended	22 Months Ended	28 Months Ended
	Jun. 30, 2018USD ($)bbl / drenewalMBbls	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)bbl / drenewalMBbls	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jan. 01, 2020USD ($)	Dec. 31, 2017USD ($)
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 41,266		$ 41,266				$ 40,010
Contributions to MVP	119	$ 222
Cost of undivided interest in pipeline	$ 145	$ 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
Automatic renewal term of terminalling agreement	5 years
MVP Terminal [Member]
Commitments and Contingencies (Textual)
Contributions to MVP	$ 104		$ 185
MVP Terminal [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Contributions to MVP						$ 420
MVP Terminal [Member] | Magellan Midstream Partners LP (Magellan) [Member]
Commitments and Contingencies (Textual)
Long-term liability recorded	186		186
MVP Terminal [Member] | Construction in Progress [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs	$ 370		$ 370
MVP Terminal [Member] | Minimum [Member] | Construction in Progress [Member] | Expected [Member]
Commitments and Contingencies (Textual)
MVP Terminal construction costs						840
MVP Terminal [Member] | Maximum [Member] | Construction in Progress [Member] | Expected [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%
Pipeline capacity (in barrels per day) | bbl / d	150,000		150,000
Cost of undivided interest in pipeline	$ 42		$ 49
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%
Pipeline capacity (in barrels per day) | bbl / d	500,000		500,000
Cost of undivided interest in pipeline	$ 103
Sunrise Pipeline System [Member] | Expected [Member]
Commitments and Contingencies (Textual)
Cost of undivided interest in pipeline				$ 135
Colorado City Storage Tanks [Member]
Commitments and Contingencies (Textual)
Approximate storage capacity of terminal (in thousands of barrels) | MBbls	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		Jul. 20, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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			$ 875	$ 572	1,457	893
Dividends					(690)	(627)
Stock-based compensation expense					29	25
Transactions in connection with stock-based compensation plans					(134)	(13)
Stock purchases under purchase programs					(508)	(649)
Distributions to noncontrolling interests					(50)	(45)
Other					1	40
Other comprehensive income (loss)			(284)	211	(233)	287
Balance as of end of period			22,804	20,765	22,804	20,765
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, date declared		Jul. 20, 2018
Dividends payable, amount per share (in dollars per share)		$ 0.80
Dividends payable, date to be paid		Sep. 5, 2018
Dividends payable, date of record		Aug. 7, 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					32	0
Valero Stockholders' Equity [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					1,314	853
Dividends					(690)	(627)
Stock-based compensation expense					29	25
Transactions in connection with stock-based compensation plans					(134)	(13)
Stock purchases under purchase programs					(508)	(649)
Other					(2)	23
Other comprehensive income (loss)					(231)	287
Balance as of end of period			21,769	19,923	21,769	19,923
Noncontrolling Interests [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]				143	40
Distributions to noncontrolling interests	[1]				(50)	(45)
Other	[1]				3	17
Other comprehensive income (loss)	[1]				(2)	0
Balance as of end of period	[1]		$ 1,035	$ 842	1,035	842
Noncontrolling Interests [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]				$ 32	$ 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 7 for information about our consolidated VIEs.

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	$ 21,991
Other comprehensive income (loss) before reclassifications	(244)	$ 282
Amounts reclassified from accumulated other comprehensive loss	13	5
Other comprehensive income (loss)	(231)	287
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	21,769
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(940)	(1,410)
Ending balance, accumulated other comprehensive loss, net of tax	(1,262)	(1,123)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(507)	(1,021)
Other comprehensive income (loss) before reclassifications	(244)	282
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss)	(244)	282
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	(751)	(739)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(433)	(389)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	13	5
Other comprehensive income (loss)	13	5
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	$ (511)	$ (384)

Variable Interest Entities, Con

Variable Interest Entities, Consolidated (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 4,451	$ 5,850	$ 5,207	$ 4,816
Property, plant, and equipment, net	28,180	27,480
Liabilities
Current liabilities	11,341	11,071
Debt and capital lease obligations, less current portion	8,876	8,750
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	283	179
Other current assets	64	72
Property, plant, and equipment, net	2,168	2,029
Liabilities
Current liabilities	125	95
Debt and capital lease obligations, less current portion	1,027	948
Valero Energy Partners LP [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	100	42
Other current assets	1	2
Property, plant, and equipment, net	1,413	1,416
Liabilities
Current liabilities	27	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 cash equivalents	167	123
Other current assets	50	66
Property, plant, and equipment, net	529	435
Liabilities
Current liabilities	29	33
Debt and capital lease obligations, less current portion	0	0
Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	2	1
Other current assets	13	4
Property, plant, and equipment, net	107	51
Liabilities
Current liabilities	63	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 cash equivalents	14	13
Other current assets	0	0
Property, plant, and equipment, net	119	127
Liabilities
Current liabilities	6	9
Debt and capital lease obligations, less current portion	$ 38	$ 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	Jun. 30, 2018USD ($)
Variable Interest Entities (Textual)
Maximum exposure to loss	$ 185
Equity investment in MVP	$ 185

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 33	$ 30	$ 67	$ 61
Interest cost	23	22	46	43
Expected return on plan assets	(41)	(38)	(82)	(75)
Amortization of:
Net actuarial (gain) loss	17	14	33	27
Prior service credit	(4)	(5)	(9)	(10)
Special charges	3	0	5	0
Net periodic benefit cost (credit)	31	23	60	46
Employee Benefit Plans (Textual)
Contributions to benefit plans			16	14
Increase in discretionary contributions during remainder of fiscal year	10		10
Expected employer contributions for current fiscal year	141		141
Expected employer discretionary contributions for current fiscal year	110		110
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	2	3	3
Interest cost	3	2	5	5
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	(1)	(1)	(1)	(2)
Prior service credit	(3)	(4)	(6)	(8)
Special charges	0	0	0	0
Net periodic benefit cost (credit)	$ 1	$ (1)	1	(2)
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 9	$ 13

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Less dividends paid:
Weighted-average common shares outstanding (in shares)	429	444	430	446
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	429	444	430	446
Weighted-average common shares outstanding – assuming dilution (in shares)	431	446	432	448
Common Stock [Member]
Earnings per common share:
Net income attributable to Valero stockholders	$ 845	$ 548	$ 1,314	$ 853
Less dividends paid:
Common stock	344	311	688	625
Participating securities	1	1	2	2
Undistributed earnings	$ 500	$ 236	$ 624	$ 226
Weighted-average common shares outstanding (in shares)	429	444	430	446
Earnings per common share:
Distributed earnings (in dollars per share)	$ 0.80	$ 0.70	$ 1.60	$ 1.40
Undistributed earnings (in dollars per share)	1.16	0.53	1.45	0.50
Total earnings per common share (in dollars per share)	$ 1.96	$ 1.23	$ 3.05	$ 1.90
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 845	$ 548	$ 1,314	$ 853
Weighted-average common shares outstanding (in shares)	429	444	430	446
Common equivalent shares (in shares)	2	2	2	2
Weighted-average common shares outstanding – assuming dilution (in shares)	431	446	432	448
Earnings per common share – assuming dilution (in dollars per share)	$ 1.96	$ 1.23	$ 3.04	$ 1.90
Participating Securities [Member]
Less dividends paid:
Weighted-average common shares outstanding (in shares)	1	2	1	2
Earnings per common share:
Distributed earnings (in dollars per share)	$ 0.80	$ 0.70	$ 1.60	$ 1.40
Undistributed earnings (in dollars per share)	1.16	0.53	1.45	0.50
Total earnings per common share (in dollars per share)	$ 1.96	$ 1.23	$ 3.05	$ 1.90
Earnings per common share – assuming dilution:
Weighted-average common shares outstanding (in shares)	1	2	1	2

Revenues and Segment Informat48

Revenues and Segment Information, Receivables from Contracts with Customers (Details) - USD ($) $ in Billions	Jun. 30, 2018	Jan. 01, 2018
Revenue from Contracts with Customers [Member]
Receivables from Contracts with Customers
Receivables from contracts with customers	$ 5.7	$ 5.7

Revenues and Segment Informat49

Revenues and Segment Information, Components of Operating Income (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018USD ($)refineryethanol_plant	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)refineryethanol_plantsegment	Jun. 30, 2017USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 31,015	$ 22,254	$ 57,454	$ 44,026
Cost of materials and other		27,860	19,609	51,616	39,037
Operating expenses (excluding depreciation and amortization expense reflected below)		1,110	1,111	2,246	2,235
Depreciation and amortization expense		510	485	995	973
Total cost of sales		29,480	21,205	54,857	42,245
Other operating expenses		21	0	31	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		248	175	486	367
Depreciation and amortization expense		13	14	26	26
Operating income		$ 1,253	860	$ 2,054	1,388
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment				3
Number of petroleum refineries | refinery		15		15
Number of ethanol plants | ethanol_plant		11		11
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (177)	(138)	$ (358)	(304)
Operating income		(260)	(187)	(510)	(391)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		1	0	2	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		248	175	486	367
Depreciation and amortization expense		13	14	26	26
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(178)	(138)	(360)	(304)
Cost of materials and other		(177)	(138)	(358)	(304)
Operating expenses (excluding depreciation and amortization expense reflected below)		(1)	(2)	(2)	(2)
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(178)	(140)	(360)	(306)
Other operating expenses		0		0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		30,130	21,415	55,691	42,302
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		30,131	21,415	55,696	42,302
Cost of materials and other		27,283	19,037	50,471	37,844
Operating expenses (excluding depreciation and amortization expense reflected below)		969	979	1,966	1,970
Depreciation and amortization expense		471	454	919	903
Total cost of sales		28,723	20,470	53,356	40,717
Other operating expenses		21		31
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		1,387	945	2,309	1,585
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		1	0	5	0
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		884	839	1,761	1,724
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		926	867	1,849	1,812
Cost of materials and other		754	710	1,503	1,497
Operating expenses (excluding depreciation and amortization expense reflected below)		109	107	220	216
Depreciation and amortization expense		20	19	38	46
Total cost of sales		883	836	1,761	1,759
Other operating expenses		0		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		43	31	88	53
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		42	28	88	88
VLP [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
VLP [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		135	110	267	216
Cost of materials and other		0	0	0	0
Operating expenses (excluding depreciation and amortization expense reflected below)		33	27	62	51
Depreciation and amortization expense		19	12	38	24
Total cost of sales		52	39	100	75
Other operating expenses		0		0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		83	71	167	141
VLP [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 135	$ 110	$ 267	$ 216
[1]	Includes excise taxes on sales by certain of our international operations of $1,470 million and $1,384 million for the three months ended June 30, 2018 and 2017, respectively, and $2,934 million and $2,656 million for the six months ended June 30, 2018 and 2017, respectively.

Revenues and Segment Informat50

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue by Segment
Revenues	[1]	$ 31,015	$ 22,254	$ 57,454	$ 44,026
Corporate, Reconciling Items And Eliminations [Member]
Revenue by Segment
Revenues		(177)	(138)	(358)	(304)
Corporate [Member]
Revenue by Segment
Revenues		1	0	2	0
Corporate - Other Revenues [Member] | Corporate [Member]
Revenue by Segment
Revenues		1	0	2	0
Refining [Member]
Revenue by Segment
Revenues		30,130	21,415	55,691	42,302
Refining [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		30,131	21,415	55,696	42,302
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		12,514	9,723	23,143	19,058
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		14,459	9,736	27,117	19,432
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		3,157	1,956	5,431	3,812
Ethanol [Member]
Revenue by Segment
Revenues		884	839	1,761	1,724
Ethanol [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		926	867	1,849	1,812
Ethanol [Member] | Ethanol Product [Member]
Revenue by Segment
Revenues		696	712	1,397	1,462
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		188	127	364	262
VLP [Member]
Revenue by Segment
Revenues		0	0	0	0
VLP [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		135	110	267	216
VLP [Member] | Eliminations And Reconciling Items [Member]
Revenue by Segment
Revenues		(135)	(110)	(267)	(216)
VLP [Member] | Pipeline Transportation [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		31	25	62	48
VLP [Member] | Terminaling [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		103	84	202	167
VLP [Member] | Storage and Other [Member] | Operating Segments [Member]
Revenue by Segment
Revenues		$ 1	$ 1	$ 3	$ 1
[1]	Includes excise taxes on sales by certain of our international operations of $1,470 million and $1,384 million for the three months ended June 30, 2018 and 2017, respectively, and $2,934 million and $2,656 million for the six months ended June 30, 2018 and 2017, respectively.

Revenues and Segment Informat51

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Total Assets by Reportable Segment
Reportable segment assets	$ 50,678	$ 50,158
Corporate, Non-Segment [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,670	6,915
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	42,107	40,382
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,332	1,344
VLP [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,569	$ 1,517

Supplemental Cash Flow Inform52

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Decrease (increase) in current assets:
Receivables, net	$ (595)	$ 1,396
Inventories	(46)	123
Prepaid expenses and other	(35)	86
Increase (decrease) in current liabilities:
Accounts payable	661	(942)
Accrued expenses	(83)	262
Taxes other than income taxes payable	28	(41)
Income taxes payable	(375)	(25)
Changes in current assets and current liabilities	(445)	859
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized	248	235
Income taxes paid, net	$ 817	263
Capital Lease Obligations [Member]
Supplemental Cash Flow Information (Textual)
Capital lease obligations incurred		490
Assets Held under Capital Leases [Member]
Supplemental Cash Flow Information (Textual)
Capital lease assets recognized		$ 490

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Assets:
Investments of certain benefit plans	$ 70	$ 73
Total gross fair value, assets	1,508	967
Effect of counterparty netting	(1,434)	(893)
Effect of cash collateral netting	0	0
Net carrying value on Balance Sheet, assets	74	74
Liabilities:
Environmental credit obligations	70	104
Total gross fair value, liabilities	1,550	1,086
Effect of counterparty netting	(1,434)	(893)
Effect of cash collateral netting	(32)	(76)
Net carrying value on Balance Sheet, liabilities	84	117
Commodity Contracts [Member]
Assets:
Derivative contracts	1,436	894
Effect of counterparty netting	(1,434)	(893)
Effect of cash collateral netting	0	0
Derivative contracts, net assets	2	1
Cash collateral received not offset	0	0
Liabilities:
Derivative contracts	1,467	969
Effect of counterparty netting	(1,434)	(893)
Effect of cash collateral netting	(32)	(76)
Derivative contracts, net liabilities	1	0
Cash collateral paid not offset	(57)	(102)
Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	13	6
Derivative contracts, net liabilities	13	6
Foreign Currency Contracts [Member]
Assets:
Derivative contracts	2
Derivative contracts, net assets	2
Liabilities:
Derivative contracts		7
Derivative contracts, net liabilities		7
Fair Value, Inputs, Level 1 [Member]
Assets:
Investments of certain benefit plans	61	65
Total gross fair value, assets	1,465	940
Liabilities:
Environmental credit obligations	0	0
Total gross fair value, liabilities	1,430	962
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	1,402	875
Liabilities:
Derivative contracts	1,430	955
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets:
Derivative contracts	2
Liabilities:
Derivative contracts		7
Fair Value, Inputs, Level 2 [Member]
Assets:
Investments of certain benefit plans	0	0
Total gross fair value, assets	34	19
Liabilities:
Environmental credit obligations	70	104
Total gross fair value, liabilities	120	124
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets:
Derivative contracts	34	19
Liabilities:
Derivative contracts	37	14
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities:
Derivative contracts	13	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	9	8
Total gross fair value, assets	9	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]
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 ($)	Jun. 30, 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	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Financial assets:
Cash and cash equivalents, at carrying amount	$ 4,451	$ 5,850	$ 5,207	$ 4,816
Financial liabilities:
Debt (excluding capital leases), at carrying amount	8,451	8,310
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents, at fair value	4,451	5,850
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding capital leases), at fair value	$ 9,310	$ 9,795

Price Risk Management Activit56

Price Risk Management Activities (Details) lb in Thousands, bu in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)lbMBblsbu	Jun. 30, 2017USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 27,860	$ 19,609	$ 51,616	$ 39,037
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $	131	$ 255	337	$ 401
Foreign Currency Contracts [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 487		$ 487
Foreign currency commitments maturity date			Jul. 31, 2018
Economic Hedges [Member] | Swap, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			9,892
Economic Hedges [Member] | Swap, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			10,115
Economic Hedges [Member] | Swap, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			135
Economic Hedges [Member] | Swap, 2019 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (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 and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			93,569
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			48,500
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Soybean Oil (in thousands of pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb			65,519
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			95,354
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			86,310
Economic Hedges [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Soybean Oil (in thousands of pounds) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, pounds | lb			169,018
Economic Hedges [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (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 thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			150
Economic Hedges [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Soybean Oil (in thousands of 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 and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			6
Economic Hedges [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			8,415
Economic Hedges [Member] | Future, 2019 Maturity [Member] | Short (Sales) [Member] | Soybean Oil (in thousands of 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 thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			41,029
Economic Hedges [Member] | Forward Contracts, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			8,264
Trading Derivatives [Member] | Swap, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (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 and Refined Petroleum Products (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 and Refined Petroleum Products (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 and Refined Petroleum Products (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 and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			55,504
Trading Derivatives [Member] | Future, 2018 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			150
Trading Derivatives [Member] | Future, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			55,402
Trading Derivatives [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			7,701
Trading Derivatives [Member] | Future, 2019 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of 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 and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			7,751
Trading Derivatives [Member] | Options Held, 2018 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			75,800
Trading Derivatives [Member] | Options Held, 2018 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			75,400
Trading Derivatives [Member] | Options Held, 2019 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (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 and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0

Price Risk Management Activit57

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions	Jun. 30, 2018	Dec. 31, 2017
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 1,438	$ 894
Derivative liability, fair value, gross liability	1,480	982
Commodity Future [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1,398	875
Derivative asset, fair value, gross liability	1,426	955
Commodity Swap [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	11	11
Derivative asset, fair value, gross liability	11	11
Commodity Swap [Member] | Accounts Payable [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0
Derivative liability, fair value, gross liability	1
Commodity Option [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	27	8
Derivative asset, fair value, gross liability	29	3
Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	0	0
Derivative asset, fair value, gross liability	13	6
Foreign Currency Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	2
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 Activit58

Price Risk Management Activities, Gain (Loss) by Income Statement Location (Details) - Cost of Materials and Other [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Economic Hedges [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ (66)	$ 25	$ (114)	$ (72)
Economic Hedges [Member] | Foreign Currency Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	17	(20)	14	(26)
Trading Derivatives [Member] | Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 51	$ (3)	$ 87	$ (2)