Valero Energy (VLO) 10-Q 29 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 20, 2020
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2020
Document transition report	false
Entity file number	001-13175
Entity registrant name	VALERO ENERGY CORP/TX
Entity incorporation, state or country code	DE
Entity tax identification number	74-1828067
Entity address, address line one	One Valero Way
Entity address, city or town	San Antonio
Entity address, state or province	TX
Entity address, postal zip code	78249
City area code	210
Local phone number	345-2000
Title of 12(b) security	Common stock
Trading symbol	VLO
Security exchange name	NYSE
Entity current reporting status	Yes
Entity interactive data current	Yes
Entity filer category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity shell company	false
Entity common stock, shares outstanding		407,698,594
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2020
Document fiscal period focus	Q1
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,515	$ 2,583
Receivables, net	5,392	8,904
Inventories	3,675	7,013
Prepaid expenses and other	883	469
Total current assets	11,465	18,969
Property, plant, and equipment, at cost	45,789	44,294
Accumulated depreciation	(15,263)	(15,030)
Property, plant, and equipment, net	30,526	29,264
Deferred charges and other assets, net	5,756	5,631
Total assets	47,747	53,864
Current liabilities:
Current portion of debt and finance lease obligations	886	494
Accounts payable	5,906	10,205
Accrued expenses	866	949
Taxes other than income taxes payable	1,019	1,304
Income taxes payable	55	208
Total current liabilities	8,732	13,160
Debt and finance lease obligations, less current portion	10,574	9,178
Deferred income tax liabilities	4,909	5,103
Other long-term liabilities	3,847	3,887
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	6,814	6,821
Treasury stock, at cost; 265,800,838 and 264,209,742 common shares	(15,764)	(15,648)
Retained earnings	29,722	31,974
Accumulated other comprehensive loss	(1,937)	(1,351)
Total Valero Energy Corporation stockholders’ equity	18,842	21,803
Noncontrolling interests	843	733
Total equity	19,685	22,536
Total liabilities and equity	$ 47,747	$ 53,864

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
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	265,800,838	264,209,742

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenues	[1]	$ 22,102	$ 24,263
Cost of sales:
Cost of materials and other		19,952	21,978
Lower of cost or market (LCM) inventory valuation adjustment		2,542	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,124	1,215
Depreciation and amortization expense		569	537
Total cost of sales		24,187	23,730
Other operating expenses		2	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		177	209
Depreciation and amortization expense		13	14
Operating income (loss)		(2,277)	308
Other income, net		32	22
Interest and debt expense, net of capitalized interest		(125)	(112)
Income (loss) before income tax expense (benefit)		(2,370)	218
Income tax expense (benefit)		(616)	51
Net income (loss)		(1,754)	167
Less: Net income attributable to noncontrolling interests		97	26
Net income (loss) attributable to Valero Energy Corporation stockholders		$ (1,851)	$ 141
Earnings (loss) per common share (in dollars per share)		$ (4.54)	$ 0.34
Weighted-average common shares outstanding (in shares)		408	416
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ (4.54)	$ 0.34
Weighted-average common shares outstanding – assuming dilution (in shares)		408	418
Supplemental information:
Includes excise taxes on sales by certain of our international operations		$ 1,368	$ 1,330
[1]	Includes excise taxes on sales by certain of our international operations of $1,368 million and $1,330 million for the three months ended March 31, 2020 and 2019, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss)	$ (1,754)	$ 167
Other comprehensive income (loss):
Foreign currency translation adjustment	(607)	155
Net gain on pension and other postretirement benefits	12	3
Net gain on cash flow hedges	29	0
Other comprehensive income (loss) before income tax expense	(566)	158
Income tax expense related to items of other comprehensive income (loss)	6	1
Other comprehensive income (loss)	(572)	157
Comprehensive income (loss)	(2,326)	324
Less: Comprehensive income attributable to noncontrolling interests	111	28
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ (2,437)	$ 296

Consolidated Statements of Equi

Consolidated Statements of Equity (unaudited) - USD ($) $ in Millions	Total	Valero Energy Corporation Stockholders' Equity [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2018	$ 22,731	$ 21,667	$ 7	$ 7,048	$ (14,925)	$ 31,044	$ (1,507)	$ 1,064
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	167	141				141		26
Dividends on common stock	(375)	(375)				(375)
Stock-based compensation expense	10	10		10
Transactions in connection with stock-based compensation plans	(1)	(1)		(2)	1
Open market stock purchases	(34)	(34)			(34)
Acquisition of Valero Energy Partners LP (VLP) publicly held common units	(950)	(328)		(328)				(622)
Other	74	74		74	0	0	0	0
Other comprehensive income (loss)	157	155					155	2
Balance as of end of period at Mar. 31, 2019	21,779	21,309	7	6,802	(14,958)	30,810	(1,352)	470
Balance as of beginning of period at Dec. 31, 2019	22,536	21,803	7	6,821	(15,648)	31,974	(1,351)	733
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	(1,754)	(1,851)				(1,851)		97
Dividends on common stock	(401)	(401)				(401)
Stock-based compensation expense	24	24		24
Transactions in connection with stock-based compensation plans	(17)	(17)		(31)	14
Open market stock purchases	(130)	(130)			(130)
Distributions to noncontrolling interests	(1)							(1)
Other comprehensive income (loss)	(572)	(586)					(586)	14
Balance as of end of period at Mar. 31, 2020	$ 19,685	$ 18,842	$ 7	$ 6,814	$ (15,764)	$ 29,722	$ (1,937)	$ 843

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.9

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (1,754)	$ 167
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	582	551
LCM inventory valuation adjustment	2,542	0
Deferred income tax benefit	(162)	(22)
Changes in current assets and current liabilities	(1,107)	130
Changes in deferred charges and credits and other operating activities, net	(150)	51
Net cash provided by (used in) operating activities	(49)	877
Cash flows from investing activities:
Investments in unconsolidated joint ventures	(19)	(63)
Other investing activities, net	10	(2)
Net cash used in investing activities	(757)	(747)
Cash flows from financing activities:
Purchases of common stock for treasury	(147)	(36)
Common stock dividends	(401)	(375)
Acquisition of VLP publicly held common units	0	(950)
Other financing activities, net	(1)	(25)
Net cash used in financing activities	(195)	(378)
Effect of foreign exchange rate changes on cash	(67)	43
Net decrease in cash and cash equivalents	(1,068)	(205)
Cash and cash equivalents at beginning of period	2,583	2,982
Cash and cash equivalents at end of period	1,515	2,777
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(299)	(431)
Deferred turnaround and catalyst cost expenditures	(309)	(219)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	300	1,892
Repayments of debt and finance lease obligations	(15)	(906)
Variable Interest Entities (VIEs) [Member]
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	70	23
Repayments of debt and finance lease obligations	(1)	(1)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(74)	(13)
Deferred turnaround and catalyst cost expenditures	(4)	0
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	$ (62)	$ (19)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . As discussed in Note 2 , the recent outbreak of COVID-19 and its development into a pandemic in March 2020 has resulted in significant economic disruption globally. This disruption became more acute in the latter half of March 2020; therefore, our operating results for the three months ended March 31, 2020 do not fully reflect the impact this disruption has had, and will likely continue to have, on us. The balance sheet as of December 31, 2019 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, 2019 . Reclassifications Prior year amounts for capital expenditures and repayments of debt and finance lease obligations in the consolidated statements of cash flows have been reclassified to conform to the 2020 presentation to separately provide these expenditures for us and our consolidated VIEs. 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. Adoption of Accounting Pronouncements We adopted the following Accounting Standards Updates (ASUs) on January 1, 2020. Our adoption of these ASUs did not have a material impact on our financial statements or related disclosures. ASU Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (including codification improvements in ASUs 2018-19 and 2019-11 and ASU 2020-02— Financial Instruments—Credit Losses (Topic 326): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119) Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Prospectively 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Prospectively The following ASU was issued on and adopted by us on March 12, 2020. Our adoption did not have a material impact on our financial statements or related disclosures: ASU Basis of Adoption 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Prospectively

Uncertainties and Certain Signi

Uncertainties and Certain Significant Accounting Estimates	3 Months Ended
	Mar. 31, 2020
Risks and Uncertainties [Abstract]
UNCERTAINTIES AND CERTAIN SIGNIFICANT ACCOUNTING ESTIMATES	2. UNCERTAINTIES AND CERTAIN SIGNIFICANT ACCOUNTING ESTIMATES Overview The outbreak of COVID-19 and its development into a pandemic in March 2020 and certain developments in the global oil markets have impacted and continue to impact our business. We are actively responding to these matters on our business. We have reduced the amount of crude oil processed at most of our refineries in response to the decreased demand for our products, we have temporarily idled various gasoline-making units at certain of our refineries to further limit gasoline production, and we have taken measures to reduce jet fuel production. Eight of our ethanol plants are temporarily idled, and we reduced the amount of ethanol produced at our remaining six ethanol plants to address the decreased demand for ethanol. Many uncertainties remain with respect to COVID-19, including its resulting economic effects, and we are unable to predict the ultimate economic impacts from COVID-19 on our business and how quickly national economies can recover once the pandemic subsides. However, the adverse impacts of the economic effects from COVID-19 and uncertainty in the global oil markets on our business have been and will likely continue to be significant. As a result, we expect these matters may affect our estimates and assumptions on amounts reported in the financial statements and accompanying notes in the near term. Impairment Analysis of Long-Lived Assets Due to the adverse economic conditions discussed above, we reviewed our significant operating assets for the existence of impairment indicators. As a result of this review, we evaluated six ethanol plants for potential impairment as of March 31, 2020, assuming that we would operate these plants in the future and incorporating current price assumptions into our future estimated cash flows. Based on our analysis, we determined that the carrying amount of each of these plants was recoverable, as the undiscounted future cash flows from each plant exceeded its respective carrying value. Nonetheless, we will continue to evaluate the economic conditions and their impact on our assumptions. Impairment Analysis of Goodwill We have $260 million of goodwill as of March 31, 2020. All of our goodwill is allocated to one reporting unit, the U.S. Gulf Coast refining region. Our annual test for the impairment of goodwill is performed on October 1 of each year. However, as discussed above, there were adverse changes in the capital and commodity markets that contributed to a significant decline in our common stock price. Despite the decline in our common stock price, we determined our goodwill was no t impaired. Nonetheless, we will continue to evaluate the economic conditions and their impact on our assumptions. Inventory Valuation See Note 4 regarding our $2.5 billion LCM inventory valuation reserve and the estimates used to determine the market value of our inventories.

Merger With VLP

Merger With VLP	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
MERGER WITH VLP	3. MERGER WITH VLP On January 10, 2019, we completed our acquisition of all of the outstanding publicly held common units of VLP pursuant to a definitive Agreement and Plan of Merger (Merger Agreement, and together with the transactions contemplated thereby, the Merger Transaction) with VLP. Upon completion of the Merger Transaction, each outstanding publicly held common unit was converted into the right to receive $42.25 per common unit in cash without any interest thereon, and all such publicly traded common units were automatically canceled and ceased to exist. Upon completion of the Merger Transaction, we paid aggregate merger consideration of $950 million , which was funded with available cash on hand. Prior to the completion of the Merger Transaction, we consolidated the financial statements of VLP and reflected noncontrolling interests on our balance sheet for the portion of VLP’s partners’ capital held by VLP’s public common unitholders. Upon completion of the Merger Transaction, VLP became our indirect wholly owned subsidiary and, as a result, we no longer reflect noncontrolling interests on our balance sheet with respect to VLP. In addition, we no longer attribute a portion of VLP’s net income to noncontrolling interests. Because we had a controlling financial interest in VLP before the Merger Transaction and retained our controlling financial interest in VLP after the Merger Transaction, the change in our ownership interest in VLP as a result of the merger was accounted for as an equity transaction. Accordingly, we did not recognize a gain or loss on the Merger Transaction.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,016 $ 2,399 Refined petroleum products and blendstocks 3,616 4,034 Renewable diesel feedstocks and products 44 46 Ethanol feedstocks and products 270 260 Materials and supplies 277 274 Inventories before LCM inventory valuation reserve 6,223 7,013 LCM inventory valuation reserve (2,548 ) — Inventories $ 3,675 $ 7,013 We compare the market value of inventories to their cost on an aggregate basis, excluding materials and supplies. In determining the market value of our inventories, we assume that feedstocks are converted into refined products, which requires us to make estimates regarding the refined products expected to be produced from those feedstocks and the conversion costs required to convert those feedstocks into refined products. We also estimate the usual and customary transportation costs required to move the inventory from our plants to the appropriate points of sale. We then apply an estimated selling price to our inventories. If the aggregate market value is less than the aggregate cost, we recognize a loss for the difference in our statements of income. However, to the extent the aggregate market value subsequently increases, we would recognize an increase to the value of our inventories (not to exceed cost) and a gain in our statements of income. The market value of our last-in, first-out (LIFO) inventory as of March 31, 2020 fell below our historical LIFO inventory costs. As a result, we recorded an LCM inventory valuation adjustment of $2.5 billion for the three months ended March 31, 2020 . The income statement effect differs from the balance sheet reserve due to the foreign currency effect of inventories held for our international operations. As of December 31, 2019 , the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $2.5 billion . Our non-LIFO inventories accounted for $1.1 billion and $1.4 billion of our total inventories as of March 31, 2020 and December 31, 2019 , respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	5. LEASES Lease Costs and Other Supplemental Information Our total lease cost comprises costs that are included in our income statement, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended March 31, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 22 $ — $ — $ 3 $ 1 $ — $ — $ 26 Interest on lease liabilities 21 — — — 1 — — 22 Operating lease cost 42 39 15 4 2 6 1 109 Variable lease cost 16 18 1 1 — — — 36 Short-term lease cost 4 22 — 14 — — — 40 Sublease income — (6 ) — — — — — (6 ) Total lease cost $ 105 $ 73 $ 16 $ 22 $ 4 $ 6 $ 1 $ 227 Three months ended March 31, 2019 Finance lease cost: Amortization of ROU assets $ 8 $ — $ — $ 1 $ 1 $ — $ — $ 10 Interest on lease liabilities 10 — — — 1 — — 11 Operating lease cost 47 34 11 7 2 4 — 105 Variable lease cost 18 10 — — — — — 28 Short-term lease cost 3 14 — 6 — — — 23 Sublease income — (1 ) — — — (1 ) — (2 ) Total lease cost $ 86 $ 57 $ 11 $ 14 $ 4 $ 3 $ — $ 175 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,203 $ — $ 790 Deferred charges and other assets, net 1,297 — 1,329 — Total ROU assets, net $ 1,297 $ 2,203 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 63 $ — $ 41 Accrued expenses 342 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,149 — 750 Other long-term liabilities 928 — 959 — Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.9 years 7.7 years 19.7 years Weighted-average discount rate 4.8 % 4.4 % 4.9 % 5.2 % Supplemental cash flow information related to our operating and finance leases is presented in Note 13 . Significant Lease Commencement We have a 50 percent membership interest in MVP Terminalling, LLC (MVP), an unconsolidated joint venture formed in September 2017 with a subsidiary of Magellan Midstream Partners LP, to construct, own, and operate the Magellan Valero Pasadena marine terminal (MVP Terminal) located adjacent to the Houston Ship Channel in Pasadena, Texas. Concurrent with the formation of MVP, we entered into a terminaling agreement with MVP to utilize the MVP Terminal upon completion of the initial two phases of construction, which occurred in the first quarter of 2020 . During the three months ended March 31, 2020 , we recognized a finance lease ROU asset and related liability of approximately $1.4 billion in connection with this agreement. The terminaling agreement has an initial term of 12 years with two five -year automatic renewals, and year-to-year renewals thereafter. Maturity Analysis The remaining minimum lease payments due under our long-term leases were as follows (in millions): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 302 $ 123 $ 376 $ 88 2021 273 164 250 86 2022 205 165 194 87 2023 170 171 160 91 2024 133 162 125 82 Thereafter 489 2,895 498 1,011 Total undiscounted lease payments 1,572 3,680 1,603 1,445 Less: Amount associated with discounting 302 1,468 313 654 Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 ____________________ (a) The amounts as of March 31, 2020 are for the remaining nine months of 2020 .
LEASES	5. LEASES Lease Costs and Other Supplemental Information Our total lease cost comprises costs that are included in our income statement, as well as costs capitalized as part of an item of property, plant, and equipment or inventory. Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended March 31, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 22 $ — $ — $ 3 $ 1 $ — $ — $ 26 Interest on lease liabilities 21 — — — 1 — — 22 Operating lease cost 42 39 15 4 2 6 1 109 Variable lease cost 16 18 1 1 — — — 36 Short-term lease cost 4 22 — 14 — — — 40 Sublease income — (6 ) — — — — — (6 ) Total lease cost $ 105 $ 73 $ 16 $ 22 $ 4 $ 6 $ 1 $ 227 Three months ended March 31, 2019 Finance lease cost: Amortization of ROU assets $ 8 $ — $ — $ 1 $ 1 $ — $ — $ 10 Interest on lease liabilities 10 — — — 1 — — 11 Operating lease cost 47 34 11 7 2 4 — 105 Variable lease cost 18 10 — — — — — 28 Short-term lease cost 3 14 — 6 — — — 23 Sublease income — (1 ) — — — (1 ) — (2 ) Total lease cost $ 86 $ 57 $ 11 $ 14 $ 4 $ 3 $ — $ 175 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,203 $ — $ 790 Deferred charges and other assets, net 1,297 — 1,329 — Total ROU assets, net $ 1,297 $ 2,203 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 63 $ — $ 41 Accrued expenses 342 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,149 — 750 Other long-term liabilities 928 — 959 — Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.9 years 7.7 years 19.7 years Weighted-average discount rate 4.8 % 4.4 % 4.9 % 5.2 % Supplemental cash flow information related to our operating and finance leases is presented in Note 13 . Significant Lease Commencement We have a 50 percent membership interest in MVP Terminalling, LLC (MVP), an unconsolidated joint venture formed in September 2017 with a subsidiary of Magellan Midstream Partners LP, to construct, own, and operate the Magellan Valero Pasadena marine terminal (MVP Terminal) located adjacent to the Houston Ship Channel in Pasadena, Texas. Concurrent with the formation of MVP, we entered into a terminaling agreement with MVP to utilize the MVP Terminal upon completion of the initial two phases of construction, which occurred in the first quarter of 2020 . During the three months ended March 31, 2020 , we recognized a finance lease ROU asset and related liability of approximately $1.4 billion in connection with this agreement. The terminaling agreement has an initial term of 12 years with two five -year automatic renewals, and year-to-year renewals thereafter. Maturity Analysis The remaining minimum lease payments due under our long-term leases were as follows (in millions): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 302 $ 123 $ 376 $ 88 2021 273 164 250 86 2022 205 165 194 87 2023 170 171 160 91 2024 133 162 125 82 Thereafter 489 2,895 498 1,011 Total undiscounted lease payments 1,572 3,680 1,603 1,445 Less: Amount associated with discounting 302 1,468 313 654 Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 ____________________ (a) The amounts as of March 31, 2020 are for the remaining nine months of 2020 .

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	6. DEBT Public Debt During the three months ended March 31, 2019 , the following activity occurred: • We issued $1.0 billion of 4.00 percent Senior Notes due April 1, 2029 . Proceeds from this debt issuance totaled $992 million before deducting the underwriting discount and other debt issuance costs. The proceeds were used to redeem our 6.125 percent Senior Notes due February 1, 2020 ( 6.125 percent Senior Notes) for $871 million , or 102.48 percent of stated value, which included an early redemption fee of $21 million that is reflected in “ other income, net ” in our statement of income for the three months ended March 31, 2019 . • In connection with the completion of the Merger Transaction, Valero Energy Corporation, the parent company, entered into a guarantee agreement to fully and unconditionally guarantee the prompt payment, when due, of the following debt issued by VLP, one of its wholly owned subsidiaries, that was outstanding as of March 31, 2020 : ◦ 4.375 percent Senior Notes due December 15, 2026 ; and ◦ 4.5 percent Senior Notes due March 15, 2028 . Effective March 31, 2020, we early applied the U.S. Securities and Exchange Commission’s (SEC’s) Final Rule Release No. 33-10762, Financial Disclosures About Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities . This rule allows us to cease providing the previously required condensed consolidating financial information in our periodic reports while the senior notes issued by VLP noted above are outstanding, as VLP’s reporting obligation was suspended on January 22, 2019 in connection with the completion of the Merger Transaction. During the three months ended March 31, 2020 , there was no issuance or redemption activity related to our public debt. On April 16, 2020, we issued $850 million of 2.700 percent Senior Notes due April 15, 2023 and $650 million of 2.850 percent Senior Notes due April 15, 2025 . Proceeds from these debt issuances totaled $1.499 billion before deducting the underwriting discount and other debt issuance costs. Credit Facilities Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 34 $ 3,966 Canadian Revolver C$ 150 November 2020 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2020 $ 400 n/a $ 900 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (b): IEnova Revolver $ 510 February 2028 $ 418 n/a $ 92 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 118 n/a ___________________ (a) Letters of credit issued as of March 31, 2020 expire at various times in 2020 through 2021 . (b) Creditors of our VIE do not have recourse against us. Accounts Receivable Sales Facility During the three months ended March 31, 2020 , we sold $300 million of eligible receivables under our accounts receivable sales facility. As of March 31, 2020 and December 31, 2019 , the variable interest rate on the accounts receivable sales facility was 2.1619 percent and 2.3866 percent, respectively. In April 2020, the available borrowing capacity under our accounts receivable sales facility decreased due to the reduction in our receivables as a result of the significant decline in product prices. On April 29, 2020, we repaid $400 million of borrowings under the facility and the available capacity to borrow was $512 million . IEnova Revolver During the three months ended March 31, 2020 and 2019 , Central Mexico Terminals (as described in Note 8 ) borrowed $70 million and $23 million , respectively, and had no repayments under a combined $510 million unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 8 ). As of March 31, 2020 and December 31, 2019 , the variable interest rate was 5.595 percent and 5.749 percent, respectively. 364-day Revolving Credit Facility On April 13, 2020, we entered into an $875 million 364-Day Credit Agreement (the 364-day Revolving Credit Facility) with several lenders. This facility provides for a revolving credit facility in an aggregate principal amount of up to $875 million and matures 364 days from April 13, 2020. Borrowings under this facility bear interest at the base rate or the eurodollar rate (at our election) plus an applicable rate ranging from 0.150 percent to 1.700 percent, based upon the elected interest rate type and our debt ratings from certain rating agencies. The facility requires us to pay a commitment fee accruing on the daily amount of used and unused commitments of the lenders, also based upon our debt ratings mentioned above. The interest and commitment fees under this facility are payable quarterly. The facility also requires us to pay a customary agency fee to the administrative agent. The facility contains various customary covenants and events of default. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2020 2019 Interest and debt expense $ 145 $ 136 Less: Capitalized interest 20 24 Interest and debt expense, net of capitalized interest $ 125 $ 112

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
EQUITY	7. EQUITY Share Activity There was no significant share activity during the three months ended March 31, 2020 and 2019 . Common Stock Dividends On April 24, 2020 , our board of directors declared a quarterly cash dividend of $0.98 per common share payable on June 3, 2020 to holders of record at the close of business on May 14, 2020 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2020 2019 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains (Losses) on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (676 ) $ (672 ) $ (3 ) $ (1,351 ) $ (1,022 ) $ (485 ) $ (1,507 ) Other comprehensive income (loss) before reclassifications (606 ) — 21 (585 ) 153 — 153 Amounts reclassified from accumulated other comprehensive loss — 9 (10 ) (1 ) — 2 2 Other comprehensive income (loss) (606 ) 9 11 (586 ) 153 2 155 Balance as of end of period $ (1,282 ) $ (663 ) $ 8 $ (1,937 ) $ (869 ) $ (483 ) $ (1,352 )

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	8. 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. As of March 31, 2020 , our significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc., which owns and operates a plant that processes animal fats, used cooking oils, and other vegetable oils into renewable diesel; and • Central Mexico Terminals, which is 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). March 31, 2020 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 174 $ — $ 18 $ 192 Other current assets 635 37 67 739 Property, plant, and equipment, net 772 454 100 1,326 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 63 $ 490 $ 6 $ 559 Debt and finance lease obligations, less current portion 1 — 27 28 December 31, 2019 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 85 $ — $ 25 $ 110 Other current assets 567 33 89 689 Property, plant, and equipment, net 706 381 105 1,192 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 66 $ 409 $ 8 $ 483 Debt and finance lease obligations, less current portion — — 31 31 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 accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2020
Defined Benefit Plan [Abstract]
EMPLOYEE BENEFIT PLANS	9. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2020 2019 2020 2019 Three months ended March 31 Service cost $ 35 $ 30 $ 1 $ 1 Interest cost 21 24 2 3 Expected return on plan assets (44 ) (42 ) — — Amortization of: Net actuarial (gain) loss 18 10 — (1 ) Prior service credit (5 ) (4 ) (1 ) (2 ) Special charges — — — 1 Net periodic benefit cost $ 25 $ 18 $ 2 $ 2 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “ other income, net ” in the statements of income. During the three months ended March 31, 2020 and 2019 , we contributed $12 million and $14 million , respectively, to our pension plans and $4 million to our other postretirement benefit plans during each period. We previously disclosed in our annual report on Form 10-K for the year ended December 31, 2019 that we planned to contribute approximately $140 million to our pension plans and $21 million to our other postretirement benefit plans during 2020 . Due to the current economic environment, we are reconsidering our intent to make a discretionary contribution of up to $100 million to our qualified U.S. pension plan.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES Determination of Quarterly Effective Income Tax Rate We have historically calculated the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to income for the interim period. Given the significant uncertainty with respect to the impact of the COVID-19 outbreak on our business and results of operations, we are not currently able to estimate our annual effective income tax rate for 2020. Therefore, our income tax rate for the three months ended March 31, 2020 is our best estimate of our annual effective income tax rate. CARES Act On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted, which resulted in significant changes to the U.S. Internal Revenue Code of 1986, as amended. The most significant changes affecting us were as follows: • Modification of the limitations previously set by the Tax Cuts and Jobs Act of 2017 by providing that tax net operating losses (NOLs) arising in a tax year beginning in 2018, 2019, or 2020 can be carried back five years. This provision allows the taxpayer to recover taxes previously paid at a 35 percent federal income tax rate during tax years prior to 2018. In addition, the CARES Act removed the taxable income limitation to allow a tax NOL to fully offset taxable income for tax years beginning before January 1, 2021. • Increased the deductibility of interest expense from 30 percent to 50 percent of adjusted taxable income for 2019 and 2020. Also, a taxpayer can elect to use its 2019 adjusted taxable income in 2020 to determine the deductible amount of interest expense in that year. We recognized an overall income tax benefit of $616 million for the three months ended March 31, 2020 , of which $110 million was attributable to the expected tax NOL carryback provided for under the CARES Act for expected tax NOLs from our current tax year to our 2015 income tax year in which we paid federal income tax at a 35 percent tax rate. In addition, we were not limited in the amount of interest expense we could deduct. The remaining income tax benefit was primarily due to the LCM inventory valuation adjustment that resulted in a tax benefit of $551 million .

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER COMMON SHARE	11. EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ (1,851 ) $ 141 Less: Income allocated to participating securities 1 1 Net income (loss) available to common stockholders $ (1,852 ) $ 140 Weighted-average common shares outstanding 408 416 Earnings (loss) per common share $ (4.54 ) $ 0.34 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ (1,851 ) $ 141 Weighted-average common shares outstanding 408 416 Effect of dilutive securities — 2 Weighted-average common shares outstanding – assuming dilution 408 418 Earnings (loss) per common share – assuming dilution $ (4.54 ) $ 0.34 Participating securities include restricted stock and performance awards granted under our 2011 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options granted under our 2011 Omnibus Stock Incentive Plan.

Revenues and Segment Informatio

Revenues and Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	12. 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 our financial statements. Contract Balances Contract balances were as follows (in millions): March 31, 2020 December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 2,965 $ 5,610 $ (2,645 ) Contract liabilities, included in accrued expenses 19 55 (36 ) Receivables from contracts with customers is a component of “receivables, net” as presented on the balance sheet. The decrease in “receivables, net” is described in Note 13 . For the three months ended March 31, 2020 , we recognized as revenue $52 million that was included in contract liabilities as of December 31, 2019. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of March 31, 2020 , we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments — refining, renewable diesel, and ethanol. 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 logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The renewable diesel segment includes the operations of DGD, our consolidated joint venture as discussed in Note 8 . The principal product manufactured by DGD and sold by this segment is renewable diesel. This segment sells some renewable diesel to the refining segment, which is then sold to that segment’s customers. • The ethanol segment includes the operations of our 14 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. This segment sells some ethanol to the refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product. Operations that are not included in any of the reportable segments are included in the corporate category. The following tables reflect information about our operating income (loss) by reportable segment (in millions): Refining Renewable Diesel Ethanol Corporate and Eliminations Total Three months ended March 31, 2020 Revenues: Revenues from external customers $ 20,985 $ 306 $ 811 $ — $ 22,102 Intersegment revenues 2 53 64 (119 ) — Total revenues 20,987 359 875 (119 ) 22,102 Cost of sales: Cost of materials and other 19,127 130 813 (118 ) 19,952 LCM inventory valuation adjustment 2,414 — 128 — 2,542 Operating expenses (excluding depreciation and amortization expense reflected below) 995 20 109 — 1,124 Depreciation and amortization expense 536 11 22 — 569 Total cost of sales 23,072 161 1,072 (118 ) 24,187 Other operating expenses 2 — — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 177 177 Depreciation and amortization expense — — — 13 13 Operating income (loss) by segment $ (2,087 ) $ 198 $ (197 ) $ (191 ) $ (2,277 ) Refining Renewable Ethanol Corporate and Eliminations Total Three months ended March 31, 2019 Revenues: Revenues from external customers $ 23,218 $ 252 $ 793 $ — $ 24,263 Intersegment revenues 2 51 52 (105 ) — Total revenues 23,220 303 845 (105 ) 24,263 Cost of sales: Cost of materials and other 21,165 224 694 (105 ) 21,978 Operating expenses (excluding depreciation and amortization expense reflected below) 1,071 19 125 — 1,215 Depreciation and amortization expense 503 11 23 — 537 Total cost of sales 22,739 254 842 (105 ) 23,730 Other operating expenses 2 — — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 209 209 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 479 $ 49 $ 3 $ (223 ) $ 308 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions). Three Months Ended 2020 2019 Refining: Gasolines and blendstocks $ 8,244 $ 9,374 Distillates 10,663 11,917 Other product revenues 2,078 1,927 Total refining revenues 20,985 23,218 Renewable diesel: Renewable diesel 306 252 Ethanol: Ethanol 629 620 Distillers grains 182 173 Total ethanol revenues 811 793 Revenues $ 22,102 $ 24,263 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 41,465 $ 47,067 Renewable diesel 1,632 1,412 Ethanol 1,614 1,615 Corporate and eliminations 3,036 3,770 Total assets $ 47,747 $ 53,864

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	13. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 3,397 $ (895 ) Inventories 627 28 Prepaid expenses and other (437 ) 16 Increase (decrease) in current liabilities: Accounts payable (4,222 ) 1,400 Accrued expenses (79 ) (167 ) Taxes other than income taxes payable (241 ) (263 ) Income taxes payable (152 ) 11 Changes in current assets and current liabilities $ (1,107 ) $ 130 Changes in current assets and current liabilities for the three months ended March 31, 2020 were as follows: • the decrease in receivables was due to a decrease in commodity prices in March 2020 compared to December 2019 combined with a decrease in sales volumes; • the decrease in inventories was due to a decrease in commodity prices in March 2020 compared to December 2019 combined with lower inventory levels; • the increase in prepaid expenses and other primarily related to the recognition of the current portion of the income tax benefit described in Note 10 ; • the decrease in accounts payable was due to a decrease in commodity prices in March 2020 compared to December 2019 combined with a decrease in crude oil and other feedstock volumes purchased; and • the decrease in taxes other than income taxes payable was mainly due to the payment of ad valorem, value-added, and motor fuel taxes. Changes in current assets and current liabilities for the three months ended March 31, 2019 were as follows: • the increase in receivables was due to an increase in commodity prices in March 2019 compared to December 2018 combined with an increase in sales volumes; • the increase in accounts payable was due to an increase in commodity prices in March 2019 compared to December 2018 combined with an increase in crude oil and other feedstock volumes purchased and the timing of payments of invoices; • the decrease in taxes other than income taxes payable was mainly due to the payment of value-added and ad valorem taxes; and • the decrease in accrued expenses was mainly due to the payment of our annual incentive compensation related to 2018. Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 88 $ 96 Income taxes paid (refunded), net 121 (59 ) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2020 2019 Operating Leases Finance Leases Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 106 $ 22 $ 107 $ 11 Financing cash flows — 15 — 6 Changes in lease balances resulting from new and modified leases (a) 92 1,441 1,404 2 ___________________ (a) Noncash activity for the three months ended March 31, 2020 primarily includes $1.4 billion for a finance lease ROU asset and related liability recognized in connection with the terminaling agreement with MVP described in Note 5 . Noncash activity for the three months ended March 31, 2019 included $1.3 billion for operating lease ROU assets and related liabilities recorded on January 1, 2019 upon adoption of Financial Accounting Standards Board Accounting Standards Codification Topic 842, “Leases.” There were no significant noncash investing and financing activities during the three months ended March 31, 2020 , except as noted in the table above. Noncash investing and financing activities during the three months ended March 31, 2019 included the derecognition of the property, plant, and equipment and the related long-term liability associated with a build-to-suit lease arrangement with respect to the MVP Terminal, and the subsequent recognition of our investment in MVP, in addition to the activities noted in the table above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	14. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2020 and December 31, 2019 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2020 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 $ 4,252 $ — $ — $ 4,252 $ (4,162 ) $ (73 ) $ 17 $ — Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 62 — 9 71 n/a n/a 71 n/a Total $ 4,316 $ — $ 9 $ 4,325 $ (4,162 ) $ (73 ) $ 90 Liabilities Commodity derivative contracts $ 4,468 $ — $ — $ 4,468 $ (4,162 ) $ (306 ) $ — $ (13 ) Environmental credit obligations — 43 — 43 n/a n/a 43 n/a Physical purchase contracts — 10 — 10 n/a n/a 10 n/a Foreign currency contracts 72 — — 72 n/a n/a 72 n/a Total $ 4,540 $ 53 $ — $ 4,593 $ (4,162 ) $ (306 ) $ 125 December 31, 2019 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 $ 617 $ — $ — $ 617 $ (612 ) $ — $ 5 $ — Foreign currency contracts 27 — — 27 n/a n/a 27 n/a Investments of certain benefit plans 65 — 9 74 n/a n/a 74 n/a Total $ 709 $ — $ 9 $ 718 $ (612 ) $ — $ 106 Liabilities Commodity derivative contracts $ 668 $ — $ — $ 668 $ (612 ) $ (56 ) $ — $ (84 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 3 — 3 n/a n/a 3 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 678 $ 5 $ — $ 683 $ (612 ) $ (56 ) $ 15 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, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 15 . These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 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 plan 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 plan 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 and foreign currency swap agreements related to our international operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are valued based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy. • Environmental credit obligations represent our liability for the purchase of (i) biofuel credits (primarily Renewable Identification Numbers (RINs) in the U.S.) needed to satisfy our obligation to blend biofuels into the products we produce and (ii) emission credits under the California Global Warming Solutions Act (the California cap-and-trade system, also known as AB 32) and similar programs (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. 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 a market approach based on quoted prices from an independent pricing service. There were no transfers into or out of Level 3 for assets and liabilities held as of March 31, 2020 and December 31, 2019 that were measured at fair value on a recurring basis. There was no significant activity during the three months ended March 31, 2020 and 2019 related to the fair value amounts categorized in Level 3 as of March 31, 2020 and December 31, 2019 . Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 . Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): March 31, 2020 December 31, 2019 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents Level 1 $ 1,515 $ 1,515 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 9,248 9,261 8,881 10,583

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	15. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, 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 14 ), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).” 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), renewable diesel, grain (primarily corn), renewable diesel feedstocks, 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, such as futures and options. 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. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted (i) feedstock, refined petroleum product, or natural gas purchases, or (ii) refined petroleum product or renewable diesel sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and refined petroleum product inventories and fixed-price purchase contracts, and (ii) lock in the price of forecasted feedstock, refined petroleum product, or natural gas purchases, or refined petroleum product or renewable diesel sales at existing market prices that we deem favorable. As of March 31, 2020 , we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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 corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity 2020 2021 Derivatives designated as cash flow hedges Renewable diesel: Futures – long 1,627 — Futures – short 2,317 — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 126,944 56 Futures – short 126,954 56 Options – long 800 — Options – short 800 — Corn: Futures – long 52,160 — Futures – short 64,335 50 Physical contracts – long 15,731 549 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our international operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of March 31, 2020 , we had foreign currency contracts to purchase $220 million of U.S. dollars and $2.5 billion of U.S. dollar equivalent Canadian dollars. Of these commitments, $1.2 billion matured on or before April 24, 2020 and the remaining $1.5 billion will mature by June 15, 2020 . 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 $112 million and $91 million for the three months ended March 31, 2020 and 2019 , 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 14 . Under these cap-and-trade systems, we purchase various GHG emission credits available on the open market. Therefore, we are exposed to the volatility in the market price of these credits. The cost to implement certain provisions of the cap-and-trade systems are significant; however, we recovered the majority of these costs from our customers for the three months ended March 31, 2020 and 2019 and expect to continue to recover the majority of these costs in the future. For the three months ended March 31, 2020 and 2019 , the net cost of meeting our obligations under these compliance programs was immaterial. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of March 31, 2020 and December 31, 2019 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 14 for additional information related to the fair values of our derivative instruments. As indicated in Note 14 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2020 December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 86 $ 45 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 4,166 $ 4,423 $ 608 $ 648 Physical purchase contracts Inventories — 10 — 3 Foreign currency contracts Receivables, net 2 — 27 — Foreign currency contracts Accrued expenses — 72 — 10 Total $ 4,168 $ 4,505 $ 635 $ 661 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 and Other Comprehensive Income (Loss) The following table provides information about the gain or loss recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions). Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2020 2019 Commodity contracts: Gain recognized in other comprehensive income (loss) on derivatives $ 55 $ — Gain reclassified from accumulated other comprehensive loss into income Revenues 26 — For cash flow hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three months ended March 31, 2020 and 2019 . For the three months ended March 31, 2020 , cash flow hedges primarily related to forward sales of renewable diesel and we estimate that $18 million of the deferred after-tax gain as of March 31, 2020 will be reclassified into revenues over the next 12 months as a result of hedged transactions that are forecasted to occur. For the three months ended March 31, 2020 and 2019 , there were no amounts reclassified from accumulated other comprehensive loss into income as a result of the discontinuance of cash flow hedge accounting. The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2020 and 2019 are described in Note 7 . The following table provides information about the gain (loss) recognized in income on our derivative instruments of our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions). Derivatives Not Designated Location of Gain (Loss) Three Months Ended 2020 2019 Commodity contracts Revenues $ (8 ) $ — Commodity contracts Cost of materials and other (152 ) (71 ) Commodity contracts Operating expenses (excluding depreciation and amortization expense) (2 ) — Foreign currency contracts Cost of materials and other 49 (9 ) Foreign currency contracts Other income, net (165 ) 7

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. These unaudited financial statements have been prepared in accordance with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 . As discussed in Note 2 , the recent outbreak of COVID-19 and its development into a pandemic in March 2020 has resulted in significant economic disruption globally. This disruption became more acute in the latter half of March 2020; therefore, our operating results for the three months ended March 31, 2020 do not fully reflect the impact this disruption has had, and will likely continue to have, on us. The balance sheet as of December 31, 2019 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, 2019 .
Reclassifications	Reclassifications Prior year amounts for capital expenditures and repayments of debt and finance lease obligations in the consolidated statements of cash flows have been reclassified to conform to the 2020 presentation to separately provide these expenditures for us and our consolidated VIEs.
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.
Adoption of Accounting Pronouncements	Adoption of Accounting Pronouncements We adopted the following Accounting Standards Updates (ASUs) on January 1, 2020. Our adoption of these ASUs did not have a material impact on our financial statements or related disclosures. ASU Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (including codification improvements in ASUs 2018-19 and 2019-11 and ASU 2020-02— Financial Instruments—Credit Losses (Topic 326): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119) Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Prospectively 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Prospectively The following ASU was issued on and adopted by us on March 12, 2020. Our adoption did not have a material impact on our financial statements or related disclosures: ASU Basis of Adoption 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Prospectively
Variable interest entities	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 accounted for as equity investments.
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, 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 14 ), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Schedule of adopted accounting pronouncements	We adopted the following Accounting Standards Updates (ASUs) on January 1, 2020. Our adoption of these ASUs did not have a material impact on our financial statements or related disclosures. ASU Basis of Adoption 2016-13 Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (including codification improvements in ASUs 2018-19 and 2019-11 and ASU 2020-02— Financial Instruments—Credit Losses (Topic 326): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119) Cumulative effect 2018-15 Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract Prospectively 2019-12 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Prospectively The following ASU was issued on and adopted by us on March 12, 2020. Our adoption did not have a material impact on our financial statements or related disclosures: ASU Basis of Adoption 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Prospectively

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,016 $ 2,399 Refined petroleum products and blendstocks 3,616 4,034 Renewable diesel feedstocks and products 44 46 Ethanol feedstocks and products 270 260 Materials and supplies 277 274 Inventories before LCM inventory valuation reserve 6,223 7,013 LCM inventory valuation reserve (2,548 ) — Inventories $ 3,675 $ 7,013

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Total lease cost by class of underlying asset	Total lease cost by class of underlying asset was as follows (in millions): Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Three months ended March 31, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 22 $ — $ — $ 3 $ 1 $ — $ — $ 26 Interest on lease liabilities 21 — — — 1 — — 22 Operating lease cost 42 39 15 4 2 6 1 109 Variable lease cost 16 18 1 1 — — — 36 Short-term lease cost 4 22 — 14 — — — 40 Sublease income — (6 ) — — — — — (6 ) Total lease cost $ 105 $ 73 $ 16 $ 22 $ 4 $ 6 $ 1 $ 227 Three months ended March 31, 2019 Finance lease cost: Amortization of ROU assets $ 8 $ — $ — $ 1 $ 1 $ — $ — $ 10 Interest on lease liabilities 10 — — — 1 — — 11 Operating lease cost 47 34 11 7 2 4 — 105 Variable lease cost 18 10 — — — — — 28 Short-term lease cost 3 14 — 6 — — — 23 Sublease income — (1 ) — — — (1 ) — (2 ) Total lease cost $ 86 $ 57 $ 11 $ 14 $ 4 $ 3 $ — $ 175
Additional information related to operating and finance leases	The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,203 $ — $ 790 Deferred charges and other assets, net 1,297 — 1,329 — Total ROU assets, net $ 1,297 $ 2,203 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 63 $ — $ 41 Accrued expenses 342 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,149 — 750 Other long-term liabilities 928 — 959 — Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.9 years 7.7 years 19.7 years Weighted-average discount rate 4.8 % 4.4 % 4.9 % 5.2 %
Remaining minimum lease payments due under long-term operating leases	The remaining minimum lease payments due under our long-term leases were as follows (in millions): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 302 $ 123 $ 376 $ 88 2021 273 164 250 86 2022 205 165 194 87 2023 170 171 160 91 2024 133 162 125 82 Thereafter 489 2,895 498 1,011 Total undiscounted lease payments 1,572 3,680 1,603 1,445 Less: Amount associated with discounting 302 1,468 313 654 Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 ____________________ (a) The amounts as of March 31, 2020 are for the remaining nine months of 2020 .
Remaining minimum lease payments due under long-term finance leases	The remaining minimum lease payments due under our long-term leases were as follows (in millions): March 31, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 302 $ 123 $ 376 $ 88 2021 273 164 250 86 2022 205 165 194 87 2023 170 171 160 91 2024 133 162 125 82 Thereafter 489 2,895 498 1,011 Total undiscounted lease payments 1,572 3,680 1,603 1,445 Less: Amount associated with discounting 302 1,468 313 654 Total lease liabilities $ 1,270 $ 2,212 $ 1,290 $ 791 ____________________ (a) The amounts as of March 31, 2020 are for the remaining nine months of 2020 .

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 34 $ 3,966 Canadian Revolver C$ 150 November 2020 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2020 $ 400 n/a $ 900 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (b): IEnova Revolver $ 510 February 2028 $ 418 n/a $ 92 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 118 n/a ___________________ (a) Letters of credit issued as of March 31, 2020 expire at various times in 2020 through 2021 . (b) Creditors of our VIE do not have recourse against us.
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2020 2019 Interest and debt expense $ 145 $ 136 Less: Capitalized interest 20 24 Interest and debt expense, net of capitalized interest $ 125 $ 112

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2020 2019 Foreign Currency Translation Adjustment Defined Benefit Plans Items Gains (Losses) on Cash Flow Hedges Total Foreign Currency Translation Adjustment Defined Benefit Plans Items Total Balance as of beginning of period $ (676 ) $ (672 ) $ (3 ) $ (1,351 ) $ (1,022 ) $ (485 ) $ (1,507 ) Other comprehensive income (loss) before reclassifications (606 ) — 21 (585 ) 153 — 153 Amounts reclassified from accumulated other comprehensive loss — 9 (10 ) (1 ) — 2 2 Other comprehensive income (loss) (606 ) 9 11 (586 ) 153 2 155 Balance as of end of period $ (1,282 ) $ (663 ) $ 8 $ (1,937 ) $ (869 ) $ (483 ) $ (1,352 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions). March 31, 2020 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 174 $ — $ 18 $ 192 Other current assets 635 37 67 739 Property, plant, and equipment, net 772 454 100 1,326 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 63 $ 490 $ 6 $ 559 Debt and finance lease obligations, less current portion 1 — 27 28 December 31, 2019 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 85 $ — $ 25 $ 110 Other current assets 567 33 89 689 Property, plant, and equipment, net 706 381 105 1,192 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 66 $ 409 $ 8 $ 483 Debt and finance lease obligations, less current portion — — 31 31

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2020
Defined Benefit Plan [Abstract]
Periodic benefit cost related to our defined benefit plans, net	The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement Benefit Plans 2020 2019 2020 2019 Three months ended March 31 Service cost $ 35 $ 30 $ 1 $ 1 Interest cost 21 24 2 3 Expected return on plan assets (44 ) (42 ) — — Amortization of: Net actuarial (gain) loss 18 10 — (1 ) Prior service credit (5 ) (4 ) (1 ) (2 ) Special charges — — — 1 Net periodic benefit cost $ 25 $ 18 $ 2 $ 2

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of earnings (loss) per common share, basic and diluted	Earnings (loss) per common share were computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ (1,851 ) $ 141 Less: Income allocated to participating securities 1 1 Net income (loss) available to common stockholders $ (1,852 ) $ 140 Weighted-average common shares outstanding 408 416 Earnings (loss) per common share $ (4.54 ) $ 0.34 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ (1,851 ) $ 141 Weighted-average common shares outstanding 408 416 Effect of dilutive securities — 2 Weighted-average common shares outstanding – assuming dilution 408 418 Earnings (loss) per common share – assuming dilution $ (4.54 ) $ 0.34

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): March 31, 2020 December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 2,965 $ 5,610 $ (2,645 ) Contract liabilities, included in accrued expenses 19 55 (36 )
Segment information for our reportable segments	The following tables reflect information about our operating income (loss) by reportable segment (in millions): Refining Renewable Diesel Ethanol Corporate and Eliminations Total Three months ended March 31, 2020 Revenues: Revenues from external customers $ 20,985 $ 306 $ 811 $ — $ 22,102 Intersegment revenues 2 53 64 (119 ) — Total revenues 20,987 359 875 (119 ) 22,102 Cost of sales: Cost of materials and other 19,127 130 813 (118 ) 19,952 LCM inventory valuation adjustment 2,414 — 128 — 2,542 Operating expenses (excluding depreciation and amortization expense reflected below) 995 20 109 — 1,124 Depreciation and amortization expense 536 11 22 — 569 Total cost of sales 23,072 161 1,072 (118 ) 24,187 Other operating expenses 2 — — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 177 177 Depreciation and amortization expense — — — 13 13 Operating income (loss) by segment $ (2,087 ) $ 198 $ (197 ) $ (191 ) $ (2,277 ) Refining Renewable Ethanol Corporate and Eliminations Total Three months ended March 31, 2019 Revenues: Revenues from external customers $ 23,218 $ 252 $ 793 $ — $ 24,263 Intersegment revenues 2 51 52 (105 ) — Total revenues 23,220 303 845 (105 ) 24,263 Cost of sales: Cost of materials and other 21,165 224 694 (105 ) 21,978 Operating expenses (excluding depreciation and amortization expense reflected below) 1,071 19 125 — 1,215 Depreciation and amortization expense 503 11 23 — 537 Total cost of sales 22,739 254 842 (105 ) 23,730 Other operating expenses 2 — — — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 209 209 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 479 $ 49 $ 3 $ (223 ) $ 308 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions). Three Months Ended 2020 2019 Refining: Gasolines and blendstocks $ 8,244 $ 9,374 Distillates 10,663 11,917 Other product revenues 2,078 1,927 Total refining revenues 20,985 23,218 Renewable diesel: Renewable diesel 306 252 Ethanol: Ethanol 629 620 Distillers grains 182 173 Total ethanol revenues 811 793 Revenues $ 22,102 $ 24,263 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 41,465 $ 47,067 Renewable diesel 1,632 1,412 Ethanol 1,614 1,615 Corporate and eliminations 3,036 3,770 Total assets $ 47,747 $ 53,864

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 88 $ 96 Income taxes paid (refunded), net 121 (59 ) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2020 2019 Operating Leases Finance Leases Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 106 $ 22 $ 107 $ 11 Financing cash flows — 15 — 6 Changes in lease balances resulting from new and modified leases (a) 92 1,441 1,404 2 ___________________ (a) Noncash activity for the three months ended March 31, 2020 primarily includes $1.4 billion for a finance lease ROU asset and related liability recognized in connection with the terminaling agreement with MVP described in Note 5 . Noncash activity for the three months ended March 31, 2019 included $1.3 billion for operating lease ROU assets and related liabilities recorded on January 1, 2019 upon adoption of Financial Accounting Standards Board Accounting Standards Codification Topic 842, “Leases.” In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 3,397 $ (895 ) Inventories 627 28 Prepaid expenses and other (437 ) 16 Increase (decrease) in current liabilities: Accounts payable (4,222 ) 1,400 Accrued expenses (79 ) (167 ) Taxes other than income taxes payable (241 ) (263 ) Income taxes payable (152 ) 11 Changes in current assets and current liabilities $ (1,107 ) $ 130

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2020 and December 31, 2019 . We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2020 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 $ 4,252 $ — $ — $ 4,252 $ (4,162 ) $ (73 ) $ 17 $ — Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 62 — 9 71 n/a n/a 71 n/a Total $ 4,316 $ — $ 9 $ 4,325 $ (4,162 ) $ (73 ) $ 90 Liabilities Commodity derivative contracts $ 4,468 $ — $ — $ 4,468 $ (4,162 ) $ (306 ) $ — $ (13 ) Environmental credit obligations — 43 — 43 n/a n/a 43 n/a Physical purchase contracts — 10 — 10 n/a n/a 10 n/a Foreign currency contracts 72 — — 72 n/a n/a 72 n/a Total $ 4,540 $ 53 $ — $ 4,593 $ (4,162 ) $ (306 ) $ 125 December 31, 2019 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 $ 617 $ — $ — $ 617 $ (612 ) $ — $ 5 $ — Foreign currency contracts 27 — — 27 n/a n/a 27 n/a Investments of certain benefit plans 65 — 9 74 n/a n/a 74 n/a Total $ 709 $ — $ 9 $ 718 $ (612 ) $ — $ 106 Liabilities Commodity derivative contracts $ 668 $ — $ — $ 668 $ (612 ) $ (56 ) $ — $ (84 ) Environmental credit obligations — 2 — 2 n/a n/a 2 n/a Physical purchase contracts — 3 — 3 n/a n/a 3 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 678 $ 5 $ — $ 683 $ (612 ) $ (56 ) $ 15
Carrying amounts and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): March 31, 2020 December 31, 2019 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents Level 1 $ 1,515 $ 1,515 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 9,248 9,261 8,881 10,583

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2020 , we had the following outstanding commodity derivative instruments that were used as cash flow hedges and 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 corn contracts that are presented in thousands of bushels). Notional Contract Volumes by Year of Maturity 2020 2021 Derivatives designated as cash flow hedges Renewable diesel: Futures – long 1,627 — Futures – short 2,317 — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 126,944 56 Futures – short 126,954 56 Options – long 800 — Options – short 800 — Corn: Futures – long 52,160 — Futures – short 64,335 50 Physical contracts – long 15,731 549
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of March 31, 2020 and December 31, 2019 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 14 for additional information related to the fair values of our derivative instruments. As indicated in Note 14 , we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following tables, however, are presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts. Balance Sheet Location March 31, 2020 December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 86 $ 45 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 4,166 $ 4,423 $ 608 $ 648 Physical purchase contracts Inventories — 10 — 3 Foreign currency contracts Receivables, net 2 — 27 — Foreign currency contracts Accrued expenses — 72 — 10 Total $ 4,168 $ 4,505 $ 635 $ 661
Effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the gain (loss) recognized in income on our derivative instruments of our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions). Derivatives Not Designated Location of Gain (Loss) Three Months Ended 2020 2019 Commodity contracts Revenues $ (8 ) $ — Commodity contracts Cost of materials and other (152 ) (71 ) Commodity contracts Operating expenses (excluding depreciation and amortization expense) (2 ) — Foreign currency contracts Cost of materials and other 49 (9 ) Foreign currency contracts Other income, net (165 ) 7 The following table provides information about the gain or loss recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions). Derivatives in Cash Flow Hedging Relationships Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2020 2019 Commodity contracts: Gain recognized in other comprehensive income (loss) on derivatives $ 55 $ — Gain reclassified from accumulated other comprehensive loss into income Revenues 26 —

Uncertainties and Certain Sig_2

Uncertainties and Certain Significant Accounting Estimates (Details)	1 Months Ended
	Mar. 31, 2020USD ($)plant	Dec. 31, 2019USD ($)
Uncertainties and Certain Significant Accounting Estimates (Textual)
Number of ethanol plants temporarily idled | plant	8
Number of ethanol plants with temporarily reduced production | plant	6
Number of ethanol plants evaluated for potential impairment | plant	6
Goodwill | $	$ 260,000,000
Amount of goodwill impaired | $	0
LCM inventory valuation reserve | $	$ 2,548,000,000	$ 0

Merger With VLP (Details)

Merger With VLP (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 10, 2019	Mar. 31, 2020	Mar. 31, 2019
Merger and Acquisition (Textual)
Merger transaction, aggregate merger consideration funded with available cash on hand		$ 0	$ 950
VLP [Member]
Merger and Acquisition (Textual)
Merger transaction, price per common unit (in usd per unit)	$ 42.25
Merger transaction, aggregate merger consideration funded with available cash on hand	$ 950

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Inventories
Refinery feedstocks	$ 2,016		$ 2,399
Refined petroleum products and blendstocks	3,616		4,034
Renewable diesel feedstocks and products	44		46
Ethanol feedstocks and products	270		260
Materials and supplies	277		274
Inventories before LCM inventory valuation reserve	6,223		7,013
LCM inventory valuation reserve	(2,548)		0
Inventories	3,675		7,013
Inventories (Textual)
Lower of cost or market (LCM) inventory valuation adjustment	2,542	$ 0
Excess of market value over carrying amount of LIFO inventories			2,500
Amount of non-LIFO inventory	$ 1,100		$ 1,400

Leases, Total Lease Cost by Cla

Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finance lease cost:
Amortization of right-of-use (ROU) assets	$ 26	$ 10
Interest on lease liabilities	22	11
Lease cost:
Operating lease cost	109	105
Variable lease cost	36	28
Short-term lease cost	40	23
Sublease income	(6)	(2)
Total lease cost	227	175
Pipelines, Terminals, and Tanks [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	22	8
Interest on lease liabilities	21	10
Lease cost:
Operating lease cost	42	47
Variable lease cost	16	18
Short-term lease cost	4	3
Sublease income	0	0
Total lease cost	105	86
Transportation, Marine [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	39	34
Variable lease cost	18	10
Short-term lease cost	22	14
Sublease income	(6)	(1)
Total lease cost	73	57
Transportation, Rail [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	15	11
Variable lease cost	1	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	16	11
Feedstock Processing Equipment [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	3	1
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	4	7
Variable lease cost	1	0
Short-term lease cost	14	6
Sublease income	0	0
Total lease cost	22	14
Energy and Gases [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	1	1
Interest on lease liabilities	1	1
Lease cost:
Operating lease cost	2	2
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	4	4
Real Estate [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	6	4
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	(1)
Total lease cost	6	3
Other [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0
Interest on lease liabilities	0	0
Lease cost:
Operating lease cost	1	0
Variable lease cost	0	0
Short-term lease cost	0	0
Sublease income	0	0
Total lease cost	$ 1	$ 0

Leases, Additional Information

Leases, Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
ROU assets, net reflected in the following balance sheet line items:
Operating lease ROU assets, net, balance sheet line item	us-gaap:OtherAssetsNoncurrent
Operating leases - deferred charges and other assets, net	$ 1,297	$ 1,329
Current lease liabilities reflected in the following balance sheet line items:
Current operating lease liabilities, balance sheet line item	us-gaap:AccruedLiabilitiesCurrent
Operating leases - accrued expenses	$ 342	331
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent operating lease liabilities, balance sheet line item	us-gaap:OtherLiabilitiesNoncurrent
Operating leases - other long-term liabilities	$ 928	959
Operating leases - total lease liabilities	$ 1,270	1,290
ROU assets, net reflected in the following balance sheet line items:
Finance lease ROU assets, net, balance sheet line item	us-gaap:PropertyPlantAndEquipmentNet
Finance leases - property, plant, and equipment, net	$ 2,203	790
Current lease liabilities reflected in the following balance sheet line items:
Current finance lease liabilities, balance sheet line item	us-gaap:DebtCurrent
Finance leases - current portion of debt and finance lease obligations	$ 63	41
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent finance lease liabilities, balance sheet line item	us-gaap:LongTermDebtAndCapitalLeaseObligations
Finance leases - debt and finance lease obligations, less current portion	$ 2,149	750
Finance leases - total lease liabilities	$ 2,212	$ 791
Operating Leases
Weighted-average remaining lease term	7 years 6 months	7 years 8 months 12 days
Weighted-average discount rate	4.80%	4.90%
Finance Leases
Weighted-average remaining lease term	22 years 10 months 24 days	19 years 8 months 12 days
Weighted-average discount rate	4.40%	5.20%

Leases, Significant Lease Comme

Leases, Significant Lease Commencement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)renewal	Dec. 31, 2019USD ($)
Significant Lease Commencement (Textual)
Finance lease ROU asset	$ 2,203	$ 790
Finance lease liability	$ 2,212	$ 791
MVP Terminalling, LLC (MVP) [Member]
Significant Lease Commencement (Textual)
Initial term of terminal agreement	12 years
Number of available automatic renewals | renewal	2
Automatic renewal term of terminalling agreement	5 years
MVP Terminal [Member]
Significant Lease Commencement (Textual)
Finance lease ROU asset	$ 1,400
Finance lease liability	$ 1,400
MVP Terminalling, LLC (MVP) [Member]
Significant Lease Commencement (Textual)
Membership percentage in VIE (percent)	50.00%

Leases, Remaining Minimum Lease

Leases, Remaining Minimum Lease Payments (Details) - USD ($) $ in Millions		Mar. 31, 2020	Dec. 31, 2019
Operating Leases
2020	[1]	$ 302
2020			$ 376
2021		273	250
2022		205	194
2023		170	160
2024		133	125
Thereafter		489	498
Total undiscounted lease payments		1,572	1,603
Less: Amount associated with discounting		302	313
Total lease liabilities		1,270	1,290
Finance Leases
2020	[1]	123
2020			88
2021		164	86
2022		165	87
2023		171	91
2024		162	82
Thereafter		2,895	1,011
Total undiscounted lease payments		3,680	1,445
Less: Amount associated with discounting		1,468	654
Total lease liabilities		$ 2,212	$ 791
[1]	The amounts as of March 31, 2020 are for the remaining nine months of 2020 .

Debt, Narrative (Details)

Debt, Narrative (Details) - USD ($)	Apr. 29, 2020	Apr. 16, 2020	Apr. 13, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Amount of eligible receivables sold under accounts receivable sales facility				$ 300,000,000
Variable interest rate (percent)				2.1619%		2.3866%
Line of credit facility, available capacity				$ 900,000,000
Line of credit facility, maximum borrowing capacity				$ 1,300,000,000
Subsequent Event [Member] | Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Repayments on lines of credit	$ 400,000,000
Line of credit facility, available capacity	$ 512,000,000
Subsequent Event [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 875,000,000
Line of credit facility, term			364 days
Subsequent Event [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Minimum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.15%
Subsequent Event [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Minimum [Member] | Eurodollar Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			0.15%
Subsequent Event [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Maximum [Member] | Base Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Subsequent Event [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Maximum [Member] | Eurodollar Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Senior Notes [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt		$ 1,499,000,000
Senior Notes [Member] | Senior Notes Due April 1, 2029 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance					$ 1,000,000,000
Stated rate on debt instrument (percent)					4.00%
Proceeds from issuance of senior long-term debt					$ 992,000,000
Senior Notes [Member] | Senior Notes Due February 1, 2020 [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)					6.125%
Early repayment of senior debt					$ 871,000,000
Debt instrument, redemption price, percentage of principal amount redeemed (percent)					102.48%
Early redemption fee					$ 21,000,000
Senior Notes [Member] | VLP Senior Notes Due December 15, 2026 [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)				4.375%
Senior Notes [Member] | VLP Senior Notes Due March 15, 2028 [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Stated rate on debt instrument (percent)				4.50%
Senior Notes [Member] | Senior Notes Due April 15, 2023 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 850,000,000
Stated rate on debt instrument (percent)		2.70%
Senior Notes [Member] | Senior Notes Due April 15, 2025 [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 650,000,000
Stated rate on debt instrument (percent)		2.85%
Credit Facilities [Member] | Central Mexico Terminals [Member] | IEnova Revolver [Member]
Debt Instrument [Line Items]
Variable interest rate (percent)				5.595%		5.749%
Repayments on lines of credit				$ 0	0
Amount borrowed on lines of credit				70,000,000	$ 23,000,000
Line of credit facility, maximum borrowing capacity				$ 510,000,000

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details) - Mar. 31, 2020		CAD ($)	USD ($)
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 4,000,000,000
Outstanding borrowings or letters of credit issued			0
Availability			3,966,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]		34,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		$ 150,000,000
Outstanding borrowings or letters of credit issued, short-term		0
Availability		145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]	$ 5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			1,300,000,000
Outstanding borrowings or letters of credit issued, short-term			400,000,000
Availability			900,000,000
Committed Letter of Credit Facility Expires November 2020 [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			50,000,000
Outstanding borrowings or letters of credit issued, short-term	[1]		0
Availability			50,000,000
IEnova Revolver [Member] | Central Mexico Terminals [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			510,000,000
IEnova Revolver [Member] | Central Mexico Terminals [Member] | Credit Facilities [Member] | Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount	[2]		510,000,000
Outstanding borrowings or letters of credit issued	[2]		418,000,000
Availability	[2]		92,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]		$ 118,000,000
[1]	Letters of credit issued as of March 31, 2020 expire at various times in 2020 through 2021 .
[2]	Creditors of our VIE do not have recourse against us.

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 145	$ 136
Less: Capitalized interest	20	24
Interest and debt expense, net of capitalized interest	$ 125	$ 112

Equity, Narrative (Details)

Equity, Narrative (Details)	Apr. 24, 2020$ / shares
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends payable, amount per share (in dollars per share)	$ 0.98

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	$ 21,803
Other comprehensive income (loss) before reclassifications	(585)	$ 153
Amounts reclassified from accumulated other comprehensive loss	(1)	2
Other comprehensive income (loss)	(586)	155
Ending balance, accumulated other comprehensive loss, net of tax	18,842
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	(1,351)	(1,507)
Ending balance, accumulated other comprehensive loss, net of tax	(1,937)	(1,352)
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	(676)	(1,022)
Other comprehensive income (loss) before reclassifications	(606)	153
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss)	(606)	153
Ending balance, accumulated other comprehensive loss, net of tax	(1,282)	(869)
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	(672)	(485)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	9	2
Other comprehensive income (loss)	9	2
Ending balance, accumulated other comprehensive loss, net of tax	(663)	$ (483)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	(3)
Other comprehensive income (loss) before reclassifications	21
Amounts reclassified from accumulated other comprehensive loss	(10)
Other comprehensive income (loss)	11
Ending balance, accumulated other comprehensive loss, net of tax	$ 8

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,515	$ 2,583
Property, plant, and equipment, net	30,526	29,264
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	8,732	13,160
Debt and finance lease obligations, less current portion	10,574	9,178
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	192	110
Other current assets	739	689
Property, plant, and equipment, net	1,326	1,192
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	559	483
Debt and finance lease obligations, less current portion	28	31
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	174	85
Other current assets	635	567
Property, plant, and equipment, net	772	706
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	63	66
Debt and finance lease obligations, less current portion	1	0
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	37	33
Property, plant, and equipment, net	454	381
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	490	409
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	18	25
Other current assets	67	89
Property, plant, and equipment, net	100	105
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	6	8
Debt and finance lease obligations, less current portion	$ 27	$ 31

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 35	$ 30
Interest cost	21	24
Expected return on plan assets	(44)	(42)
Amortization of:
Net actuarial (gain) loss	18	10
Prior service credit	(5)	(4)
Special charges	0	0
Net periodic benefit cost	25	18
Employee Benefit Plans (Textual)
Contributions to benefit plans	12	14
Future employer contributions to pension and other postretirement plans, as disclosed in annual report on Form 10-K			$ 140
Previously planned discretionary contributions subject to reconsideration	100
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1
Interest cost	2	3
Expected return on plan assets	0	0
Amortization of:
Net actuarial (gain) loss	0	(1)
Prior service credit	(1)	(2)
Special charges	0	1
Net periodic benefit cost	2	2
Employee Benefit Plans (Textual)
Contributions to benefit plans	$ 4	$ 4
Future employer contributions to pension and other postretirement plans, as disclosed in annual report on Form 10-K			$ 21

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Taxes (Textual)
Income tax benefit	$ 616	$ (51)
Income tax benefit, expected tax NOL carryback provided for under CARES Act	110
Income tax benefit due to LCM inventory valuation adjustment	$ 551

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$ (1,851)	$ 141
Less: Income allocated to participating securities	1	1
Net income (loss) available to common stockholders	$ (1,852)	$ 140
Weighted-average common shares outstanding (in shares)	408	416
Earnings (loss) per common share (in dollars per share)	$ (4.54)	$ 0.34
Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$ (1,851)	$ 141
Weighted-average common shares outstanding (in shares)	408	416
Effect of dilutive securities (in shares)	0	2
Weighted-average common shares outstanding – assuming dilution (in shares)	408	418
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ (4.54)	$ 0.34

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Contract liabilities, included in accrued expenses
Beginning balance	$ 55
Decrease	(36)
Ending balance	19
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior period end	52
Receivables from Contracts with Customers [Member]
Receivables from contracts with customers, included in receivables, net
Beginning balance	5,610
Decrease	(2,645)
Ending balance	$ 2,965

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended
		Mar. 31, 2020USD ($)ethanol_plantrefinerysegment	Mar. 31, 2019USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 22,102	$ 24,263
Cost of materials and other		19,952	21,978
Lower of cost or market (LCM) inventory valuation adjustment		2,542	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,124	1,215
Depreciation and amortization expense		569	537
Total cost of sales		24,187	23,730
Other operating expenses		2	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		177	209
Depreciation and amortization expense		13	14
Operating income (loss)		$ (2,277)	308
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment		3
Number of petroleum refineries | refinery		15
Number of ethanol plants | ethanol_plant		14
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (119)	(105)
Operating income (loss)		(191)	(223)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		177	209
Depreciation and amortization expense		13	14
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(119)	(105)
Cost of materials and other		(118)	(105)
Lower of cost or market (LCM) inventory valuation adjustment		0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Total cost of sales		(118)	(105)
Other operating expenses		0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		20,985	23,218
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		20,987	23,220
Cost of materials and other		19,127	21,165
Lower of cost or market (LCM) inventory valuation adjustment		2,414
Operating expenses (excluding depreciation and amortization expense reflected below)		995	1,071
Depreciation and amortization expense		536	503
Total cost of sales		23,072	22,739
Other operating expenses		2	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		(2,087)	479
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		2	2
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		306	252
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		359	303
Cost of materials and other		130	224
Lower of cost or market (LCM) inventory valuation adjustment		0
Operating expenses (excluding depreciation and amortization expense reflected below)		20	19
Depreciation and amortization expense		11	11
Total cost of sales		161	254
Other operating expenses		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		198	49
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		53	51
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		811	793
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		875	845
Cost of materials and other		813	694
Lower of cost or market (LCM) inventory valuation adjustment		128
Operating expenses (excluding depreciation and amortization expense reflected below)		109	125
Depreciation and amortization expense		22	23
Total cost of sales		1,072	842
Other operating expenses		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		(197)	3
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 64	$ 52
[1]	Includes excise taxes on sales by certain of our international operations of $1,368 million and $1,330 million for the three months ended March 31, 2020 and 2019, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2020	Mar. 31, 2019
Revenue by Segment
Revenues	[1]	$ 22,102	$ 24,263
Refining [Member]
Revenue by Segment
Revenues		20,985	23,218
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		8,244	9,374
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		10,663	11,917
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,078	1,927
Renewable Diesel [Member]
Revenue by Segment
Revenues		306	252
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		306	252
Ethanol [Member]
Revenue by Segment
Revenues		811	793
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		629	620
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 182	$ 173
[1]	Includes excise taxes on sales by certain of our international operations of $1,368 million and $1,330 million for the three months ended March 31, 2020 and 2019, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Total Assets by Reportable Segment
Reportable segment assets	$ 47,747	$ 53,864
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	3,036	3,770
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	41,465	47,067
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,632	1,412
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,614	$ 1,615

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		Jan. 01, 2019	Mar. 31, 2020	Mar. 31, 2019
Decrease (increase) in current assets:
Receivables, net			$ 3,397	$ (895)
Inventories			627	28
Prepaid expenses and other			(437)	16
Increase (decrease) in current liabilities:
Accounts payable			(4,222)	1,400
Accrued expenses			(79)	(167)
Taxes other than income taxes payable			(241)	(263)
Income taxes payable			(152)	11
Changes in current assets and current liabilities			(1,107)	130
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases			88	96
Income taxes paid (refunded), net			121	(59)
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases - operating cash flows			106	107
Changes in lease balances resulting from new and modified leases
Operating leases - changes in lease balances resulting from new and modified leases	[1]		92	1,404
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases - operating cash flows			22	11
Finance leases - financing cash flows			15	6
Changes in lease balances resulting from new and modified leases
Finance leases - changes in lease balances resulting from new and modified leases	[1]		1,441	$ 2
Topic 842 [Member]
Changes in lease balances resulting from new and modified leases
Operating leases - changes in lease balances resulting from new and modified leases		$ 1,300
MVP Terminal [Member]
Changes in lease balances resulting from new and modified leases
Finance leases - changes in lease balances resulting from new and modified leases	[1]		$ 1,400
[1]	Noncash activity for the three months ended March 31, 2020 primarily includes $1.4 billion for a finance lease ROU asset and related liability recognized in connection with the terminaling agreement with MVP described in Note 5 . Noncash activity for the three months ended March 31, 2019 included $1.3 billion for operating lease ROU assets and related liabilities recorded on January 1, 2019 upon adoption of Financial Accounting Standards Board Accounting Standards Codification Topic 842, “Leases.”

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Assets
Total gross fair value, assets	$ 4,325	$ 718
Effect of counterparty netting	(4,162)	(612)
Effect of cash collateral netting	(73)	0
Net carrying value on Balance Sheet, assets	90	106
Liabilities
Environmental credit obligations	43	2
Total gross fair value, liabilities	4,593	683
Effect of counterparty netting	(4,162)	(612)
Effect of cash collateral netting	(306)	(56)
Net carrying value on Balance Sheet, liabilities	125	15
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	71	74
Commodity Contracts [Member]
Assets
Derivative contracts	4,252	617
Effect of counterparty netting	(4,162)	(612)
Effect of cash collateral netting	(73)	0
Derivative contracts, net assets	17	5
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	4,468	668
Effect of counterparty netting	(4,162)	(612)
Effect of cash collateral netting	(306)	(56)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(13)	(84)
Physical Purchase Contracts [Member]
Liabilities
Derivative contracts	10	3
Derivative contracts, net liabilities	10	3
Foreign Currency Contracts [Member]
Assets
Derivative contracts	2	27
Derivative contracts, net assets	2	27
Liabilities
Derivative contracts	72	10
Derivative contracts, net liabilities	72	10
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	4,316	709
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	4,540	678
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	62	65
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	4,252	617
Liabilities
Derivative contracts	4,468	668
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	27
Liabilities
Derivative contracts	72	10
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	0	0
Liabilities
Environmental credit obligations	43	2
Total gross fair value, liabilities	53	5
Fair Value, Inputs, Level 2 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Fair Value, Inputs, Level 2 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 2 [Member] | Physical Purchase Contracts [Member]
Liabilities
Derivative contracts	10	3
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Total gross fair value, assets	9	9
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Inputs, Level 3 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	9	9
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	0
Liabilities
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Fair Value Measurements (Textual)
Assets measured at fair value, nonrecurring	$ 0	$ 0
Liabilities measured at fair value, nonrecurring	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Financial assets
Cash and cash equivalents, at carrying amount	$ 1,515	$ 2,583
Financial liabilities
Debt (excluding finance leases), at carrying amount	9,248	8,881
Fair Value, Inputs, Level 1 [Member]
Financial assets
Cash and cash equivalents, at fair value	1,515	2,583
Fair Value, Inputs, Level 2 [Member]
Financial liabilities
Debt (excluding finance leases), at fair value	$ 9,261	$ 10,583

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)MBblsbu	Mar. 31, 2019USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 19,952	$ 21,978
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 112	$ 91
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2020 Maturity [Member] | Long (Purchases) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	1,627
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2020 Maturity [Member] | Short (Sales) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	2,317
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2021 Maturity [Member] | Long (Purchases) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2021 Maturity [Member] | Short (Sales) [Member] | Renewable Diesel (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume	0
Derivatives Designated as Economic Hedges [Member] | Future, 2020 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	126,944
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	52,160
Derivatives Designated as Economic Hedges [Member] | Future, 2020 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	126,954
Derivatives Designated as Economic Hedges [Member] | Future, 2020 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	64,335
Derivatives Designated as Economic Hedges [Member] | Future, 2021 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	56
Derivatives Designated as Economic Hedges [Member] | Future, 2021 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
Derivatives Designated as Economic Hedges [Member] | Future, 2021 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	56
Derivatives Designated as Economic Hedges [Member] | Future, 2021 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	50
Derivatives Designated as Economic Hedges [Member] | Options, 2020 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	800
Derivatives Designated as Economic Hedges [Member] | Options, 2020 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	800
Derivatives Designated as Economic Hedges [Member] | Options, 2021 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
Derivatives Designated as Economic Hedges [Member] | Options, 2021 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
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2020 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	15,731
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2021 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu	549
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 220
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollar Equivalent Canadian Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	2,500
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before April 24, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	1,200
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by June 15, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 1,500

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 86	$ 9
Derivative asset, fair value, gross liability	45	20
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	4,168	635
Derivative liability, fair value, gross liability	4,505	661
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	4,166	608
Derivative asset, fair value, gross liability	4,423	648
Derivatives Not Designated as Hedging Instruments [Member] | 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	10	3
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	2	27
Derivative asset, fair value, gross liability	0	0
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative liability, fair value, gross asset	0	0
Derivative liability, fair value, gross liability	$ 72	$ 10

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Effect of Derivative Instruments on Income (Textual)
Estimated deferred after-tax gain expected to be reclassified into income over next 12 months	$ 18
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain recognized in other comprehensive income (loss) on derivatives	55	$ 0
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain reclassified from accumulated other comprehensive loss into income	26	0
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(8)	0
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(152)	(71)
Commodity Contracts [Member] | Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(2)	0
Foreign Currency Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	49	(9)
Foreign Currency Contracts [Member] | Other Income, Net [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ (165)	$ 7