Valero Energy (VLO) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 20, 2020
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 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		407,757,274
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2020
Document fiscal period focus	Q2
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,319	$ 2,583
Receivables, net	4,152	8,904
Inventories	5,420	7,013
Prepaid expenses and other	871	469
Total current assets	12,762	18,969
Property, plant, and equipment, at cost	46,335	44,294
Accumulated depreciation	(15,682)	(15,030)
Property, plant, and equipment, net	30,653	29,264
Deferred charges and other assets, net	5,684	5,631
Total assets	49,099	53,864
Current liabilities:
Current portion of debt and finance lease obligations	587	494
Accounts payable	4,652	10,205
Accrued expenses	861	949
Taxes other than income taxes payable	1,083	1,304
Income taxes payable	117	208
Total current liabilities	7,300	13,160
Debt and finance lease obligations, less current portion	12,090	9,178
Deferred income tax liabilities	5,305	5,103
Other long-term liabilities	3,770	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	6,824	6,821
Treasury stock, at cost; 265,748,331 and 264,209,742 common shares	(15,760)	(15,648)
Retained earnings	30,575	31,974
Accumulated other comprehensive loss	(1,799)	(1,351)
Total Valero Energy Corporation stockholders’ equity	19,847	21,803
Noncontrolling interests	787	733
Total equity	20,634	22,536
Total liabilities and equity	$ 49,099	$ 53,864

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	265,748,331	264,209,742

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues	[1]	$ 10,397	$ 28,933	$ 32,499	$ 53,196
Cost of sales:
Cost of materials and other		9,079	26,083	29,031	48,061
Lower of cost or market (LCM) inventory valuation adjustment		(2,248)	0	294	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,027	1,175	2,151	2,390
Depreciation and amortization expense		566	552	1,135	1,089
Total cost of sales		8,424	27,810	32,611	51,540
Other operating expenses		3	2	5	4
General and administrative expenses (excluding depreciation and amortization expense reflected below)		169	199	346	408
Depreciation and amortization expense		12	14	25	28
Operating income (loss)		1,789	908	(488)	1,216
Other income, net		27	12	59	34
Interest and debt expense, net of capitalized interest		(142)	(112)	(267)	(224)
Income (loss) before income tax expense (benefit)		1,674	808	(696)	1,026
Income tax expense (benefit)		339	160	(277)	211
Net income (loss)		1,335	648	(419)	815
Less: Net income attributable to noncontrolling interests		82	36	179	62
Net income (loss) attributable to Valero Energy Corporation stockholders		$ 1,253	$ 612	$ (598)	$ 753
Earnings (loss) per common share (in dollars per share)		$ 3.07	$ 1.47	$ (1.48)	$ 1.80
Weighted-average common shares outstanding (in shares)		406	415	407	416
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ 3.07	$ 1.47	$ (1.48)	$ 1.80
Weighted-average common shares outstanding – assuming dilution (in shares)		407	417	407	417
Supplemental information:
Includes excise taxes on sales by certain of our international operations		$ 784	$ 1,410	$ 2,152	$ 2,740
[1]	Includes excise taxes on sales by certain of our international operations of $784 million and $1,410 million for the three months ended June 30, 2020 and 2019, respectively, and $2,152 million and $2,740 million for the six months ended June 30, 2020 and 2019, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ 1,335	$ 648	$ (419)	$ 815
Other comprehensive income (loss):
Foreign currency translation adjustment	138	0	(469)	155
Net gain on pension and other postretirement benefits	12	2	24	5
Net gain (loss) on cash flow hedges	(25)	5	4	5
Other comprehensive income (loss) before income tax expense (benefit)	125	7	(441)	165
Income tax expense (benefit) related to items of other comprehensive income (loss)	(1)	1	5	2
Other comprehensive income (loss)	126	6	(446)	163
Comprehensive income (loss)	1,461	654	(865)	978
Less: Comprehensive income attributable to noncontrolling interests	70	40	181	68
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ 1,391	$ 614	$ (1,046)	$ 910

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)	815	753				753		62
Dividends on common stock	(751)	(751)				(751)
Stock-based compensation expense	21	21		21
Transactions in connection with stock-based compensation plans	(2)	(2)		(3)	1
Open market stock purchases	(246)	(246)			(246)
Acquisition of Valero Energy Partners LP (VLP) publicly held common units	(950)	(328)		(328)				(622)
Distributions to noncontrolling interests	(18)							(18)
Other	74	74		74	0	0	0	0
Other comprehensive income (loss)	163	157					157	6
Balance as of end of period at Jun. 30, 2019	21,837	21,345	7	6,812	(15,170)	31,046	(1,350)	492
Balance as of beginning of period at Mar. 31, 2019	21,779	21,309	7	6,802	(14,958)	30,810	(1,352)	470
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	648	612				612		36
Dividends on common stock	(376)	(376)				(376)
Stock-based compensation expense	11	11		11
Transactions in connection with stock-based compensation plans	(1)	(1)		(1)	0
Open market stock purchases	(212)	(212)			(212)
Distributions to noncontrolling interests	(18)							(18)
Other comprehensive income (loss)	6	2					2	4
Balance as of end of period at Jun. 30, 2019	21,837	21,345	7	6,812	(15,170)	31,046	(1,350)	492
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)	(419)	(598)				(598)		179
Dividends on common stock	(801)	(801)				(801)
Stock-based compensation expense	36	36		36
Transactions in connection with stock-based compensation plans	(15)	(15)		(33)	18
Open market stock purchases	(130)	(130)			(130)
Distributions to noncontrolling interests	(127)							(127)
Other comprehensive income (loss)	(446)	(448)					(448)	2
Balance as of end of period at Jun. 30, 2020	20,634	19,847	7	6,824	(15,760)	30,575	(1,799)	787
Balance as of beginning of period at Mar. 31, 2020	19,685	18,842	7	6,814	(15,764)	29,722	(1,937)	843
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	1,335	1,253				1,253		82
Dividends on common stock	(400)	(400)				(400)
Stock-based compensation expense	12	12		12
Transactions in connection with stock-based compensation plans	2	2		(2)	4
Distributions to noncontrolling interests	(126)							(126)
Other comprehensive income (loss)	126	138					138	(12)
Balance as of end of period at Jun. 30, 2020	$ 20,634	$ 19,847	$ 7	$ 6,824	$ (15,760)	$ 30,575	$ (1,799)	$ 787

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.9	$ 1.96	$ 1.8

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (419)	$ 815
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	1,160	1,117
LCM inventory valuation adjustment	294	0
Deferred income tax expense (benefit)	223	(12)
Changes in current assets and current liabilities	(478)	413
Changes in deferred charges and credits and other operating activities, net	(93)	61
Net cash provided by operating activities	687	2,394
Cash flows from investing activities:
Investments in unconsolidated joint ventures	(29)	(90)
Acquisitions of undivided interests	0	(29)
Other investing activities, net	12	9
Net cash used in investing activities	(1,339)	(1,555)
Cash flows from financing activities:
Purchases of common stock for treasury	(147)	(248)
Common stock dividends	(801)	(751)
Acquisition of VLP publicly held common units	0	(950)
Distributions to noncontrolling interests	(127)	(18)
Other financing activities, net	(17)	(25)
Net cash provided by (used in) financing activities	435	(1,825)
Effect of foreign exchange rate changes on cash	(47)	37
Net decrease in cash and cash equivalents	(264)	(949)
Cash and cash equivalents at beginning of period	2,583	2,982
Cash and cash equivalents at end of period	2,319	2,033
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(555)	(854)
Deferred turnaround and catalyst cost expenditures	(437)	(470)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,799	1,892
Repayments of debt and finance lease obligations	(432)	(1,792)
Variable Interest Entities (VIEs) [Member]
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	163	70
Repayments of debt and finance lease obligations	(3)	(3)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(177)	(51)
Deferred turnaround and catalyst cost expenditures	(10)	(1)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	$ (143)	$ (69)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 outbreak of COVID-19 and its development into a pandemic in March 2020 resulted in significant economic disruption globally. This disruption became more acute in the latter half of March 2020. While demand and market prices for most of our products increased during the second quarter of 2020 compared to the end of the first quarter of 2020, developments with respect to COVID-19 have been occurring at a rapid pace and the risk remains that circumstances could change. For instance, during the latter part of the second quarter of 2020, governmental authorities in various states across the U.S. began to lift many of the restrictions created by actions taken to slow down the spread of COVID-19. However, many of the states where such restrictions were lifted, and several states where the restrictions have essentially never been lifted (such as California in our U.S. West Coast region), have recently experienced a marked increase in the spread of COVID-19 and many governmental authorities in such areas have responded by reimposing certain restrictions they had previously lifted. Therefore, our operating results for the six months ended June 30, 2020 do not fully reflect the impact this disruption 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, deferred turnaround and catalyst cost 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 present these activities 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 of this ASU 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	6 Months Ended
	Jun. 30, 2020
Unusual or Infrequent Items, or Both [Abstract]
UNCERTAINTIES AND CERTAIN SIGNIFICANT ACCOUNTING ESTIMATES (COVID-19)	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 responded, and will strive to continue to respond, to the impact from these matters on our business. We reduced the amount of crude oil processed at most of our refineries in response to the decreased demand for our products, we temporarily idled various gasoline-making units at certain of our refineries to further limit gasoline production, and we took measures to reduce jet fuel production. Eight of our ethanol plants were temporarily idled, and production at our remaining six ethanol plants was reduced earlier this year to address the decreased demand for ethanol. Demand for most of our products partially recovered during the latter part of the second quarter of 2020. As a result, we have increased the production of most of our products and recently restarted the gasoline-making units and four ethanol plants that had been temporarily idled. 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, or whether any recovery will ultimately experience a reversal or other setbacks. 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. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and we will strive to continue to do so, but there can be no assurance that any measures we have taken or may take will be fully effective. 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 June 30, 2020 , assuming that we would operate these plants in the future and considering current economic conditions on 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 June 30, 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 compared to the price as of December 31, 2019 and early March 2020 . Despite the decline in our common stock price, we determined our goodwill was no t impaired as of June 30, 2020 . Nonetheless, we will continue to evaluate the economic conditions and their impact on our assumptions. Inventory Valuation See Note 4 regarding our $294 million LCM inventory valuation reserve and the estimates used to determine the market value of our inventories.

Merger With VLP

Merger With VLP	6 Months Ended
	Jun. 30, 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	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,000 $ 2,399 Refined petroleum products and blendstocks 3,161 4,034 Renewable diesel feedstocks and products 53 46 Ethanol feedstocks and products 224 260 Materials and supplies 276 274 Inventories before LCM inventory valuation reserve 5,714 7,013 LCM inventory valuation reserve (294 ) — Inventories $ 5,420 $ 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. 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 fell below our historical LIFO inventory costs as of March 31, 2020, and as a result, we recorded an LCM inventory valuation reserve of $2.5 billion in order to state our inventories at market. As of June 30, 2020 , our LCM inventory valuation reserve was $294 million . The change in our LCM inventory valuation reserve resulted in a net benefit of $2.2 billion and a net charge of $294 million to our results of operations during the three and six months ended June 30, 2020 , respectively. 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 $912 million and $1.4 billion of our total inventories as of June 30, 2020 and December 31, 2019 , respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 28 $ — $ — $ 3 $ 1 $ — $ — $ 32 Interest on lease liabilities 25 — — 1 — — — 26 Operating lease cost 42 37 15 4 2 6 1 107 Variable lease cost 17 15 — — — 1 — 33 Short-term lease cost 2 14 — 7 — — — 23 Sublease income — (2 ) — — — — — (2 ) Total lease cost $ 114 $ 64 $ 15 $ 15 $ 3 $ 7 $ 1 $ 219 Three months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Six months ended June 30, 2020 Finance lease cost: Amortization of ROU assets $ 50 $ — $ — $ 6 $ 2 $ — $ — $ 58 Interest on lease liabilities 46 — — 1 1 — — 48 Operating lease cost 84 76 30 8 4 12 2 216 Variable lease cost 33 33 1 1 — 1 — 69 Short-term lease cost 6 36 — 21 — — — 63 Sublease income — (8 ) — — — — — (8 ) Total lease cost $ 219 $ 137 $ 31 $ 37 $ 7 $ 13 $ 2 $ 446 Six months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,225 $ — $ 790 Deferred charges and other assets, net 1,273 — 1,329 — Total ROU assets, net $ 1,273 $ 2,225 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 71 $ — $ 41 Accrued expenses 325 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,177 — 750 Other long-term liabilities 920 — 959 — Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.4 years 7.7 years 19.7 years Weighted-average discount rate 4.7 % 4.3 % 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 six months ended June 30, 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): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 207 $ 85 $ 376 $ 88 2021 287 171 250 86 2022 214 173 194 87 2023 179 178 160 91 2024 142 170 125 82 Thereafter 510 2,922 498 1,011 Total undiscounted lease payments 1,539 3,699 1,603 1,445 Less: Amount associated with discounting 294 1,451 313 654 Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 ____________________ (a) The amounts as of June 30, 2020 are for the remaining six 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 June 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 28 $ — $ — $ 3 $ 1 $ — $ — $ 32 Interest on lease liabilities 25 — — 1 — — — 26 Operating lease cost 42 37 15 4 2 6 1 107 Variable lease cost 17 15 — — — 1 — 33 Short-term lease cost 2 14 — 7 — — — 23 Sublease income — (2 ) — — — — — (2 ) Total lease cost $ 114 $ 64 $ 15 $ 15 $ 3 $ 7 $ 1 $ 219 Three months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Six months ended June 30, 2020 Finance lease cost: Amortization of ROU assets $ 50 $ — $ — $ 6 $ 2 $ — $ — $ 58 Interest on lease liabilities 46 — — 1 1 — — 48 Operating lease cost 84 76 30 8 4 12 2 216 Variable lease cost 33 33 1 1 — 1 — 69 Short-term lease cost 6 36 — 21 — — — 63 Sublease income — (8 ) — — — — — (8 ) Total lease cost $ 219 $ 137 $ 31 $ 37 $ 7 $ 13 $ 2 $ 446 Six months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,225 $ — $ 790 Deferred charges and other assets, net 1,273 — 1,329 — Total ROU assets, net $ 1,273 $ 2,225 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 71 $ — $ 41 Accrued expenses 325 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,177 — 750 Other long-term liabilities 920 — 959 — Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.4 years 7.7 years 19.7 years Weighted-average discount rate 4.7 % 4.3 % 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 six months ended June 30, 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): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 207 $ 85 $ 376 $ 88 2021 287 171 250 86 2022 214 173 194 87 2023 179 178 160 91 2024 142 170 125 82 Thereafter 510 2,922 498 1,011 Total undiscounted lease payments 1,539 3,699 1,603 1,445 Less: Amount associated with discounting 294 1,451 313 654 Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 ____________________ (a) The amounts as of June 30, 2020 are for the remaining six months of 2020 .

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	6. DEBT Public Debt During the six months ended June 30, 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. During the six months ended June 30, 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 statements of income for the three and six months ended June 30, 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 June 30, 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. 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): June 30, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 33 $ 3,967 364-day Revolving Credit Facility $ 875 April 2021 $ — n/a $ 875 Canadian Revolver C$ 150 November 2020 C$ — C$ 7 C$ 143 Accounts receivable sales facility (b) $ 1,300 July 2020 $ — n/a $ 726 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (c): IEnova Revolver $ 612 February 2028 $ 511 n/a $ 101 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 92 n/a ___________________ (a) Letters of credit issued as of June 30, 2020 expire at various times in 2020 through 2021 . (b) The available borrowing capacity was lower than the facility amount due to a decline in product prices. In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion . (c) Creditors of our VIE do not have recourse against us. 364-day Revolving Credit Facility In April 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. Accounts Receivable Sales Facility During the six months ended June 30, 2020 , we sold $300 million of eligible receivables under our accounts receivable sales facility and repaid $400 million . The weighted-average interest rate on the borrowings outstanding for this facility was 1.5221 percent and 2.5275 percent during the six months ended June 30, 2020 and 2019 , respectively. IEnova Revolver During the six months ended June 30, 2020 , Central Mexico Terminals (as described in Note 8 ) amended its combined unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 8 ) to increase the facility amount from $491 million to $612 million . During the six months ended June 30, 2020 and 2019 , Central Mexico Terminals borrowed $163 million and $70 million , respectively, and had no repayments under this revolver. As of June 30, 2020 and December 31, 2019 , the variable interest rate was 5.083 percent and 5.749 percent, respectively. The IEnova Revolver is available only to the operations of Central Mexico Terminals, and the creditors of Central Mexico Terminals do not have recourse against us. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Interest and debt expense $ 161 $ 136 $ 306 $ 272 Less: Capitalized interest 19 24 39 48 Interest and debt expense, net of capitalized interest $ 142 $ 112 $ 267 $ 224

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
EQUITY	7. EQUITY Share Activity There was no significant share activity during the six months ended June 30, 2020 and 2019 . Common Stock Dividends On July 16, 2020 , our board of directors declared a quarterly cash dividend of $0.98 per common share payable on September 2, 2020 to holders of record at the close of business on August 4, 2020 . Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 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 Gains on Cash Flow Hedges Total Balance as of beginning of period $ (1,282 ) $ (663 ) $ 8 $ (1,937 ) $ (869 ) $ (483 ) $ — $ (1,352 ) Other comprehensive income (loss) before reclassifications 138 — (2 ) 136 (1 ) — 1 — Amounts reclassified from accumulated other comprehensive loss — 10 (8 ) 2 — 2 — 2 Other comprehensive income (loss) 138 10 (10 ) 138 (1 ) 2 1 2 Balance as of end of period $ (1,144 ) $ (653 ) $ (2 ) $ (1,799 ) $ (870 ) $ (481 ) $ 1 $ (1,350 ) Six Months Ended June 30, 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 Gains on Cash Flow Hedges Total Balance as of beginning of period $ (676 ) $ (672 ) $ (3 ) $ (1,351 ) $ (1,022 ) $ (485 ) $ — $ (1,507 ) Other comprehensive income (loss) before reclassifications (468 ) — 19 (449 ) 152 — 1 153 Amounts reclassified from accumulated other comprehensive loss — 19 (18 ) 1 — 4 — 4 Other comprehensive income (loss) (468 ) 19 1 (448 ) 152 4 1 157 Balance as of end of period $ (1,144 ) $ (653 ) $ (2 ) $ (1,799 ) $ (870 ) $ (481 ) $ 1 $ (1,350 )

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 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 June 30, 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): June 30, 2020 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 331 $ — $ 16 $ 347 Other current assets 234 44 27 305 Property, plant, and equipment, net 887 506 99 1,492 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 80 $ 556 $ 7 $ 643 Debt and finance lease obligations, less current portion — — 27 27 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	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [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 June 30 Service cost $ 35 $ 30 $ 2 $ 1 Interest cost 22 25 2 3 Expected return on plan assets (46 ) (41 ) — — Amortization of: Net actuarial (gain) loss 19 10 — (1 ) Prior service credit (5 ) (5 ) (2 ) (2 ) Special charges 1 2 — — Net periodic benefit cost $ 26 $ 21 $ 2 $ 1 Six months ended June 30 Service cost $ 70 $ 60 $ 3 $ 2 Interest cost 43 49 4 6 Expected return on plan assets (90 ) (83 ) — — Amortization of: Net actuarial (gain) loss 37 20 — (2 ) Prior service credit (10 ) (9 ) (3 ) (4 ) Special charges 1 2 — 1 Net periodic benefit cost $ 51 $ 39 $ 4 $ 3 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 six months ended June 30, 2020 and 2019 , we contributed $19 million and $23 million , respectively, to our pension plans and $7 million and $8 million , respectively, to our other postretirement benefit plans. 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 $100 million to our qualified U.S. pension plan.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES 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. Our income tax expense (benefit) for the three and six months ended June 30, 2020 included a tax benefit of $7 million and $117 million , respectively, attributable to the expected tax NOL carryback provided under the CARES Act for expected tax NOLs from our current tax year to our 2015 tax year in which we paid federal income tax at a 35 percent tax rate.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ 1,253 $ 612 $ (598 ) $ 753 Less: Income allocated to participating securities 4 2 3 2 Net income (loss) available to common stockholders $ 1,249 $ 610 $ (601 ) $ 751 Weighted-average common shares outstanding 406 415 407 416 Earnings (loss) per common share $ 3.07 $ 1.47 $ (1.48 ) $ 1.80 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ 1,253 $ 612 $ (598 ) $ 753 Less: Income allocated to participating securities 4 2 3 2 Net income (loss) available to common stockholders $ 1,249 $ 610 $ (601 ) $ 751 Weighted-average common shares outstanding 406 415 407 416 Effect of dilutive securities 1 2 — 1 Weighted-average common shares outstanding – assuming dilution 407 417 407 417 Earnings (loss) per common share – assuming dilution $ 3.07 $ 1.47 $ (1.48 ) $ 1.80 Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (2020 OSIP) or our 2011 Omnibus Stock Incentive Plan (2011 OSIP). Dilutive securities include participating securities as well as outstanding stock options granted under our 2020 OSIP or our 2011 OSIP. On April 30, 2020, our stockholders approved the 2020 OSIP.

Revenues and Segment Informatio

Revenues and Segment Information	6 Months Ended
	Jun. 30, 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): June 30, 2020 December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 2,603 $ 5,610 $ (3,007 ) Contract liabilities, included in accrued expenses 34 55 (21 ) 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 six months ended June 30, 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 June 30, 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 June 30, 2020 Revenues: Revenues from external customers $ 9,615 $ 239 $ 543 $ — $ 10,397 Intersegment revenues 2 57 38 (97 ) — Total revenues 9,617 296 581 (97 ) 10,397 Cost of sales: Cost of materials and other 8,539 135 501 (96 ) 9,079 LCM inventory valuation adjustment (2,137 ) — (111 ) — (2,248 ) Operating expenses (excluding depreciation and amortization expense reflected below) 928 20 79 — 1,027 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 7,863 167 490 (96 ) 8,424 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 169 169 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,751 $ 129 $ 91 $ (182 ) $ 1,789 Three months ended June 30, 2019 Revenues: Revenues from external customers $ 27,746 $ 222 $ 964 $ 1 $ 28,933 Intersegment revenues 8 73 53 (134 ) — Total revenues 27,754 295 1,017 (133 ) 28,933 Cost of sales: Cost of materials and other 25,172 189 855 (133 ) 26,083 Operating expenses (excluding depreciation and amortization expense reflected below) 1,026 17 132 — 1,175 Depreciation and amortization expense 518 12 22 — 552 Total cost of sales 26,716 218 1,009 (133 ) 27,810 Other operating expenses 1 — 1 — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 199 199 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 1,037 $ 77 $ 7 $ (213 ) $ 908 Refining Renewable Diesel Ethanol Corporate and Eliminations Total Six months ended June 30, 2020 Revenues: Revenues from external customers $ 30,600 $ 545 $ 1,354 $ — $ 32,499 Intersegment revenues 4 110 102 (216 ) — Total revenues 30,604 655 1,456 (216 ) 32,499 Cost of sales: Cost of materials and other 27,666 265 1,314 (214 ) 29,031 LCM inventory valuation adjustment 277 — 17 — 294 Operating expenses (excluding depreciation and amortization expense reflected below) 1,923 40 188 — 2,151 Depreciation and amortization expense 1,069 23 43 — 1,135 Total cost of sales 30,935 328 1,562 (214 ) 32,611 Other operating expenses 5 — — — 5 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 346 346 Depreciation and amortization expense — — — 25 25 Operating income (loss) by segment $ (336 ) $ 327 $ (106 ) $ (373 ) $ (488 ) Six months ended June 30, 2019 Revenues: Revenues from external customers $ 50,964 $ 474 $ 1,757 $ 1 $ 53,196 Intersegment revenues 10 124 105 (239 ) — Total revenues 50,974 598 1,862 (238 ) 53,196 Cost of sales: Cost of materials and other 46,337 413 1,549 (238 ) 48,061 Operating expenses (excluding depreciation and amortization expense reflected below) 2,097 36 257 — 2,390 Depreciation and amortization expense 1,021 23 45 — 1,089 Total cost of sales 49,455 472 1,851 (238 ) 51,540 Other operating expenses 3 — 1 — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 408 408 Depreciation and amortization expense — — — 28 28 Operating income by segment $ 1,516 $ 126 $ 10 $ (436 ) $ 1,216 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Refining: Gasolines and blendstocks $ 3,993 $ 11,530 $ 12,237 $ 20,904 Distillates 4,379 13,476 15,042 25,393 Other product revenues 1,243 2,740 3,321 4,667 Total refining revenues 9,615 27,746 30,600 50,964 Renewable diesel: Renewable diesel 239 222 545 474 Ethanol: Ethanol 432 774 1,061 1,394 Distillers grains 111 190 293 363 Total ethanol revenues 543 964 1,354 1,757 Corporate – other revenues — 1 — 1 Revenues $ 10,397 $ 28,933 $ 32,499 $ 53,196 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 42,225 $ 47,067 Renewable diesel 1,504 1,412 Ethanol 1,687 1,615 Corporate and eliminations 3,683 3,770 Total assets $ 49,099 $ 53,864

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 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 (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 4,616 $ (1,664 ) Inventories 1,136 278 Prepaid expenses and other (383 ) 406 Increase (decrease) in current liabilities: Accounts payable (5,446 ) 1,555 Accrued expenses (73 ) (195 ) Taxes other than income taxes payable (180 ) (75 ) Income taxes payable (148 ) 108 Changes in current assets and current liabilities $ (478 ) $ 413 Changes in current assets and current liabilities for the six months ended June 30, 2020 were as follows: • the decrease in receivables was primarily due to (i) a decrease of $4.1 billion as a result of a decrease in commodity prices in June 2020 compared to December 2019 combined with a decrease in sales volumes and (ii) the collection of $449 million for a blender’s tax credit receivable attributable to volumes blended during 2019 and 2018; • the decrease in inventories was due to lower inventory levels combined with a decrease in commodity prices in June 2020 compared to December 2019; • the increase in prepaid expenses and other was primarily related to the recognition of an income tax receivable of approximately $440 million ; and • the decrease in accounts payable was due to a decrease in commodity prices in June 2020 compared to December 2019 combined with a decrease in crude oil and other feedstock volumes purchased. Changes in current assets and current liabilities for the six months ended June 30, 2019 were as follows: • the increase in receivables was due to an increase in sales volumes combined with an increase in commodity prices in June 2019 compared to December 2018; • the decrease in inventories was due to lower inventory levels in June 2019 compared to December 2018; • the decrease in prepaid expenses and other was mainly due to a decrease in income taxes receivable resulting from a refund of $348 million , including interest, associated with the settlement of the combined audit related to our U.S. federal income tax returns for 2010 and 2011; • the increase in accounts payable was due to an increase in commodity prices in June 2019 compared to December 2018 combined with an increase in crude oil and other feedstock volumes purchased and the timing of payments of invoices; 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): Six Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 250 $ 227 Income taxes paid (refunded), net 76 (331 ) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2020 2019 Operating Leases Finance Leases Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 216 $ 48 $ 216 $ 25 Financing cash flows — 32 — 21 Changes in lease balances resulting from new and modified leases (a) 163 1,495 1,592 192 ___________________ (a) Noncash activity for the six months ended June 30, 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 six months ended June 30, 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 six months ended June 30, 2020 , except as noted in the table above. Noncash investing and financing activities during the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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. June 30, 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 $ 656 $ — $ — $ 656 $ (506 ) $ (38 ) $ 112 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 28 — — 28 n/a n/a 28 n/a Investments of certain benefit plans 65 — 8 73 n/a n/a 73 n/a Total $ 749 $ 1 $ 8 $ 758 $ (506 ) $ (38 ) $ 214 Liabilities Commodity derivative contracts $ 519 $ — $ — $ 519 $ (506 ) $ (13 ) $ — $ (38 ) Environmental credit obligations — 38 — 38 n/a n/a 38 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 528 $ 40 $ — $ 568 $ (506 ) $ (13 ) $ 49 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 June 30, 2020 and December 31, 2019 that were measured at fair value on a recurring basis. There was no significant activity during the six months ended June 30, 2020 and 2019 related to the fair value amounts categorized in Level 3 as of June 30, 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 June 30, 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): June 30, 2020 December 31, 2019 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents Level 1 $ 2,319 $ 2,319 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 10,429 12,387 8,881 10,583

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 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 June 30, 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 394 — Futures – short 1,414 — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 75,877 56 Futures – short 58,694 56 Corn: Futures – long 63,030 130 Futures – short 76,110 1,255 Physical contracts – long 11,751 1,214 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 June 30, 2020 , we had foreign currency contracts to purchase $219 million of U.S. dollars, $1.9 billion of U.S. dollar equivalent Canadian dollars, and $500 million of U.S. dollar equivalent pounds sterling. Of these commitments, $919 million matured on or before July 24, 2020 and the remaining $1.7 billion will mature by October 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 $136 million and $67 million for the three months ended June 30, 2020 and 2019 , respectively, and $248 million and $158 million for the six months ended June 30, 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 and six months ended June 30, 2020 and 2019 and expect to continue to recover the majority of these costs in the future. For the three and six months ended June 30, 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 June 30, 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 table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet Location June 30, 2020 December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 5 $ 14 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 651 $ 505 $ 608 $ 648 Physical purchase contracts Inventories 1 2 — 3 Foreign currency contracts Receivables, net 28 — 27 — Foreign currency contracts Accrued expenses — 9 — 10 Total $ 680 $ 516 $ 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 Six Months Ended 2020 2019 2020 2019 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) on derivatives $ (5 ) $ 4 $ 50 $ 4 Gain (loss) reclassified from accumulated other comprehensive income (loss) into income Revenues 19 (2 ) 45 (2 ) For cash flow hedges, no component of the derivative instruments’ gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2020 and 2019 . For the three and six months ended June 30, 2020 , cash flow hedges primarily related to forward sales of renewable diesel and we estimate that the deferred after-tax loss of $3 million as of June 30, 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 and six months ended June 30, 2020 and 2019 , there were no amounts reclassified from accumulated other comprehensive income (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 and six months ended June 30, 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 as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2020 2019 2020 2019 Commodity contracts Revenues $ 9 $ 5 $ 1 $ 5 Commodity contracts Cost of materials and other 140 72 (12 ) 1 Commodity contracts Operating expenses (excluding depreciation and amortization expense) 4 — 2 — Foreign currency contracts Cost of materials and other — 2 49 (7 ) Foreign currency contracts Other income, net 60 48 (105 ) 55

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 outbreak of COVID-19 and its development into a pandemic in March 2020 resulted in significant economic disruption globally. This disruption became more acute in the latter half of March 2020. While demand and market prices for most of our products increased during the second quarter of 2020 compared to the end of the first quarter of 2020, developments with respect to COVID-19 have been occurring at a rapid pace and the risk remains that circumstances could change. For instance, during the latter part of the second quarter of 2020, governmental authorities in various states across the U.S. began to lift many of the restrictions created by actions taken to slow down the spread of COVID-19. However, many of the states where such restrictions were lifted, and several states where the restrictions have essentially never been lifted (such as California in our U.S. West Coast region), have recently experienced a marked increase in the spread of COVID-19 and many governmental authorities in such areas have responded by reimposing certain restrictions they had previously lifted. Therefore, our operating results for the six months ended June 30, 2020 do not fully reflect the impact this disruption 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, deferred turnaround and catalyst cost 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 present these activities 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 of this ASU 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)	6 Months Ended
	Jun. 30, 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 of this ASU 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)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 2,000 $ 2,399 Refined petroleum products and blendstocks 3,161 4,034 Renewable diesel feedstocks and products 53 46 Ethanol feedstocks and products 224 260 Materials and supplies 276 274 Inventories before LCM inventory valuation reserve 5,714 7,013 LCM inventory valuation reserve (294 ) — Inventories $ 5,420 $ 7,013

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 28 $ — $ — $ 3 $ 1 $ — $ — $ 32 Interest on lease liabilities 25 — — 1 — — — 26 Operating lease cost 42 37 15 4 2 6 1 107 Variable lease cost 17 15 — — — 1 — 33 Short-term lease cost 2 14 — 7 — — — 23 Sublease income — (2 ) — — — — — (2 ) Total lease cost $ 114 $ 64 $ 15 $ 15 $ 3 $ 7 $ 1 $ 219 Three months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 1 $ 1 $ — $ — $ 14 Interest on lease liabilities 12 — — 1 1 — — 14 Operating lease cost 47 34 13 5 2 10 2 113 Variable lease cost 15 7 — — — — — 22 Short-term lease cost 4 12 — 8 — — — 24 Sublease income — (15 ) — — — (1 ) — (16 ) Total lease cost $ 90 $ 38 $ 13 $ 15 $ 4 $ 9 $ 2 $ 171 Pipelines, Terminals, and Tanks Transportation Feedstock Processing Equipment Energy and Gases Real Estate Other Total Marine Rail Six months ended June 30, 2020 Finance lease cost: Amortization of ROU assets $ 50 $ — $ — $ 6 $ 2 $ — $ — $ 58 Interest on lease liabilities 46 — — 1 1 — — 48 Operating lease cost 84 76 30 8 4 12 2 216 Variable lease cost 33 33 1 1 — 1 — 69 Short-term lease cost 6 36 — 21 — — — 63 Sublease income — (8 ) — — — — — (8 ) Total lease cost $ 219 $ 137 $ 31 $ 37 $ 7 $ 13 $ 2 $ 446 Six months ended June 30, 2019 Finance lease cost: Amortization of ROU assets $ 20 $ — $ — $ 2 $ 2 $ — $ — $ 24 Interest on lease liabilities 22 — — 1 2 — — 25 Operating lease cost 94 68 24 12 4 14 2 218 Variable lease cost 33 17 — — — — — 50 Short-term lease cost 7 26 — 14 — — — 47 Sublease income — (16 ) — — — (2 ) — (18 ) Total lease cost $ 176 $ 95 $ 24 $ 29 $ 8 $ 12 $ 2 $ 346
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): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,225 $ — $ 790 Deferred charges and other assets, net 1,273 — 1,329 — Total ROU assets, net $ 1,273 $ 2,225 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 71 $ — $ 41 Accrued expenses 325 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,177 — 750 Other long-term liabilities 920 — 959 — Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.5 years 22.4 years 7.7 years 19.7 years Weighted-average discount rate 4.7 % 4.3 % 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): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 207 $ 85 $ 376 $ 88 2021 287 171 250 86 2022 214 173 194 87 2023 179 178 160 91 2024 142 170 125 82 Thereafter 510 2,922 498 1,011 Total undiscounted lease payments 1,539 3,699 1,603 1,445 Less: Amount associated with discounting 294 1,451 313 654 Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 ____________________ (a) The amounts as of June 30, 2020 are for the remaining six 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): June 30, 2020 December 31, 2019 Operating Leases Finance Leases Operating Leases Finance Leases 2020 (a) $ 207 $ 85 $ 376 $ 88 2021 287 171 250 86 2022 214 173 194 87 2023 179 178 160 91 2024 142 170 125 82 Thereafter 510 2,922 498 1,011 Total undiscounted lease payments 1,539 3,699 1,603 1,445 Less: Amount associated with discounting 294 1,451 313 654 Total lease liabilities $ 1,245 $ 2,248 $ 1,290 $ 791 ____________________ (a) The amounts as of June 30, 2020 are for the remaining six months of 2020 .

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 33 $ 3,967 364-day Revolving Credit Facility $ 875 April 2021 $ — n/a $ 875 Canadian Revolver C$ 150 November 2020 C$ — C$ 7 C$ 143 Accounts receivable sales facility (b) $ 1,300 July 2020 $ — n/a $ 726 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (c): IEnova Revolver $ 612 February 2028 $ 511 n/a $ 101 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 92 n/a ___________________ (a) Letters of credit issued as of June 30, 2020 expire at various times in 2020 through 2021 . (b) The available borrowing capacity was lower than the facility amount due to a decline in product prices. In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion . (c) 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 Six Months Ended 2020 2019 2020 2019 Interest and debt expense $ 161 $ 136 $ 306 $ 272 Less: Capitalized interest 19 24 39 48 Interest and debt expense, net of capitalized interest $ 142 $ 112 $ 267 $ 224

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 Gains on Cash Flow Hedges Total Balance as of beginning of period $ (1,282 ) $ (663 ) $ 8 $ (1,937 ) $ (869 ) $ (483 ) $ — $ (1,352 ) Other comprehensive income (loss) before reclassifications 138 — (2 ) 136 (1 ) — 1 — Amounts reclassified from accumulated other comprehensive loss — 10 (8 ) 2 — 2 — 2 Other comprehensive income (loss) 138 10 (10 ) 138 (1 ) 2 1 2 Balance as of end of period $ (1,144 ) $ (653 ) $ (2 ) $ (1,799 ) $ (870 ) $ (481 ) $ 1 $ (1,350 ) Six Months Ended June 30, 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 Gains on Cash Flow Hedges Total Balance as of beginning of period $ (676 ) $ (672 ) $ (3 ) $ (1,351 ) $ (1,022 ) $ (485 ) $ — $ (1,507 ) Other comprehensive income (loss) before reclassifications (468 ) — 19 (449 ) 152 — 1 153 Amounts reclassified from accumulated other comprehensive loss — 19 (18 ) 1 — 4 — 4 Other comprehensive income (loss) (468 ) 19 1 (448 ) 152 4 1 157 Balance as of end of period $ (1,144 ) $ (653 ) $ (2 ) $ (1,799 ) $ (870 ) $ (481 ) $ 1 $ (1,350 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2020 DGD Central Mexico Other Total Assets Cash and cash equivalents $ 331 $ — $ 16 $ 347 Other current assets 234 44 27 305 Property, plant, and equipment, net 887 506 99 1,492 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 80 $ 556 $ 7 $ 643 Debt and finance lease obligations, less current portion — — 27 27 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)	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [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 June 30 Service cost $ 35 $ 30 $ 2 $ 1 Interest cost 22 25 2 3 Expected return on plan assets (46 ) (41 ) — — Amortization of: Net actuarial (gain) loss 19 10 — (1 ) Prior service credit (5 ) (5 ) (2 ) (2 ) Special charges 1 2 — — Net periodic benefit cost $ 26 $ 21 $ 2 $ 1 Six months ended June 30 Service cost $ 70 $ 60 $ 3 $ 2 Interest cost 43 49 4 6 Expected return on plan assets (90 ) (83 ) — — Amortization of: Net actuarial (gain) loss 37 20 — (2 ) Prior service credit (10 ) (9 ) (3 ) (4 ) Special charges 1 2 — 1 Net periodic benefit cost $ 51 $ 39 $ 4 $ 3

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2020 2019 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ 1,253 $ 612 $ (598 ) $ 753 Less: Income allocated to participating securities 4 2 3 2 Net income (loss) available to common stockholders $ 1,249 $ 610 $ (601 ) $ 751 Weighted-average common shares outstanding 406 415 407 416 Earnings (loss) per common share $ 3.07 $ 1.47 $ (1.48 ) $ 1.80 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ 1,253 $ 612 $ (598 ) $ 753 Less: Income allocated to participating securities 4 2 3 2 Net income (loss) available to common stockholders $ 1,249 $ 610 $ (601 ) $ 751 Weighted-average common shares outstanding 406 415 407 416 Effect of dilutive securities 1 2 — 1 Weighted-average common shares outstanding – assuming dilution 407 417 407 417 Earnings (loss) per common share – assuming dilution $ 3.07 $ 1.47 $ (1.48 ) $ 1.80

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): June 30, 2020 December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 2,603 $ 5,610 $ (3,007 ) Contract liabilities, included in accrued expenses 34 55 (21 )
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 June 30, 2020 Revenues: Revenues from external customers $ 9,615 $ 239 $ 543 $ — $ 10,397 Intersegment revenues 2 57 38 (97 ) — Total revenues 9,617 296 581 (97 ) 10,397 Cost of sales: Cost of materials and other 8,539 135 501 (96 ) 9,079 LCM inventory valuation adjustment (2,137 ) — (111 ) — (2,248 ) Operating expenses (excluding depreciation and amortization expense reflected below) 928 20 79 — 1,027 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 7,863 167 490 (96 ) 8,424 Other operating expenses 3 — — — 3 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 169 169 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,751 $ 129 $ 91 $ (182 ) $ 1,789 Three months ended June 30, 2019 Revenues: Revenues from external customers $ 27,746 $ 222 $ 964 $ 1 $ 28,933 Intersegment revenues 8 73 53 (134 ) — Total revenues 27,754 295 1,017 (133 ) 28,933 Cost of sales: Cost of materials and other 25,172 189 855 (133 ) 26,083 Operating expenses (excluding depreciation and amortization expense reflected below) 1,026 17 132 — 1,175 Depreciation and amortization expense 518 12 22 — 552 Total cost of sales 26,716 218 1,009 (133 ) 27,810 Other operating expenses 1 — 1 — 2 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 199 199 Depreciation and amortization expense — — — 14 14 Operating income by segment $ 1,037 $ 77 $ 7 $ (213 ) $ 908 Refining Renewable Diesel Ethanol Corporate and Eliminations Total Six months ended June 30, 2020 Revenues: Revenues from external customers $ 30,600 $ 545 $ 1,354 $ — $ 32,499 Intersegment revenues 4 110 102 (216 ) — Total revenues 30,604 655 1,456 (216 ) 32,499 Cost of sales: Cost of materials and other 27,666 265 1,314 (214 ) 29,031 LCM inventory valuation adjustment 277 — 17 — 294 Operating expenses (excluding depreciation and amortization expense reflected below) 1,923 40 188 — 2,151 Depreciation and amortization expense 1,069 23 43 — 1,135 Total cost of sales 30,935 328 1,562 (214 ) 32,611 Other operating expenses 5 — — — 5 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 346 346 Depreciation and amortization expense — — — 25 25 Operating income (loss) by segment $ (336 ) $ 327 $ (106 ) $ (373 ) $ (488 ) Six months ended June 30, 2019 Revenues: Revenues from external customers $ 50,964 $ 474 $ 1,757 $ 1 $ 53,196 Intersegment revenues 10 124 105 (239 ) — Total revenues 50,974 598 1,862 (238 ) 53,196 Cost of sales: Cost of materials and other 46,337 413 1,549 (238 ) 48,061 Operating expenses (excluding depreciation and amortization expense reflected below) 2,097 36 257 — 2,390 Depreciation and amortization expense 1,021 23 45 — 1,089 Total cost of sales 49,455 472 1,851 (238 ) 51,540 Other operating expenses 3 — 1 — 4 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 408 408 Depreciation and amortization expense — — — 28 28 Operating income by segment $ 1,516 $ 126 $ 10 $ (436 ) $ 1,216 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Refining: Gasolines and blendstocks $ 3,993 $ 11,530 $ 12,237 $ 20,904 Distillates 4,379 13,476 15,042 25,393 Other product revenues 1,243 2,740 3,321 4,667 Total refining revenues 9,615 27,746 30,600 50,964 Renewable diesel: Renewable diesel 239 222 545 474 Ethanol: Ethanol 432 774 1,061 1,394 Distillers grains 111 190 293 363 Total ethanol revenues 543 964 1,354 1,757 Corporate – other revenues — 1 — 1 Revenues $ 10,397 $ 28,933 $ 32,499 $ 53,196 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 42,225 $ 47,067 Renewable diesel 1,504 1,412 Ethanol 1,687 1,615 Corporate and eliminations 3,683 3,770 Total assets $ 49,099 $ 53,864

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 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): Six Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 250 $ 227 Income taxes paid (refunded), net 76 (331 ) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2020 2019 Operating Leases Finance Leases Operating Leases Finance Leases Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 216 $ 48 $ 216 $ 25 Financing cash flows — 32 — 21 Changes in lease balances resulting from new and modified leases (a) 163 1,495 1,592 192 ___________________ (a) Noncash activity for the six months ended June 30, 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 six months ended June 30, 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 (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 4,616 $ (1,664 ) Inventories 1,136 278 Prepaid expenses and other (383 ) 406 Increase (decrease) in current liabilities: Accounts payable (5,446 ) 1,555 Accrued expenses (73 ) (195 ) Taxes other than income taxes payable (180 ) (75 ) Income taxes payable (148 ) 108 Changes in current assets and current liabilities $ (478 ) $ 413

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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. June 30, 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 $ 656 $ — $ — $ 656 $ (506 ) $ (38 ) $ 112 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Foreign currency contracts 28 — — 28 n/a n/a 28 n/a Investments of certain benefit plans 65 — 8 73 n/a n/a 73 n/a Total $ 749 $ 1 $ 8 $ 758 $ (506 ) $ (38 ) $ 214 Liabilities Commodity derivative contracts $ 519 $ — $ — $ 519 $ (506 ) $ (13 ) $ — $ (38 ) Environmental credit obligations — 38 — 38 n/a n/a 38 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 528 $ 40 $ — $ 568 $ (506 ) $ (13 ) $ 49 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 amount and estimated fair value of financial instruments	Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): June 30, 2020 December 31, 2019 Fair Value Hierarchy Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and cash equivalents Level 1 $ 2,319 $ 2,319 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 10,429 12,387 8,881 10,583

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 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 394 — Futures – short 1,414 — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 75,877 56 Futures – short 58,694 56 Corn: Futures – long 63,030 130 Futures – short 76,110 1,255 Physical contracts – long 11,751 1,214
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 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 table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet Location June 30, 2020 December 31, 2019 Asset Derivatives Liability Derivatives Asset Derivatives Liability Derivatives Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 5 $ 14 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 651 $ 505 $ 608 $ 648 Physical purchase contracts Inventories 1 2 — 3 Foreign currency contracts Receivables, net 28 — 27 — Foreign currency contracts Accrued expenses — 9 — 10 Total $ 680 $ 516 $ 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 as Hedging Instruments Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended Six Months Ended 2020 2019 2020 2019 Commodity contracts Revenues $ 9 $ 5 $ 1 $ 5 Commodity contracts Cost of materials and other 140 72 (12 ) 1 Commodity contracts Operating expenses (excluding depreciation and amortization expense) 4 — 2 — Foreign currency contracts Cost of materials and other — 2 49 (7 ) Foreign currency contracts Other income, net 60 48 (105 ) 55 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 Six Months Ended 2020 2019 2020 2019 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) on derivatives $ (5 ) $ 4 $ 50 $ 4 Gain (loss) reclassified from accumulated other comprehensive income (loss) into income Revenues 19 (2 ) 45 (2 )

Uncertainties and Certain Sig_2

Uncertainties and Certain Significant Accounting Estimates (Details)	1 Months Ended	3 Months Ended	4 Months Ended
	Mar. 31, 2020USD ($)plant	Jun. 30, 2020USD ($)plant	Jun. 30, 2020USD ($)plant	Dec. 31, 2019USD ($)
Uncertainties and Certain Significant Accounting Estimates (Textual)
Number of ethanol plants temporarily idled	8
Number of ethanol plants with temporarily reduced production	6
Number of idled ethanol plants restarted due to partial recovery in demand		4
Number of ethanol plants evaluated for potential impairment			6
Goodwill | $		$ 260,000,000	$ 260,000,000
Impairment of goodwill | $			0
LCM inventory valuation reserve | $	$ 2,500,000,000	$ 294,000,000	$ 294,000,000	$ 0

Merger With VLP (Details)

Merger With VLP (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 10, 2019	Jun. 30, 2020	Jun. 30, 2019
Merger (Textual)
Merger transaction, aggregate merger consideration funded with available cash on hand		$ 0	$ 950
VLP [Member]
Merger (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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Schedule of Inventories
Refinery feedstocks	$ 2,000		$ 2,000			$ 2,399
Refined petroleum products and blendstocks	3,161		3,161			4,034
Renewable diesel feedstocks and products	53		53			46
Ethanol feedstocks and products	224		224			260
Materials and supplies	276		276			274
Inventories before LCM inventory valuation reserve	5,714		5,714			7,013
LCM inventory valuation reserve	(294)		(294)		$ (2,500)	0
Inventories	5,420		5,420			7,013
Inventories (Textual)
Lower of cost or market (LCM) inventory valuation adjustment	(2,248)	$ 0	294	$ 0
Excess of market value over carrying amount of LIFO inventories						2,500
Amount of non-LIFO inventory	$ 912		$ 912			$ 1,400

Leases, Total Lease Cost by Cla

Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Finance lease cost:
Amortization of right-of-use (ROU) assets	$ 32	$ 14	$ 58	$ 24
Interest on lease liabilities	26	14	48	25
Lease cost:
Operating lease cost	107	113	216	218
Variable lease cost	33	22	69	50
Short-term lease cost	23	24	63	47
Sublease income	(2)	(16)	(8)	(18)
Total lease cost	219	171	446	346
Pipelines, Terminals, and Tanks [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	28	12	50	20
Interest on lease liabilities	25	12	46	22
Lease cost:
Operating lease cost	42	47	84	94
Variable lease cost	17	15	33	33
Short-term lease cost	2	4	6	7
Sublease income	0	0	0	0
Total lease cost	114	90	219	176
Transportation, Marine [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0	0	0
Interest on lease liabilities	0	0	0	0
Lease cost:
Operating lease cost	37	34	76	68
Variable lease cost	15	7	33	17
Short-term lease cost	14	12	36	26
Sublease income	(2)	(15)	(8)	(16)
Total lease cost	64	38	137	95
Transportation, Rail [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0	0	0
Interest on lease liabilities	0	0	0	0
Lease cost:
Operating lease cost	15	13	30	24
Variable lease cost	0	0	1	0
Short-term lease cost	0	0	0	0
Sublease income	0	0	0	0
Total lease cost	15	13	31	24
Feedstock Processing Equipment [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	3	1	6	2
Interest on lease liabilities	1	1	1	1
Lease cost:
Operating lease cost	4	5	8	12
Variable lease cost	0	0	1	0
Short-term lease cost	7	8	21	14
Sublease income	0	0	0	0
Total lease cost	15	15	37	29
Energy and Gases [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	1	1	2	2
Interest on lease liabilities	0	1	1	2
Lease cost:
Operating lease cost	2	2	4	4
Variable lease cost	0	0	0	0
Short-term lease cost	0	0	0	0
Sublease income	0	0	0	0
Total lease cost	3	4	7	8
Real Estate [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0	0	0
Interest on lease liabilities	0	0	0	0
Lease cost:
Operating lease cost	6	10	12	14
Variable lease cost	1	0	1	0
Short-term lease cost	0	0	0	0
Sublease income	0	(1)	0	(2)
Total lease cost	7	9	13	12
Other [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	0	0	0	0
Interest on lease liabilities	0	0	0	0
Lease cost:
Operating lease cost	1	2	2	2
Variable lease cost	0	0	0	0
Short-term lease cost	0	0	0	0
Sublease income	0	0	0	0
Total lease cost	$ 1	$ 2	$ 2	$ 2

Leases, Additional Information

Leases, Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 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	us-gaap:OtherAssetsNoncurrent
Operating leases - deferred charges and other assets, net	$ 1,273	$ 1,329
Current lease liabilities reflected in the following balance sheet line items:
Current operating lease liabilities, balance sheet line item	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Operating leases - accrued expenses	$ 325	$ 331
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent operating lease liabilities, balance sheet line item	us-gaap:OtherLiabilitiesNoncurrent	us-gaap:OtherLiabilitiesNoncurrent
Operating leases - other long-term liabilities	$ 920	$ 959
Operating leases - total lease liabilities	$ 1,245	$ 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	us-gaap:PropertyPlantAndEquipmentNet
Finance leases - property, plant, and equipment, net	$ 2,225	$ 790
Current lease liabilities reflected in the following balance sheet line items:
Current finance lease liabilities, balance sheet line item	us-gaap:DebtCurrent	us-gaap:DebtCurrent
Finance leases - current portion of debt and finance lease obligations	$ 71	$ 41
Noncurrent lease liabilities reflected in the following balance sheet line items:
Noncurrent finance lease liabilities, balance sheet line item	us-gaap:LongTermDebtAndCapitalLeaseObligations	us-gaap:LongTermDebtAndCapitalLeaseObligations
Finance leases - debt and finance lease obligations, less current portion	$ 2,177	$ 750
Finance leases - total lease liabilities	$ 2,248	$ 791
Operating Leases
Weighted-average remaining lease term	7 years 6 months	7 years 8 months 12 days
Weighted-average discount rate	4.70%	4.90%
Finance Leases
Weighted-average remaining lease term	22 years 4 months 24 days	19 years 8 months 12 days
Weighted-average discount rate	4.30%	5.20%

Leases, Significant Lease Comme

Leases, Significant Lease Commencement (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)renewal	Dec. 31, 2019USD ($)
Significant Lease Commencement (Textual)
Finance lease ROU asset	$ 2,225	$ 790
Finance lease liability	$ 2,248	$ 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		Jun. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of current year	[1]	$ 207
Year one		287	$ 376
Year two		214	250
Year three		179	194
Year four		142	160
Year five			125
Thereafter		510
Thereafter			498
Total undiscounted lease payments		1,539	1,603
Less: Amount associated with discounting		294	313
Total lease liabilities		1,245	1,290
Finance Leases
Remainder of current year	[1]	85
Year one		171	88
Year two		173	86
Year three		178	87
Year four		170	91
Year five			82
Thereafter		2,922
Thereafter			1,011
Total undiscounted lease payments		3,699	1,445
Less: Amount associated with discounting		1,451	654
Total lease liabilities		$ 2,248	$ 791
[1]	The amounts as of June 30, 2020 are for the remaining six months of 2020 .

Debt, Narrative (Details)

Debt, Narrative (Details) - USD ($)		Apr. 13, 2020	Jun. 30, 2020	Jun. 30, 2019	Jul. 30, 2020	Dec. 31, 2019
364-Day Revolving Credit Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 875,000,000	$ 875,000,000
Line of credit facility, term		364 days
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%
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%
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%
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%
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	[1]		1,300,000,000
Amount of eligible receivables sold under accounts receivable sales facility			300,000,000
Repayments on lines of credit			$ 400,000,000
Weighted-average interest rate on borrowings outstanding (percent)			1.5221%			2.5275%
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	[1]				$ 1,000,000,000
Central Mexico Terminals [Member] | IEnova Revolver [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 612,000,000			$ 491,000,000
Repayments on lines of credit			0	$ 0
Amount borrowed			$ 163,000,000	70,000,000
Variable interest rate (percent)			5.083%			5.749%
Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt			$ 1,499,000,000
Senior Notes [Member] | Senior Notes Due April 15, 2023 [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]
Debt Instrument [Line Items]
Face amount of long-term debt issuance			$ 650,000,000
Stated rate on debt instrument (percent)			2.85%
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%
[1]	The available borrowing capacity was lower than the facility amount due to a decline in product prices. In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion .

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Jul. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2020CAD ($)	Apr. 13, 2020USD ($)	Dec. 31, 2019USD ($)
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			3,967,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]		33,000,000
364-Day Revolving Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			875,000,000		$ 875,000,000
Outstanding borrowings or letters of credit issued, short-term			0
Availability			875,000,000
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				143,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]			$ 7,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount	[2]		1,300,000,000
Outstanding borrowings or letters of credit issued, short-term	[2]		0
Availability	[2]		726,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member] | Subsequent Event [Member]
Line of Credit Facility
Facility amount	[2]	$ 1,000,000,000
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			612,000,000			$ 491,000,000
IEnova Revolver [Member] | Central Mexico Terminals [Member] | Credit Facilities [Member] | Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount	[3]		612,000,000
Outstanding borrowings or letters of credit issued, short-term	[3]		511,000,000
Availability	[3]		101,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]		$ 92,000,000
[1]	Letters of credit issued as of June 30, 2020 expire at various times in 2020 through 2021 .
[2]	The available borrowing capacity was lower than the facility amount due to a decline in product prices. In July 2020, we extended the maturity date of this facility to July 2021 and decreased the facility amount from $1.3 billion to $1.0 billion .
[3]	Creditors of our VIE do not have recourse against us.

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 161	$ 136	$ 306	$ 272
Less: Capitalized interest	19	24	39	48
Interest and debt expense, net of capitalized interest	$ 142	$ 112	$ 267	$ 224

Equity, Narrative (Details)

Equity, Narrative (Details)	Jul. 16, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 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	$ 136	$ 0	(449)	$ 153
Amounts reclassified from accumulated other comprehensive loss	2	2	1	4
Other comprehensive income (loss)	138	2	(448)	157
Ending balance, accumulated other comprehensive loss, net of tax	19,847		19,847
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	(1,937)	(1,352)	(1,351)	(1,507)
Ending balance, accumulated other comprehensive loss, net of tax	(1,799)	(1,350)	(1,799)	(1,350)
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	(1,282)	(869)	(676)	(1,022)
Other comprehensive income (loss) before reclassifications	138	(1)	(468)	152
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Other comprehensive income (loss)	138	(1)	(468)	152
Ending balance, accumulated other comprehensive loss, net of tax	(1,144)	(870)	(1,144)	(870)
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	(663)	(483)	(672)	(485)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	10	2	19	4
Other comprehensive income (loss)	10	2	19	4
Ending balance, accumulated other comprehensive loss, net of tax	(653)	(481)	(653)	(481)
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	8	0	(3)	0
Other comprehensive income (loss) before reclassifications	(2)	1	19	1
Amounts reclassified from accumulated other comprehensive loss	(8)	0	(18)	0
Other comprehensive income (loss)	(10)	1	1	1
Ending balance, accumulated other comprehensive loss, net of tax	$ (2)	$ 1	$ (2)	$ 1

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 2,319	$ 2,583
Property, plant, and equipment, net	30,653	29,264
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	7,300	13,160
Debt and finance lease obligations, less current portion	12,090	9,178
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	347	110
Other current assets	305	689
Property, plant, and equipment, net	1,492	1,192
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	643	483
Debt and finance lease obligations, less current portion	27	31
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	331	85
Other current assets	234	567
Property, plant, and equipment, net	887	706
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	80	66
Debt and finance lease obligations, less current portion	0	0
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	44	33
Property, plant, and equipment, net	506	381
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	556	409
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	16	25
Other current assets	27	89
Property, plant, and equipment, net	99	105
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	7	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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 35	$ 30	$ 70	$ 60
Interest cost	22	25	43	49
Expected return on plan assets	(46)	(41)	(90)	(83)
Amortization of:
Net actuarial (gain) loss	19	10	37	20
Prior service credit	(5)	(5)	(10)	(9)
Special charges	1	2	1	2
Net periodic benefit cost	26	21	51	39
Employee Benefit Plans (Textual)
Contributions to benefit plans			19	23
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		100
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	1	3	2
Interest cost	2	3	4	6
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	0	(1)	0	(2)
Prior service credit	(2)	(2)	(3)	(4)
Special charges	0	0	0	1
Net periodic benefit cost	$ 2	$ 1	4	3
Employee Benefit Plans (Textual)
Contributions to benefit plans			$ 7	$ 8
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Income Taxes (Textual)
Income tax benefit, expected tax NOL carryback provided for under CARES Act	$ 7	$ 117

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$ 1,253	$ 612	$ (598)	$ 753
Less: Income allocated to participating securities	4	2	3	2
Net income (loss) available to common stockholders	$ 1,249	$ 610	$ (601)	$ 751
Weighted-average common shares outstanding (in shares)	406	415	407	416
Earnings (loss) per common share (in dollars per share)	$ 3.07	$ 1.47	$ (1.48)	$ 1.80
Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$ 1,253	$ 612	$ (598)	$ 753
Less: Income allocated to participating securities	4	2	3	2
Net income (loss) available to common stockholders	$ 1,249	$ 610	$ (601)	$ 751
Weighted-average common shares outstanding (in shares)	406	415	407	416
Effect of dilutive securities (in shares)	1	2	0	1
Weighted-average common shares outstanding – assuming dilution (in shares)	407	417	407	417
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ 3.07	$ 1.47	$ (1.48)	$ 1.80

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Receivables from contracts with customers, included in receivables, net
Decrease	$ (4,100)
Contract liabilities, included in accrued expenses
Beginning balance	55
Decrease	(21)
Ending balance	34
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	52
Receivables from Contracts with Customers [Member]
Receivables from contracts with customers, included in receivables, net
Beginning balance	5,610
Decrease	(3,007)
Ending balance	$ 2,603

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020USD ($)ethanol_plantrefinery	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)ethanol_plantrefinerysegment	Jun. 30, 2019USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 10,397	$ 28,933	$ 32,499	$ 53,196
Cost of materials and other		9,079	26,083	29,031	48,061
LCM inventory valuation adjustment		(2,248)	0	294	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,027	1,175	2,151	2,390
Depreciation and amortization expense		566	552	1,135	1,089
Total cost of sales		8,424	27,810	32,611	51,540
Other operating expenses		3	2	5	4
General and administrative expenses (excluding depreciation and amortization expense reflected below)		169	199	346	408
Depreciation and amortization expense		12	14	25	28
Operating income (loss)		$ 1,789	908	$ (488)	1,216
Disclosure of Entity's Reportable Segments (Textual)
Number of reportable segments | segment				3
Number of petroleum refineries | refinery		15		15
Number of ethanol plants | ethanol_plant		14		14
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (97)	(133)	$ (216)	(238)
Operating income (loss)		(182)	(213)	(373)	(436)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	1	0	1
General and administrative expenses (excluding depreciation and amortization expense reflected below)		169	199	346	408
Depreciation and amortization expense		12	14	25	28
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(97)	(134)	(216)	(239)
Cost of materials and other		(96)	(133)	(214)	(238)
LCM inventory valuation adjustment		0		0
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(96)	(133)	(214)	(238)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		9,615	27,746	30,600	50,964
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		9,617	27,754	30,604	50,974
Cost of materials and other		8,539	25,172	27,666	46,337
LCM inventory valuation adjustment		(2,137)		277
Operating expenses (excluding depreciation and amortization expense reflected below)		928	1,026	1,923	2,097
Depreciation and amortization expense		533	518	1,069	1,021
Total cost of sales		7,863	26,716	30,935	49,455
Other operating expenses		3	1	5	3
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		1,751	1,037	(336)	1,516
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		2	8	4	10
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		239	222	545	474
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		296	295	655	598
Cost of materials and other		135	189	265	413
LCM inventory valuation adjustment		0		0
Operating expenses (excluding depreciation and amortization expense reflected below)		20	17	40	36
Depreciation and amortization expense		12	12	23	23
Total cost of sales		167	218	328	472
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		129	77	327	126
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		57	73	110	124
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		543	964	1,354	1,757
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		581	1,017	1,456	1,862
Cost of materials and other		501	855	1,314	1,549
LCM inventory valuation adjustment		(111)		17
Operating expenses (excluding depreciation and amortization expense reflected below)		79	132	188	257
Depreciation and amortization expense		21	22	43	45
Total cost of sales		490	1,009	1,562	1,851
Other operating expenses		0	1	0	1
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		91	7	(106)	10
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 38	$ 53	$ 102	$ 105
[1]	Includes excise taxes on sales by certain of our international operations of $784 million and $1,410 million for the three months ended June 30, 2020 and 2019, respectively, and $2,152 million and $2,740 million for the six months ended June 30, 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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue by Segment
Revenues	[1]	$ 10,397	$ 28,933	$ 32,499	$ 53,196
Corporate [Member]
Revenue by Segment
Revenues		0	1	0	1
Other Revenues [Member] | Corporate [Member]
Revenue by Segment
Revenues		0	1	0	1
Refining [Member]
Revenue by Segment
Revenues		9,615	27,746	30,600	50,964
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		3,993	11,530	12,237	20,904
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		4,379	13,476	15,042	25,393
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		1,243	2,740	3,321	4,667
Renewable Diesel [Member]
Revenue by Segment
Revenues		239	222	545	474
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		239	222	545	474
Ethanol [Member]
Revenue by Segment
Revenues		543	964	1,354	1,757
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		432	774	1,061	1,394
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 111	$ 190	$ 293	$ 363
[1]	Includes excise taxes on sales by certain of our international operations of $784 million and $1,410 million for the three months ended June 30, 2020 and 2019, respectively, and $2,152 million and $2,740 million for the six months ended June 30, 2020 and 2019, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Total Assets by Reportable Segment
Reportable segment assets	$ 49,099	$ 53,864
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	3,683	3,770
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	42,225	47,067
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,504	1,412
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,687	$ 1,615

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		Jan. 01, 2019	Jun. 30, 2020	Jun. 30, 2019
Decrease (increase) in current assets:
Receivables, net			$ 4,616	$ (1,664)
Inventories			1,136	278
Prepaid expenses and other			(383)	406
Increase (decrease) in current liabilities:
Accounts payable			(5,446)	1,555
Accrued expenses			(73)	(195)
Taxes other than income taxes payable			(180)	(75)
Income taxes payable			(148)	108
Changes in current assets and current liabilities			(478)	413
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases			250	227
Income taxes paid (refunded), net			76	(331)
Operating cash flows
Operating Leases			216	216
Finance Leases			48	25
Financing cash flows
Finance Leases			32	21
Changes in lease balances resulting from new and modified leases, Operating Leases	[1]		163	1,592
Changes in lease balances resulting from new and modified leases, Finance Leases	[1]		1,495	192
Supplemental Cash Flow Information (Textual)
Decrease in receivables as a result of decreases in commodity prices and sales volumes			4,100
Recognition of income tax receivable			440
Topic 842 [Member]
Financing cash flows
Changes in lease balances resulting from new and modified leases, Operating Leases		$ 1,300
MVP Terminal [Member]
Financing cash flows
Changes in lease balances resulting from new and modified leases, Finance Leases	[1]		1,400
Internal Revenue Service (IRS) [Member] | Domestic Tax Authority [Member]
Supplemental Cash Flow Information (Textual)
Refund received, including interest, associated with income tax settlement				$ 348
Blender's Tax Credit Receivable [Member]
Supplemental Cash Flow Information (Textual)
Collection of blender's tax credit receivable			$ 449
[1]	Noncash activity for the six months ended June 30, 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 six months ended June 30, 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	Jun. 30, 2020	Dec. 31, 2019
Assets
Total gross fair value, assets	$ 758	$ 718
Effect of counterparty netting	(506)	(612)
Effect of cash collateral netting	(38)	0
Net carrying value on Balance Sheet, assets	214	106
Liabilities
Environmental credit obligations	38	2
Total gross fair value, liabilities	568	683
Effect of counterparty netting	(506)	(612)
Effect of cash collateral netting	(13)	(56)
Net carrying value on Balance Sheet, liabilities	49	15
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	73	74
Commodity Contracts [Member]
Assets
Derivative contracts	656	617
Effect of counterparty netting	(506)	(612)
Effect of cash collateral netting	(38)	0
Derivative contracts, net assets	112	5
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	519	668
Effect of counterparty netting	(506)	(612)
Effect of cash collateral netting	(13)	(56)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(38)	(84)
Physical Purchase Contracts [Member]
Assets
Derivative contracts	1
Derivative contracts, net assets	1
Liabilities
Derivative contracts	2	3
Derivative contracts, net liabilities	2	3
Foreign Currency Contracts [Member]
Assets
Derivative contracts	28	27
Derivative contracts, net assets	28	27
Liabilities
Derivative contracts	9	10
Derivative contracts, net liabilities	9	10
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	749	709
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	528	678
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	65	65
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	656	617
Liabilities
Derivative contracts	519	668
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts	28	27
Liabilities
Derivative contracts	9	10
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	1	0
Liabilities
Environmental credit obligations	38	2
Total gross fair value, liabilities	40	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]
Assets
Derivative contracts	1
Liabilities
Derivative contracts	2	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	8	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	8	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]
Assets
Derivative contracts	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Jun. 30, 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	Jun. 30, 2020	Dec. 31, 2019
Financial assets
Cash and cash equivalents, at carrying amount	$ 2,319	$ 2,583
Financial liabilities
Debt (excluding finance leases), at carrying amount	10,429	8,881
Fair Value, Inputs, Level 1 [Member]
Financial assets
Cash and cash equivalents, at fair value	2,319	2,583
Fair Value, Inputs, Level 2 [Member]
Financial liabilities
Debt (excluding finance leases), at fair value	$ 12,387	$ 10,583

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)MBblsbu	Jun. 30, 2019USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 9,079	$ 26,083	$ 29,031	$ 48,061
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $	136	$ 67	$ 248	$ 158
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			394
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			1,414
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			75,877
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			63,030
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			58,694
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			76,110
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			130
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			1,255
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			11,751
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			1,214
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	219		$ 219
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 | $	1,900		1,900
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollar Equivalent Pounds Sterling [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	500		500
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before July 24, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	919		919
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by October 15, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 1,700		$ 1,700

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 5	$ 9
Derivative asset, fair value, gross liability	14	20
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	680	635
Derivative liability, fair value, gross liability	516	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	651	608
Derivative asset, fair value, gross liability	505	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	1	0
Derivative asset, fair value, gross liability	2	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	28	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	$ 9	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of Derivative Instruments on Income (Textual)
Estimated deferred after-tax loss expected to be reclassified into income over next 12 months			$ 3
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss) on derivatives	$ (5)	$ 4	50	$ 4
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive income (loss) into income	19	(2)	45	(2)
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	9	5	1	5
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	140	72	(12)	1
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	4	0	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	0	2	49	(7)
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	$ 60	$ 48	$ (105)	$ 55