Valero Energy (VLO) 10-Q 28 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Sep. 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		407,789,217
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2020
Document fiscal period focus	Q3
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,047	$ 2,583
Receivables, net	5,601	8,988
Inventories	5,357	7,013
Prepaid expenses and other	417	385
Total current assets	15,422	18,969
Property, plant, and equipment, at cost	46,857	44,294
Accumulated depreciation	(16,128)	(15,030)
Property, plant, and equipment, net	30,729	29,264
Deferred charges and other assets, net	5,581	5,631
Total assets	51,732	53,864
Current liabilities:
Current portion of debt and finance lease obligations	636	494
Accounts payable	5,237	10,205
Accrued expenses	926	949
Taxes other than income taxes payable	1,266	1,304
Income taxes payable	57	208
Total current liabilities	8,122	13,160
Debt and finance lease obligations, less current portion	14,577	9,178
Deferred income tax liabilities	5,297	5,103
Other long-term liabilities	3,720	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	6,834	6,821
Treasury stock, at cost; 265,722,687 and 264,209,742 common shares	(15,759)	(15,648)
Retained earnings	29,712	31,974
Accumulated other comprehensive loss	(1,571)	(1,351)
Total Valero Energy Corporation stockholders’ equity	19,223	21,803
Noncontrolling interests	793	733
Total equity	20,016	22,536
Total liabilities and equity	$ 51,732	$ 53,864

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 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	265,722,687	264,209,742

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	[1]	$ 15,809	$ 27,249	$ 48,308	$ 80,445
Cost of sales:
Cost of materials and other		14,801	24,335	43,832	72,396
Lower of cost or market (LCM) inventory valuation adjustment		(313)	0	(19)	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,117	1,239	3,268	3,629
Depreciation and amortization expense		602	556	1,737	1,645
Total cost of sales		16,207	26,130	48,818	77,670
Other operating expenses		25	10	30	14
General and administrative expenses (excluding depreciation and amortization expense reflected below)		186	217	532	625
Depreciation and amortization expense		12	11	37	39
Operating income (loss)		(621)	881	(1,109)	2,097
Other income, net		48	34	107	68
Interest and debt expense, net of capitalized interest		(143)	(111)	(410)	(335)
Income (loss) before income tax expense (benefit)		(716)	804	(1,412)	1,830
Income tax expense (benefit)		(337)	165	(614)	376
Net income (loss)		(379)	639	(798)	1,454
Less: Net income attributable to noncontrolling interests		85	30	264	92
Net income (loss) attributable to Valero Energy Corporation stockholders		$ (464)	$ 609	$ (1,062)	$ 1,362
Earnings (loss) per common share (in dollars per share)		$ (1.14)	$ 1.48	$ (2.62)	$ 3.28
Weighted-average common shares outstanding (in shares)		407	412	407	415
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ (1.14)	$ 1.48	$ (2.62)	$ 3.28
Weighted-average common shares outstanding – assuming dilution (in shares)		407	413	407	416
Supplemental information:
Includes excise taxes on sales by certain of our international operations		$ 1,339	$ 1,399	$ 3,491	$ 4,139
[1]	Includes excise taxes on sales by certain of our international operations of $1,339 million and $1,399 million for the three months ended September 30, 2020 and 2019, respectively, and $3,491 million and $4,139 million for the nine months ended September 30, 2020 and 2019, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (379)	$ 639	$ (798)	$ 1,454
Other comprehensive income (loss):
Foreign currency translation adjustment	217	(180)	(252)	(25)
Net gain on pension and other postretirement benefits	12	3	36	8
Net gain (loss) on cash flow hedges	5	(4)	9	1
Other comprehensive income (loss) before income tax expense	234	(181)	(207)	(16)
Income tax expense related to items of other comprehensive income (loss)	4	0	9	2
Other comprehensive income (loss)	230	(181)	(216)	(18)
Comprehensive income (loss)	(149)	458	(1,014)	1,436
Less: Comprehensive income attributable to noncontrolling interests	87	28	268	96
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ (236)	$ 430	$ (1,282)	$ 1,340

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)	1,454	1,362				1,362		92
Dividends on common stock	(1,123)	(1,123)				(1,123)
Stock-based compensation expense	30	30		30
Transactions in connection with stock-based compensation plans	(1)	(1)		(6)	5
Open market stock purchases	(552)	(552)			(552)
Acquisition of Valero Energy Partners LP (VLP) publicly held common units	(950)	(328)		(328)				(622)
Distributions to noncontrolling interests	(57)							(57)
Other	74	74		74	0	0	0	0
Other comprehensive income (loss)	(18)	(22)					(22)	4
Balance as of end of period at Sep. 30, 2019	21,588	21,107	7	6,818	(15,472)	31,283	(1,529)	481
Balance as of beginning of period at Jun. 30, 2019	21,837	21,345	7	6,812	(15,170)	31,046	(1,350)	492
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	639	609				609		30
Dividends on common stock	(372)	(372)				(372)
Stock-based compensation expense	9	9		9
Transactions in connection with stock-based compensation plans	1	1		(3)	4
Open market stock purchases	(306)	(306)			(306)
Distributions to noncontrolling interests	(39)							(39)
Other comprehensive income (loss)	(181)	(179)					(179)	(2)
Balance as of end of period at Sep. 30, 2019	21,588	21,107	7	6,818	(15,472)	31,283	(1,529)	481
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)	(798)	(1,062)				(1,062)		264
Dividends on common stock	(1,200)	(1,200)				(1,200)
Stock-based compensation expense	48	48		48
Transactions in connection with stock-based compensation plans	(16)	(16)		(35)	19
Open market stock purchases	(130)	(130)			(130)
Distributions to noncontrolling interests	(208)							(208)
Other comprehensive income (loss)	(216)	(220)					(220)	4
Balance as of end of period at Sep. 30, 2020	20,016	19,223	7	6,834	(15,759)	29,712	(1,571)	793
Balance as of beginning of period at Jun. 30, 2020	20,634	19,847	7	6,824	(15,760)	30,575	(1,799)	787
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	(379)	(464)				(464)		85
Dividends on common stock	(399)	(399)				(399)
Stock-based compensation expense	12	12		12
Transactions in connection with stock-based compensation plans	(1)	(1)		(2)	1
Distributions to noncontrolling interests	(81)							(81)
Other comprehensive income (loss)	230	228					228	2
Balance as of end of period at Sep. 30, 2020	$ 20,016	$ 19,223	$ 7	$ 6,834	$ (15,759)	$ 29,712	$ (1,571)	$ 793

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.90	$ 2.94	$ 2.70

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (798)	$ 1,454
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	1,774	1,684
LCM inventory valuation adjustment	(19)	0
Deferred income tax expense	177	19
Changes in current assets and current liabilities	(232)	728
Changes in deferred charges and credits and other operating activities, net	(50)	(62)
Net cash provided by operating activities	852	3,823
Cash flows from investing activities:
Investments in unconsolidated joint ventures	(39)	(122)
Acquisitions of undivided interests	0	(65)
Other investing activities, net	16	5
Net cash used in investing activities	(1,852)	(2,190)
Cash flows from financing activities:
Purchases of common stock for treasury	(147)	(555)
Common stock dividends	(1,200)	(1,123)
Acquisition of VLP publicly held common units	0	(950)
Distributions to noncontrolling interests	(208)	(57)
Other financing activities, net	(32)	(23)
Net cash provided by (used in) financing activities	2,470	(2,474)
Effect of foreign exchange rate changes on cash	(6)	(4)
Net increase (decrease) in cash and cash equivalents	1,464	(845)
Cash and cash equivalents at beginning of period	2,583	2,982
Cash and cash equivalents at end of period	4,047	2,137
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(775)	(1,179)
Deferred turnaround and catalyst cost expenditures	(529)	(583)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	4,320	1,892
Repayments of debt and finance lease obligations	(461)	(1,802)
Variable Interest Entities (VIEs) [Member]
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	202	148
Repayments of debt and finance lease obligations	(4)	(4)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(311)	(91)
Deferred turnaround and catalyst cost expenditures	(18)	(16)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	$ (196)	$ (139)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 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 nine months ended September 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 and third quarters 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, beginning in the latter part of the second quarter of 2020, certain governmental authorities in the U.S. and other countries across the world began lifting many of the restrictions put in place to slow the spread of COVID-19. However, many locations where restrictions were lifted, and others where the restrictions were only more moderately lifted (such as California in our U.S. West Coast region, and New York, Canada, and the United Kingdom (U.K.) in our North Atlantic region), have experienced a resurgence in the spread of COVID-19 prompting many governmental authorities to reimpose certain restrictions. Therefore, our operating results for the nine months ended September 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 Certain prior year amounts have been reclassified to conform to the 2020 presentation. The changes were due to (i) the reclassification of amounts for income taxes receivable from prepaid expenses and other to “receivables, net” in the consolidated balance sheets and (ii) the reclassification of amounts for repayments of debt and finance lease obligations from “other financing activities, net” in the consolidated statements of cash flows. 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 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 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 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	9 Months Ended
	Sep. 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 have responded in multiple ways to the impacts from these matters on our business, and we will strive to continue to respond to these impacts. During the early months of the pandemic, 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. We also temporarily idled eight of our ethanol plants and reduced production at our remaining six ethanol plants, in each case in order to address the decreased demand for ethanol. We have since increased the production of most of our products to align with increasing demand, and we have restarted the gasoline-making units and five ethanol plants that had been temporarily idled. Demand for our products taken as a whole, however, has not returned to pre-pandemic levels, so we continue to operate our refineries at reduced rates, and 11 of our 14 ethanol plants have recently returned to full production. 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 reduced the estimated useful life of one of our ethanol plants and evaluated five other ethanol plants for potential impairment as of September 30, 2020, considering current economic conditions on our future estimated cash flows. Based on our analysis, we determined that the carrying amount of the plants was recoverable, as the undiscounted future cash flows from each plant exceeded its respective carrying value. The impact from the reduction in estimated useful life did not have a material impact on our results of operations or financial position. 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 September 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 not impaired as of September 30, 2020. Nonetheless, we will continue to evaluate the economic conditions and their impact on our assumptions. Inventory Valuation See Note 4 regarding our LCM inventory valuation reserve and the estimates used to determine the market value of our inventories, as well as our recognition of an expected liquidation of last-in, first-out (LIFO) inventory layers.

Merger With VLP

Merger With VLP	9 Months Ended
	Sep. 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

Inventories

Inventories	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,625 $ 2,399 Refined petroleum products and blendstocks 3,180 4,034 Renewable diesel feedstocks and products 29 46 Ethanol feedstocks and products 240 260 Materials and supplies 283 274 Inventories $ 5,357 $ 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 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 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 September 30, 2020, we reevaluated our inventories and determined that our cost was lower than market. As a result, our LCM inventory valuation reserve was fully reversed as of September 30, 2020. The change in our LCM inventory valuation reserve resulted in a net benefit of $313 million during the three months ended September 30, 2020. The net benefit of $19 million for the nine months ended September 30, 2020 is due to the foreign currency translation effect of the portion of the LCM inventory valuation adjustment attributable to our international operations. As of September 30, 2020, the replacement cost (market value) of LIFO inventories approximated their LIFO carrying amounts. As of December 31, 2019, the market value of LIFO inventories exceeded their LIFO carrying amounts by $2.5 billion. During the three and nine months ended September 30, 2020, we recognized the impact of an expected liquidation of LIFO inventory layers that increased cost of materials and other by $326 million. Our LIFO inventory levels decreased throughout the first nine months of 2020 due to lower production resulting from lower demand for our products caused by the negative economic impacts of COVID-19 on our business. Because these impacts are ongoing, we expect that substantially all of our LIFO inventory levels as of December 31, 2020 will remain below their December 31, 2019 levels. Our non-LIFO inventories accounted for $911 million and $1.4 billion of our total inventories as of September 30, 2020 and December 31, 2019, respectively.

Leases

Leases	9 Months Ended
	Sep. 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, Transportation Feedstock Energy Real Other Total Marine Rail Three months ended September 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 29 $ — $ 1 $ 3 $ 1 $ — $ — $ 34 Interest on lease liabilities 24 — — 1 1 — — 26 Operating lease cost 39 39 16 4 2 7 1 108 Variable lease cost 14 4 — — — — — 18 Short-term lease cost 2 8 — 9 — — — 19 Sublease income — (2) — — — (1) — (3) Total lease cost $ 108 $ 49 $ 17 $ 17 $ 4 $ 6 $ 1 $ 202 Three months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 2 $ — $ — $ — $ 14 Interest on lease liabilities 13 — — — — — — 13 Operating lease cost 46 39 14 4 3 7 1 114 Variable lease cost 20 4 — 1 — 1 — 26 Short-term lease cost 1 13 — 8 — — — 22 Sublease income — (8) — — — (1) — (9) Total lease cost $ 92 $ 48 $ 14 $ 15 $ 3 $ 7 $ 1 $ 180 Pipelines, Transportation Feedstock Energy Real Other Total Marine Rail Nine months ended September 30, 2020 Finance lease cost: Amortization of ROU assets $ 79 $ — $ 1 $ 9 $ 3 $ — $ — $ 92 Interest on lease liabilities 70 — — 2 2 — — 74 Operating lease cost 123 115 46 12 6 19 3 324 Variable lease cost 47 37 1 1 — 1 — 87 Short-term lease cost 8 44 — 30 — — — 82 Sublease income — (10) — — — (1) — (11) Total lease cost $ 327 $ 186 $ 48 $ 54 $ 11 $ 19 $ 3 $ 648 Nine months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 32 $ — $ — $ 4 $ 2 $ — $ — $ 38 Interest on lease liabilities 35 — — 1 2 — — 38 Operating lease cost 140 107 38 16 7 21 3 332 Variable lease cost 53 21 — 1 — 1 — 76 Short-term lease cost 8 39 — 22 — — — 69 Sublease income — (24) — — — (3) — (27) Total lease cost $ 268 $ 143 $ 38 $ 44 $ 11 $ 19 $ 3 $ 526 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): September 30, 2020 December 31, 2019 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,208 $ — $ 790 Deferred charges and other assets, net 1,234 — 1,329 — Total ROU assets, net $ 1,234 $ 2,208 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 80 $ — $ 41 Accrued expenses 301 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,166 — 750 Other long-term liabilities 904 — 959 — Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.6 years 22.1 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 nine months ended September 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): September 30, 2020 December 31, 2019 Operating Finance Operating Finance 2020 (a) $ 103 $ 45 $ 376 $ 88 2021 302 179 250 86 2022 223 174 194 87 2023 187 179 160 91 2024 150 170 125 82 Thereafter 525 2,925 498 1,011 Total undiscounted lease payments 1,490 3,672 1,603 1,445 Less: Amount associated with discounting 285 1,426 313 654 Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 ____________________ (a) The amounts as of September 30, 2020 are for the remaining three 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, Transportation Feedstock Energy Real Other Total Marine Rail Three months ended September 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 29 $ — $ 1 $ 3 $ 1 $ — $ — $ 34 Interest on lease liabilities 24 — — 1 1 — — 26 Operating lease cost 39 39 16 4 2 7 1 108 Variable lease cost 14 4 — — — — — 18 Short-term lease cost 2 8 — 9 — — — 19 Sublease income — (2) — — — (1) — (3) Total lease cost $ 108 $ 49 $ 17 $ 17 $ 4 $ 6 $ 1 $ 202 Three months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 2 $ — $ — $ — $ 14 Interest on lease liabilities 13 — — — — — — 13 Operating lease cost 46 39 14 4 3 7 1 114 Variable lease cost 20 4 — 1 — 1 — 26 Short-term lease cost 1 13 — 8 — — — 22 Sublease income — (8) — — — (1) — (9) Total lease cost $ 92 $ 48 $ 14 $ 15 $ 3 $ 7 $ 1 $ 180 Pipelines, Transportation Feedstock Energy Real Other Total Marine Rail Nine months ended September 30, 2020 Finance lease cost: Amortization of ROU assets $ 79 $ — $ 1 $ 9 $ 3 $ — $ — $ 92 Interest on lease liabilities 70 — — 2 2 — — 74 Operating lease cost 123 115 46 12 6 19 3 324 Variable lease cost 47 37 1 1 — 1 — 87 Short-term lease cost 8 44 — 30 — — — 82 Sublease income — (10) — — — (1) — (11) Total lease cost $ 327 $ 186 $ 48 $ 54 $ 11 $ 19 $ 3 $ 648 Nine months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 32 $ — $ — $ 4 $ 2 $ — $ — $ 38 Interest on lease liabilities 35 — — 1 2 — — 38 Operating lease cost 140 107 38 16 7 21 3 332 Variable lease cost 53 21 — 1 — 1 — 76 Short-term lease cost 8 39 — 22 — — — 69 Sublease income — (24) — — — (3) — (27) Total lease cost $ 268 $ 143 $ 38 $ 44 $ 11 $ 19 $ 3 $ 526 The following table presents additional information related to our operating and finance leases (in millions, except for lease terms and discount rates): September 30, 2020 December 31, 2019 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,208 $ — $ 790 Deferred charges and other assets, net 1,234 — 1,329 — Total ROU assets, net $ 1,234 $ 2,208 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 80 $ — $ 41 Accrued expenses 301 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,166 — 750 Other long-term liabilities 904 — 959 — Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.6 years 22.1 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 nine months ended September 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): September 30, 2020 December 31, 2019 Operating Finance Operating Finance 2020 (a) $ 103 $ 45 $ 376 $ 88 2021 302 179 250 86 2022 223 174 194 87 2023 187 179 160 91 2024 150 170 125 82 Thereafter 525 2,925 498 1,011 Total undiscounted lease payments 1,490 3,672 1,603 1,445 Less: Amount associated with discounting 285 1,426 313 654 Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 ____________________ (a) The amounts as of September 30, 2020 are for the remaining three months of 2020.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
DEBT	6. DEBT Public Debt During the nine months ended September 30, 2020, the following activity occurred: • In September 2020, we issued the following senior notes: ◦ $575 million of Floating Rate Senior Notes due September 15, 2023 (the Floating Rate Notes), which bear interest at a rate of three-month LIBOR plus 1.150 percent, subject to certain adjustments set forth in the terms of the Floating Rate Notes; ◦ $925 million of 1.200 percent Senior Notes due March 15, 2024; ◦ $400 million of 2.850 percent Senior Notes due April 15, 2025 that constitute an additional issuance of our 2.850 percent Senior Notes due April 15, 2025, of which $650 million aggregate principal amount was issued in April 2020; and ◦ $600 million of 2.150 percent Senior Notes due September 15, 2027. Proceeds from these debt issuances totaled $2.521 billion before deducting the underwriting discount and other debt issuance costs. The interest rate applicable to the Floating Rate Notes was 1.3995 percent as of September 30, 2020. • In April 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 nine months ended September 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 statement of income for the nine months ended September 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 September 30, 2020: ◦ $500 million of 4.375 percent Senior Notes due December 15, 2026; and ◦ $500 million of 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): September 30, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 34 $ 3,966 364-day Revolving Credit Facility $ 875 April 2021 $ — n/a $ 875 Canadian Revolver C$ 150 November 2020 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,000 July 2021 $ — n/a $ 817 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (c): IEnova Revolver $ 660 February 2028 $ 550 n/a $ 110 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 46 n/a ___________________ (a) Letters of credit issued as of September 30, 2020 expire at various times in 2020 through 2023. (b) 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. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables. (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 nine months ended September 30, 2020, we sold $300 million of eligible receivables under our accounts receivable sales facility and repaid $400 million. During the nine months ended September 30, 2019, we sold $900 million of eligible receivables under our accounts receivable sales facility and repaid $900 million. There was no outstanding balance as of September 30, 2020 and there was $100 million outstanding as of December 31, 2019 under this facility. The interest rate on the borrowings outstanding under this facility as of December 31, 2019 was 2.387 percent. IEnova Revolver During the nine months ended September 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 $660 million. During the nine months ended September 30, 2020 and 2019, Central Mexico Terminals borrowed $202 million and $148 million, respectively, and had no repayments during the nine months ended September 30, 2020 and 2019 under this revolver. As of September 30, 2020 and December 31, 2019, there was $550 million and $348 million, respectively, of borrowings outstanding under this revolver and the variable interest rate was 3.958 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 Nine Months Ended 2020 2019 2020 2019 Interest and debt expense $ 162 $ 133 $ 468 $ 405 Less: Capitalized interest 19 22 58 70 Interest and debt expense, net of capitalized interest $ 143 $ 111 $ 410 $ 335

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
EQUITY	7. EQUITY Share Activity There was no significant share activity during the nine months ended September 30, 2020 and 2019. Common Stock Dividends On October 28, 2020, our board of directors declared a quarterly cash dividend of $0.98 per common share payable on December 9, 2020 to holders of record at the close of business on November 18, 2020. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended September 30, 2020 2019 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,144) $ (653) $ (2) $ (1,799) $ (870) $ (481) $ 1 $ (1,350) Other comprehensive income (loss) before reclassifications 217 — — 217 (180) — 1 (179) Amounts reclassified from accumulated other comprehensive loss — 9 2 11 — 2 (2) — Other comprehensive income (loss) 217 9 2 228 (180) 2 (1) (179) Balance as of end of period $ (927) $ (644) $ — $ (1,571) $ (1,050) $ (479) $ — $ (1,529) Nine Months Ended September 30, 2020 2019 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (676) $ (672) $ (3) $ (1,351) $ (1,022) $ (485) $ — $ (1,507) Other comprehensive income (loss) before reclassifications (251) — 19 (232) (28) — 2 (26) Amounts reclassified from accumulated other comprehensive loss — 28 (16) 12 — 6 (2) 4 Other comprehensive income (loss) (251) 28 3 (220) (28) 6 — (22) Balance as of end of period $ (927) $ (644) $ — $ (1,571) $ (1,050) $ (479) $ — $ (1,529)

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 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 September 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 assets of our VIEs can only be used to settle their own obligations and the creditors of our VIEs have no recourse to our other 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 the performance of our consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE. The following tables present summarized balance sheet information for the significant assets and liabilities of our VIEs, which are included in our balance sheets (in millions): September 30, 2020 DGD Central Other Total Assets Cash and cash equivalents $ 222 $ — $ 16 $ 238 Other current assets 234 31 24 289 Property, plant, and equipment, net 1,032 551 98 1,681 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 88 $ 588 $ 7 $ 683 Debt and finance lease obligations, less current portion — — 26 26 December 31, 2019 DGD Central 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	9 Months Ended
	Sep. 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 2020 2019 2020 2019 Three months ended September 30 Service cost $ 35 $ 29 $ 1 $ 1 Interest cost 21 25 3 2 Expected return on plan assets (44) (41) — — Amortization of: Net actuarial loss 18 10 — — Prior service credit (4) (5) (2) (2) Special charges 2 — — — Net periodic benefit cost $ 28 $ 18 $ 2 $ 1 Nine months ended September 30 Service cost $ 105 $ 89 $ 4 $ 3 Interest cost 64 74 7 8 Expected return on plan assets (134) (124) — — Amortization of: Net actuarial (gain) loss 55 30 — (2) Prior service credit (14) (14) (5) (6) Special charges 3 2 — 1 Net periodic benefit cost $ 79 $ 57 $ 6 $ 4 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 nine months ended September 30, 2020 and 2019, we contributed $18 million and $120 million, respectively, to our qualified pension plans. We expect to make a discretionary contribution of $86 million to our qualified U.S. pension plan in December 2020.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 benefit for the three and nine months ended September 30, 2020 included a tax benefit of $121 million and $238 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 taxes at a 35 percent tax rate. The variation in the customary relationship of our effective tax rate to the U.S. federal statutory rate for the three and nine months ended September 30, 2020 is primarily due to the income tax benefit associated with the expected tax NOL carryback described above. In addition, the higher effective tax rate for the three and nine months ended September 30, 2020 was also affected by the impact of nontaxable income that has the effect of increasing the effective tax rate in periods where we incur a loss before income taxes.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ (464) $ 609 $ (1,062) $ 1,362 Less: Income allocated to participating securities 1 1 4 3 Net income (loss) available to common stockholders $ (465) $ 608 $ (1,066) $ 1,359 Weighted-average common shares outstanding 407 412 407 415 Earnings (loss) per common share $ (1.14) $ 1.48 $ (2.62) $ 3.28 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ (464) $ 609 $ (1,062) $ 1,362 Less: Income allocated to participating securities 1 1 4 3 Net income (loss) available to common stockholders $ (465) $ 608 $ (1,066) $ 1,359 Weighted-average common shares outstanding 407 412 407 415 Effect of dilutive securities — 1 — 1 Weighted-average common shares outstanding – assuming dilution 407 413 407 416 Earnings (loss) per common share – assuming dilution $ (1.14) $ 1.48 $ (2.62) $ 3.28 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	9 Months Ended
	Sep. 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): September 30, December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 3,169 $ 5,610 $ (2,441) Contract liabilities, included in accrued expenses 43 55 (12) 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 nine months ended September 30, 2020, we recognized as revenue $53 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 September 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 represents 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 Ethanol Corporate Total Three months ended September 30, 2020 Revenues: Revenues from external customers $ 14,727 $ 305 $ 777 $ — $ 15,809 Intersegment revenues 2 40 58 (100) — Total revenues 14,729 345 835 (100) 15,809 Cost of sales: Cost of materials and other 14,103 128 670 (100) 14,801 LCM inventory valuation adjustment (296) — (17) — (313) Operating expenses (excluding depreciation and amortization expense reflected below) 989 23 105 — 1,117 Depreciation and amortization expense 538 10 54 — 602 Total cost of sales 15,334 161 812 (100) 16,207 Other operating expenses 24 — 1 — 25 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 186 186 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ (629) $ 184 $ 22 $ (198) $ (621) Three months ended September 30, 2019 Revenues: Revenues from external customers $ 26,145 $ 212 $ 891 $ 1 $ 27,249 Intersegment revenues 2 50 57 (109) — Total revenues 26,147 262 948 (108) 27,249 Cost of sales: Cost of materials and other 23,432 164 847 (108) 24,335 Operating expenses (excluding depreciation and amortization expense reflected below) 1,100 18 121 — 1,239 Depreciation and amortization expense 518 15 23 — 556 Total cost of sales 25,050 197 991 (108) 26,130 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 217 217 Depreciation and amortization expense — — — 11 11 Operating income (loss) by segment $ 1,087 $ 65 $ (43) $ (228) $ 881 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2020 Revenues: Revenues from external customers $ 45,327 $ 850 $ 2,131 $ — $ 48,308 Intersegment revenues 6 150 160 (316) — Total revenues 45,333 1,000 2,291 (316) 48,308 Cost of sales: Cost of materials and other 41,769 393 1,984 (314) 43,832 LCM inventory valuation adjustment (19) — — — (19) Operating expenses (excluding depreciation and amortization expense reflected below) 2,912 63 293 — 3,268 Depreciation and amortization expense 1,607 33 97 — 1,737 Total cost of sales 46,269 489 2,374 (314) 48,818 Other operating expenses 29 — 1 — 30 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 532 532 Depreciation and amortization expense — — — 37 37 Operating income (loss) by segment $ (965) $ 511 $ (84) $ (571) $ (1,109) Nine months ended September 30, 2019 Revenues: Revenues from external customers $ 77,109 $ 686 $ 2,648 $ 2 $ 80,445 Intersegment revenues 12 174 162 (348) — Total revenues 77,121 860 2,810 (346) 80,445 Cost of sales: Cost of materials and other 69,769 577 2,396 (346) 72,396 Operating expenses (excluding depreciation and amortization expense reflected below) 3,197 54 378 — 3,629 Depreciation and amortization expense 1,539 38 68 — 1,645 Total cost of sales 74,505 669 2,842 (346) 77,670 Other operating expenses 13 — 1 — 14 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 625 625 Depreciation and amortization expense — — — 39 39 Operating income (loss) by segment $ 2,603 $ 191 $ (33) $ (664) $ 2,097 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Refining: Gasolines and blendstocks $ 7,021 $ 10,978 $ 19,258 $ 31,882 Distillates 6,327 12,861 21,369 38,254 Other product revenues 1,379 2,306 4,700 6,973 Total refining revenues 14,727 26,145 45,327 77,109 Renewable diesel: Renewable diesel 305 212 850 686 Ethanol: Ethanol 624 714 1,685 2,108 Distillers grains 153 177 446 540 Total ethanol revenues 777 891 2,131 2,648 Corporate – other revenues — 1 — 2 Revenues $ 15,809 $ 27,249 $ 48,308 $ 80,445 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 42,643 $ 47,067 Renewable diesel 1,538 1,412 Ethanol 1,677 1,615 Corporate and eliminations 5,874 3,770 Total assets $ 51,732 $ 53,864

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 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): Nine Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 3,229 $ (241) Inventories 1,577 126 Prepaid expenses and other 70 (55) Increase (decrease) in current liabilities: Accounts payable (4,893) 914 Accrued expenses 17 (92) Taxes other than income taxes payable (24) (25) Income taxes payable (208) 101 Changes in current assets and current liabilities $ (232) $ 728 Changes in current assets and current liabilities for the nine months ended September 30, 2020 were as follows: • the decrease in receivables was due to (i) a decrease of $3.6 billion as a result of a decrease in sales volumes combined with a decrease in commodity prices in September 2020 compared to December 2019, (ii) the collection of $449 million for a blender’s tax credit receivable attributable to volumes blended during 2019 and 2018, and (iii) an increase in income taxes receivable of $770 million primarily due to the recognition of a current income tax benefit; • the decrease in inventories was primarily due to lower inventory levels in September 2020 compared to December 2019; and • the decrease in accounts payable was due to a decrease in crude oil and other feedstock volumes purchased combined with a decrease in commodity prices in September 2020 compared to December 2019. Changes in current assets and current liabilities for the nine months ended September 30, 2019 were as follows: • the increase in receivables was due to an increase in commodity prices in September 2019 compared to December 2018 combined with an increase in sales volumes, partially offset by an income tax 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 decrease in inventories was due to lower inventory levels in September 2019 compared to December 2018; and • the increase in accounts payable was due to an increase in commodity prices in September 2019 compared to December 2018 combined with an increase in crude oil and other feedstock volumes purchased and the timing of payments of invoices. Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 338 $ 303 Income taxes paid (refunded), net 206 (184) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2020 2019 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 329 $ 74 $ 329 $ 38 Investing cash flows 1 — 1 — Financing cash flows — 51 — 31 Changes in lease balances resulting from new and modified leases (a) 211 1,506 1,673 221 ___________________ (a) Noncash activity for the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2020, except as noted in the table above. Noncash investing and financing activities during the nine months ended September 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	9 Months Ended
	Sep. 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 September 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. September 30, 2020 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 398 $ — $ — $ 398 $ (347) $ (20) $ 31 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Investments of certain benefit plans 71 — 8 79 n/a n/a 79 n/a Total $ 478 $ 2 $ 8 $ 488 $ (347) $ (20) $ 121 Liabilities Commodity derivative contracts $ 347 $ — $ — $ 347 $ (347) $ — $ — $ (39) Environmental credit obligations — 23 — 23 n/a n/a 23 n/a Physical purchase contracts — — — — n/a n/a — n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Total $ 350 $ 23 $ — $ 373 $ (347) $ — $ 26 December 31, 2019 Total Effect of Effect of Net Cash 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 September 30, 2020 and December 31, 2019 that were measured at fair value on a recurring basis. There was no significant activity during the nine months ended September 30, 2020 and 2019 related to the fair value amounts categorized in Level 3 as of September 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 September 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): September 30, 2020 December 31, 2019 Fair Value Carrying Fair Carrying Fair Financial assets Cash and cash equivalents Level 1 $ 4,047 $ 4,047 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 12,967 14,673 8,881 10,583

Price Risk Management Activitie

Price Risk Management Activities	9 Months Ended
	Sep. 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, and/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, and/or refined petroleum product or renewable diesel sales at existing market prices that we deem favorable. As of September 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 2020 2021 2022 Derivatives designated as cash flow hedges Renewable diesel: Futures – long 493 — — Futures – short 1,121 — — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 48,804 184 — Futures – short 47,208 81 — Corn: Futures – long 36,910 960 10 Futures – short 46,280 3,840 130 Physical contracts – long 8,713 3,055 120 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 September 30, 2020, we had foreign currency contracts to purchase $244 million of U.S. dollars, $1.9 billion of U.S. dollar equivalent Canadian dollars, and $150 million of U.S. dollar equivalent pounds sterling. Of these commitments, $1.1 billion matured on or before October 26, 2020 and the remaining $1.2 billion will mature by December 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 $143 million and $69 million for the three months ended September 30, 2020 and 2019, respectively, and $391 million and $227 million for the nine months ended September 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 nine months ended September 30, 2020 and 2019 and expect to continue to recover the majority of these costs in the future. For the three and nine months ended September 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 September 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 September 30, 2020 December 31, 2019 Asset Liability Asset Liability Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 6 $ 3 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 392 $ 344 $ 608 $ 648 Physical purchase contracts Inventories 2 — — 3 Foreign currency contracts Receivables, net 9 — 27 — Foreign currency contracts Accrued expenses — 3 — 10 Total $ 403 $ 347 $ 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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity contracts: Gain recognized in other comprehensive income (loss) on derivatives N/A $ 2 $ 3 $ 52 $ 7 Gain (loss) reclassified from accumulated other comprehensive income (loss) into income Revenues (3) 8 42 6 For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2020 and 2019. For the three and nine months ended September 30, 2020, cash flow hedges primarily related to forward sales of renewable diesel. The estimated deferred after-tax gain that is expected to be reclassified into revenues over the next 12 months as a result of the hedged transactions that are forecasted to occur as of September 30, 2020 was immaterial. For the three and nine months ended September 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 income (loss) by component, net of tax, for the three and nine months ended September 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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity contracts Revenues $ (4) $ (1) $ (3) $ 4 Commodity contracts Cost of materials 118 (26) 106 (25) Commodity contracts Operating expenses — — 2 — Foreign currency contracts Cost of materials (6) 9 43 2 Foreign currency contracts Other income, net 56 (19) (49) 36

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 and third quarters 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, beginning in the latter part of the second quarter of 2020, certain governmental authorities in the U.S. and other countries across the world began lifting many of the restrictions put in place to slow the spread of COVID-19. However, many locations where restrictions were lifted, and others where the restrictions were only more moderately lifted (such as California in our U.S. West Coast region, and New York, Canada, and the United Kingdom (U.K.) in our North Atlantic region), have experienced a resurgence in the spread of COVID-19 prompting many governmental authorities to reimpose certain restrictions. Therefore, our operating results for the nine months ended September 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 Certain prior year amounts have been reclassified to conform to the 2020 presentation. The changes were due to (i) the reclassification of amounts for income taxes receivable from prepaid expenses and other to “receivables, net” in the consolidated balance sheets and (ii) the reclassification of amounts for repayments of debt and finance lease obligations from “other financing activities, net” in the consolidated statements of cash flows.
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
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 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 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 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Prospectively
Variable interest entities	We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary.We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These non-consolidated VIEs are not material to our financial position or results of operations and are 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)	9 Months Ended
	Sep. 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 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 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 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Prospectively

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,625 $ 2,399 Refined petroleum products and blendstocks 3,180 4,034 Renewable diesel feedstocks and products 29 46 Ethanol feedstocks and products 240 260 Materials and supplies 283 274 Inventories $ 5,357 $ 7,013

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 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, Transportation Feedstock Energy Real Other Total Marine Rail Three months ended September 30, 2020 Finance lease cost: Amortization of right-of-use (ROU) assets $ 29 $ — $ 1 $ 3 $ 1 $ — $ — $ 34 Interest on lease liabilities 24 — — 1 1 — — 26 Operating lease cost 39 39 16 4 2 7 1 108 Variable lease cost 14 4 — — — — — 18 Short-term lease cost 2 8 — 9 — — — 19 Sublease income — (2) — — — (1) — (3) Total lease cost $ 108 $ 49 $ 17 $ 17 $ 4 $ 6 $ 1 $ 202 Three months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 12 $ — $ — $ 2 $ — $ — $ — $ 14 Interest on lease liabilities 13 — — — — — — 13 Operating lease cost 46 39 14 4 3 7 1 114 Variable lease cost 20 4 — 1 — 1 — 26 Short-term lease cost 1 13 — 8 — — — 22 Sublease income — (8) — — — (1) — (9) Total lease cost $ 92 $ 48 $ 14 $ 15 $ 3 $ 7 $ 1 $ 180 Pipelines, Transportation Feedstock Energy Real Other Total Marine Rail Nine months ended September 30, 2020 Finance lease cost: Amortization of ROU assets $ 79 $ — $ 1 $ 9 $ 3 $ — $ — $ 92 Interest on lease liabilities 70 — — 2 2 — — 74 Operating lease cost 123 115 46 12 6 19 3 324 Variable lease cost 47 37 1 1 — 1 — 87 Short-term lease cost 8 44 — 30 — — — 82 Sublease income — (10) — — — (1) — (11) Total lease cost $ 327 $ 186 $ 48 $ 54 $ 11 $ 19 $ 3 $ 648 Nine months ended September 30, 2019 Finance lease cost: Amortization of ROU assets $ 32 $ — $ — $ 4 $ 2 $ — $ — $ 38 Interest on lease liabilities 35 — — 1 2 — — 38 Operating lease cost 140 107 38 16 7 21 3 332 Variable lease cost 53 21 — 1 — 1 — 76 Short-term lease cost 8 39 — 22 — — — 69 Sublease income — (24) — — — (3) — (27) Total lease cost $ 268 $ 143 $ 38 $ 44 $ 11 $ 19 $ 3 $ 526
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): September 30, 2020 December 31, 2019 Operating Finance Operating Finance Supplemental balance sheet information ROU assets, net reflected in the following balance sheet line items: Property, plant, and equipment, net $ — $ 2,208 $ — $ 790 Deferred charges and other assets, net 1,234 — 1,329 — Total ROU assets, net $ 1,234 $ 2,208 $ 1,329 $ 790 Current lease liabilities reflected in the following balance sheet line items: Current portion of debt and finance lease obligations $ — $ 80 $ — $ 41 Accrued expenses 301 — 331 — Noncurrent lease liabilities reflected in the following balance sheet line items: Debt and finance lease obligations, less current portion — 2,166 — 750 Other long-term liabilities 904 — 959 — Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 Other supplemental information Weighted-average remaining lease term 7.6 years 22.1 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): September 30, 2020 December 31, 2019 Operating Finance Operating Finance 2020 (a) $ 103 $ 45 $ 376 $ 88 2021 302 179 250 86 2022 223 174 194 87 2023 187 179 160 91 2024 150 170 125 82 Thereafter 525 2,925 498 1,011 Total undiscounted lease payments 1,490 3,672 1,603 1,445 Less: Amount associated with discounting 285 1,426 313 654 Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 ____________________ (a) The amounts as of September 30, 2020 are for the remaining three 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): September 30, 2020 December 31, 2019 Operating Finance Operating Finance 2020 (a) $ 103 $ 45 $ 376 $ 88 2021 302 179 250 86 2022 223 174 194 87 2023 187 179 160 91 2024 150 170 125 82 Thereafter 525 2,925 498 1,011 Total undiscounted lease payments 1,490 3,672 1,603 1,445 Less: Amount associated with discounting 285 1,426 313 654 Total lease liabilities $ 1,205 $ 2,246 $ 1,290 $ 791 ____________________ (a) The amounts as of September 30, 2020 are for the remaining three months of 2020.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 34 $ 3,966 364-day Revolving Credit Facility $ 875 April 2021 $ — n/a $ 875 Canadian Revolver C$ 150 November 2020 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,000 July 2021 $ — n/a $ 817 Letter of credit facility $ 50 November 2020 n/a $ — $ 50 Committed facilities of VIE (c): IEnova Revolver $ 660 February 2028 $ 550 n/a $ 110 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 46 n/a ___________________ (a) Letters of credit issued as of September 30, 2020 expire at various times in 2020 through 2023. (b) 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. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables. (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 Nine Months Ended 2020 2019 2020 2019 Interest and debt expense $ 162 $ 133 $ 468 $ 405 Less: Capitalized interest 19 22 58 70 Interest and debt expense, net of capitalized interest $ 143 $ 111 $ 410 $ 335

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 2019 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,144) $ (653) $ (2) $ (1,799) $ (870) $ (481) $ 1 $ (1,350) Other comprehensive income (loss) before reclassifications 217 — — 217 (180) — 1 (179) Amounts reclassified from accumulated other comprehensive loss — 9 2 11 — 2 (2) — Other comprehensive income (loss) 217 9 2 228 (180) 2 (1) (179) Balance as of end of period $ (927) $ (644) $ — $ (1,571) $ (1,050) $ (479) $ — $ (1,529) Nine Months Ended September 30, 2020 2019 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (676) $ (672) $ (3) $ (1,351) $ (1,022) $ (485) $ — $ (1,507) Other comprehensive income (loss) before reclassifications (251) — 19 (232) (28) — 2 (26) Amounts reclassified from accumulated other comprehensive loss — 28 (16) 12 — 6 (2) 4 Other comprehensive income (loss) (251) 28 3 (220) (28) 6 — (22) Balance as of end of period $ (927) $ (644) $ — $ (1,571) $ (1,050) $ (479) $ — $ (1,529)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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): September 30, 2020 DGD Central Other Total Assets Cash and cash equivalents $ 222 $ — $ 16 $ 238 Other current assets 234 31 24 289 Property, plant, and equipment, net 1,032 551 98 1,681 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 88 $ 588 $ 7 $ 683 Debt and finance lease obligations, less current portion — — 26 26 December 31, 2019 DGD Central 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)	9 Months Ended
	Sep. 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 2020 2019 2020 2019 Three months ended September 30 Service cost $ 35 $ 29 $ 1 $ 1 Interest cost 21 25 3 2 Expected return on plan assets (44) (41) — — Amortization of: Net actuarial loss 18 10 — — Prior service credit (4) (5) (2) (2) Special charges 2 — — — Net periodic benefit cost $ 28 $ 18 $ 2 $ 1 Nine months ended September 30 Service cost $ 105 $ 89 $ 4 $ 3 Interest cost 64 74 7 8 Expected return on plan assets (134) (124) — — Amortization of: Net actuarial (gain) loss 55 30 — (2) Prior service credit (14) (14) (5) (6) Special charges 3 2 — 1 Net periodic benefit cost $ 79 $ 57 $ 6 $ 4

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2020 2019 2020 2019 Earnings (loss) per common share Net income (loss) attributable to Valero stockholders $ (464) $ 609 $ (1,062) $ 1,362 Less: Income allocated to participating securities 1 1 4 3 Net income (loss) available to common stockholders $ (465) $ 608 $ (1,066) $ 1,359 Weighted-average common shares outstanding 407 412 407 415 Earnings (loss) per common share $ (1.14) $ 1.48 $ (2.62) $ 3.28 Earnings (loss) per common share – assuming dilution Net income (loss) attributable to Valero stockholders $ (464) $ 609 $ (1,062) $ 1,362 Less: Income allocated to participating securities 1 1 4 3 Net income (loss) available to common stockholders $ (465) $ 608 $ (1,066) $ 1,359 Weighted-average common shares outstanding 407 412 407 415 Effect of dilutive securities — 1 — 1 Weighted-average common shares outstanding – assuming dilution 407 413 407 416 Earnings (loss) per common share – assuming dilution $ (1.14) $ 1.48 $ (2.62) $ 3.28

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): September 30, December 31, Decrease Receivables from contracts with customers, included in receivables, net $ 3,169 $ 5,610 $ (2,441) Contract liabilities, included in accrued expenses 43 55 (12)
Segment information for our reportable segments	The following tables reflect information about our operating income (loss) by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended September 30, 2020 Revenues: Revenues from external customers $ 14,727 $ 305 $ 777 $ — $ 15,809 Intersegment revenues 2 40 58 (100) — Total revenues 14,729 345 835 (100) 15,809 Cost of sales: Cost of materials and other 14,103 128 670 (100) 14,801 LCM inventory valuation adjustment (296) — (17) — (313) Operating expenses (excluding depreciation and amortization expense reflected below) 989 23 105 — 1,117 Depreciation and amortization expense 538 10 54 — 602 Total cost of sales 15,334 161 812 (100) 16,207 Other operating expenses 24 — 1 — 25 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 186 186 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ (629) $ 184 $ 22 $ (198) $ (621) Three months ended September 30, 2019 Revenues: Revenues from external customers $ 26,145 $ 212 $ 891 $ 1 $ 27,249 Intersegment revenues 2 50 57 (109) — Total revenues 26,147 262 948 (108) 27,249 Cost of sales: Cost of materials and other 23,432 164 847 (108) 24,335 Operating expenses (excluding depreciation and amortization expense reflected below) 1,100 18 121 — 1,239 Depreciation and amortization expense 518 15 23 — 556 Total cost of sales 25,050 197 991 (108) 26,130 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 217 217 Depreciation and amortization expense — — — 11 11 Operating income (loss) by segment $ 1,087 $ 65 $ (43) $ (228) $ 881 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2020 Revenues: Revenues from external customers $ 45,327 $ 850 $ 2,131 $ — $ 48,308 Intersegment revenues 6 150 160 (316) — Total revenues 45,333 1,000 2,291 (316) 48,308 Cost of sales: Cost of materials and other 41,769 393 1,984 (314) 43,832 LCM inventory valuation adjustment (19) — — — (19) Operating expenses (excluding depreciation and amortization expense reflected below) 2,912 63 293 — 3,268 Depreciation and amortization expense 1,607 33 97 — 1,737 Total cost of sales 46,269 489 2,374 (314) 48,818 Other operating expenses 29 — 1 — 30 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 532 532 Depreciation and amortization expense — — — 37 37 Operating income (loss) by segment $ (965) $ 511 $ (84) $ (571) $ (1,109) Nine months ended September 30, 2019 Revenues: Revenues from external customers $ 77,109 $ 686 $ 2,648 $ 2 $ 80,445 Intersegment revenues 12 174 162 (348) — Total revenues 77,121 860 2,810 (346) 80,445 Cost of sales: Cost of materials and other 69,769 577 2,396 (346) 72,396 Operating expenses (excluding depreciation and amortization expense reflected below) 3,197 54 378 — 3,629 Depreciation and amortization expense 1,539 38 68 — 1,645 Total cost of sales 74,505 669 2,842 (346) 77,670 Other operating expenses 13 — 1 — 14 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 625 625 Depreciation and amortization expense — — — 39 39 Operating income (loss) by segment $ 2,603 $ 191 $ (33) $ (664) $ 2,097 The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended Nine Months Ended 2020 2019 2020 2019 Refining: Gasolines and blendstocks $ 7,021 $ 10,978 $ 19,258 $ 31,882 Distillates 6,327 12,861 21,369 38,254 Other product revenues 1,379 2,306 4,700 6,973 Total refining revenues 14,727 26,145 45,327 77,109 Renewable diesel: Renewable diesel 305 212 850 686 Ethanol: Ethanol 624 714 1,685 2,108 Distillers grains 153 177 446 540 Total ethanol revenues 777 891 2,131 2,648 Corporate – other revenues — 1 — 2 Revenues $ 15,809 $ 27,249 $ 48,308 $ 80,445 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 42,643 $ 47,067 Renewable diesel 1,538 1,412 Ethanol 1,677 1,615 Corporate and eliminations 5,874 3,770 Total assets $ 51,732 $ 53,864

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	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): Nine Months Ended 2020 2019 Decrease (increase) in current assets: Receivables, net $ 3,229 $ (241) Inventories 1,577 126 Prepaid expenses and other 70 (55) Increase (decrease) in current liabilities: Accounts payable (4,893) 914 Accrued expenses 17 (92) Taxes other than income taxes payable (24) (25) Income taxes payable (208) 101 Changes in current assets and current liabilities $ (232) $ 728 Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2020 2019 Interest paid in excess of amount capitalized, including interest on finance leases $ 338 $ 303 Income taxes paid (refunded), net 206 (184) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2020 2019 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 329 $ 74 $ 329 $ 38 Investing cash flows 1 — 1 — Financing cash flows — 51 — 31 Changes in lease balances resulting from new and modified leases (a) 211 1,506 1,673 221 ___________________ (a) Noncash activity for the nine months ended September 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 nine months ended September 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 (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 September 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. September 30, 2020 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 398 $ — $ — $ 398 $ (347) $ (20) $ 31 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Investments of certain benefit plans 71 — 8 79 n/a n/a 79 n/a Total $ 478 $ 2 $ 8 $ 488 $ (347) $ (20) $ 121 Liabilities Commodity derivative contracts $ 347 $ — $ — $ 347 $ (347) $ — $ — $ (39) Environmental credit obligations — 23 — 23 n/a n/a 23 n/a Physical purchase contracts — — — — n/a n/a — n/a Foreign currency contracts 3 — — 3 n/a n/a 3 n/a Total $ 350 $ 23 $ — $ 373 $ (347) $ — $ 26 December 31, 2019 Total Effect of Effect of Net Cash 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): September 30, 2020 December 31, 2019 Fair Value Carrying Fair Carrying Fair Financial assets Cash and cash equivalents Level 1 $ 4,047 $ 4,047 $ 2,583 $ 2,583 Financial liabilities Debt (excluding finance leases) Level 2 12,967 14,673 8,881 10,583

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of September 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 2020 2021 2022 Derivatives designated as cash flow hedges Renewable diesel: Futures – long 493 — — Futures – short 1,121 — — Derivatives designated as economic hedges Crude oil and refined petroleum products: Futures – long 48,804 184 — Futures – short 47,208 81 — Corn: Futures – long 36,910 960 10 Futures – short 46,280 3,840 130 Physical contracts – long 8,713 3,055 120
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of September 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 September 30, 2020 December 31, 2019 Asset Liability Asset Liability Derivatives designated as hedging instruments Commodity contracts Receivables, net $ 6 $ 3 $ 9 $ 20 Derivatives not designated as hedging instruments Commodity contracts Receivables, net $ 392 $ 344 $ 608 $ 648 Physical purchase contracts Inventories 2 — — 3 Foreign currency contracts Receivables, net 9 — 27 — Foreign currency contracts Accrued expenses — 3 — 10 Total $ 403 $ 347 $ 635 $ 661
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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity contracts: Gain recognized in other comprehensive income (loss) on derivatives N/A $ 2 $ 3 $ 52 $ 7 Gain (loss) reclassified from accumulated other comprehensive income (loss) into income Revenues (3) 8 42 6 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 Location of Gain (Loss) Three Months Ended Nine Months Ended 2020 2019 2020 2019 Commodity contracts Revenues $ (4) $ (1) $ (3) $ 4 Commodity contracts Cost of materials 118 (26) 106 (25) Commodity contracts Operating expenses — — 2 — Foreign currency contracts Cost of materials (6) 9 43 2 Foreign currency contracts Other income, net 56 (19) (49) 36

Uncertainties and Certain Sig_2

Uncertainties and Certain Significant Accounting Estimates (Details)	1 Months Ended	6 Months Ended	7 Months Ended
	Mar. 31, 2020plant	Sep. 30, 2020USD ($)ethanol_plantplant	Oct. 28, 2020plant	Sep. 30, 2020USD ($)ethanol_plantplant
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		5
Number of ethanol plants | ethanol_plant		14		14
Number of ethanol plants with reduced estimated useful life				1
Number of ethanol plants evaluated for potential impairment				5
Goodwill | $		$ 260,000,000		$ 260,000,000
Impairment of goodwill | $				$ 0
Subsequent Event [Member]
Uncertainties and Certain Significant Accounting Estimates (Textual)
Number of ethanol plants returned to full production			11
Number of ethanol plants			14

Merger With VLP (Details)

Merger With VLP (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 10, 2019	Sep. 30, 2020	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 31, 2020	Dec. 31, 2019
Schedule of Inventories
Refinery feedstocks	$ 1,625		$ 1,625			$ 2,399
Refined petroleum products and blendstocks	3,180		3,180			4,034
Renewable diesel feedstocks and products	29		29			46
Ethanol feedstocks and products	240		240			260
Materials and supplies	283		283			274
Inventories	5,357		5,357			7,013
Inventories (Textual)
LCM inventory valuation reserve	0		0		$ 2,500
Lower of cost or market (LCM) inventory valuation adjustment	(313)	$ 0	(19)	$ 0
Excess of market value over carrying amount of LIFO inventories						2,500
Liquidation of LIFO inventory, increase to cost of materials and other	326		326
Amount of non-LIFO inventory	$ 911		$ 911			$ 1,400

Leases, Total Lease Cost by Cla

Leases, Total Lease Cost by Class of Underlying Asset (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finance lease cost:
Amortization of right-of-use (ROU) assets	$ 34	$ 14	$ 92	$ 38
Interest on lease liabilities	26	13	74	38
Lease cost:
Operating lease cost	108	114	324	332
Variable lease cost	18	26	87	76
Short-term lease cost	19	22	82	69
Sublease income	(3)	(9)	(11)	(27)
Total lease cost	202	180	648	526
Pipelines, Terminals, and Tanks [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	29	12	79	32
Interest on lease liabilities	24	13	70	35
Lease cost:
Operating lease cost	39	46	123	140
Variable lease cost	14	20	47	53
Short-term lease cost	2	1	8	8
Sublease income	0	0	0	0
Total lease cost	108	92	327	268
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	39	39	115	107
Variable lease cost	4	4	37	21
Short-term lease cost	8	13	44	39
Sublease income	(2)	(8)	(10)	(24)
Total lease cost	49	48	186	143
Transportation, Rail [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	1	0	1	0
Interest on lease liabilities	0	0	0	0
Lease cost:
Operating lease cost	16	14	46	38
Variable lease cost	0	0	1	0
Short-term lease cost	0	0	0	0
Sublease income	0	0	0	0
Total lease cost	17	14	48	38
Feedstock Processing Equipment [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	3	2	9	4
Interest on lease liabilities	1	0	2	1
Lease cost:
Operating lease cost	4	4	12	16
Variable lease cost	0	1	1	1
Short-term lease cost	9	8	30	22
Sublease income	0	0	0	0
Total lease cost	17	15	54	44
Energy and Gases [Member]
Finance lease cost:
Amortization of right-of-use (ROU) assets	1	0	3	2
Interest on lease liabilities	1	0	2	2
Lease cost:
Operating lease cost	2	3	6	7
Variable lease cost	0	0	0	0
Short-term lease cost	0	0	0	0
Sublease income	0	0	0	0
Total lease cost	4	3	11	11
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	7	7	19	21
Variable lease cost	0	1	1	1
Short-term lease cost	0	0	0	0
Sublease income	(1)	(1)	(1)	(3)
Total lease cost	6	7	19	19
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	1	3	3
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	$ 1	$ 3	$ 3

Leases, Additional Information

Leases, Additional Information (Details) - USD ($) $ in Millions	Sep. 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	$ 1,234	$ 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	$ 301	$ 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	$ 904	$ 959
Operating leases - total lease liabilities	$ 1,205	$ 1,290
ROU assets, net reflected in the following balance sheet line items:
Finance lease ROU assets, net, balance sheet line item	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization	us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
Finance leases - property, plant, and equipment, net	$ 2,208	$ 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	$ 80	$ 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	$ 2,166	$ 750
Finance leases - total lease liabilities	$ 2,246	$ 791
Operating Leases
Weighted-average remaining lease term	7 years 7 months 6 days	7 years 8 months 12 days
Weighted-average discount rate	4.70%	4.90%
Finance Leases
Weighted-average remaining lease term	22 years 1 month 6 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	9 Months Ended
	Sep. 30, 2020USD ($)renewal	Dec. 31, 2019USD ($)
Significant Lease Commencement (Textual)
Finance lease ROU asset	$ 2,208	$ 790
Finance lease liability	$ 2,246	$ 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		Sep. 30, 2020	Dec. 31, 2019
Operating Leases
Remainder of current year	[1]	$ 103
Year one		302	$ 376
Year two		223	250
Year three		187	194
Year four		150	160
Year five			125
Thereafter		525
Thereafter			498
Total undiscounted lease payments		1,490	1,603
Less: Amount associated with discounting		285	313
Total lease liabilities		1,205	1,290
Finance Leases
Remainder of current year	[1]	45
Year one		179	88
Year two		174	86
Year three		179	87
Year four		170	91
Year five			82
Thereafter		2,925
Thereafter			1,011
Total undiscounted lease payments		3,672	1,445
Less: Amount associated with discounting		1,426	654
Total lease liabilities		$ 2,246	$ 791
[1]	The amounts as of September 30, 2020 are for the remaining three months of 2020.

Debt, Narrative (Details)

Debt, Narrative (Details) - USD ($)	Apr. 13, 2020	Sep. 30, 2020		Apr. 30, 2020	Sep. 30, 2020		Sep. 30, 2019	Jul. 31, 2020	Jun. 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			$ 875,000,000
Line of credit facility, term	364 days
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		1,000,000,000	[1]		1,000,000,000	[1]		$ 1,000,000,000	$ 1,300,000,000
Amount of eligible receivables sold under accounts receivable sales facility					300,000,000		$ 900,000,000
Repayments on lines of credit					400,000,000		900,000,000
Interest rate at period end (percent)										2.387%
Central Mexico Terminals [Member] | IEnova Revolver [Member] | Credit Facilities [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 660,000,000			660,000,000					$ 491,000,000
Repayments on lines of credit					$ 0		0
Interest rate at period end (percent)		3.958%			3.958%					5.749%
Amount borrowed					$ 202,000,000		148,000,000
Base Rate [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Base Rate [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Eurodollar Rate [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.15%
Eurodollar Rate [Member] | 364-Day Revolving Credit Facility [Member] | Credit Facilities [Member] | Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Senior Notes [Member]
Debt Instrument [Line Items]
Proceeds from issuance of senior long-term debt		$ 2,521,000,000		$ 1,499,000,000
Senior Notes [Member] | Floating Rate Senior Notes Due September 15, 2023 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 575,000,000			$ 575,000,000
Applicable interest rate (percent)		1.3995%			1.3995%
Senior Notes [Member] | Floating Rate Senior Notes Due September 15, 2023 [Member] | Three-month LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		1.15%
Senior Notes [Member] | Senior Notes Due March 15, 2024 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 925,000,000			$ 925,000,000
Stated rate on debt instrument (percent)		1.20%			1.20%
Senior Notes [Member] | Senior Notes Due April 15, 2025, Issued September 2020 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 400,000,000			$ 400,000,000
Stated rate on debt instrument (percent)		2.85%			2.85%
Senior Notes [Member] | Senior Notes Due April 15, 2025, Issued April 2020 [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 September 15, 2027 [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 600,000,000			$ 600,000,000
Stated rate on debt instrument (percent)		2.15%			2.15%
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 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]
Face amount of long-term debt issuance		$ 500,000,000			$ 500,000,000
Stated rate on debt instrument (percent)		4.375%			4.375%
Senior Notes [Member] | VLP Senior Notes Due March 15, 2028 [Member] | Valero Energy Partners LP [Member]
Debt Instrument [Line Items]
Face amount of long-term debt issuance		$ 500,000,000			$ 500,000,000
Stated rate on debt instrument (percent)		4.50%			4.50%
[1]	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. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables.

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Sep. 30, 2020USD ($)		Sep. 30, 2020CAD ($)	Jul. 31, 2020USD ($)	Jun. 30, 2020USD ($)	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		3,966,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued	[1]	34,000,000
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				145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]			$ 5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		1,000,000,000	[2]		$ 1,000,000,000	$ 1,300,000,000
Outstanding borrowings or letters of credit issued, short-term		0	[2]					$ 100,000,000
Availability	[2]	817,000,000
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		660,000,000						491,000,000
Outstanding borrowings or letters of credit issued, short-term		550,000,000						$ 348,000,000
IEnova Revolver [Member] | Central Mexico Terminals [Member] | Credit Facilities [Member] | Variable Interest Entities (VIEs) [Member]
Line of Credit Facility
Facility amount	[3]	660,000,000
Outstanding borrowings or letters of credit issued, short-term	[3]	550,000,000
Availability	[3]	110,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Outstanding borrowings or letters of credit issued, short-term	[1]	$ 46,000,000
[1]	Letters of credit issued as of September 30, 2020 expire at various times in 2020 through 2023.
[2]	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. The available borrowing capacity was lower than the facility amount due to low product prices impacting the amount of eligible receivables.
[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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 162	$ 133	$ 468	$ 405
Less: Capitalized interest	19	22	58	70
Interest and debt expense, net of capitalized interest	$ 143	$ 111	$ 410	$ 335

Equity, Narrative (Details)

Equity, Narrative (Details)	Oct. 28, 2020$ / shares
Dividend Declared [Member] | Subsequent Event [Member]
Equity (Textual)
Dividends declared, 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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	$ 217	$ (179)	(232)	$ (26)
Amounts reclassified from accumulated other comprehensive loss	11	0	12	4
Other comprehensive income (loss)	228	(179)	(220)	(22)
Ending balance, accumulated other comprehensive loss, net of tax	19,223		19,223
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	(1,799)	(1,350)	(1,351)	(1,507)
Ending balance, accumulated other comprehensive loss, net of tax	(1,571)	(1,529)	(1,571)	(1,529)
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	(1,144)	(870)	(676)	(1,022)
Other comprehensive income (loss) before reclassifications	217	(180)	(251)	(28)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Other comprehensive income (loss)	217	(180)	(251)	(28)
Ending balance, accumulated other comprehensive loss, net of tax	(927)	(1,050)	(927)	(1,050)
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	(653)	(481)	(672)	(485)
Other comprehensive income (loss) before reclassifications	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss	9	2	28	6
Other comprehensive income (loss)	9	2	28	6
Ending balance, accumulated other comprehensive loss, net of tax	(644)	(479)	(644)	(479)
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	(2)	1	(3)	0
Other comprehensive income (loss) before reclassifications	0	1	19	2
Amounts reclassified from accumulated other comprehensive loss	2	(2)	(16)	(2)
Other comprehensive income (loss)	2	(1)	3	0
Ending balance, accumulated other comprehensive loss, net of tax	$ 0	$ 0	$ 0	$ 0

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 4,047	$ 2,583
Property, plant, and equipment, net	30,729	29,264
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	8,122	13,160
Debt and finance lease obligations, less current portion	14,577	9,178
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	238	110
Other current assets	289	689
Property, plant, and equipment, net	1,681	1,192
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	683	483
Debt and finance lease obligations, less current portion	26	31
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	222	85
Other current assets	234	567
Property, plant, and equipment, net	1,032	706
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	88	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	31	33
Property, plant, and equipment, net	551	381
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	588	409
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	16	25
Other current assets	24	89
Property, plant, and equipment, net	98	105
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	7	8
Debt and finance lease obligations, less current portion	$ 26	$ 31

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 35	$ 29	$ 105	$ 89
Interest cost	21	25	64	74
Expected return on plan assets	(44)	(41)	(134)	(124)
Amortization of:
Net actuarial (gain) loss	18	10	55	30
Prior service credit	(4)	(5)	(14)	(14)
Special charges	2	0	3	2
Net periodic benefit cost	28	18	79	57
Employee Benefit Plans (Textual)
Contributions to benefit plans			18	120
Discretionary contribution expected to make in current fiscal year	86		86
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1	4	3
Interest cost	3	2	7	8
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	0	0	0	(2)
Prior service credit	(2)	(2)	(5)	(6)
Special charges	0	0	0	1
Net periodic benefit cost	$ 2	$ 1	$ 6	$ 4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Income Taxes (Textual)
Income tax benefit, expected tax NOL carryback provided for under CARES Act	$ 121	$ 238

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings (loss) per common share
Net income (loss) attributable to Valero stockholders	$ (464)	$ 609	$ (1,062)	$ 1,362
Less: Income allocated to participating securities	1	1	4	3
Net income (loss) available to common stockholders	$ (465)	$ 608	$ (1,066)	$ 1,359
Weighted-average common shares outstanding (in shares)	407	412	407	415
Earnings (loss) per common share (in dollars per share)	$ (1.14)	$ 1.48	$ (2.62)	$ 3.28
Earnings (loss) per common share – assuming dilution
Net income (loss) attributable to Valero stockholders	$ (464)	$ 609	$ (1,062)	$ 1,362
Less: Income allocated to participating securities	1	1	4	3
Net income (loss) available to common stockholders	$ (465)	$ 608	$ (1,066)	$ 1,359
Weighted-average common shares outstanding (in shares)	407	412	407	415
Effect of dilutive securities (in shares)	0	1	0	1
Weighted-average common shares outstanding – assuming dilution (in shares)	407	413	407	416
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ (1.14)	$ 1.48	$ (2.62)	$ 3.28

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Receivables from contracts with customers, included in receivables, net
Decrease	$ (3,600)
Contract liabilities, included in accrued expenses
Beginning balance	55
Decrease	(12)
Ending balance	43
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	53
Receivables from Contracts with Customers [Member]
Receivables from contracts with customers, included in receivables, net
Beginning balance	5,610
Decrease	(2,441)
Ending balance	$ 3,169

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)refineryethanol_plant	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segmentethanol_plantrefinery	Sep. 30, 2019USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 15,809	$ 27,249	$ 48,308	$ 80,445
Cost of materials and other		14,801	24,335	43,832	72,396
LCM inventory valuation adjustment		(313)	0	(19)	0
Operating expenses (excluding depreciation and amortization expense reflected below)		1,117	1,239	3,268	3,629
Depreciation and amortization expense		602	556	1,737	1,645
Total cost of sales		16,207	26,130	48,818	77,670
Other operating expenses		25	10	30	14
General and administrative expenses (excluding depreciation and amortization expense reflected below)		186	217	532	625
Depreciation and amortization expense		12	11	37	39
Operating income (loss)		$ (621)	881	$ (1,109)	2,097
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		$ (100)	(108)	$ (316)	(346)
Operating income (loss)		(198)	(228)	(571)	(664)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	1	0	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		186	217	532	625
Depreciation and amortization expense		12	11	37	39
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(100)	(109)	(316)	(348)
Cost of materials and other		(100)	(108)	(314)	(346)
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		(100)	(108)	(314)	(346)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		14,727	26,145	45,327	77,109
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		14,729	26,147	45,333	77,121
Cost of materials and other		14,103	23,432	41,769	69,769
LCM inventory valuation adjustment		(296)		(19)
Operating expenses (excluding depreciation and amortization expense reflected below)		989	1,100	2,912	3,197
Depreciation and amortization expense		538	518	1,607	1,539
Total cost of sales		15,334	25,050	46,269	74,505
Other operating expenses		24	10	29	13
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)		(629)	1,087	(965)	2,603
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		2	2	6	12
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		305	212	850	686
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		345	262	1,000	860
Cost of materials and other		128	164	393	577
LCM inventory valuation adjustment		0		0
Operating expenses (excluding depreciation and amortization expense reflected below)		23	18	63	54
Depreciation and amortization expense		10	15	33	38
Total cost of sales		161	197	489	669
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)		184	65	511	191
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		40	50	150	174
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		777	891	2,131	2,648
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		835	948	2,291	2,810
Cost of materials and other		670	847	1,984	2,396
LCM inventory valuation adjustment		(17)		0
Operating expenses (excluding depreciation and amortization expense reflected below)		105	121	293	378
Depreciation and amortization expense		54	23	97	68
Total cost of sales		812	991	2,374	2,842
Other operating expenses		1	0	1	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)		22	(43)	(84)	(33)
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 58	$ 57	$ 160	$ 162
[1]	Includes excise taxes on sales by certain of our international operations of $1,339 million and $1,399 million for the three months ended September 30, 2020 and 2019, respectively, and $3,491 million and $4,139 million for the nine months ended September 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue by Segment
Revenues	[1]	$ 15,809	$ 27,249	$ 48,308	$ 80,445
Corporate [Member]
Revenue by Segment
Revenues		0	1	0	2
Other Revenues [Member] | Corporate [Member]
Revenue by Segment
Revenues		0	1	0	2
Refining [Member]
Revenue by Segment
Revenues		14,727	26,145	45,327	77,109
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		7,021	10,978	19,258	31,882
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		6,327	12,861	21,369	38,254
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		1,379	2,306	4,700	6,973
Renewable Diesel [Member]
Revenue by Segment
Revenues		305	212	850	686
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		305	212	850	686
Ethanol [Member]
Revenue by Segment
Revenues		777	891	2,131	2,648
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		624	714	1,685	2,108
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 153	$ 177	$ 446	$ 540
[1]	Includes excise taxes on sales by certain of our international operations of $1,339 million and $1,399 million for the three months ended September 30, 2020 and 2019, respectively, and $3,491 million and $4,139 million for the nine months ended September 30, 2020 and 2019, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Total Assets by Reportable Segment
Reportable segment assets	$ 51,732	$ 53,864
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,874	3,770
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	42,643	47,067
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	1,538	1,412
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,677	$ 1,615

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions		Jan. 01, 2019	Sep. 30, 2020	Sep. 30, 2019
Decrease (increase) in current assets:
Receivables, net			$ 3,229	$ (241)
Inventories			1,577	126
Prepaid expenses and other			70	(55)
Increase (decrease) in current liabilities:
Accounts payable			(4,893)	914
Accrued expenses			17	(92)
Taxes other than income taxes payable			(24)	(25)
Income taxes payable			(208)	101
Changes in current assets and current liabilities			(232)	728
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases			338	303
Income taxes paid (refunded), net			206	(184)
Operating cash flows
Operating Leases			329	329
Finance Leases			74	38
Investing cash flows
Operating Leases			1	1
Financing cash flows
Finance Leases			51	31
Changes in lease balances resulting from new and modified leases, Operating Leases	[1]		211	1,673
Changes in lease balances resulting from new and modified leases, Finance Leases	[1]		1,506	221
Supplemental Cash Flow Information (Textual)
Decrease in receivables as a result of decreases in sales volumes and commodity prices			3,600
Increase in income taxes receivable			770
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			1,400
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 nine months ended September 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 nine months ended September 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	Sep. 30, 2020	Dec. 31, 2019
Assets
Total gross fair value, assets	$ 488	$ 718
Effect of counterparty netting	(347)	(612)
Effect of cash collateral netting	(20)	0
Net carrying value on Balance Sheet, assets	121	106
Liabilities
Environmental credit obligations	23	2
Total gross fair value, liabilities	373	683
Effect of counterparty netting	(347)	(612)
Effect of cash collateral netting	0	(56)
Net carrying value on Balance Sheet, liabilities	26	15
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	79	74
Commodity Contracts [Member]
Assets
Derivative contracts	398	617
Effect of counterparty netting	(347)	(612)
Effect of cash collateral netting	(20)	0
Derivative contracts, net assets	31	5
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	347	668
Effect of counterparty netting	(347)	(612)
Effect of cash collateral netting	0	(56)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(39)	(84)
Physical Purchase Contracts [Member]
Assets
Derivative contracts	2
Derivative contracts, net assets	2
Liabilities
Derivative contracts	0	3
Derivative contracts, net liabilities	0	3
Foreign Currency Contracts [Member]
Assets
Derivative contracts	9	27
Derivative contracts, net assets	9	27
Liabilities
Derivative contracts	3	10
Derivative contracts, net liabilities	3	10
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	478	709
Liabilities
Environmental credit obligations	0	0
Total gross fair value, liabilities	350	678
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	71	65
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	398	617
Liabilities
Derivative contracts	347	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	9	27
Liabilities
Derivative contracts	3	10
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	2	0
Liabilities
Environmental credit obligations	23	2
Total gross fair value, liabilities	23	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	2
Liabilities
Derivative contracts	0	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 ($)	Sep. 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	Sep. 30, 2020	Dec. 31, 2019
Financial assets
Cash and cash equivalents, at carrying amount	$ 4,047	$ 2,583
Financial liabilities
Debt (excluding finance leases), at carrying amount	12,967	8,881
Fair Value, Inputs, Level 1 [Member]
Financial assets
Cash and cash equivalents, at fair value	4,047	2,583
Fair Value, Inputs, Level 2 [Member]
Financial liabilities
Debt (excluding finance leases), at fair value	$ 14,673	$ 10,583

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)buMBbls	Sep. 30, 2019USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	$ 14,801	$ 24,335	$ 43,832	$ 72,396
Environmental Compliance Program Price Risk [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $	143	$ 69	$ 391	$ 227
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			493
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			1,121
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 Hedges [Member] | Cash Flow Hedges [Member] | Future, 2022 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, 2022 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			48,804
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			36,910
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			47,208
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			46,280
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			184
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			960
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			81
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			3,840
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			10
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume			0
Derivatives Designated as Economic Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [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] | 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			8,713
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			3,055
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2022 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu			120
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	244		$ 244
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 | $	150		150
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before October 26, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	1,100		1,100
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by December 15, 2020 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $	$ 1,200		$ 1,200

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 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	$ 6	$ 9
Derivative asset, fair value, gross liability	3	20
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	403	635
Derivative liability, fair value, gross liability	347	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	392	608
Derivative asset, fair value, gross liability	344	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	2	0
Derivative asset, fair value, gross liability	0	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	9	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	$ 3	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain recognized in other comprehensive income (loss) on derivatives	$ 2	$ 3	$ 52	$ 7
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive income (loss) into income	(3)	8	42	6
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	(4)	(1)	(3)	4
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	118	(26)	106	(25)
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	0	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	(6)	9	43	2
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	$ 56	$ (19)	$ (49)	$ 36