Valero Energy (VLO) 10-Q 27 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2022
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		408,096,416
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2022
Document fiscal period focus	Q1
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,638	$ 4,122
Receivables, net	13,080	10,378
Inventories	7,174	6,265
Prepaid expenses and other	421	400
Total current assets	23,313	21,165
Property, plant, and equipment, at cost	49,488	49,072
Accumulated depreciation	(18,612)	(18,225)
Property, plant, and equipment, net	30,876	30,847
Deferred charges and other assets, net	6,213	5,876
Total assets	60,402	57,888
Current liabilities:
Current portion of debt and finance lease obligations	1,295	1,264
Accounts payable	15,236	12,495
Accrued expenses	1,140	1,253
Taxes other than income taxes payable	1,482	1,461
Income taxes payable	632	378
Total current liabilities	19,785	16,851
Debt and finance lease obligations, less current portion	11,866	12,606
Deferred income tax liabilities	4,971	5,210
Other long-term liabilities	3,370	3,404
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	6,832	6,827
Treasury stock, at cost; 265,399,517 and 264,305,955 common shares	(15,794)	(15,677)
Retained earnings	28,785	28,281
Accumulated other comprehensive loss	(1,009)	(1,008)
Total Valero Energy Corporation stockholders’ equity	18,821	18,430
Noncontrolling interests	1,589	1,387
Total equity	20,410	19,817
Total liabilities and equity	$ 60,402	$ 57,888

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
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	265,399,517	264,305,955

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenues	[1]	$ 38,542	$ 20,806
Cost of sales:
Cost of materials and other	[2]	34,949	18,992
Operating expenses (excluding depreciation and amortization expense reflected below)		1,379	1,656
Depreciation and amortization expense		595	566
Total cost of sales		36,923	21,214
Other operating expenses		19	38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		205	208
Depreciation and amortization expense		11	12
Operating income (loss)		1,384	(666)
Other income (expense), net		(20)	45
Interest and debt expense, net of capitalized interest		(145)	(149)
Income (loss) before income tax expense (benefit)		1,219	(770)
Income tax expense (benefit)		252	(148)
Net income (loss)		967	(622)
Less: Net income attributable to noncontrolling interests		62	82
Net income (loss) attributable to Valero Energy Corporation stockholders		$ 905	$ (704)
Earnings (loss) per common share (in dollars per share)		$ 2.21	$ (1.73)
Weighted-average common shares outstanding (in shares)		408	407
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ 2.21	$ (1.73)
Weighted-average common shares outstanding – assuming dilution (in shares)		408	407
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,423	$ 1,120
[1]	Includes excise taxes on sales by certain of our foreign operations of $1,423 million and $1,120 million for the three months ended March 31, 2022 and 2021, respectively
[2]	Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net income (loss)	$ 967	$ (622)
Other comprehensive income (loss):
Foreign currency translation adjustment	13	76
Net gain on pension and other postretirement benefits	8	15
Net gain (loss) on cash flow hedges	(45)	10
Other comprehensive income (loss) before income tax expense	(24)	101
Income tax expense related to items of other comprehensive income (loss)	0	7
Other comprehensive income (loss)	(24)	94
Comprehensive income (loss)	943	(528)
Less: Comprehensive income attributable to noncontrolling interests	39	87
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ 904	$ (615)

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, 2020	$ 19,642	$ 18,801	$ 7	$ 6,814	$ (15,719)	$ 28,953	$ (1,254)	$ 841
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	(622)	(704)				(704)		82
Dividends on common stock	(400)	(400)				(400)
Stock-based compensation expense	28	28		28
Transactions in connection with stock-based compensation plans	(13)	(13)		(32)	19
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	94	89					89	5
Balance as of end of period at Mar. 31, 2021	18,727	17,801	7	6,810	(15,700)	27,849	(1,165)	926
Balance as of beginning of period at Dec. 31, 2021	19,817	18,430	7	6,827	(15,677)	28,281	(1,008)	1,387
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	967	905				905		62
Dividends on common stock	(401)	(401)				(401)
Stock-based compensation expense	32	32		32
Transactions in connection with stock-based compensation plans	(18)	(18)		(27)	9
Open market stock purchases	(126)	(126)			(126)
Contributions from noncontrolling interests	165							165
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	(24)	(1)					(1)	(23)
Balance as of end of period at Mar. 31, 2022	$ 20,410	$ 18,821	$ 7	$ 6,832	$ (15,794)	$ 28,785	$ (1,009)	$ 1,589

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.98

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 967	$ (622)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	606	578
Loss on early retirement of debt	50	0
Deferred income tax benefit	(234)	(239)
Changes in current assets and current liabilities	(722)	184
Changes in deferred charges and credits and other operating activities, net	(79)	47
Net cash provided by (used in) operating activities	588	(52)
Cash flows from investing activities:
Investments in nonconsolidated joint ventures	0	(12)
Other investing activities, net	2	2
Net cash used in investing activities	(841)	(580)
Cash flows from financing activities:
Premiums on early retirement of debt	(48)	0
Purchases of common stock for treasury	(144)	(14)
Common stock dividend payments	(401)	(400)
Contributions from noncontrolling interests	165	0
Other financing activities, net	(10)	(1)
Net cash used in financing activities	(1,228)	(439)
Effect of foreign exchange rate changes on cash	(3)	12
Net decrease in cash and cash equivalents	(1,484)	(1,059)
Cash and cash equivalents at beginning of period	4,122	3,313
Cash and cash equivalents at end of period	2,638	2,254
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(152)	(160)
Deferred turnaround and catalyst cost expenditures	(453)	(230)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	939	0
Repayments of debt and finance lease obligations	(1,738)	(31)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(219)	(153)
Deferred turnaround and catalyst cost expenditures	(6)	(1)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	99	0
Repayments of debt and finance lease obligations	(102)	0
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(13)	(26)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	28	8
Repayments of debt and finance lease obligations	$ (16)	$ (1)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both 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 GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of our results for the three months ended March 31, 2022 have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The financial statements presented herein should be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2021. The balance sheet as of December 31, 2021 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, 2021. Significant Accounting Policy Use of Estimates The preparation of financial statements in conformity with 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.

Uncertainties

Uncertainties	3 Months Ended
	Mar. 31, 2022
Unusual or Infrequent Items, or Both [Abstract]
UNCERTAINTIES	2. UNCERTAINTIES Developments with respect to the uncertainties described below are occurring at a rapid pace and cannot be predicted. Their overall economic impact and resulting impact on us also cannot be predicted with certainty at this time. However, we are proactively responding to and actively monitoring the known impacts of the Russia-Ukraine conflict and the COVID-19 pandemic on our business, to the extent practicable, and we will strive to continue to do so, but there can be no assurance that our response or other measures we may take will be fully effective. Russia-Ukraine Conflict In late February 2022, Russia began an invasion and military attack on Ukraine. This has resulted in many countries, including the U.S., imposing economic and financial sanctions on Russia and providing humanitarian and military aid to Ukraine. In addition, on March 8, 2022, the U.S. presidential administration issued an Executive Order that, among other matters, banned the import of Russian crude oil and other petroleum and energy products to the U.S. The ban on Russian energy imports took effect immediately, but companies were granted (through issuance of a General License published by the U.S. Office of Foreign Assets Control (OFAC)) 45 days to import petroleum products secured under pre-existing contracts. As allowed by OFAC’s General License, we took delivery of certain feedstocks (procured under contracts entered into prior to the invasion) before the General License’s expiration on April 22, 2022. We currently do not anticipate any significant future feedstock sourcing disruptions resulting from the U.S. ban on Russian crude oil and other petroleum and energy product imports, as we obtain crude oil and other feedstocks from many other sources. The conflict and responsive actions taken by the U.S. and other countries have created uncertainty for both domestic and international financial and commodity markets. Crude oil and consumer fuel prices significantly increased in March 2022 and remain volatile, as change in trade flows in Russian crude oil, other feedstocks, and energy products have impacted the global supply markets. Also, the continued increases in fuel prices have the potential to negatively impact the demand for our products. Thus, the implications of the Russia-Ukraine conflict on our financial position and results of operations remain uncertain. Impact of the COVID-19 Pandemic At the onset of the COVID-19 pandemic in March 2020, governmental authorities around the world imposed restrictions, such as stay-at-home orders and other social distancing measures, to slow the spread of COVID-19. These measures resulted in significant economic disruption globally as reduced economic activity negatively impacted many businesses, including our business. Although we have continued to experience improvements in our business, compared to the significant negative effects from the pandemic in 2020, the implications of the pandemic on our financial position and results of operations remain uncertain.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,068 $ 1,995 Refined petroleum products and blendstocks 4,199 3,567 Renewable diesel feedstocks and products 245 135 Ethanol feedstocks and products 364 273 Materials and supplies 298 295 Inventories $ 7,174 $ 6,265 As of March 31, 2022 and December 31, 2021, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $9.3 billion and $5.2 billion, respectively. Our non-LIFO inventories accounted for $1.6 billion and $1.4 billion of our total inventories as of March 31, 2022 and December 31, 2021, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt In February 2022, we issued $650 million of 4.000 percent Senior Notes due June 1, 2052. Proceeds from this debt issuance totaled $639 million before deducting the underwriting discount and other debt issuance costs. The proceeds and cash on hand were used to repurchase and retire the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions): Debt Repurchased and Retired Principal 3.65% Senior Notes due 2025 $ 72 2.850% Senior Notes due 2025 507 4.375% VLP Senior Notes due 2026 168 3.400% Senior Notes due 2026 653 Total $ 1,400 In connection with the early debt retirement activity described above, we recognized a charge of $50 million in “other income (expense), net” primarily comprised of $48 million of premiums paid. During the three months ended March 31, 2021, there was no issuance or redemption activity related to our public debt. Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2022 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 615 $ 3,385 Canadian Revolver C$ 150 November 2022 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2022 $ — n/a $ 1,300 Letter of credit facility $ 50 November 2022 n/a $ — $ 50 Committed facilities of VIEs (b): DGD Revolver (c) $ 400 March 2024 $ 100 $ 15 $ 285 DGD Loan Agreement (d) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (e) $ 830 February 2028 $ 692 n/a $ 138 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 834 n/a ________________________ (a) Letters of credit issued as of March 31, 2022 expire at various times in 2022 through 2023. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the DGD Revolver was 2.140 percent and 1.860 percent as of March 31, 2022 and December 31, 2021, respectively. (d) In March 2022, the maturity date of this facility was extended to April 2023. The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. The variable interest rate on the DGD Loan Agreement was 2.735 percent and 2.603 percent as of March 31, 2022 and December 31, 2021, respectively. (e) The variable interest rate on the IEnova Revolver was 3.864 percent and 3.781 percent as of March 31, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions): Three Months Ended 2022 2021 Borrowings: Accounts receivable sales facility $ 300 $ — DGD Revolver 99 — IEnova Revolver 28 8 Repayments: Accounts receivable sales facility (300) — DGD Revolver (99) — IEnova Revolver (15) — Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2022 2021 Interest and debt expense $ 157 $ 164 Less: Capitalized interest 12 15 Interest and debt expense, net of capitalized interest $ 145 $ 149

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
EQUITY	5. EQUITY Treasury Stock We purchase shares of our outstanding common stock as authorized under our stock purchase program and with respect to our employee stock-based compensation plans. During the three months ended March 31, 2022, we made open market purchases of 1,334,550 shares for $126 million in connection with our stock purchase program. No open market purchases were made during the three months ended March 31, 2021. As of March 31, 2022, we had $1.2 billion remaining available for purchase under our stock purchase program, which has no expiration date. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (562) $ (441) $ (5) $ (1,008) $ (515) $ (737) $ (2) $ (1,254) Other comprehensive income (loss) before reclassifications 13 (3) (64) (54) 76 1 (5) 72 Amounts reclassified from accumulated other comprehensive loss — 7 46 53 — 8 9 17 Other comprehensive income (loss) 13 4 (18) (1) 76 9 4 89 Balance as of end of period $ (549) $ (437) $ (23) $ (1,009) $ (439) $ (728) $ 2 $ (1,165)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of March 31, 2022, the significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates a plant that processes waste and renewable feedstocks (predominately animal fats, used cooking oils, and inedible distillers corn oils) into renewable diesel; and • Central Mexico Terminals, a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect 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 the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of the 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 the 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 the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total March 31, 2022 Assets Cash and cash equivalents $ 142 $ — $ 15 $ 157 Other current assets 702 11 17 730 Property, plant, and equipment, net 2,854 659 92 3,605 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 470 $ 716 $ 8 $ 1,194 Debt and finance lease obligations, less current portion 261 — 19 280 DGD Central Other Total December 31, 2021 Assets Cash and cash equivalents $ 21 $ — $ 15 $ 36 Other current assets 558 10 13 581 Property, plant, and equipment, net 2,629 676 91 3,396 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 398 $ 729 $ 9 $ 1,136 Debt and finance lease obligations, less current portion 264 — 20 284 Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	7. 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 2022 2021 2022 2021 Three months ended March 31 Service cost $ 38 $ 40 $ 2 $ 2 Interest cost 21 18 2 2 Expected return on plan assets (48) (48) — — Amortization of: Net actuarial loss 13 20 — — Prior service credit (4) (4) (1) (2) Net periodic benefit cost $ 20 $ 26 $ 3 $ 2 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income (expense), net.”

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER COMMON SHARE	8. EARNINGS (LOSS) PER COMMON SHARE Earnings (loss) per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2022 2021 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 905 $ (704) Less: Income allocated to participating securities 3 1 Net income (loss) available to common stockholders $ 902 $ (705) Weighted-average common shares outstanding 408 407 Earnings (loss) per common share $ 2.21 $ (1.73) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 905 $ (704) Less: Income allocated to participating securities 3 1 Net income (loss) available to common stockholders $ 902 $ (705) Weighted-average common shares outstanding 408 407 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 408 407 Earnings (loss) per common share – assuming dilution $ 2.21 $ (1.73) Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options.

Revenues and Segment Informatio

Revenues and Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	9. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 8,395 $ 6,228 Contract liabilities, included in accrued expenses 164 78 During the three months ended March 31, 2022 and 2021, we recognized as revenue $69 million and $37 million that was included in contract liabilities as of December 31, 2021 and 2020, respectively. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of March 31, 2022, 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 petroleum refineries, the associated activities to market our refined petroleum products, and the 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, a consolidated joint venture as discussed in Note 6, and the associated activities to market renewable diesel. 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 ethanol plants and the associated activities to market our ethanol and co-products. 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 March 31, 2022 Revenues: Revenues from external customers $ 36,813 $ 595 $ 1,134 $ — $ 38,542 Intersegment revenues 4 386 127 (517) — Total revenues 36,817 981 1,261 (517) 38,542 Cost of sales: Cost of materials and other (a) 33,606 755 1,104 (516) 34,949 Operating expenses (excluding depreciation and amortization expense reflected below) 1,193 51 135 — 1,379 Depreciation and amortization expense 549 26 20 — 595 Total cost of sales 35,348 832 1,259 (516) 36,923 Other operating expenses 18 — 1 — 19 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 205 205 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 1,451 $ 149 $ 1 $ (217) $ 1,384 Three months ended March 31, 2021 Revenues: Revenues from external customers $ 19,469 $ 352 $ 985 $ — $ 20,806 Intersegment revenues 3 79 60 (142) — Total revenues 19,472 431 1,045 (142) 20,806 Cost of sales: Cost of materials and other (a) 18,022 187 924 (141) 18,992 Operating expenses (excluding depreciation and amortization expense reflected below) 1,471 29 156 — 1,656 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 20,026 228 1,101 (141) 21,214 Other operating expenses 38 — — — 38 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 208 208 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ (592) $ 203 $ (56) $ (221) $ (666) ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2022 2021 Refining: Gasolines and blendstocks $ 15,560 $ 8,729 Distillates 17,444 8,581 Other product revenues 3,809 2,159 Total refining revenues 36,813 19,469 Renewable Diesel: Renewable diesel 595 352 Ethanol: Ethanol 875 752 Distillers grains 259 233 Total ethanol revenues 1,134 985 Revenues $ 38,542 $ 20,806 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 51,071 $ 47,365 Renewable Diesel 3,933 3,437 Ethanol 1,780 1,812 Corporate and eliminations 3,618 5,274 Total assets $ 60,402 $ 57,888

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by (used in) operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2022 2021 Decrease (increase) in current assets: Receivables, net $ (2,653) $ (2,946) Inventories (940) 175 Prepaid expenses and other (77) (24) Increase (decrease) in current liabilities: Accounts payable 2,744 2,992 Accrued expenses (120) 105 Taxes other than income taxes payable 36 (144) Income taxes payable 288 26 Changes in current assets and current liabilities $ (722) $ 184 Changes in current assets and current liabilities for the three months ended March 31, 2022 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices in March 2022 compared to December 2021; • The increase in inventories was primarily due to an increase in inventory unit prices and higher inventory levels in March 2022 compared to December 2021; and • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in March 2022 compared to December 2021, partially offset by a decrease in crude oil and other feedstock volumes purchased. Changes in current assets and current liabilities for the three months ended March 31, 2021 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices in March 2021 compared to December 2020 combined with an increase in sales volumes; • The decrease in inventories was primarily due to lower inventory levels in March 2021 compared to December 2020; and • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in March 2021 compared to December 2020 combined with an increase in crude oil and other feedstock volumes purchased. Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 93 $ 103 Income taxes paid, net 204 36 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2022 2021 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 97 $ 20 $ 100 $ 18 Financing cash flows — 41 — 31 Changes in lease balances resulting from new and modified leases 79 100 72 7 There were no significant noncash investing and financing activities during the three months ended March 31, 2022 and 2021, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2022 and December 31, 2021. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 1,815 $ — $ — $ 1,815 $ (1,811) $ — $ 4 $ — Physical purchase contracts — 24 — 24 n/a n/a 24 n/a Foreign currency contracts 48 — — 48 n/a n/a 48 n/a Investments of certain benefit plans 79 — 6 85 n/a n/a 85 n/a Total $ 1,942 $ 24 $ 6 $ 1,972 $ (1,811) $ — $ 161 Liabilities Commodity derivative contracts $ 2,423 $ — $ — $ 2,423 $ (1,811) $ (612) $ — $ (194) Blending program obligations — 18 — 18 n/a n/a 18 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 2,430 $ 20 $ — $ 2,450 $ (1,811) $ (612) $ 27 December 31, 2021 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 522 $ — $ — $ 522 $ (444) $ (15) $ 63 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 83 — 6 89 n/a n/a 89 n/a Total $ 606 $ 4 $ 6 $ 616 $ (444) $ (15) $ 157 Liabilities Commodity derivative contracts $ 472 $ — $ — $ 472 $ (444) $ (28) $ — $ (41) Blending program obligations — 57 — 57 n/a n/a 57 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 482 $ 62 $ — $ 544 $ (444) $ (28) $ 72 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 12. 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. • Foreign currency contracts consist of foreign currency exchange and purchase contracts and foreign currency swap agreements related to our foreign 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. • 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. • Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under various governmental and regulatory blending programs, such as the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard (RFS), the California Low Carbon Fuel Standard, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Blending Programs). The blending program 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. Nonrecurring Fair Value Measurements There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021. Other Financial Instruments Financial instruments that we recognize in our balance sheets at their carrying amounts are shown in the following table along with their associated fair values (in millions): March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 2,638 $ 2,638 $ 4,122 $ 4,122 Financial liabilities: Debt (excluding finance lease obligations) Level 2 11,195 11,952 11,950 13,668

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. 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 the Renewable and Low-Carbon Fuel Blending 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 11), 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 feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, 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 (Board). 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 purchases and/or product 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 product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of March 31, 2022, 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 2022 2023 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 1,634 — Futures – short 4,617 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 77,765 6 Futures – short 79,740 — Corn: Futures – long 70,295 205 Futures – short 119,175 1,580 Physical contracts – long 46,597 1,391 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our foreign 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 often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of March 31, 2022, we had foreign currency contracts to purchase $709 million of U.S. dollars and $3.1 billion of U.S. dollar equivalent Canadian dollars. Of these commitments, $1.8 billion matured on or before April 25, 2022 and the remaining $2.0 billion will mature by June 16, 2022. Renewable and Low-Carbon Fuel Blending Programs Price Risk We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Blending Programs. To manage this risk, we enter into contracts to purchase these credits. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. The Renewable and Low-Carbon Fuel Blending Programs require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree we are unable to blend at the required quotas, we must purchase compliance credits (primarily renewable identification numbers (RINs)). For the three months ended March 31, 2022 and 2021, the cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Blending Programs was $302 million and $395 million, respectively, which are reflected in cost of materials and other. Fair Values of Derivative Instruments The following tables provide information about the fair values of our derivative instruments as of March 31, 2022 and December 31, 2021 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, 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 March 31, 2022 December 31, 2021 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 94 $ 220 $ 3 $ 26 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 1,721 $ 2,203 $ 519 $ 446 Physical purchase contracts Inventories 24 2 4 5 Foreign currency contracts Receivables, net 48 — 1 — Foreign currency contracts Accrued expenses — 7 — 10 Total $ 1,793 $ 2,212 $ 524 $ 461 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. 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 loss recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended 2022 2021 Commodity contracts: Loss recognized in other comprehensive income (loss) on derivatives n/a $ (164) $ (13) Loss reclassified from accumulated other comprehensive loss into income Revenues (119) (23) 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 months ended March 31, 2022 and 2021. For the three months ended March 31, 2022 and 2021, cash flow hedges primarily related to forward sales of renewable diesel. The estimated deferred after-tax loss 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 March 31, 2022 was immaterial. For the three months ended March 31, 2022 and 2021, there were no amounts reclassified from accumulated other comprehensive loss into income as a result of the discontinuance of cash flow hedge accounting. The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2022 and 2021 are described in Note 5. The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to 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 2022 2021 Commodity contracts Revenues $ (4) $ 7 Commodity contracts Cost of materials and other (595) (78) Commodity contracts Operating expenses 3 1 Foreign currency contracts Cost of materials and other (2) (8) Foreign currency contracts Other income (expense), net 34 30

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both 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 GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of our results for the three months ended March 31, 2022 have been included. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The financial statements presented herein should be read in conjunction with the financial statements included in our annual report on Form 10-K for the year ended December 31, 2021. The balance sheet as of December 31, 2021 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, 2021.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with 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.
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 nonconsolidated 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 the Renewable and Low-Carbon Fuel Blending 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 11), 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.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,068 $ 1,995 Refined petroleum products and blendstocks 4,199 3,567 Renewable diesel feedstocks and products 245 135 Ethanol feedstocks and products 364 273 Materials and supplies 298 295 Inventories $ 7,174 $ 6,265

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt repurchased and retired	The proceeds and cash on hand were used to repurchase and retire the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions): Debt Repurchased and Retired Principal 3.65% Senior Notes due 2025 $ 72 2.850% Senior Notes due 2025 507 4.375% VLP Senior Notes due 2026 168 3.400% Senior Notes due 2026 653 Total $ 1,400
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2022 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 615 $ 3,385 Canadian Revolver C$ 150 November 2022 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2022 $ — n/a $ 1,300 Letter of credit facility $ 50 November 2022 n/a $ — $ 50 Committed facilities of VIEs (b): DGD Revolver (c) $ 400 March 2024 $ 100 $ 15 $ 285 DGD Loan Agreement (d) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (e) $ 830 February 2028 $ 692 n/a $ 138 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 834 n/a ________________________ (a) Letters of credit issued as of March 31, 2022 expire at various times in 2022 through 2023. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the DGD Revolver was 2.140 percent and 1.860 percent as of March 31, 2022 and December 31, 2021, respectively. (d) In March 2022, the maturity date of this facility was extended to April 2023. The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. The variable interest rate on the DGD Loan Agreement was 2.735 percent and 2.603 percent as of March 31, 2022 and December 31, 2021, respectively. (e) The variable interest rate on the IEnova Revolver was 3.864 percent and 3.781 percent as of March 31, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions): Three Months Ended 2022 2021 Borrowings: Accounts receivable sales facility $ 300 $ — DGD Revolver 99 — IEnova Revolver 28 8 Repayments: Accounts receivable sales facility (300) — DGD Revolver (99) — IEnova Revolver (15) —
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 2022 2021 Interest and debt expense $ 157 $ 164 Less: Capitalized interest 12 15 Interest and debt expense, net of capitalized interest $ 145 $ 149

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of changes in accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2022 2021 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (562) $ (441) $ (5) $ (1,008) $ (515) $ (737) $ (2) $ (1,254) Other comprehensive income (loss) before reclassifications 13 (3) (64) (54) 76 1 (5) 72 Amounts reclassified from accumulated other comprehensive loss — 7 46 53 — 8 9 17 Other comprehensive income (loss) 13 4 (18) (1) 76 9 4 89 Balance as of end of period $ (549) $ (437) $ (23) $ (1,009) $ (439) $ (728) $ 2 $ (1,165)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total March 31, 2022 Assets Cash and cash equivalents $ 142 $ — $ 15 $ 157 Other current assets 702 11 17 730 Property, plant, and equipment, net 2,854 659 92 3,605 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 470 $ 716 $ 8 $ 1,194 Debt and finance lease obligations, less current portion 261 — 19 280 DGD Central Other Total December 31, 2021 Assets Cash and cash equivalents $ 21 $ — $ 15 $ 36 Other current assets 558 10 13 581 Property, plant, and equipment, net 2,629 676 91 3,396 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 398 $ 729 $ 9 $ 1,136 Debt and finance lease obligations, less current portion 264 — 20 284

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 2022 2021 Three months ended March 31 Service cost $ 38 $ 40 $ 2 $ 2 Interest cost 21 18 2 2 Expected return on plan assets (48) (48) — — Amortization of: Net actuarial loss 13 20 — — Prior service credit (4) (4) (1) (2) Net periodic benefit cost $ 20 $ 26 $ 3 $ 2

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of earnings (loss) per common share, basic and diluted	Earnings (loss) per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2022 2021 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 905 $ (704) Less: Income allocated to participating securities 3 1 Net income (loss) available to common stockholders $ 902 $ (705) Weighted-average common shares outstanding 408 407 Earnings (loss) per common share $ 2.21 $ (1.73) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 905 $ (704) Less: Income allocated to participating securities 3 1 Net income (loss) available to common stockholders $ 902 $ (705) Weighted-average common shares outstanding 408 407 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 408 407 Earnings (loss) per common share – assuming dilution $ 2.21 $ (1.73)

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 8,395 $ 6,228 Contract liabilities, included in accrued expenses 164 78
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 March 31, 2022 Revenues: Revenues from external customers $ 36,813 $ 595 $ 1,134 $ — $ 38,542 Intersegment revenues 4 386 127 (517) — Total revenues 36,817 981 1,261 (517) 38,542 Cost of sales: Cost of materials and other (a) 33,606 755 1,104 (516) 34,949 Operating expenses (excluding depreciation and amortization expense reflected below) 1,193 51 135 — 1,379 Depreciation and amortization expense 549 26 20 — 595 Total cost of sales 35,348 832 1,259 (516) 36,923 Other operating expenses 18 — 1 — 19 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 205 205 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 1,451 $ 149 $ 1 $ (217) $ 1,384 Three months ended March 31, 2021 Revenues: Revenues from external customers $ 19,469 $ 352 $ 985 $ — $ 20,806 Intersegment revenues 3 79 60 (142) — Total revenues 19,472 431 1,045 (142) 20,806 Cost of sales: Cost of materials and other (a) 18,022 187 924 (141) 18,992 Operating expenses (excluding depreciation and amortization expense reflected below) 1,471 29 156 — 1,656 Depreciation and amortization expense 533 12 21 — 566 Total cost of sales 20,026 228 1,101 (141) 21,214 Other operating expenses 38 — — — 38 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 208 208 Depreciation and amortization expense — — — 12 12 Operating income (loss) by segment $ (592) $ 203 $ (56) $ (221) $ (666) ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2022 2021 Refining: Gasolines and blendstocks $ 15,560 $ 8,729 Distillates 17,444 8,581 Other product revenues 3,809 2,159 Total refining revenues 36,813 19,469 Renewable Diesel: Renewable diesel 595 352 Ethanol: Ethanol 875 752 Distillers grains 259 233 Total ethanol revenues 1,134 985 Revenues $ 38,542 $ 20,806 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 51,071 $ 47,365 Renewable Diesel 3,933 3,437 Ethanol 1,780 1,812 Corporate and eliminations 3,618 5,274 Total assets $ 60,402 $ 57,888

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by (used in) operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2022 2021 Decrease (increase) in current assets: Receivables, net $ (2,653) $ (2,946) Inventories (940) 175 Prepaid expenses and other (77) (24) Increase (decrease) in current liabilities: Accounts payable 2,744 2,992 Accrued expenses (120) 105 Taxes other than income taxes payable 36 (144) Income taxes payable 288 26 Changes in current assets and current liabilities $ (722) $ 184 Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 93 $ 103 Income taxes paid, net 204 36 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2022 2021 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 97 $ 20 $ 100 $ 18 Financing cash flows — 41 — 31 Changes in lease balances resulting from new and modified leases 79 100 72 7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2022 and December 31, 2021. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 1,815 $ — $ — $ 1,815 $ (1,811) $ — $ 4 $ — Physical purchase contracts — 24 — 24 n/a n/a 24 n/a Foreign currency contracts 48 — — 48 n/a n/a 48 n/a Investments of certain benefit plans 79 — 6 85 n/a n/a 85 n/a Total $ 1,942 $ 24 $ 6 $ 1,972 $ (1,811) $ — $ 161 Liabilities Commodity derivative contracts $ 2,423 $ — $ — $ 2,423 $ (1,811) $ (612) $ — $ (194) Blending program obligations — 18 — 18 n/a n/a 18 n/a Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 2,430 $ 20 $ — $ 2,450 $ (1,811) $ (612) $ 27 December 31, 2021 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 522 $ — $ — $ 522 $ (444) $ (15) $ 63 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 1 — — 1 n/a n/a 1 n/a Investments of certain benefit plans 83 — 6 89 n/a n/a 89 n/a Total $ 606 $ 4 $ 6 $ 616 $ (444) $ (15) $ 157 Liabilities Commodity derivative contracts $ 472 $ — $ — $ 472 $ (444) $ (28) $ — $ (41) Blending program obligations — 57 — 57 n/a n/a 57 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 10 — — 10 n/a n/a 10 n/a Total $ 482 $ 62 $ — $ 544 $ (444) $ (28) $ 72
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): March 31, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 2,638 $ 2,638 $ 4,122 $ 4,122 Financial liabilities: Debt (excluding finance lease obligations) Level 2 11,195 11,952 11,950 13,668

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2022, 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 2022 2023 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 1,634 — Futures – short 4,617 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 77,765 6 Futures – short 79,740 — Corn: Futures – long 70,295 205 Futures – short 119,175 1,580 Physical contracts – long 46,597 1,391
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of March 31, 2022 and December 31, 2021 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, 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 March 31, 2022 December 31, 2021 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 94 $ 220 $ 3 $ 26 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 1,721 $ 2,203 $ 519 $ 446 Physical purchase contracts Inventories 24 2 4 5 Foreign currency contracts Receivables, net 48 — 1 — Foreign currency contracts Accrued expenses — 7 — 10 Total $ 1,793 $ 2,212 $ 524 $ 461
Effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the loss recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended 2022 2021 Commodity contracts: Loss recognized in other comprehensive income (loss) on derivatives n/a $ (164) $ (13) Loss reclassified from accumulated other comprehensive loss into income Revenues (119) (23) The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to 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 2022 2021 Commodity contracts Revenues $ (4) $ 7 Commodity contracts Cost of materials and other (595) (78) Commodity contracts Operating expenses 3 1 Foreign currency contracts Cost of materials and other (2) (8) Foreign currency contracts Other income (expense), net 34 30

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Schedule of Inventories
Refinery feedstocks	$ 2,068	$ 1,995
Refined petroleum products and blendstocks	4,199	3,567
Renewable diesel feedstocks and products	245	135
Ethanol feedstocks and products	364	273
Materials and supplies	298	295
Inventories	7,174	6,265
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	9,300	5,200
Amount of non-LIFO inventory	$ 1,600	$ 1,400

Debt, Public Debt (Details)

Debt, Public Debt (Details) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021
Public Debt (Textual)
Loss on early retirement of debt		$ 50,000,000	$ 0
Premiums paid		$ 48,000,000	$ 0
Senior Notes [Member]
Debt Repurchased and Retired
Debt repurchased and retired amount	$ 1,400,000,000
Public Debt (Textual)
Loss on early retirement of debt	50,000,000
Premiums paid	$ 48,000,000
Senior Notes [Member] | 4.000% Valero Senior Notes Due June 1, 2052 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	4.00%
Public Debt (Textual)
Face amount of long-term debt issuance	$ 650,000,000
Proceeds from issuance of senior long-term debt	$ 639,000,000
Senior Notes [Member] | 3.65% Valero Senior Notes Due in 2025 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	3.65%
Debt repurchased and retired amount	$ 72,000,000
Senior Notes [Member] | 2.850% Valero Senior Notes Due in 2025 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	2.85%
Debt repurchased and retired amount	$ 507,000,000
Senior Notes [Member] | 4.375% VLP Senior Notes Due in 2026 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	4.375%
Debt repurchased and retired amount	$ 168,000,000
Senior Notes [Member] | 3.400% Valero Senior Notes Due in 2026 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	3.40%
Debt repurchased and retired amount	$ 653,000,000

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Mar. 31, 2022USD ($)	Mar. 31, 2022CAD ($)	Dec. 31, 2021
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		$ 4,000,000,000
Outstanding borrowings, long term		0
Availability		3,385,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	615,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 150,000,000
Outstanding borrowings, short-term			0
Availability			$ 145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		1,300,000,000
Outstanding borrowings, short-term		0
Availability		1,300,000,000
Committed Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		50,000,000
Letters of credit issued	[1]	0
Availability		50,000,000
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[3]	400,000,000
Outstanding borrowings, long term	[2],[3]	100,000,000
Availability	[2],[3]	$ 285,000,000
Interest rate at period end (percent)		2.14%	2.14%	1.86%
DGD Revolver Letter Of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Letters of credit issued	[1],[2],[3]	$ 15,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation
Line of Credit Facility
Facility amount	[2],[4]	25,000,000
Outstanding borrowings, long term	[2],[4]	25,000,000
Availability	[2],[4]	$ 0
Interest rate at period end (percent)		2.735%	2.735%	2.603%
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[5]	$ 830,000,000
Outstanding borrowings, long term	[2],[5]	692,000,000
Availability	[2],[5]	$ 138,000,000
Interest rate at period end (percent)		3.864%	3.864%	3.781%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 834,000,000
[1]	Letters of credit issued as of March 31, 2022 expire at various times in 2022 through 2023.
[2]	Creditors of the VIEs do not have recourse against us.
[3]	The variable interest rate on the DGD Revolver was 2.140 percent and 1.860 percent as of March 31, 2022 and December 31, 2021, respectively.
[4]	In March 2022, the maturity date of this facility was extended to April 2023. The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. The variable interest rate on the DGD Loan Agreement was 2.735 percent and 2.603 percent as of March 31, 2022 and December 31, 2021, respectively.
[5]	The variable interest rate on the IEnova Revolver was 3.864 percent and 3.781 percent as of March 31, 2022 and December 31, 2021, respectively.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 300	$ 0
Repayments, short-term credit facilities	(300)	0
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	99	0
Repayments, long-term credit facilities	(99)	0
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	28	8
Repayments, long-term credit facilities	$ (15)	$ 0

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 157	$ 164
Less: Capitalized interest	12	15
Interest and debt expense, net of capitalized interest	$ 145	$ 149

Equity, Narrative (Details)

Equity, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity (Textual)
Open market stock purchases	$ 126
Remaining authorized repurchase amount	$ 1,200
Treasury Stock [Member]
Equity (Textual)
Stock purchases under purchase program (shares)	1,334,550	0
Open market stock purchases	$ 126

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Beginning balance, accumulated other comprehensive loss, net of tax	$ 18,430
Other comprehensive income (loss) before reclassifications	(54)	$ 72
Amounts reclassified from accumulated other comprehensive loss	53	17
Other comprehensive income (loss)	(1)	89
Ending balance, accumulated other comprehensive loss, net of tax	18,821
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	(1,008)	(1,254)
Ending balance, accumulated other comprehensive loss, net of tax	(1,009)	(1,165)
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	(562)	(515)
Other comprehensive income (loss) before reclassifications	13	76
Amounts reclassified from accumulated other comprehensive loss	0	0
Other comprehensive income (loss)	13	76
Ending balance, accumulated other comprehensive loss, net of tax	(549)	(439)
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	(441)	(737)
Other comprehensive income (loss) before reclassifications	(3)	1
Amounts reclassified from accumulated other comprehensive loss	7	8
Other comprehensive income (loss)	4	9
Ending balance, accumulated other comprehensive loss, net of tax	(437)	(728)
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	(5)	(2)
Other comprehensive income (loss) before reclassifications	(64)	(5)
Amounts reclassified from accumulated other comprehensive loss	46	9
Other comprehensive income (loss)	(18)	4
Ending balance, accumulated other comprehensive loss, net of tax	$ (23)	$ 2

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 2,638	$ 4,122
Property, plant, and equipment, net	30,876	30,847
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	19,785	16,851
Debt and finance lease obligations, less current portion	11,866	12,606
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	157	36
Other current assets	730	581
Property, plant, and equipment, net	3,605	3,396
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	1,194	1,136
Debt and finance lease obligations, less current portion	280	284
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	142	21
Other current assets	702	558
Property, plant, and equipment, net	2,854	2,629
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	470	398
Debt and finance lease obligations, less current portion	261	264
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	11	10
Property, plant, and equipment, net	659	676
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	716	729
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	15	15
Other current assets	17	13
Property, plant, and equipment, net	92	91
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	8	9
Debt and finance lease obligations, less current portion	$ 19	$ 20

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 38	$ 40
Interest cost	21	18
Expected return on plan assets	(48)	(48)
Amortization of:
Net actuarial loss	13	20
Prior service credit	(4)	(4)
Net periodic benefit cost	20	26
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	2	2
Interest cost	2	2
Expected return on plan assets	0	0
Amortization of:
Net actuarial loss	0	0
Prior service credit	(1)	(2)
Net periodic benefit cost	$ 3	$ 2

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$ 905	$ (704)
Less: Income allocated to participating securities	3	1
Net income (loss) available to common stockholders	$ 902	$ (705)
Weighted-average common shares outstanding (in shares)	408	407
Earnings (loss) per common share (in dollars per share)	$ 2.21	$ (1.73)
Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$ 905	$ (704)
Less: Income allocated to participating securities	3	1
Net income (loss) available to common stockholders	$ 902	$ (705)
Weighted-average common shares outstanding (in shares)	408	407
Effect of dilutive securities (in shares)	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	408	407
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ 2.21	$ (1.73)

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract liabilities, included in accrued expenses	$ 164		$ 78
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	69	$ 37
Receivables from Contracts with Customers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from contracts with customers, included in receivables, net	$ 8,395		$ 6,228

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended
		Mar. 31, 2022USD ($)segment	Mar. 31, 2021USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 38,542	$ 20,806
Cost of sales:
Cost of materials and other	[2]	34,949	18,992
Operating expenses (excluding depreciation and amortization expense reflected below)		1,379	1,656
Depreciation and amortization expense		595	566
Total cost of sales		36,923	21,214
Other operating expenses		19	38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		205	208
Depreciation and amortization expense		11	12
Operating income (loss)		$ 1,384	(666)
Segment Information (Textual)
Number of reportable segments | segment		3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (517)	(142)
Cost of sales:
Operating income (loss)		(217)	(221)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		205	208
Depreciation and amortization expense		11	12
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(517)	(142)
Cost of sales:
Cost of materials and other	[2]	(516)	(141)
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Total cost of sales		(516)	(141)
Other operating expenses		0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		36,813	19,469
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		36,817	19,472
Cost of sales:
Cost of materials and other	[2]	33,606	18,022
Operating expenses (excluding depreciation and amortization expense reflected below)		1,193	1,471
Depreciation and amortization expense		549	533
Total cost of sales		35,348	20,026
Other operating expenses		18	38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		1,451	(592)
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		4	3
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		595	352
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		981	431
Cost of sales:
Cost of materials and other	[2]	755	187
Operating expenses (excluding depreciation and amortization expense reflected below)		51	29
Depreciation and amortization expense		26	12
Total cost of sales		832	228
Other operating expenses		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		149	203
Segment Information (Textual)
Blender's tax credit		156	79
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		386	79
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,134	985
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,261	1,045
Cost of sales:
Cost of materials and other	[2]	1,104	924
Operating expenses (excluding depreciation and amortization expense reflected below)		135	156
Depreciation and amortization expense		20	21
Total cost of sales		1,259	1,101
Other operating expenses		1	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income (loss)		1	(56)
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 127	$ 60
[1]	Includes excise taxes on sales by certain of our foreign operations of $1,423 million and $1,120 million for the three months ended March 31, 2022 and 2021, respectively
[2]	Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Revenue by Segment
Revenues	[1]	$ 38,542	$ 20,806
Refining [Member]
Revenue by Segment
Revenues		36,813	19,469
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		15,560	8,729
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		17,444	8,581
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		3,809	2,159
Renewable Diesel [Member]
Revenue by Segment
Revenues		595	352
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		595	352
Ethanol [Member]
Revenue by Segment
Revenues		1,134	985
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		875	752
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 259	$ 233
[1]	Includes excise taxes on sales by certain of our foreign operations of $1,423 million and $1,120 million for the three months ended March 31, 2022 and 2021, respectively

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Total Assets by Reportable Segment
Reportable segment assets	$ 60,402	$ 57,888
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	3,618	5,274
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	51,071	47,365
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	3,933	3,437
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,780	$ 1,812

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Decrease (increase) in current assets:
Receivables, net	$ (2,653)	$ (2,946)
Inventories	(940)	175
Prepaid expenses and other	(77)	(24)
Increase (decrease) in current liabilities:
Accounts payable	2,744	2,992
Accrued expenses	(120)	105
Taxes other than income taxes payable	36	(144)
Income taxes payable	288	26
Changes in current assets and current liabilities	(722)	184
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases	93	103
Income taxes paid, net	204	36
Operating cash flows
Operating Leases	97	100
Finance Leases	20	18
Financing cash flows
Finance Leases	41	31
Changes in lease balances resulting from new and modified leases, Operating Leases	79	72
Changes in lease balances resulting from new and modified leases, Finance Leases	$ 100	$ 7

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Total gross fair value, assets	$ 1,972	$ 616
Effect of counterparty netting	(1,811)	(444)
Effect of cash collateral netting	0	(15)
Net carrying value on Balance Sheet, assets	161	157
Liabilities
Blending program obligations	18	57
Total gross fair value, liabilities	2,450	544
Effect of counterparty netting	(1,811)	(444)
Effect of cash collateral netting	(612)	(28)
Net carrying value on Balance Sheet, liabilities	27	72
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	85	89
Commodity Contracts [Member]
Assets
Derivative contracts	1,815	522
Effect of counterparty netting	(1,811)	(444)
Effect of cash collateral netting	0	(15)
Derivative contracts, net assets	4	63
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	2,423	472
Effect of counterparty netting	(1,811)	(444)
Effect of cash collateral netting	(612)	(28)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(194)	(41)
Physical Purchase Contracts [Member]
Assets
Derivative contracts	24	4
Derivative contracts, net assets	24	4
Liabilities
Derivative contracts	2	5
Derivative contracts, net liabilities	2	5
Foreign Currency Contracts [Member]
Assets
Derivative contracts	48	1
Derivative contracts, net assets	48	1
Liabilities
Derivative contracts	7	10
Derivative contracts, net liabilities	7	10
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	1,942	606
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	2,430	482
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	79	83
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	1,815	522
Liabilities
Derivative contracts	2,423	472
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts	48	1
Liabilities
Derivative contracts	7	10
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	24	4
Liabilities
Blending program obligations	18	57
Total gross fair value, liabilities	20	62
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	24	4
Liabilities
Derivative contracts	2	5
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	6	6
Liabilities
Blending program 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	6	6
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	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 ($)	Mar. 31, 2022	Dec. 31, 2021
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Other

Fair Value Measurements, Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Cash and cash equivalents, at carrying amount	$ 2,638	$ 4,122
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	11,195	11,950
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents, at fair value	2,638	4,122
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 11,952	$ 13,668

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2022USD ($)MBblsbu	Mar. 31, 2021USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 34,949	$ 18,992
Renewable And Low-Carbon Fuel Blending Programs
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 302	$ 395
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2022 Maturity [Member] | Long (Purchases) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		1,634
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2022 Maturity [Member] | Short (Sales) [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		4,617
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Future, 2023 Maturity [Member] | Long (Purchases) [Member] | Refined Petroleum Products (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, 2023 Maturity [Member] | Short (Sales) [Member] | 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] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		77,765
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		70,295
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		79,740
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		119,175
Derivatives Designated as Economic Hedges [Member] | Future, 2023 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		6
Derivatives Designated as Economic Hedges [Member] | Future, 2023 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		205
Derivatives Designated as Economic Hedges [Member] | Future, 2023 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, 2023 Maturity [Member] | Short (Sales) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		1,580
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		46,597
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2023 Maturity [Member] | Long (Purchases) [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		1,391
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 709
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 | $		3,100
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before April 25, 2022 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		1,800
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by June 16, 2022 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 2,000
[1]	Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $156 million and $79 million for the three months ended March 31, 2022 and 2021, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	$ 94	$ 3
Derivative asset, fair value, gross liability	220	26
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1,793	524
Derivative liability, fair value, gross liability	2,212	461
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1,721	519
Derivative asset, fair value, gross liability	2,203	446
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	24	4
Derivative asset, fair value, gross liability	2	5
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	48	1
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	$ 7	$ 10

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Loss recognized in other comprehensive income (loss) on derivatives	$ (164)	$ (13)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Loss reclassified from accumulated other comprehensive loss into income	(119)	(23)
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)	7
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	(595)	(78)
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	3	1
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	(2)	(8)
Foreign Currency Contracts [Member] | Other Income (Expense), Net [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 34	$ 30