Valero Energy (VLO) 10-Q 28 Jul 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 22, 2022
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Jun. 30, 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		393,970,342
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2022
Document fiscal period focus	Q2
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,392	$ 4,122
Receivables, net	14,439	10,378
Inventories	7,147	6,265
Prepaid expenses and other	431	400
Total current assets	27,409	21,165
Property, plant, and equipment, at cost	49,602	49,072
Accumulated depreciation	(18,848)	(18,225)
Property, plant, and equipment, net	30,754	30,847
Deferred charges and other assets, net	6,182	5,876
Total assets	64,345	57,888
Current liabilities:
Current portion of debt and finance lease obligations	1,022	1,264
Accounts payable	16,643	12,495
Accrued expenses	1,112	1,253
Taxes other than income taxes payable	1,599	1,461
Income taxes payable	1,593	378
Total current liabilities	21,969	16,851
Debt and finance lease obligations, less current portion	11,858	12,606
Deferred income tax liabilities	4,792	5,210
Other long-term liabilities	2,993	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	6,845	6,827
Treasury stock, at cost; 279,531,760 and 264,305,955 common shares	(17,537)	(15,677)
Retained earnings	33,079	28,281
Accumulated other comprehensive loss	(1,425)	(1,008)
Total Valero Energy Corporation stockholders’ equity	20,969	18,430
Noncontrolling interests	1,764	1,387
Total equity	22,733	19,817
Total liabilities and equity	$ 64,345	$ 57,888

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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	279,531,760	264,305,955

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues	[1]	$ 51,641	$ 27,748	$ 90,183	$ 48,554
Cost of sales:
Cost of materials and other	[2]	42,946	25,249	77,895	44,241
Operating expenses (excluding depreciation and amortization expense reflected below)		1,626	1,214	3,005	2,870
Depreciation and amortization expense		590	576	1,185	1,142
Total cost of sales		45,162	27,039	82,085	48,253
Other operating expenses		15	12	34	50
General and administrative expenses (excluding depreciation and amortization expense reflected below)		233	176	438	384
Depreciation and amortization expense		12	12	23	24
Operating income (loss)		6,219	509	7,603	(157)
Other income, net		33	102	13	147
Interest and debt expense, net of capitalized interest		(142)	(150)	(287)	(299)
Income (loss) before income tax expense		6,110	461	7,329	(309)
Income tax expense		1,342	169	1,594	21
Net income (loss)		4,768	292	5,735	(330)
Less: Net income attributable to noncontrolling interests		75	130	137	212
Net income (loss) attributable to Valero Energy Corporation stockholders		$ 4,693	$ 162	$ 5,598	$ (542)
Earnings (loss) per common share (in dollars per share)		$ 11.58	$ 0.39	$ 13.75	$ (1.34)
Weighted-average common shares outstanding (in shares)		404	407	406	407
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ 11.57	$ 0.39	$ 13.74	$ (1.34)
Weighted-average common shares outstanding – assuming dilution (in shares)		404	407	406	407
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,254	$ 1,422	$ 2,677	$ 2,542
[1]Includes excise taxes on sales by certain of our foreign operations of $1,254 million and $1,422 million for the three months ended June 30, 2022 and 2021, respectively, and $2,677 million and $2,542 million for the six months ended June 30, 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 $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 2022 and 2021, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net income (loss)	$ 4,768	$ 292	$ 5,735	$ (330)
Other comprehensive income (loss):
Foreign currency translation adjustment	(442)	69	(429)	145
Net gain on pension and other postretirement benefits	9	13	17	28
Net gain (loss) on cash flow hedges	50	(7)	5	3
Other comprehensive income (loss) before income tax expense	(383)	75	(407)	176
Income tax expense related to items of other comprehensive income (loss)	7	2	7	9
Other comprehensive income (loss)	(390)	73	(414)	167
Comprehensive income (loss)	4,378	365	5,321	(163)
Less: Comprehensive income attributable to noncontrolling interests	101	127	140	214
Comprehensive income (loss) attributable to Valero Energy Corporation stockholders	$ 4,277	$ 238	$ 5,181	$ (377)

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)	(330)	(542)				(542)		212
Dividends on common stock	(801)	(801)				(801)
Stock-based compensation expense	41	41		41
Transactions in connection with stock-based compensation plans	2	2		(36)	38
Purchases of common stock for treasury	(15)	(15)			(15)
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	167	165					165	2
Balance as of end of period at Jun. 30, 2021	18,704	17,651	7	6,819	(15,696)	27,610	(1,089)	1,053
Balance as of beginning of period at Mar. 31, 2021	18,727	17,801	7	6,810	(15,700)	27,849	(1,165)	926
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	292	162				162		130
Dividends on common stock	(401)	(401)				(401)
Stock-based compensation expense	13	13		13
Transactions in connection with stock-based compensation plans	1	1		(4)	5
Purchases of common stock for treasury	(1)	(1)			(1)
Other comprehensive income (loss)	73	76					76	(3)
Balance as of end of period at Jun. 30, 2021	18,704	17,651	7	6,819	(15,696)	27,610	(1,089)	1,053
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)	5,735	5,598				5,598		137
Dividends on common stock	(800)	(800)				(800)
Stock-based compensation expense	47	47		47
Transactions in connection with stock-based compensation plans	3	3		(29)	32
Purchases of common stock for treasury	(1,892)	(1,892)			(1,892)
Contributions from noncontrolling interests	240							240
Distributions to noncontrolling interests	(3)							(3)
Other comprehensive income (loss)	(414)	(417)					(417)	3
Balance as of end of period at Jun. 30, 2022	22,733	20,969	7	6,845	(17,537)	33,079	(1,425)	1,764
Balance as of beginning of period at Mar. 31, 2022	20,410	18,821	7	6,832	(15,794)	28,785	(1,009)	1,589
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income (loss)	4,768	4,693				4,693		75
Dividends on common stock	(399)	(399)				(399)
Stock-based compensation expense	15	15		15
Transactions in connection with stock-based compensation plans	3	3		(2)	5
Purchases of common stock for treasury	(1,748)	(1,748)			(1,748)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(1)							(1)
Other comprehensive income (loss)	(390)	(416)					(416)	26
Balance as of end of period at Jun. 30, 2022	$ 22,733	$ 20,969	$ 7	$ 6,845	$ (17,537)	$ 33,079	$ (1,425)	$ 1,764

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 0.98	$ 0.98	$ 1.96	$ 1.96

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 5,735	$ (330)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	1,208	1,166
Loss on early retirement of debt	50	0
Gain on sale of assets	0	(62)
Deferred income tax benefit	(333)	(136)
Changes in current assets and current liabilities	(128)	1,251
Changes in deferred charges and credits and other operating activities, net	(99)	67
Net cash provided by operating activities	6,433	1,956
Cash flows from investing activities:
Proceeds from sale of assets	32	270
Investments in nonconsolidated joint ventures	(1)	(9)
Other investing activities, net	4	24
Net cash used in investing activities	(1,460)	(836)
Cash flows from financing activities:
Premiums paid on early retirement of debt	(48)	0
Purchases of common stock for treasury	(1,892)	(15)
Common stock dividend payments	(800)	(801)
Contributions from noncontrolling interests	240	0
Distributions to noncontrolling interests	(3)	(2)
Other financing activities, net	(5)	2
Net cash used in financing activities	(3,642)	(866)
Effect of foreign exchange rate changes on cash	(61)	5
Net increase in cash and cash equivalents	1,270	259
Cash and cash equivalents at beginning of period	4,122	3,313
Cash and cash equivalents at end of period	5,392	3,572
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(324)	(261)
Deferred turnaround and catalyst cost expenditures	(681)	(426)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,439	0
Repayments of debt and finance lease obligations	(2,580)	(63)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(458)	(398)
Deferred turnaround and catalyst cost expenditures	(13)	(1)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	359	0
Repayments of debt and finance lease obligations	(365)	0
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(19)	(35)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	46	16
Repayments of debt and finance lease obligations	$ (33)	$ (3)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 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, these interim financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods 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	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
UNCERTAINTIES	2. UNCERTAINTIES During the three and six months ended June 30, 2022, our results were favorably impacted by the effect from the ongoing recovery in the worldwide demand for petroleum-based transportation fuels while the worldwide supply of those products was constrained. This supply and demand imbalance has contributed to increases in the market prices of the petroleum-based transportation fuels that we produce (as well as crude oil and other feedstocks that are processed to make these products) and in refining margins. Factors contributing to the supply and demand imbalance and the associated volatility in market prices, among others, are the loss of refining capacity resulting from refinery closures and the transition of refineries to renewable fuel production, and the Russia-Ukraine conflict. The Russia-Ukraine conflict, which began in February 2022, has exacerbated the fuel supply imbalance as a result of changes in trade flows of crude oil and petroleum-based products as countries and private market participants responded to the conflict by taking actions to refrain from purchasing and transporting Russian crude oil and petroleum-based products. Many uncertainties remain with respect to the supply and demand imbalance and the resulting volatility in market prices for petroleum-based transportation fuels (including the potential negative impacts on the demand for those products due to the continued volatility in market prices), the current inflationary environment, and the possible responses from governmental authorities to new variants of the COVID-19 virus that could negatively affect the demand and market prices for our products and the worldwide economy. Developments with respect to the uncertainties described above 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.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 1,888 $ 1,995 Refined petroleum products and blendstocks 4,328 3,567 Renewable diesel feedstocks and products 319 135 Ethanol feedstocks and products 315 273 Materials and supplies 297 295 Inventories $ 7,147 $ 6,265 As of June 30, 2022 and December 31, 2021, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $9.7 billion and $5.2 billion, respectively. Our non-LIFO inventories accounted for $1.5 billion and $1.4 billion of our total inventories as of June 30, 2022 and December 31, 2021, respectively.

Property, Plant, and Equipment

Property, Plant, and Equipment	6 Months Ended
	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT	4. PROPERTY, PLANT, AND EQUIPMENT In June 2022, we sold our ethanol plant in Jefferson, Wisconsin for $32 million, which resulted in a gain of $23 million that is included in depreciation and amortization expense for the three and six months ended June 30, 2022. The Jefferson plant was temporarily idled in 2020 at the onset of the COVID-19 pandemic in response to the decreased demand for ethanol resulting from the effects of the pandemic on our business, and we had previously evaluated this plant for potential impairment assuming that operations would resume. However, we completed an evaluation of the plant during the third quarter of 2021 and concluded that it was no longer a strategic asset for our ethanol business. The plant’s operations permanently ceased at that time.

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	5. DEBT Public Debt In June 2022, we reduced our debt through the acquisition of the $300 million of 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 (GO Zone Bonds) that are due December 1, 2040, but were subject to mandatory tender on June 1, 2022. We have the option to effectuate a remarketing of these bonds. 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, net” primarily comprised of $48 million of premiums paid. During the six months ended June 30, 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): June 30, 2022 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 912 $ 3,088 Canadian Revolver C$ 150 November 2022 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2022 $ — n/a $ 1,300 Letter of credit facility $ 50 November 2022 n/a $ — $ 50 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 March 2024 $ 100 $ 18 $ 282 DGD Loan Agreement (e) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (f) $ 830 February 2028 $ 695 n/a $ 135 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 1,448 n/a ________________________ (a) Letters of credit issued as of June 30, 2022 expire at various times in 2022 through 2023. (b) In July 2022, we extended the maturity date of this facility to July 2023. (c) Creditors of the VIEs do not have recourse against us. (d) The variable interest rate on the DGD Revolver was 3.030 percent and 1.860 percent as of June 30, 2022 and December 31, 2021, respectively. (e) 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 3.620 percent and 2.603 percent as of June 30, 2022 and December 31, 2021, respectively. (f) The variable interest rate on the IEnova Revolver was 4.617 percent and 3.781 percent as of June 30, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions): Six Months Ended 2022 2021 Borrowings: Accounts receivable sales facility $ 800 $ — DGD Revolver 359 — IEnova Revolver 46 16 Repayments: Accounts receivable sales facility (800) — DGD Revolver (359) — IEnova Revolver (30) — Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest and debt expense $ 156 $ 162 $ 313 $ 326 Less: Capitalized interest 14 12 26 27 Interest and debt expense, net of capitalized interest $ 142 $ 150 $ 287 $ 299

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
EQUITY	6. EQUITY Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs and with respect to our employee stock-based compensation plans. During the three and six months ended June 30, 2022, we purchased for treasury 14,211,408 shares for $1.7 billion and 15,757,281 shares for $1.9 billion, respectively. During the three and six months ended June 30, 2021, we purchased for treasury 7,072 shares for $1 million and 228,060 shares for $15 million, respectively. On January 23, 2018, the Board authorized our purchase of up to $2.5 billion of our outstanding common stock with no expiration date (the 2018 Program), and we completed all authorized share purchases under that program during the three months ended June 30, 2022. On July 7, 2022, we announced that our Board authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date (the 2022 Program). Common Stock Dividends On July 21, 2022, our Board declared a quarterly cash dividend of $0.98 per common share payable on September 1, 2022 to holders of record at the close of business on August 4, 2022. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended June 30, 2022 2021 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (549) $ (437) $ (23) $ (1,009) $ (439) $ (728) $ 2 $ (1,165) Other comprehensive income (loss) before reclassifications (442) 1 (50) (491) 66 — (7) 59 Amounts reclassified from accumulated other comprehensive loss — 4 69 73 — 14 4 18 Effect of exchange rates — 2 — 2 — (1) — (1) Other comprehensive income (loss) (442) 7 19 (416) 66 13 (3) 76 Balance as of end of period $ (991) $ (430) $ (4) $ (1,425) $ (373) $ (715) $ (1) $ (1,089) Six Months Ended June 30, 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 (429) (2) (114) (545) 142 1 (12) 131 Amounts reclassified from accumulated other comprehensive loss — 11 115 126 — 22 13 35 Effect of exchange rates — 2 — 2 — (1) — (1) Other comprehensive income (loss) (429) 11 1 (417) 142 22 1 165 Balance as of end of period $ (991) $ (430) $ (4) $ (1,425) $ (373) $ (715) $ (1) $ (1,089)

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	7. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of June 30, 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 June 30, 2022 Assets Cash and cash equivalents $ 171 $ — $ 14 $ 185 Other current assets 835 8 25 868 Property, plant, and equipment, net 3,052 661 87 3,800 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 419 $ 718 $ 24 $ 1,161 Debt and finance lease obligations, less current portion 258 — — 258 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. On April 19, 2021, we sold a 24.99 percent membership interest in MVP Terminalling, LLC (MVP), a nonconsolidated joint venture with a subsidiary of Magellan Midstream Partners, L. P., for $270 million that resulted in a gain of $62 million, which is included in “other income, net” for the three and six months ended June 30, 2021. MVP owns and operates a marine terminal located on the Houston Ship Channel in Pasadena, Texas. We retained a 25.01 percent membership interest in MVP.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	8. 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 June 30 Service cost $ 39 $ 41 $ 1 $ 1 Interest cost 21 18 2 1 Expected return on plan assets (48) (48) — — Amortization of: Net actuarial loss 13 20 — — Prior service credit (5) (5) (1) (1) Special charges — 4 — — Net periodic benefit cost $ 20 $ 30 $ 2 $ 1 Six months ended June 30 Service cost $ 77 $ 81 $ 3 $ 3 Interest cost 42 36 4 3 Expected return on plan assets (96) (96) — — Amortization of: Net actuarial loss 26 40 — — Prior service credit (9) (9) (2) (3) Special charges — 4 — — Net periodic benefit cost $ 40 $ 56 $ 5 $ 3 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES Income Tax Expense There was no significant variation in the customary relationship between income tax expense and income before income tax expense for the three and six months ended June 30, 2022. During the three months ended June 30, 2021, certain statutory income tax rate changes (primarily an increase in the United Kingdom (U.K.) rate from 19 percent to 25 percent effective in 2023) were enacted that resulted in the remeasurement of our deferred tax liabilities. We recognized deferred income tax expense of $64 million during the three and six months ended June 30, 2021, which represented the net increase in our deferred tax liabilities resulting from the changes in the income tax rates.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER COMMON SHARE	10. 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 Six Months Ended 2022 2021 2022 2021 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 4,693 $ 162 $ 5,598 $ (542) Less: Income allocated to participating securities 17 2 20 3 Net income (loss) available to common stockholders $ 4,676 $ 160 $ 5,578 $ (545) Weighted-average common shares outstanding 404 407 406 407 Earnings (loss) per common share $ 11.58 $ 0.39 $ 13.75 $ (1.34) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 4,693 $ 162 $ 5,598 $ (542) Less: Income allocated to participating securities 17 2 20 3 Net income (loss) available to common stockholders $ 4,676 $ 160 $ 5,578 $ (545) Weighted-average common shares outstanding 404 407 406 407 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 404 407 406 407 Earnings (loss) per common share – assuming dilution $ 11.57 $ 0.39 $ 13.74 $ (1.34) 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	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	11. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): June 30, December 31, Receivables from contracts with customers, included in receivables, net $ 9,399 $ 6,228 Contract liabilities, included in accrued expenses 109 78 During the six months ended June 30, 2022 and 2021, we recognized as revenue $72 million and $40 million that was included in contract liabilities as of December 31, 2021 and 2020, respectively. Revenue recognized related to contract liabilities during the three months ended June 30, 2022 and 2021 was not material. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of June 30, 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 7, 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 June 30, 2022 Revenues: Revenues from external customers $ 49,495 $ 855 $ 1,291 $ — $ 51,641 Intersegment revenues 11 596 201 (808) — Total revenues 49,506 1,451 1,492 (808) 51,641 Cost of sales: Cost of materials and other (a) 41,313 1,213 1,226 (806) 42,946 Operating expenses (excluding depreciation and amortization expense reflected below) 1,402 58 167 (1) 1,626 Depreciation and amortization expense 565 28 (3) — 590 Total cost of sales 43,280 1,299 1,390 (807) 45,162 Other operating expenses 14 — 1 — 15 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 233 233 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 6,212 $ 152 $ 101 $ (246) $ 6,219 Three months ended June 30, 2021 Revenues: Revenues from external customers $ 25,968 $ 496 $ 1,284 $ — $ 27,748 Intersegment revenues 1 76 84 (161) — Total revenues 25,969 572 1,368 (161) 27,748 Cost of sales: Cost of materials and other (a) 24,000 281 1,130 (162) 25,249 Operating expenses (excluding depreciation and amortization expense reflected below) 1,064 31 119 — 1,214 Depreciation and amortization expense 544 12 20 — 576 Total cost of sales 25,608 324 1,269 (162) 27,039 Other operating expenses 12 — — — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 176 176 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 349 $ 248 $ 99 $ (187) $ 509 ________________________ See note (a) on page 20. Refining Renewable Ethanol Corporate Total Six months ended June 30, 2022 Revenues: Revenues from external customers $ 86,308 $ 1,450 $ 2,425 $ — $ 90,183 Intersegment revenues 15 982 328 (1,325) — Total revenues 86,323 2,432 2,753 (1,325) 90,183 Cost of sales: Cost of materials and other (a) 74,919 1,968 2,330 (1,322) 77,895 Operating expenses (excluding depreciation and amortization expense reflected below) 2,595 109 302 (1) 3,005 Depreciation and amortization expense 1,114 54 17 — 1,185 Total cost of sales 78,628 2,131 2,649 (1,323) 82,085 Other operating expenses 32 — 2 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 438 438 Depreciation and amortization expense — — — 23 23 Operating income by segment $ 7,663 $ 301 $ 102 $ (463) $ 7,603 Six months ended June 30, 2021 Revenues: Revenues from external customers $ 45,437 $ 848 $ 2,269 $ — $ 48,554 Intersegment revenues 4 155 144 (303) — Total revenues 45,441 1,003 2,413 (303) 48,554 Cost of sales: Cost of materials and other (a) 42,022 468 2,054 (303) 44,241 Operating expenses (excluding depreciation and amortization expense reflected below) 2,535 60 275 — 2,870 Depreciation and amortization expense 1,077 24 41 — 1,142 Total cost of sales 45,634 552 2,370 (303) 48,253 Other operating expenses 50 — — — 50 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 384 384 Depreciation and amortization expense — — — 24 24 Operating income (loss) by segment $ (243) $ 451 $ 43 $ (408) $ (157) ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 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 Six Months Ended 2022 2021 2022 2021 Refining: Gasolines and blendstocks $ 20,604 $ 12,432 $ 36,164 $ 21,161 Distillates 24,427 10,875 41,871 19,456 Other product revenues 4,464 2,661 8,273 4,820 Total refining revenues 49,495 25,968 86,308 45,437 Renewable Diesel: Renewable diesel 855 496 1,450 848 Ethanol: Ethanol 979 983 1,854 1,735 Distillers grains 312 301 571 534 Total ethanol revenues 1,291 1,284 2,425 2,269 Revenues $ 51,641 $ 27,748 $ 90,183 $ 48,554 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 52,088 $ 47,365 Renewable Diesel 4,237 3,437 Ethanol 1,716 1,812 Corporate and eliminations 6,304 5,274 Total assets $ 64,345 $ 57,888

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	12. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2022 2021 Increase in current assets: Receivables, net $ (4,163) $ (3,069) Inventories (1,056) (47) Prepaid expenses and other (108) (103) Increase (decrease) in current liabilities: Accounts payable 4,240 3,979 Accrued expenses (126) 284 Taxes other than income taxes payable 133 162 Income taxes payable 952 45 Changes in current assets and current liabilities $ (128) $ 1,251 Changes in current assets and current liabilities for the six months ended June 30, 2022 were primarily due to the following: • The increase in receivables was due to an increase in refined petroleum product prices in June 2022 compared to December 2021, partially offset by a decrease in sales volumes; • The increase in inventories was due to an increase in inventory volumes with higher inventory unit prices in June 2022 compared to December 2021; • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in June 2022 compared to December 2021, partially offset by a decrease in crude oil and other feedstock volumes purchased; and • The increase in income taxes payable was primarily due to higher income before income tax expense in the second quarter of 2022. Changes in current assets and current liabilities for the six months ended June 30, 2021 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices in June 2021 compared to December 2020 combined with an increase in sales volumes, partially offset by a decrease in income taxes receivable associated with the receipt of a $962 million refund related to our U.S. federal income tax return for 2020; and • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in June 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): Six Months Ended 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 291 $ 290 Income taxes paid (refunded), net 916 (882) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2022 2021 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 196 $ 39 $ 199 $ 35 Financing cash flows — 86 — 63 Changes in lease balances resulting from new and modified leases 92 164 315 46 There were no significant noncash investing and financing activities during the six months ended June 30, 2022 and 2021, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	13. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of June 30, 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. June 30, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 1,143 $ — $ — $ 1,143 $ (1,131) $ (4) $ 8 $ — Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 73 — 6 79 n/a n/a 79 n/a Total $ 1,218 $ 5 $ 6 $ 1,229 $ (1,131) $ (4) $ 94 Liabilities Commodity derivative contracts $ 1,338 $ — $ — $ 1,338 $ (1,131) $ (207) $ — $ (210) Blending program obligations — 30 — 30 n/a n/a 30 n/a Physical purchase contracts — 26 — 26 n/a n/a 26 n/a Foreign currency contracts 24 — — 24 n/a n/a 24 n/a Total $ 1,362 $ 56 $ — $ 1,418 $ (1,131) $ (207) $ 80 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 14. 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 June 30, 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): June 30, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 5,392 $ 5,392 $ 4,122 $ 4,122 Financial liabilities: Debt (excluding finance lease obligations) Level 2 10,898 10,694 11,950 13,668

Price Risk Management Activitie

Price Risk Management Activities	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	14. 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 13), 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. 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 June 30, 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 640 — Futures – short 3,920 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 72,277 47 Futures – short 68,735 — Corn: Futures – long 155,075 255 Futures – short 206,335 4,345 Physical contracts – long 49,624 4,093 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 June 30, 2022, we had foreign currency contracts to purchase $974 million of U.S. dollars and $1.2 billion of U.S. dollar equivalent Canadian dollars. Of these commitments, $1.8 billion matured on or before July 27, 2022 and the remaining $370 million will mature by August 4, 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)). The cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Blending Programs was $221 million and $680 million for the three months ended June 30, 2022 and 2021, respectively, and $523 million and $1.1 billion for the six months ended June 30, 2022 and 2021, respectively. These amounts 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 June 30, 2022 and December 31, 2021 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following 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 June 30, 2022 December 31, 2021 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 29 $ 92 $ 3 $ 26 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 1,114 $ 1,246 $ 519 $ 446 Physical purchase contracts Inventories 5 26 4 5 Foreign currency contracts Receivables, net 2 — 1 — Foreign currency contracts Accrued expenses — 24 — 10 Total $ 1,121 $ 1,296 $ 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 Six Months Ended 2022 2021 2022 2021 Commodity contracts: Loss recognized in other comprehensive income (loss) on derivatives n/a $ (130) $ (18) $ (294) $ (31) Loss reclassified from accumulated other comprehensive loss into income Revenues (180) (11) (299) (34) For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2022 and 2021. For the three and six months ended June 30, 2022 and 2021, cash flow hedges primarily related to forward sales of renewable diesel. The estimated deferred after-tax gain that is expected to be reclassified into revenues within the next 12 months as a result of the hedged transactions that are forecasted to occur as of June 30, 2022 was immaterial. For the three and six months ended June 30, 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 and six months ended June 30, 2022 and 2021 are described in Note 6. 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 Six Months Ended 2022 2021 2022 2021 Commodity contracts Revenues $ (2) $ 13 $ (6) $ 20 Commodity contracts Cost of materials (272) 21 (867) (57) Commodity contracts Operating expenses 6 2 9 3 Foreign currency contracts Cost of materials 49 6 47 (2) Foreign currency contracts Other income, net (115) 53 (81) 83

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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, these interim financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods 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 13), 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)	6 Months Ended
	Jun. 30, 2022
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): June 30, December 31, Refinery feedstocks $ 1,888 $ 1,995 Refined petroleum products and blendstocks 4,328 3,567 Renewable diesel feedstocks and products 319 135 Ethanol feedstocks and products 315 273 Materials and supplies 297 295 Inventories $ 7,147 $ 6,265

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2022 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 March 2024 $ — $ 912 $ 3,088 Canadian Revolver C$ 150 November 2022 C$ — C$ 5 C$ 145 Accounts receivable sales facility (b) $ 1,300 July 2022 $ — n/a $ 1,300 Letter of credit facility $ 50 November 2022 n/a $ — $ 50 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 March 2024 $ 100 $ 18 $ 282 DGD Loan Agreement (e) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (f) $ 830 February 2028 $ 695 n/a $ 135 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 1,448 n/a ________________________ (a) Letters of credit issued as of June 30, 2022 expire at various times in 2022 through 2023. (b) In July 2022, we extended the maturity date of this facility to July 2023. (c) Creditors of the VIEs do not have recourse against us. (d) The variable interest rate on the DGD Revolver was 3.030 percent and 1.860 percent as of June 30, 2022 and December 31, 2021, respectively. (e) 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 3.620 percent and 2.603 percent as of June 30, 2022 and December 31, 2021, respectively. (f) The variable interest rate on the IEnova Revolver was 4.617 percent and 3.781 percent as of June 30, 2022 and December 31, 2021, respectively. Activity under our credit facilities was as follows (in millions): Six Months Ended 2022 2021 Borrowings: Accounts receivable sales facility $ 800 $ — DGD Revolver 359 — IEnova Revolver 46 16 Repayments: Accounts receivable sales facility (800) — DGD Revolver (359) — IEnova Revolver (30) —
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Six Months Ended 2022 2021 2022 2021 Interest and debt expense $ 156 $ 162 $ 313 $ 326 Less: Capitalized interest 14 12 26 27 Interest and debt expense, net of capitalized interest $ 142 $ 150 $ 287 $ 299

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 2021 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (549) $ (437) $ (23) $ (1,009) $ (439) $ (728) $ 2 $ (1,165) Other comprehensive income (loss) before reclassifications (442) 1 (50) (491) 66 — (7) 59 Amounts reclassified from accumulated other comprehensive loss — 4 69 73 — 14 4 18 Effect of exchange rates — 2 — 2 — (1) — (1) Other comprehensive income (loss) (442) 7 19 (416) 66 13 (3) 76 Balance as of end of period $ (991) $ (430) $ (4) $ (1,425) $ (373) $ (715) $ (1) $ (1,089) Six Months Ended June 30, 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 (429) (2) (114) (545) 142 1 (12) 131 Amounts reclassified from accumulated other comprehensive loss — 11 115 126 — 22 13 35 Effect of exchange rates — 2 — 2 — (1) — (1) Other comprehensive income (loss) (429) 11 1 (417) 142 22 1 165 Balance as of end of period $ (991) $ (430) $ (4) $ (1,425) $ (373) $ (715) $ (1) $ (1,089)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2022 Assets Cash and cash equivalents $ 171 $ — $ 14 $ 185 Other current assets 835 8 25 868 Property, plant, and equipment, net 3,052 661 87 3,800 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 419 $ 718 $ 24 $ 1,161 Debt and finance lease obligations, less current portion 258 — — 258 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)	6 Months Ended
	Jun. 30, 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 June 30 Service cost $ 39 $ 41 $ 1 $ 1 Interest cost 21 18 2 1 Expected return on plan assets (48) (48) — — Amortization of: Net actuarial loss 13 20 — — Prior service credit (5) (5) (1) (1) Special charges — 4 — — Net periodic benefit cost $ 20 $ 30 $ 2 $ 1 Six months ended June 30 Service cost $ 77 $ 81 $ 3 $ 3 Interest cost 42 36 4 3 Expected return on plan assets (96) (96) — — Amortization of: Net actuarial loss 26 40 — — Prior service credit (9) (9) (2) (3) Special charges — 4 — — Net periodic benefit cost $ 40 $ 56 $ 5 $ 3

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2022 2021 2022 2021 Earnings (loss) per common share: Net income (loss) attributable to Valero stockholders $ 4,693 $ 162 $ 5,598 $ (542) Less: Income allocated to participating securities 17 2 20 3 Net income (loss) available to common stockholders $ 4,676 $ 160 $ 5,578 $ (545) Weighted-average common shares outstanding 404 407 406 407 Earnings (loss) per common share $ 11.58 $ 0.39 $ 13.75 $ (1.34) Earnings (loss) per common share – assuming dilution: Net income (loss) attributable to Valero stockholders $ 4,693 $ 162 $ 5,598 $ (542) Less: Income allocated to participating securities 17 2 20 3 Net income (loss) available to common stockholders $ 4,676 $ 160 $ 5,578 $ (545) Weighted-average common shares outstanding 404 407 406 407 Effect of dilutive securities — — — — Weighted-average common shares outstanding – assuming dilution 404 407 406 407 Earnings (loss) per common share – assuming dilution $ 11.57 $ 0.39 $ 13.74 $ (1.34)

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	6 Months Ended
	Jun. 30, 2022
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): June 30, December 31, Receivables from contracts with customers, included in receivables, net $ 9,399 $ 6,228 Contract liabilities, included in accrued expenses 109 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 June 30, 2022 Revenues: Revenues from external customers $ 49,495 $ 855 $ 1,291 $ — $ 51,641 Intersegment revenues 11 596 201 (808) — Total revenues 49,506 1,451 1,492 (808) 51,641 Cost of sales: Cost of materials and other (a) 41,313 1,213 1,226 (806) 42,946 Operating expenses (excluding depreciation and amortization expense reflected below) 1,402 58 167 (1) 1,626 Depreciation and amortization expense 565 28 (3) — 590 Total cost of sales 43,280 1,299 1,390 (807) 45,162 Other operating expenses 14 — 1 — 15 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 233 233 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 6,212 $ 152 $ 101 $ (246) $ 6,219 Three months ended June 30, 2021 Revenues: Revenues from external customers $ 25,968 $ 496 $ 1,284 $ — $ 27,748 Intersegment revenues 1 76 84 (161) — Total revenues 25,969 572 1,368 (161) 27,748 Cost of sales: Cost of materials and other (a) 24,000 281 1,130 (162) 25,249 Operating expenses (excluding depreciation and amortization expense reflected below) 1,064 31 119 — 1,214 Depreciation and amortization expense 544 12 20 — 576 Total cost of sales 25,608 324 1,269 (162) 27,039 Other operating expenses 12 — — — 12 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 176 176 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 349 $ 248 $ 99 $ (187) $ 509 ________________________ See note (a) on page 20. Refining Renewable Ethanol Corporate Total Six months ended June 30, 2022 Revenues: Revenues from external customers $ 86,308 $ 1,450 $ 2,425 $ — $ 90,183 Intersegment revenues 15 982 328 (1,325) — Total revenues 86,323 2,432 2,753 (1,325) 90,183 Cost of sales: Cost of materials and other (a) 74,919 1,968 2,330 (1,322) 77,895 Operating expenses (excluding depreciation and amortization expense reflected below) 2,595 109 302 (1) 3,005 Depreciation and amortization expense 1,114 54 17 — 1,185 Total cost of sales 78,628 2,131 2,649 (1,323) 82,085 Other operating expenses 32 — 2 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 438 438 Depreciation and amortization expense — — — 23 23 Operating income by segment $ 7,663 $ 301 $ 102 $ (463) $ 7,603 Six months ended June 30, 2021 Revenues: Revenues from external customers $ 45,437 $ 848 $ 2,269 $ — $ 48,554 Intersegment revenues 4 155 144 (303) — Total revenues 45,441 1,003 2,413 (303) 48,554 Cost of sales: Cost of materials and other (a) 42,022 468 2,054 (303) 44,241 Operating expenses (excluding depreciation and amortization expense reflected below) 2,535 60 275 — 2,870 Depreciation and amortization expense 1,077 24 41 — 1,142 Total cost of sales 45,634 552 2,370 (303) 48,253 Other operating expenses 50 — — — 50 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 384 384 Depreciation and amortization expense — — — 24 24 Operating income (loss) by segment $ (243) $ 451 $ 43 $ (408) $ (157) ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 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 Six Months Ended 2022 2021 2022 2021 Refining: Gasolines and blendstocks $ 20,604 $ 12,432 $ 36,164 $ 21,161 Distillates 24,427 10,875 41,871 19,456 Other product revenues 4,464 2,661 8,273 4,820 Total refining revenues 49,495 25,968 86,308 45,437 Renewable Diesel: Renewable diesel 855 496 1,450 848 Ethanol: Ethanol 979 983 1,854 1,735 Distillers grains 312 301 571 534 Total ethanol revenues 1,291 1,284 2,425 2,269 Revenues $ 51,641 $ 27,748 $ 90,183 $ 48,554 Total assets by reportable segment were as follows (in millions): June 30, December 31, Refining $ 52,088 $ 47,365 Renewable Diesel 4,237 3,437 Ethanol 1,716 1,812 Corporate and eliminations 6,304 5,274 Total assets $ 64,345 $ 57,888

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2022
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net income (loss) is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Six Months Ended 2022 2021 Increase in current assets: Receivables, net $ (4,163) $ (3,069) Inventories (1,056) (47) Prepaid expenses and other (108) (103) Increase (decrease) in current liabilities: Accounts payable 4,240 3,979 Accrued expenses (126) 284 Taxes other than income taxes payable 133 162 Income taxes payable 952 45 Changes in current assets and current liabilities $ (128) $ 1,251 Cash flows related to interest and income taxes were as follows (in millions): Six Months Ended 2022 2021 Interest paid in excess of amount capitalized, including interest on finance leases $ 291 $ 290 Income taxes paid (refunded), net 916 (882) Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Six Months Ended June 30, 2022 2021 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 196 $ 39 $ 199 $ 35 Financing cash flows — 86 — 63 Changes in lease balances resulting from new and modified leases 92 164 315 46

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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. June 30, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 1,143 $ — $ — $ 1,143 $ (1,131) $ (4) $ 8 $ — Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Investments of certain benefit plans 73 — 6 79 n/a n/a 79 n/a Total $ 1,218 $ 5 $ 6 $ 1,229 $ (1,131) $ (4) $ 94 Liabilities Commodity derivative contracts $ 1,338 $ — $ — $ 1,338 $ (1,131) $ (207) $ — $ (210) Blending program obligations — 30 — 30 n/a n/a 30 n/a Physical purchase contracts — 26 — 26 n/a n/a 26 n/a Foreign currency contracts 24 — — 24 n/a n/a 24 n/a Total $ 1,362 $ 56 $ — $ 1,418 $ (1,131) $ (207) $ 80 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): June 30, 2022 December 31, 2021 Fair Value Carrying Fair Carrying Fair Financial assets: Cash and cash equivalents Level 1 $ 5,392 $ 5,392 $ 4,122 $ 4,122 Financial liabilities: Debt (excluding finance lease obligations) Level 2 10,898 10,694 11,950 13,668

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	6 Months Ended
	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of June 30, 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 640 — Futures – short 3,920 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 72,277 47 Futures – short 68,735 — Corn: Futures – long 155,075 255 Futures – short 206,335 4,345 Physical contracts – long 49,624 4,093
Fair values of derivative instruments	The following tables provide information about the fair values of our derivative instruments as of June 30, 2022 and December 31, 2021 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 13 for additional information related to the fair values of our derivative instruments. As indicated in Note 13, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following 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 June 30, 2022 December 31, 2021 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 29 $ 92 $ 3 $ 26 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 1,114 $ 1,246 $ 519 $ 446 Physical purchase contracts Inventories 5 26 4 5 Foreign currency contracts Receivables, net 2 — 1 — Foreign currency contracts Accrued expenses — 24 — 10 Total $ 1,121 $ 1,296 $ 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 Six Months Ended 2022 2021 2022 2021 Commodity contracts: Loss recognized in other comprehensive income (loss) on derivatives n/a $ (130) $ (18) $ (294) $ (31) Loss reclassified from accumulated other comprehensive loss into income Revenues (180) (11) (299) (34) 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 Six Months Ended 2022 2021 2022 2021 Commodity contracts Revenues $ (2) $ 13 $ (6) $ 20 Commodity contracts Cost of materials (272) 21 (867) (57) Commodity contracts Operating expenses 6 2 9 3 Foreign currency contracts Cost of materials 49 6 47 (2) Foreign currency contracts Other income, net (115) 53 (81) 83

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Schedule of Inventories
Refinery feedstocks	$ 1,888	$ 1,995
Refined petroleum products and blendstocks	4,328	3,567
Renewable diesel feedstocks and products	319	135
Ethanol feedstocks and products	315	273
Materials and supplies	297	295
Inventories	$ 7,147	$ 6,265

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Jun. 30, 2022	Dec. 31, 2021
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 9.7	$ 5.2
Amount of non-LIFO inventory	$ 1.5	$ 1.4

Property, Plant, and Equipment

Property, Plant, and Equipment (Details) - Ethanol Plants, Jefferson, Wisconsin [Member] $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) plant	Sep. 30, 2021 plant	Dec. 31, 2020 plant
Property, Plant and Equipment (Textual)
Number of ethanol plants sold	1
Proceeds from sale of ethanol plant | $	$ 32
Gain on sale of ethanol plant | $	$ 23
Number of ethanol plants temporarily idled			1
Number of ethanol plants ceased operations		1

Debt, Public Debt (Details)

Debt, Public Debt (Details) - USD ($)	1 Months Ended		6 Months Ended
	Jun. 30, 2022	Feb. 28, 2022	Jun. 30, 2022	Jun. 30, 2021
Public Debt (Textual)
Loss on early retirement of debt			$ 50,000,000	$ 0
Premiums paid			$ 48,000,000	$ 0
Bonds [Member] | Gulf Opportunity Zone Revenue Bonds Series 2010 Due in 2040 [Member]
Debt Repurchased and Retired
Interest rate of notes (percent)	4%		4%
Public Debt (Textual)
Repayments of long-term debt	$ 300,000,000
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%
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)		Jun. 30, 2022 USD ($)	Jun. 30, 2022 CAD ($)	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		3,088,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	912,000,000
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	[2]	1,300,000,000
Outstanding borrowings, short-term	[2]	0
Availability	[2]	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	[3],[4]	400,000,000
Outstanding borrowings, long term	[3],[4]	100,000,000
Availability	[3],[4]	$ 282,000,000
Interest rate at period end (percent)		3.03%	3.03%	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],[3],[4]	$ 18,000,000
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	[3],[5]	25,000,000
Outstanding borrowings, long term	[3],[5]	25,000,000
Availability	[3],[5]	$ 0
Interest rate at period end (percent)		3.62%	3.62%	2.603%
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[3],[6]	$ 830,000,000
Outstanding borrowings, long term	[3],[6]	695,000,000
Availability	[3],[6]	$ 135,000,000
Interest rate at period end (percent)		4.617%	4.617%	3.781%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 1,448,000,000
[1] Letters of credit issued as of June 30, 2022 expire at various times in 2022 through 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 3.620 percent and 2.603 percent as of June 30, 2022 and December 31, 2021, respectively.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 800	$ 0
Repayments, short-term credit facilities	(800)	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	359	0
Repayments, long-term credit facilities	(359)	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	46	16
Repayments, long-term credit facilities	$ (30)	$ 0

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 156	$ 162	$ 313	$ 326
Less: Capitalized interest	14	12	26	27
Interest and debt expense, net of capitalized interest	$ 142	$ 150	$ 287	$ 299

Equity, Narrative (Details)

Equity, Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 21, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Jul. 07, 2022	Jan. 23, 2018
Equity (Textual)
Purchases of common stock for treasury		$ 1,748,000,000	$ 1,000,000	$ 1,892,000,000	$ 15,000,000
Subsequent Event [Member]
Equity (Textual)
Dividends declared, amount per share (in dollars per share)	$ 0.98
Stock Repurchase Program Approved January 2018
Equity (Textual)
Stock repurchase program, authorized amount							$ 2,500,000,000
Stock Repurchase Program Approved July 2022 | Subsequent Event [Member]
Equity (Textual)
Stock repurchase program, authorized amount						$ 2,500,000,000
Treasury Stock [Member]
Equity (Textual)
Stock purchases under purchase program (shares)		14,211,408	7,072	15,757,281	228,060
Purchases of common stock for treasury		$ 1,748,000,000	$ 1,000,000	$ 1,892,000,000	$ 15,000,000

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 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	$ (491)	$ 59	(545)	$ 131
Amounts reclassified from accumulated other comprehensive loss	73	18	126	35
Effect of exchange rates	2	(1)	2	(1)
Other comprehensive income (loss)	(416)	76	(417)	165
Ending balance, accumulated other comprehensive loss, net of tax	20,969		20,969
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	(1,009)	(1,165)	(1,008)	(1,254)
Ending balance, accumulated other comprehensive loss, net of tax	(1,425)	(1,089)	(1,425)	(1,089)
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	(549)	(439)	(562)	(515)
Other comprehensive income (loss) before reclassifications	(442)	66	(429)	142
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	(442)	66	(429)	142
Ending balance, accumulated other comprehensive loss, net of tax	(991)	(373)	(991)	(373)
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	(437)	(728)	(441)	(737)
Other comprehensive income (loss) before reclassifications	1	0	(2)	1
Amounts reclassified from accumulated other comprehensive loss	4	14	11	22
Effect of exchange rates	2	(1)	2	(1)
Other comprehensive income (loss)	7	13	11	22
Ending balance, accumulated other comprehensive loss, net of tax	(430)	(715)	(430)	(715)
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	(23)	2	(5)	(2)
Other comprehensive income (loss) before reclassifications	(50)	(7)	(114)	(12)
Amounts reclassified from accumulated other comprehensive loss	69	4	115	13
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	19	(3)	1	1
Ending balance, accumulated other comprehensive loss, net of tax	$ (4)	$ (1)	$ (4)	$ (1)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 5,392	$ 4,122
Property, plant, and equipment, net	30,754	30,847
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	21,969	16,851
Debt and finance lease obligations, less current portion	11,858	12,606
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	185	36
Other current assets	868	581
Property, plant, and equipment, net	3,800	3,396
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	1,161	1,136
Debt and finance lease obligations, less current portion	258	284
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	171	21
Other current assets	835	558
Property, plant, and equipment, net	3,052	2,629
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	419	398
Debt and finance lease obligations, less current portion	258	264
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	8	10
Property, plant, and equipment, net	661	676
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	718	729
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	14	15
Other current assets	25	13
Property, plant, and equipment, net	87	91
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	24	9
Debt and finance lease obligations, less current portion	$ 0	$ 20

Variable Interest Entities (D_2

Variable Interest Entities (Details) (Narrative) - MVP Terminalling, LLC (MVP) [Member] $ in Millions	Apr. 19, 2021 USD ($)
Variable Interest Entity (Textual)
Percent membership interest in unconsolidated joint venture sold (percent)	24.99%
Proceeds from sale of assets	$ 270
Gain on sale of partial interest in MVP Terminalling, LLC (MVP)	$ 62
Membership percentage in VIE (percent)	25.01%

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 39	$ 41	$ 77	$ 81
Interest cost	21	18	42	36
Expected return on plan assets	(48)	(48)	(96)	(96)
Amortization of:
Net actuarial loss	13	20	26	40
Prior service credit	(5)	(5)	(9)	(9)
Special charges	0	4	0	4
Net periodic benefit cost	20	30	40	56
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1	3	3
Interest cost	2	1	4	3
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial loss	0	0	0	0
Prior service credit	(1)	(1)	(2)	(3)
Special charges	0	0	0	0
Net periodic benefit cost	$ 2	$ 1	$ 5	$ 3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Income Taxes (Textual)
Income tax expense recognized which represents the estimated increase in deferred tax liabilities resulting from change in income tax rates	$ 64	$ 64

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings (loss) per common share:
Net income (loss) attributable to Valero stockholders	$ 4,693	$ 162	$ 5,598	$ (542)
Less: Income allocated to participating securities	17	2	20	3
Net income (loss) available to common stockholders	$ 4,676	$ 160	$ 5,578	$ (545)
Weighted-average common shares outstanding (in shares)	404	407	406	407
Earnings (loss) per common share (in dollars per share)	$ 11.58	$ 0.39	$ 13.75	$ (1.34)
Earnings (loss) per common share – assuming dilution:
Net income (loss) attributable to Valero stockholders	$ 4,693	$ 162	$ 5,598	$ (542)
Less: Income allocated to participating securities	17	2	20	3
Net income (loss) available to common stockholders	$ 4,676	$ 160	$ 5,578	$ (545)
Weighted-average common shares outstanding (in shares)	404	407	406	407
Effect of dilutive securities (in shares)	0	0	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	404	407	406	407
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ 11.57	$ 0.39	$ 13.74	$ (1.34)

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Contract liabilities, included in accrued expenses	$ 109		$ 78
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	72	$ 40
Receivables from Contracts with Customers [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Receivables from contracts with customers, included in receivables, net	$ 9,399		$ 6,228

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 51,641	$ 27,748	$ 90,183	$ 48,554
Cost of sales:
Cost of materials and other	[2]	42,946	25,249	77,895	44,241
Operating expenses (excluding depreciation and amortization expense reflected below)		1,626	1,214	3,005	2,870
Depreciation and amortization expense		590	576	1,185	1,142
Total cost of sales		45,162	27,039	82,085	48,253
Other operating expenses		15	12	34	50
General and administrative expenses (excluding depreciation and amortization expense reflected below)		233	176	438	384
Depreciation and amortization expense		12	12	23	24
Operating income (loss)		6,219	509	$ 7,603	(157)
Segment Information (Textual)
Number of reportable segments | segment				3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(808)	(161)	$ (1,325)	(303)
Cost of sales:
Operating income (loss)		(246)	(187)	(463)	(408)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		233	176	438	384
Depreciation and amortization expense		12	12	23	24
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(808)	(161)	(1,325)	(303)
Cost of sales:
Cost of materials and other	[2]	(806)	(162)	(1,322)	(303)
Operating expenses (excluding depreciation and amortization expense reflected below)		(1)	0	(1)	0
Depreciation and amortization expense		0	0	0	0
Total cost of sales		(807)	(162)	(1,323)	(303)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		49,495	25,968	86,308	45,437
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		49,506	25,969	86,323	45,441
Cost of sales:
Cost of materials and other	[2]	41,313	24,000	74,919	42,022
Operating expenses (excluding depreciation and amortization expense reflected below)		1,402	1,064	2,595	2,535
Depreciation and amortization expense		565	544	1,114	1,077
Total cost of sales		43,280	25,608	78,628	45,634
Other operating expenses		14	12	32	50
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		6,212	349	7,663	(243)
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		11	1	15	4
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		855	496	1,450	848
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,451	572	2,432	1,003
Cost of sales:
Cost of materials and other	[2]	1,213	281	1,968	468
Operating expenses (excluding depreciation and amortization expense reflected below)		58	31	109	60
Depreciation and amortization expense		28	12	54	24
Total cost of sales		1,299	324	2,131	552
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		152	248	301	451
Segment Information (Textual)
Blender's tax credit		198	84	354	163
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		596	76	982	155
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,291	1,284	2,425	2,269
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,492	1,368	2,753	2,413
Cost of sales:
Cost of materials and other	[2]	1,226	1,130	2,330	2,054
Operating expenses (excluding depreciation and amortization expense reflected below)		167	119	302	275
Depreciation and amortization expense		(3)	20	17	41
Total cost of sales		1,390	1,269	2,649	2,370
Other operating expenses		1	0	2	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income (loss)		101	99	102	43
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 201	$ 84	$ 328	$ 144
[1]Includes excise taxes on sales by certain of our foreign operations of $1,254 million and $1,422 million for the three months ended June 30, 2022 and 2021, respectively, and $2,677 million and $2,542 million for the six months ended June 30, 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 $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 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		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue by Segment
Revenues	[1]	$ 51,641	$ 27,748	$ 90,183	$ 48,554
Refining [Member]
Revenue by Segment
Revenues		49,495	25,968	86,308	45,437
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		20,604	12,432	36,164	21,161
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		24,427	10,875	41,871	19,456
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		4,464	2,661	8,273	4,820
Renewable Diesel [Member]
Revenue by Segment
Revenues		855	496	1,450	848
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		855	496	1,450	848
Ethanol [Member]
Revenue by Segment
Revenues		1,291	1,284	2,425	2,269
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		979	983	1,854	1,735
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 312	$ 301	$ 571	$ 534
[1]Includes excise taxes on sales by certain of our foreign operations of $1,254 million and $1,422 million for the three months ended June 30, 2022 and 2021, respectively, and $2,677 million and $2,542 million for the six months ended June 30, 2022 and 2021, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Total Assets by Reportable Segment
Reportable segment assets	$ 64,345	$ 57,888
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,304	5,274
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	52,088	47,365
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	4,237	3,437
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,716	$ 1,812

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Increase in current assets:
Receivables, net	$ (4,163)	$ (3,069)
Inventories	(1,056)	(47)
Prepaid expenses and other	(108)	(103)
Increase (decrease) in current liabilities:
Accounts payable	4,240	3,979
Accrued expenses	(126)	284
Taxes other than income taxes payable	133	162
Income taxes payable	952	45
Changes in current assets and current liabilities	(128)	1,251
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases	291	290
Income taxes paid (refunded), net	916	(882)
Operating cash flows
Operating Leases	196	199
Finance Leases	39	35
Financing cash flows
Finance Leases	86	63
Changes in lease balances resulting from new and modified leases, Operating Leases	92	315
Changes in lease balances resulting from new and modified leases, Finance Leases	$ 164	46
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Supplemental Cash Flow Information (Textual)
Proceeds from income tax refund		$ 962

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Total gross fair value, assets	$ 1,229	$ 616
Effect of counterparty netting	(1,131)	(444)
Effect of cash collateral netting	(4)	(15)
Net carrying value on Balance Sheet, assets	94	157
Liabilities
Blending program obligations	30	57
Total gross fair value, liabilities	1,418	544
Effect of counterparty netting	(1,131)	(444)
Effect of cash collateral netting	(207)	(28)
Net carrying value on Balance Sheet, liabilities	80	72
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	79	89
Commodity Contracts [Member]
Assets
Derivative contracts	1,143	522
Effect of counterparty netting	(1,131)	(444)
Effect of cash collateral netting	(4)	(15)
Derivative contracts, net assets	8	63
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	1,338	472
Effect of counterparty netting	(1,131)	(444)
Effect of cash collateral netting	(207)	(28)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(210)	(41)
Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	5	4
Liabilities
Derivative contracts, not subject to netting	26	5
Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	2	1
Liabilities
Derivative contracts, not subject to netting	24	10
Fair Value, Inputs, Level 1 [Member]
Assets
Total gross fair value, assets	1,218	606
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	1,362	482
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	73	83
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	1,143	522
Liabilities
Derivative contracts	1,338	472
Fair Value, Inputs, Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	2	1
Liabilities
Derivative contracts, not subject to netting	24	10
Fair Value, Inputs, Level 2 [Member]
Assets
Total gross fair value, assets	5	4
Liabilities
Blending program obligations	30	57
Total gross fair value, liabilities	56	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, not subject to netting	5	4
Liabilities
Derivative contracts, not subject to netting	26	5
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	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, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	0	0
Liabilities
Derivative contracts, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Jun. 30, 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	Jun. 30, 2022	Dec. 31, 2021
Financial assets:
Cash and cash equivalents, at carrying amount	$ 5,392	$ 4,122
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	10,898	11,950
Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents, at fair value	5,392	4,122
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 10,694	$ 13,668

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) MBbls bu	Jun. 30, 2021 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 42,946	$ 25,249	$ 77,895	$ 44,241
Renewable And Low-Carbon Fuel Blending Programs
Price Risk Management Activities (Textual)
Compliance program costs | $		221	$ 680	$ 523	$ 1,100
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				640
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				3,920
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				72,277
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				155,075
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				68,735
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				206,335
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				47
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				255
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				4,345
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				49,624
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				4,093
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		974		$ 974
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollar Equivalent Canadian Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		1,200		1,200
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before July 27, 2022 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		1,800		1,800
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by August 4, 2022 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 370		$ 370
[1]Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $198 million and $84 million for the three months ended June 30, 2022 and 2021, respectively, and $354 million and $163 million for the six months ended June 30, 2022 and 2021, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 29	$ 3
Derivative asset, fair value, gross liability	92	26
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, fair value, gross asset	1,121	524
Derivative liability, fair value, gross liability	1,296	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	1,114	519
Derivative asset, fair value, gross liability	1,246	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	5	4
Derivative asset, fair value, gross liability	26	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	2	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	$ 24	$ 10

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Loss recognized in other comprehensive income (loss) on derivatives	$ (130)	$ (18)	$ (294)	$ (31)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Loss reclassified from accumulated other comprehensive loss into income	(180)	(11)	(299)	(34)
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	(2)	13	(6)	20
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	(272)	21	(867)	(57)
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	6	2	9	3
Foreign Currency Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	49	6	47	(2)
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	$ (115)	$ 53	$ (81)	$ 83