Valero Energy (VLO) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2023
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, par value $0.01 per share
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		361,516,949
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q1
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,521	$ 4,862
Receivables, net	9,688	11,919
Inventories	7,455	6,752
Prepaid expenses and other	671	600
Total current assets	23,335	24,133
Property, plant, and equipment, at cost	50,828	50,576
Accumulated depreciation	(20,048)	(19,598)
Property, plant, and equipment, net	30,780	30,978
Deferred charges and other assets, net	6,062	5,871
Total assets	60,177	60,982
Current liabilities:
Current portion of debt and finance lease obligations	1,258	1,109
Accounts payable	10,498	12,728
Accrued expenses	1,168	1,215
Taxes other than income taxes payable	1,574	1,568
Income taxes payable	867	841
Total current liabilities	15,365	17,461
Debt and finance lease obligations, less current portion	10,173	10,526
Deferred income tax liabilities	5,280	5,217
Other long-term liabilities	2,292	2,310
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	6,877	6,863
Treasury stock, at cost; 311,978,678 and 301,372,958 common shares	(21,637)	(20,197)
Retained earnings	40,935	38,247
Accumulated other comprehensive loss	(1,205)	(1,359)
Total Valero Energy Corporation stockholders’ equity	24,977	23,561
Noncontrolling interests	2,090	1,907
Total equity	27,067	25,468
Total liabilities and equity	$ 60,177	$ 60,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	311,978,678	301,372,958

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenues	[1]	$ 36,439	$ 38,542
Cost of sales:
Cost of materials and other	[2]	30,005	34,949
Operating expenses (excluding depreciation and amortization expense reflected below)		1,477	1,379
Depreciation and amortization expense		650	595
Total cost of sales		32,132	36,923
Other operating expenses		10	19
General and administrative expenses (excluding depreciation and amortization expense reflected below)		244	205
Depreciation and amortization expense		10	11
Operating income		4,043	1,384
Other income (expense), net		129	(20)
Interest and debt expense, net of capitalized interest		(146)	(145)
Income before income tax expense		4,026	1,219
Income tax expense		880	252
Net income		3,146	967
Less: Net income attributable to noncontrolling interests		79	62
Net income attributable to Valero Energy Corporation stockholders		$ 3,067	$ 905
Earnings (loss) per common share (in dollars per share)		$ 8.30	$ 2.21
Weighted-average common shares outstanding (in shares)		369	408
Earnings (loss) per common share – assuming dilution (in dollars per share)		$ 8.29	$ 2.21
Weighted-average common shares outstanding – assuming dilution (in shares)		369	408
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,422	$ 1,423
[1]Includes excise taxes on sales by certain of our foreign operations of $1,422 million and $1,423 million for the three months ended March 31, 2023 and 2022, 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 $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 3,146	$ 967
Other comprehensive income (loss):
Foreign currency translation adjustment	134	13
Net gain (loss) on pension and other postretirement benefits	(7)	8
Net gain (loss) on cash flow hedges	57	(45)
Other comprehensive income (loss) before income tax expense	184	(24)
Income tax expense related to items of other comprehensive income (loss)	1	0
Other comprehensive income (loss)	183	(24)
Comprehensive income	3,329	943
Less: Comprehensive income attributable to noncontrolling interests	108	39
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 3,221	$ 904

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, 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	967	905				905		62
Dividends on common stock	(401)	(401)				(401)
Stock-based compensation expense	32	32		32
Transactions in connection with stock-based compensation plans	0	0		(27)	27
Purchases of common stock for treasury	(144)	(144)			(144)
Contributions from noncontrolling interests	165							165
Distributions to noncontrolling interests	(2)							(2)
Other comprehensive income (loss)	(24)	(1)					(1)	(23)
Balance as of end of period at Mar. 31, 2022	20,410	18,821	7	6,832	(15,794)	28,785	(1,009)	1,589
Balance as of beginning of period at Dec. 31, 2022	25,468	23,561	7	6,863	(20,197)	38,247	(1,359)	1,907
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	3,146	3,067				3,067		79
Dividends on common stock	(379)	(379)				(379)
Stock-based compensation expense	39	39		39
Transactions in connection with stock-based compensation plans	0	0		(25)	25
Purchases of common stock for treasury	(1,465)	(1,465)			(1,465)
Contributions from noncontrolling interests	75							75
Other comprehensive income (loss)	183	154					154	29
Balance as of end of period at Mar. 31, 2023	$ 27,067	$ 24,977	$ 7	$ 6,877	$ (21,637)	$ 40,935	$ (1,205)	$ 2,090

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 1.02	$ 0.98

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 3,146	$ 967
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	660	606
Loss (gain) on early retirement of debt, net	(11)	50
Deferred income tax expense (benefit)	54	(234)
Changes in current assets and current liabilities	(534)	(722)
Changes in deferred charges and credits and other operating activities, net	(145)	(79)
Net cash provided by operating activities	3,170	588
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities	(100)	0
Proceeds from sales and maturities of AFS debt securities	71	0
Other investing activities, net	4	2
Net cash used in investing activities	(549)	(841)
Cash flows from financing activities:
Premiums paid on early retirement of debt	(5)	(48)
Purchases of common stock for treasury	(1,451)	(144)
Common stock dividend payments	(379)	(401)
Contributions from noncontrolling interests	75	165
Other financing activities, net	(1)	(10)
Net cash used in financing activities	(1,998)	(1,228)
Effect of foreign exchange rate changes on cash	36	(3)
Net increase (decrease) in cash and cash equivalents	659	(1,484)
Cash and cash equivalents at beginning of period	4,862	4,122
Cash and cash equivalents at end of period	5,521	2,638
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(175)	(152)
Deferred turnaround and catalyst cost expenditures	(235)	(453)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	750	939
Repayments of debt and finance lease obligations	(973)	(1,738)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(90)	(219)
Deferred turnaround and catalyst cost expenditures	(24)	(6)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	150	99
Repayments of debt and finance lease obligations	(156)	(102)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	0	(13)
Cash flows from financing activities:
Proceeds from borrowings of other VIEs	14	28
Repayments of debt and finance lease obligations	$ (22)	$ (16)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 interim unaudited financial statements have been prepared in conformity 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 unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim period presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. 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 these interim unaudited 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.

Uncertainty

Uncertainty	3 Months Ended
	Mar. 31, 2023
Risks and Uncertainties [Abstract]
UNCERTAINTY	2. UNCERTAINTY In September 2022, California adopted Senate Bill No. 1322 (SB 1322), which requires refineries in California to report monthly on the volume and cost of the crude oil they buy, the quantity and price of the wholesale gasoline they sell, and the gross gasoline margin per barrel, among other information. The provisions of SB 1322 were effective January 2023, and we began the required monthly reporting for our two California refineries at that time. In March 2023, California adopted Senate Bill No. 2 (such statute, together with any regulations contemplated or issued thereunder, SBx 1-2), which, among other things, (i) authorizes the establishment of a maximum gross gasoline refining margin (max margin) and the imposition of a financial penalty for profits above a max margin, (ii) significantly expands the reporting obligations under SB 1322 and the Petroleum Industry Information Reporting Act of 1980, which include reporting requirements to the California Energy Commission (CEC) for all participants in the petroleum industry supply chain in California (e.g., refiners, marketers, importers, transporters, terminals, producers, renewables producers, pipelines, and ports), (iii) creates the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorizes the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. The provisions of SBx 1-2 are expected to become effective June 26, 2023. The CEC has not yet undertaken rulemaking with respect to SBx 1-2, including the establishment of any max margin, the imposition of a financial penalty, restrictions on turnaround and maintenance activities, or determining the format and manner in which the increased data is to be reported, and it is uncertain when or whether any such rulemaking will occur. The increased reporting is substantial, requiring daily, weekly, monthly, and annual reporting of detailed operational and financial data on all aspects of our operations in California, much of it at the transaction level. In addition, the required operational data will include our plans for turnaround and maintenance activities at our two California refineries and how we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities. We are reviewing and analyzing the provisions of SBx 1-2 and the possible impacts to our refining and marketing operations in California. While the CEC has not yet established a max margin, imposed a financial penalty for profits above a max margin, or imposed restrictions on turnaround and maintenance activities, the potential implementation of a financial penalty or any restrictions or delays on our ability to undertake turnaround or maintenance activities creates uncertainty due to the potential adverse effects on us. Any adverse effects on our operations or financial performance in California could indicate that the carrying value of our assets in California is not recoverable, which would result in an impairment loss that could be material. In addition, if the circumstances that trigger an impairment loss result in a reduction in the estimated useful lives of the assets, we may be required to recognize an asset retirement obligation that could be material. Other jurisdictions are contemplating similarly focused legislation or actions. The ultimate timing and impacts of SBx 1-2 and any other similarly focused legislation or actions are subject to considerable uncertainty due to a number of factors, including technological and economic feasibility, legal challenges, and potential changes in law, regulation, or policy, and it is not currently possible to predict the ultimate effects of these matters and developments on us.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 1,820 $ 1,949 Refined petroleum products and blendstocks 4,120 3,579 Renewable diesel feedstocks and products 827 583 Ethanol feedstocks and products 366 328 Materials and supplies 322 313 Inventories $ 7,455 $ 6,752

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners (VLP) Senior Notes 66 Total $ 199 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 purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced and completed in February 2022 (in millions): Debt Purchased 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 Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 6 $ 3,994 Canadian Revolver C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2023 $ — n/a $ 1,300 Committed facilities of VIEs (b): DGD Revolver (c) $ 400 March 2024 $ 100 $ 75 $ 225 DGD Loan Agreement (d) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (e) $ 830 February 2028 $ 710 n/a $ 120 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 158 n/a ________________________ (a) Letters of credit issued as of March 31, 2023 expire at various times in 2023 through 2024. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the DGD Revolver was 6.460 percent and 5.880 percent as of March 31, 2023 and December 31, 2022, respectively. (d) 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 7.173 percent and 6.672 percent as of March 31, 2023 and December 31, 2022, respectively. We expect this facility to be renewed prior to its maturity date. (e) The variable interest rate on the IEnova Revolver was 8.443 percent and 7.393 percent as of March 31, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Three Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 750 $ 300 DGD Revolver 150 99 IEnova Revolver 14 28 Repayments: Accounts receivable sales facility (750) (300) DGD Revolver (150) (99) IEnova Revolver (21) (15) Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2023 2022 Interest and debt expense $ 152 $ 157 Less: Capitalized interest 6 12 Interest and debt expense, net of capitalized interest $ 146 $ 145

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
EQUITY	5. EQUITY Treasury Stock We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described below) and with respect to our employee stock-based compensation plans. During the three months ended March 31, 2023 and 2022, we purchased for treasury 10,993,341 shares and 1,545,873 shares, respectively. On October 26, 2022, our Board authorized our purchase of up to $2.5 billion of our outstanding common stock with no expiration date (the October 2022 Program). On February 23, 2023, our Board authorized our purchase of up to an additional $2.5 billion of our outstanding common stock with no expiration date (the 2023 Program),which is in addition to the amount remaining under the October 2022 Program. As of March 31, 2023, we had $899 million remaining available for purchase under the October 2022 Program and $2.5 billion available for purchase under the 2023 Program. Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,168) $ (183) $ (8) $ (1,359) $ (562) $ (441) $ (5) $ (1,008) Other comprehensive income (loss) before reclassifications 137 — 37 174 13 (3) (64) (54) Amounts reclassified from accumulated other comprehensive loss — (7) (15) (22) — 7 46 53 Effect of exchange rates — 2 — 2 — — — — Other comprehensive income (loss) 137 (5) 22 154 13 4 (18) (1) Balance as of end of period $ (1,031) $ (188) $ 14 $ (1,205) $ (549) $ (437) $ (23) $ (1,009)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of March 31, 2023, the significant consolidated VIEs included: • DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates two plants that process waste and renewable feedstocks (predominately animal fats, used cooking oils, and inedible distillers corn oils) into renewable diesel and renewable naphtha; 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 table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total March 31, 2023 Assets Cash and cash equivalents $ 92 $ — $ 26 $ 118 Other current assets 1,246 10 32 1,288 Property, plant, and equipment, net 3,759 676 77 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 443 $ 748 $ 7 $ 1,198 Debt and finance lease obligations, less current portion 686 — 12 698 December 31, 2022 Assets Cash and cash equivalents $ 133 $ — $ 16 $ 149 Other current assets 1,106 7 32 1,145 Property, plant, and equipment, net 3,785 681 79 4,545 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 626 $ 737 $ 21 $ 1,384 Debt and finance lease obligations, less current portion 693 — — 693 Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	7. EMPLOYEE BENEFIT PLANS The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions): Pension Plans Other Postretirement 2023 2022 2023 2022 Three months ended March 31 Service cost $ 28 $ 38 $ 1 $ 2 Interest cost 30 21 3 2 Expected return on plan assets (50) (48) — — Amortization of: Net actuarial (gain) loss (2) 13 (1) — Prior service credit (5) (4) (1) (1) Net periodic benefit cost $ 1 $ 20 $ 2 $ 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 (expense), net.”

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER COMMON SHARE	8. EARNINGS PER COMMON SHARE Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 3,067 $ 905 Less: Income allocated to participating securities 10 3 Net income available to common stockholders $ 3,057 $ 902 Weighted-average common shares outstanding 369 408 Earnings per common share $ 8.30 $ 2.21 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 3,067 $ 905 Less: Income allocated to participating securities 10 3 Net income available to common stockholders $ 3,057 $ 902 Weighted-average common shares outstanding 369 408 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 369 408 Earnings per common share – assuming dilution $ 8.29 $ 2.21 Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan (OSIP) or our 2011 OSIP. Dilutive securities include participating securities as well as outstanding stock options.

Revenues and Segment Informatio

Revenues and Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	9. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 6,073 $ 7,189 Contract liabilities, included in accrued expenses 45 129 During the three months ended March 31, 2023 and 2022, we recognized as revenue $120 million and $69 million that was included in contract liabilities as of December 31, 2022 and 2021, respectively. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of March 31, 2023, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. Segment Information We have three reportable segments — Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations. • The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products. • The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 6, and the associated activities to market renewable diesel and renewable naphtha. The principal products manufactured by DGD and sold by this segment are renewable diesel and renewable naphtha. 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 by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended March 31, 2023 Revenues: Revenues from external customers $ 34,407 $ 935 $ 1,097 $ — $ 36,439 Intersegment revenues 3 745 223 (971) — Total revenues 34,410 1,680 1,320 (971) 36,439 Cost of sales: Cost of materials and other (a) 28,510 1,331 1,131 (967) 30,005 Operating expenses (excluding depreciation and amortization expense reflected below) 1,261 86 130 — 1,477 Depreciation and amortization expense 572 58 20 — 650 Total cost of sales 30,343 1,475 1,281 (967) 32,132 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 244 244 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 4,057 $ 205 $ 39 $ (258) $ 4,043 Three months ended March 31, 2022 Revenues: Revenues from external customers $ 36,813 $ 595 $ 1,134 $ — $ 38,542 Intersegment revenues 4 386 127 (517) — Total revenues 36,817 981 1,261 (517) 38,542 Cost of sales: Cost of materials and other (a) 33,606 755 1,104 (516) 34,949 Operating expenses (excluding depreciation and amortization expense reflected below) 1,193 51 135 — 1,379 Depreciation and amortization expense 549 26 20 — 595 Total cost of sales 35,348 832 1,259 (516) 36,923 Other operating expenses 18 — 1 — 19 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 205 205 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 1,451 $ 149 $ 1 $ (217) $ 1,384 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2023 2022 Refining: Gasolines and blendstocks $ 15,048 $ 15,560 Distillates 16,838 17,444 Other product revenues 2,521 3,809 Total refining revenues 34,407 36,813 Renewable Diesel: Renewable diesel 876 595 Renewable naphtha 59 — Total Renewable Diesel revenues 935 595 Ethanol: Ethanol 763 875 Distillers grains 334 259 Total ethanol revenues 1,097 1,134 Revenues $ 36,439 $ 38,542 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 46,852 $ 48,484 Renewable Diesel 5,390 5,217 Ethanol 1,628 1,551 Corporate and eliminations 6,307 5,730 Total assets $ 60,177 $ 60,982

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2023 2022 Decrease (increase) in current assets: Receivables, net $ 2,381 $ (2,653) Inventories (641) (940) Prepaid expenses and other (37) (77) Increase (decrease) in current liabilities: Accounts payable (2,269) 2,744 Accrued expenses (61) (120) Taxes other than income taxes payable (23) 36 Income taxes payable 116 288 Changes in current assets and current liabilities $ (534) $ (722) Changes in current assets and current liabilities for the three months ended March 31, 2023 were primarily due to the following: • The decrease in receivables was primarily due to a decrease in sales volumes in March 2023 compared to December 2022; • The increase in inventories was due to an increase in inventory volumes valued at higher unit prices; and • The decrease in accounts payable was due to a decrease in crude oil and other feedstock volumes purchased combined with a decrease in related prices in March 2023 compared to December 2022. Changes in current assets and current liabilities for the three months ended March 31, 2022 were primarily due to the following: • The increase in receivables was primarily due to an increase in refined petroleum product prices in March 2022 compared to December 2021; • The increase in inventories was primarily due to an increase in inventory unit prices and higher inventory levels in March 2022 compared to December 2021; and • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in March 2022 compared to December 2021, partially offset by a decrease in crude oil and other feedstock volumes purchased. Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 82 $ 93 Income taxes paid, net 616 204 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 102 $ 27 $ 97 $ 20 Financing cash flows — 49 — 41 Changes in lease balances resulting from new and modified leases 67 47 79 100 There were no significant noncash investing and financing activities during the three months ended March 31, 2023 or 2022, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2023 and December 31, 2022. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 616 $ — $ — $ 616 $ (425) $ (74) $ 117 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Investments of certain benefit plans 71 — 6 77 n/a n/a 77 n/a Investments in AFS debt securities 85 139 — 224 n/a n/a 224 n/a Total $ 772 $ 141 $ 6 $ 919 $ (425) $ (74) $ 420 Liabilities Commodity derivative contracts $ 425 $ — $ — $ 425 $ (425) $ — $ — $ (1) Blending program obligations — 46 — 46 n/a n/a 46 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 434 $ 51 $ — $ 485 $ (425) $ — $ 60 December 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 830 $ — $ — $ 830 $ (705) $ (8) $ 117 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 56 165 — 221 n/a n/a 221 n/a Total $ 958 $ 169 $ 6 $ 1,133 $ (705) $ (8) $ 420 Liabilities Commodity derivative contracts $ 705 $ — $ — $ 705 $ (705) $ — $ — $ (149) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 707 $ 59 $ — $ 766 $ (705) $ — $ 61 A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows: • Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 12. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy. • Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy. • 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. • Investments in AFS debt securities consist primarily of commercial paper and U.S. government treasury bills and have maturities within one year. The securities were reflected in the following balance sheet line items, depending on their original maturities when acquired (in millions): March 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 7 $ 91 $ 98 $ — $ 125 $ 125 Prepaid expenses and other 78 48 126 56 40 96 Investments in AFS debt securities $ 85 $ 139 $ 224 $ 56 $ 165 $ 221 The securities categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges, and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the three months ended March 31, 2023 and the year ended December 31, 2022. • Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard (RFS), the California Low Carbon Fuel Standard, the Canada Clean Fuel Regulations, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel 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. • 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. Nonrecurring Fair Value Measurements As previously disclosed in our annual report on Form 10-K for the year ended December 31, 2022, we concluded that our ethanol plant located in Lakota, Iowa (Lakota ethanol plant) was impaired as of December 31, 2022, which resulted in an asset impairment loss of $61 million. The fair value of the Lakota ethanol plant was determined using a combination of the income and market approaches and was classified in Level 3. We employed a probability-weighted approach to possible future cash flow scenarios, including the use of peer company metrics and comparison to a recent sales transaction. There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022, except as noted above. Financial Instruments Our financial instruments include cash and cash equivalents, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). March 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,037 $ 8,862 $ 9,241 $ 8,902 Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “ Recurring Fair Value Measurements ” above.

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk. ” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss). ” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that has been approved by our Board. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of March 31, 2023, 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 2023 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 3,596 — Futures – short 10,298 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 63,657 1 Futures – short 66,797 — Corn: Futures – long 74,645 20 Futures – short 117,265 410 Physical contracts – long 36,409 388 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of March 31, 2023, we had foreign currency contracts to purchase $561 million of U.S. dollars. Of these commitments, $526 million matured on or before April 25, 2023 and the remaining $35 million will mature by April 28, 2023. Renewable and Low-Carbon Fuel 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 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 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 Programs was $413 million and $302 million for the three months ended March 31, 2023 and 2022, respectively. These amounts are reflected in cost of materials and other. Fair Values of Derivative Instruments The following table provides information about the fair values of our derivative instruments as of March 31, 2023 and December 31, 2022 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet March 31, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 117 $ 42 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 499 $ 383 $ 769 $ 661 Physical purchase contracts Inventories 2 5 4 4 Foreign currency contracts Receivables, net — — — — Foreign currency contracts Accrued expenses — 9 — 2 Total $ 501 $ 397 $ 773 $ 667 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 gain (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 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 95 $ (164) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 38 (119) For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022, 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 March 31, 2023 was not material. For the three months ended March 31, 2023 and 2022, there were no amounts reclassified from accumulated other comprehensive loss into income as a result of the discontinuance of cash flow hedge accounting. The changes in accumulated other comprehensive loss by component, net of tax, for the three months ended March 31, 2023 and 2022 are described in Note 5. The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in the statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Three Months Ended 2023 2022 Commodity contracts Revenues $ (7) $ (4) Commodity contracts Cost of materials and other 83 (595) Commodity contracts Operating expenses 1 3 Foreign currency contracts Cost of materials and other (3) (2) Foreign currency contracts Other income (expense), net — 34

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 interim unaudited financial statements have been prepared in conformity 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 unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim period presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022. The balance sheet as of December 31, 2022 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2022.
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 these interim unaudited 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 Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk. ” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss). ”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 1,820 $ 1,949 Refined petroleum products and blendstocks 4,120 3,579 Renewable diesel feedstocks and products 827 583 Ethanol feedstocks and products 366 328 Materials and supplies 322 313 Inventories $ 7,455 $ 6,752

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt purchased and retired	In February 2023, we used cash on hand to purchase and retire a portion of the following notes (in millions): Debt Purchased and Retired Principal 6.625% Senior Notes due 2037 $ 62 3.650% Senior Notes due 2051 26 4.000% Senior Notes due 2052 45 Various other Valero and Valero Energy Partners (VLP) Senior Notes 66 Total $ 199 Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 72 2.850% Senior Notes due 2025 507 4.375% VLP Senior Notes due 2026 168 3.400% Senior Notes due 2026 653 Total $ 1,400
Summary of credit facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted): March 31, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 6 $ 3,994 Canadian Revolver C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2023 $ — n/a $ 1,300 Committed facilities of VIEs (b): DGD Revolver (c) $ 400 March 2024 $ 100 $ 75 $ 225 DGD Loan Agreement (d) $ 25 April 2023 $ 25 n/a $ — IEnova Revolver (e) $ 830 February 2028 $ 710 n/a $ 120 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 158 n/a ________________________ (a) Letters of credit issued as of March 31, 2023 expire at various times in 2023 through 2024. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the DGD Revolver was 6.460 percent and 5.880 percent as of March 31, 2023 and December 31, 2022, respectively. (d) 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 7.173 percent and 6.672 percent as of March 31, 2023 and December 31, 2022, respectively. We expect this facility to be renewed prior to its maturity date. (e) The variable interest rate on the IEnova Revolver was 8.443 percent and 7.393 percent as of March 31, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Three Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 750 $ 300 DGD Revolver 150 99 IEnova Revolver 14 28 Repayments: Accounts receivable sales facility (750) (300) DGD Revolver (150) (99) IEnova Revolver (21) (15)
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2023 2022 Interest and debt expense $ 152 $ 157 Less: Capitalized interest 6 12 Interest and debt expense, net of capitalized interest $ 146 $ 145

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Changes in components of accumulated other comprehensive loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (1,168) $ (183) $ (8) $ (1,359) $ (562) $ (441) $ (5) $ (1,008) Other comprehensive income (loss) before reclassifications 137 — 37 174 13 (3) (64) (54) Amounts reclassified from accumulated other comprehensive loss — (7) (15) (22) — 7 46 53 Effect of exchange rates — 2 — 2 — — — — Other comprehensive income (loss) 137 (5) 22 154 13 4 (18) (1) Balance as of end of period $ (1,031) $ (188) $ 14 $ (1,205) $ (549) $ (437) $ (23) $ (1,009)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of consolidated VIEs	The following table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total March 31, 2023 Assets Cash and cash equivalents $ 92 $ — $ 26 $ 118 Other current assets 1,246 10 32 1,288 Property, plant, and equipment, net 3,759 676 77 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 443 $ 748 $ 7 $ 1,198 Debt and finance lease obligations, less current portion 686 — 12 698 December 31, 2022 Assets Cash and cash equivalents $ 133 $ — $ 16 $ 149 Other current assets 1,106 7 32 1,145 Property, plant, and equipment, net 3,785 681 79 4,545 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 626 $ 737 $ 21 $ 1,384 Debt and finance lease obligations, less current portion 693 — — 693

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 2023 2022 Three months ended March 31 Service cost $ 28 $ 38 $ 1 $ 2 Interest cost 30 21 3 2 Expected return on plan assets (50) (48) — — Amortization of: Net actuarial (gain) loss (2) 13 (1) — Prior service credit (5) (4) (1) (1) Net periodic benefit cost $ 1 $ 20 $ 2 $ 3

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of earnings (loss) per common share, basic and diluted	Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts): Three Months Ended 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 3,067 $ 905 Less: Income allocated to participating securities 10 3 Net income available to common stockholders $ 3,057 $ 902 Weighted-average common shares outstanding 369 408 Earnings per common share $ 8.30 $ 2.21 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 3,067 $ 905 Less: Income allocated to participating securities 10 3 Net income available to common stockholders $ 3,057 $ 902 Weighted-average common shares outstanding 369 408 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 369 408 Earnings per common share – assuming dilution $ 8.29 $ 2.21

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 6,073 $ 7,189 Contract liabilities, included in accrued expenses 45 129
Segment information for our reportable segments	The following tables reflect information about our operating income by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended March 31, 2023 Revenues: Revenues from external customers $ 34,407 $ 935 $ 1,097 $ — $ 36,439 Intersegment revenues 3 745 223 (971) — Total revenues 34,410 1,680 1,320 (971) 36,439 Cost of sales: Cost of materials and other (a) 28,510 1,331 1,131 (967) 30,005 Operating expenses (excluding depreciation and amortization expense reflected below) 1,261 86 130 — 1,477 Depreciation and amortization expense 572 58 20 — 650 Total cost of sales 30,343 1,475 1,281 (967) 32,132 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 244 244 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 4,057 $ 205 $ 39 $ (258) $ 4,043 Three months ended March 31, 2022 Revenues: Revenues from external customers $ 36,813 $ 595 $ 1,134 $ — $ 38,542 Intersegment revenues 4 386 127 (517) — Total revenues 36,817 981 1,261 (517) 38,542 Cost of sales: Cost of materials and other (a) 33,606 755 1,104 (516) 34,949 Operating expenses (excluding depreciation and amortization expense reflected below) 1,193 51 135 — 1,379 Depreciation and amortization expense 549 26 20 — 595 Total cost of sales 35,348 832 1,259 (516) 36,923 Other operating expenses 18 — 1 — 19 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 205 205 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 1,451 $ 149 $ 1 $ (217) $ 1,384 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2023 2022 Refining: Gasolines and blendstocks $ 15,048 $ 15,560 Distillates 16,838 17,444 Other product revenues 2,521 3,809 Total refining revenues 34,407 36,813 Renewable Diesel: Renewable diesel 876 595 Renewable naphtha 59 — Total Renewable Diesel revenues 935 595 Ethanol: Ethanol 763 875 Distillers grains 334 259 Total ethanol revenues 1,097 1,134 Revenues $ 36,439 $ 38,542 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 46,852 $ 48,484 Renewable Diesel 5,390 5,217 Ethanol 1,628 1,551 Corporate and eliminations 6,307 5,730 Total assets $ 60,177 $ 60,982

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of cash flows, supplemental disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2023 2022 Decrease (increase) in current assets: Receivables, net $ 2,381 $ (2,653) Inventories (641) (940) Prepaid expenses and other (37) (77) Increase (decrease) in current liabilities: Accounts payable (2,269) 2,744 Accrued expenses (61) (120) Taxes other than income taxes payable (23) 36 Income taxes payable 116 288 Changes in current assets and current liabilities $ (534) $ (722) Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 82 $ 93 Income taxes paid, net 616 204 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 102 $ 27 $ 97 $ 20 Financing cash flows — 49 — 41 Changes in lease balances resulting from new and modified leases 67 47 79 100

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2023 and December 31, 2022. We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross on the balance sheet. March 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 616 $ — $ — $ 616 $ (425) $ (74) $ 117 $ — Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Investments of certain benefit plans 71 — 6 77 n/a n/a 77 n/a Investments in AFS debt securities 85 139 — 224 n/a n/a 224 n/a Total $ 772 $ 141 $ 6 $ 919 $ (425) $ (74) $ 420 Liabilities Commodity derivative contracts $ 425 $ — $ — $ 425 $ (425) $ — $ — $ (1) Blending program obligations — 46 — 46 n/a n/a 46 n/a Physical purchase contracts — 5 — 5 n/a n/a 5 n/a Foreign currency contracts 9 — — 9 n/a n/a 9 n/a Total $ 434 $ 51 $ — $ 485 $ (425) $ — $ 60 December 31, 2022 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 830 $ — $ — $ 830 $ (705) $ (8) $ 117 $ — Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Investments of certain benefit plans 72 — 6 78 n/a n/a 78 n/a Investments in AFS debt securities 56 165 — 221 n/a n/a 221 n/a Total $ 958 $ 169 $ 6 $ 1,133 $ (705) $ (8) $ 420 Liabilities Commodity derivative contracts $ 705 $ — $ — $ 705 $ (705) $ — $ — $ (149) Blending program obligations — 55 — 55 n/a n/a 55 n/a Physical purchase contracts — 4 — 4 n/a n/a 4 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 707 $ 59 $ — $ 766 $ (705) $ — $ 61 March 31, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ 7 $ 91 $ 98 $ — $ 125 $ 125 Prepaid expenses and other 78 48 126 56 40 96 Investments in AFS debt securities $ 85 $ 139 $ 224 $ 56 $ 165 $ 221
Carrying amount and estimated fair value of financial instruments	The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). March 31, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,037 $ 8,862 $ 9,241 $ 8,902

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of March 31, 2023, 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 2023 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 3,596 — Futures – short 10,298 — Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 63,657 1 Futures – short 66,797 — Corn: Futures – long 74,645 20 Futures – short 117,265 410 Physical contracts – long 36,409 388
Fair values of derivative instruments	The following table provides information about the fair values of our derivative instruments as of March 31, 2023 and December 31, 2022 (in millions) and the line items in the balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet March 31, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 117 $ 42 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 499 $ 383 $ 769 $ 661 Physical purchase contracts Inventories 2 5 4 4 Foreign currency contracts Receivables, net — — — — Foreign currency contracts Accrued expenses — 9 — 2 Total $ 501 $ 397 $ 773 $ 667
Effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the gain (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 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ 95 $ (164) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues 38 (119) 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 2023 2022 Commodity contracts Revenues $ (7) $ (4) Commodity contracts Cost of materials and other 83 (595) Commodity contracts Operating expenses 1 3 Foreign currency contracts Cost of materials and other (3) (2) Foreign currency contracts Other income (expense), net — 34

Uncertainty (Details)

Uncertainty (Details)	3 Months Ended
	Mar. 31, 2023 refinery
California [Member]
Concentration Risk [Line Items]
Number of refineries	2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Schedule of Inventories
Refinery feedstocks	$ 1,820	$ 1,949
Refined petroleum products and blendstocks	4,120	3,579
Renewable diesel feedstocks and products	827	583
Ethanol feedstocks and products	366	328
Materials and supplies	322	313
Inventories	$ 7,455	$ 6,752

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Mar. 31, 2023	Dec. 31, 2022
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 6	$ 6.3
Amount of non-LIFO inventory	$ 1.3	$ 1.6

Debt, Public Debt (Details)

Debt, Public Debt (Details) - Senior Notes [Member] - USD ($)	1 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Debt Purchased and Retired
Debt purchased and retired amount	$ 199,000,000	$ 1,400,000,000
6.625% Valero Senior Notes due 2037 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	6.625%
Debt purchased and retired amount	$ 62,000,000
3.650% Valero Senior Notes due 2051 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	3.65%
Debt purchased and retired amount	$ 26,000,000
4.000% Valero Senior Notes due 2052 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	4%
Debt purchased and retired amount	$ 45,000,000
Various other Valero and Valero Energy Partners (VLP) Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount	$ 66,000,000
4.000% Valero Senior Notes due June 1, 2052 [Member]
Debt Purchased 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
3.65% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		3.65%
Debt purchased and retired amount		$ 72,000,000
2.850% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		2.85%
Debt purchased and retired amount		$ 507,000,000
4.375% VLP Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4.375%
Debt purchased and retired amount		$ 168,000,000
3.400% Valero Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		3.40%
Debt purchased and retired amount		$ 653,000,000

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Mar. 31, 2023 USD ($)	Mar. 31, 2023 CAD ($)	Dec. 31, 2022
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		$ 4,000,000,000
Outstanding borrowings, long term		0
Availability		3,994,000,000
Valero Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	6,000,000
Canadian Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount			$ 150,000,000
Outstanding borrowings, short-term			0
Availability			145,000,000
Canadian Revolver Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]		$ 5,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		1,300,000,000
Outstanding borrowings, short-term		0
Availability		1,300,000,000
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[3]	400,000,000
Outstanding borrowings, long term	[2],[3]	100,000,000
Availability	[2],[3]	$ 225,000,000
Interest rate at period end (percent)		6.46%	6.46%	5.88%
DGD Revolver Letter Of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Letters of credit issued	[1],[2],[3]	$ 75,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount	[2],[4]	25,000,000
Outstanding borrowings, short-term	[2],[4]	25,000,000
Availability	[2],[4]	$ 0
Interest rate at period end (percent)		7.173%	7.173%	6.672%
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[5]	$ 830,000,000
Outstanding borrowings, long term	[2],[5]	710,000,000
Availability	[2],[5]	$ 120,000,000
Interest rate at period end (percent)		8.443%	8.443%	7.393%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 158,000,000
[1] Letters of credit issued as of March 31, 2023 expire at various times in 2023 through 2024. 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 7.173 percent and 6.672 percent as of March 31, 2023 and December 31, 2022, respectively. We expect this facility to be renewed prior to its maturity date.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 750	$ 300
Repayments, short-term credit facilities	(750)	(300)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	150	99
Repayments, long-term credit facilities	(150)	(99)
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	14	28
Repayments, long-term credit facilities	$ (21)	$ (15)

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 152	$ 157
Less: Capitalized interest	6	12
Interest and debt expense, net of capitalized interest	$ 146	$ 145

Equity, Narrative (Details)

Equity, Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 23, 2023	Oct. 26, 2022
Stock Purchase Program Approved October 2022 [Member]
Equity (Textual)
Authorized amount under stock purchase programs				$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 899,000,000
Stock Purchase Program Approved February 2023 [Member]
Equity (Textual)
Authorized amount under stock purchase programs			$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 2,500,000,000
Treasury Stock [Member]
Equity (Textual)
Purchases of common stock for treasury (shares)	10,993,341	1,545,873

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	$ 25,468	$ 19,817
Other comprehensive income (loss)	183	(24)
Balance as of end of period	27,067	20,410
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(1,359)	(1,008)
Other comprehensive income (loss) before reclassifications	174	(54)
Amounts reclassified from accumulated other comprehensive  loss	(22)	53
Effect of exchange rates	2	0
Other comprehensive income (loss)	154	(1)
Balance as of end of period	(1,205)	(1,009)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(1,168)	(562)
Other comprehensive income (loss) before reclassifications	137	13
Amounts reclassified from accumulated other comprehensive  loss	0	0
Effect of exchange rates	0	0
Other comprehensive income (loss)	137	13
Balance as of end of period	(1,031)	(549)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(183)	(441)
Other comprehensive income (loss) before reclassifications	0	(3)
Amounts reclassified from accumulated other comprehensive  loss	(7)	7
Effect of exchange rates	2	0
Other comprehensive income (loss)	(5)	4
Balance as of end of period	(188)	(437)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(8)	(5)
Other comprehensive income (loss) before reclassifications	37	(64)
Amounts reclassified from accumulated other comprehensive  loss	(15)	46
Effect of exchange rates	0	0
Other comprehensive income (loss)	22	(18)
Balance as of end of period	$ 14	$ (23)

Variable Interest Entities (Det

Variable Interest Entities (Details) (Narrative)	Mar. 31, 2023 plant
Diamond Green Diesel Holdings LLC (DGD) [Member]
Variable Interest Entity (Textual)
Number of renewable diesel plants owned by joint venture	2

Variable Interest Entities (D_2

Variable Interest Entities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 5,521	$ 4,862
Property, plant, and equipment, net	30,780	30,978
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	15,365	17,461
Debt and finance lease obligations, less current portion	10,173	10,526
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	118	149
Other current assets	1,288	1,145
Property, plant, and equipment, net	4,512	4,545
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	1,198	1,384
Debt and finance lease obligations, less current portion	698	693
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	92	133
Other current assets	1,246	1,106
Property, plant, and equipment, net	3,759	3,785
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	443	626
Debt and finance lease obligations, less current portion	686	693
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	10	7
Property, plant, and equipment, net	676	681
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	748	737
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	26	16
Other current assets	32	32
Property, plant, and equipment, net	77	79
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	7	21
Debt and finance lease obligations, less current portion	$ 12	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 38
Interest cost	30	21
Expected return on plan assets	(50)	(48)
Amortization of:
Net actuarial (gain) loss	(2)	13
Prior service credit	(5)	(4)
Net periodic benefit cost	1	20
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	2
Interest cost	3	2
Expected return on plan assets	0	0
Amortization of:
Net actuarial (gain) loss	(1)	0
Prior service credit	(1)	(1)
Net periodic benefit cost	$ 2	$ 3

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per common share:
Net income attributable to Valero stockholders	$ 3,067	$ 905
Less: Income allocated to participating securities	10	3
Net income available to common stockholders	$ 3,057	$ 902
Weighted-average common shares outstanding (in shares)	369	408
Earnings (loss) per common share (in dollars per share)	$ 8.30	$ 2.21
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 3,067	$ 905
Less: Income allocated to participating securities	10	3
Net income available to common stockholders	$ 3,057	$ 902
Weighted-average common shares outstanding (in shares)	369	408
Effect of dilutive securities (in shares)	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	369	408
Earnings (loss) per common share – assuming dilution (in dollars per share)	$ 8.29	$ 2.21

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting [Abstract]
Receivables from contracts with customers, included in receivables, net	$ 6,073		$ 7,189
Contract liabilities, included in accrued expenses	45		$ 129
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	$ 120	$ 69

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended
		Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 36,439	$ 38,542
Cost of sales:
Cost of materials and other	[2]	30,005	34,949
Operating expenses (excluding depreciation and amortization expense reflected below)		1,477	1,379
Depreciation and amortization expense		650	595
Total cost of sales		32,132	36,923
Other operating expenses		10	19
General and administrative expenses (excluding depreciation and amortization expense reflected below)		244	205
Depreciation and amortization expense		10	11
Operating income		$ 4,043	1,384
Segment Information (Textual)
Number of reportable segments | segment		3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (971)	(517)
Cost of sales:
Operating income		(258)	(217)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		244	205
Depreciation and amortization expense		10	11
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(971)	(517)
Cost of sales:
Cost of materials and other	[2]	(967)	(516)
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Total cost of sales		(967)	(516)
Other operating expenses		0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		34,407	36,813
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		34,410	36,817
Cost of sales:
Cost of materials and other	[2]	28,510	33,606
Operating expenses (excluding depreciation and amortization expense reflected below)		1,261	1,193
Depreciation and amortization expense		572	549
Total cost of sales		30,343	35,348
Other operating expenses		10	18
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		4,057	1,451
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		3	4
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		935	595
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,680	981
Cost of sales:
Cost of materials and other	[2]	1,331	755
Operating expenses (excluding depreciation and amortization expense reflected below)		86	51
Depreciation and amortization expense		58	26
Total cost of sales		1,475	832
Other operating expenses		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		205	149
Segment Information (Textual)
Blender's tax credit		246	156
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		745	386
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,097	1,134
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,320	1,261
Cost of sales:
Cost of materials and other	[2]	1,131	1,104
Operating expenses (excluding depreciation and amortization expense reflected below)		130	135
Depreciation and amortization expense		20	20
Total cost of sales		1,281	1,259
Other operating expenses		0	1
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		39	1
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 223	$ 127
[1]Includes excise taxes on sales by certain of our foreign operations of $1,422 million and $1,423 million for the three months ended March 31, 2023 and 2022, 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 $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Revenue by Segment
Revenues	[1]	$ 36,439	$ 38,542
Refining [Member]
Revenue by Segment
Revenues		34,407	36,813
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		15,048	15,560
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		16,838	17,444
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,521	3,809
Renewable Diesel [Member]
Revenue by Segment
Revenues		935	595
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		876	595
Renewable Diesel [Member] | Renewable Naphtha [Member]
Revenue by Segment
Revenues		59	0
Ethanol [Member]
Revenue by Segment
Revenues		1,097	1,134
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		763	875
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 334	$ 259
[1]Includes excise taxes on sales by certain of our foreign operations of $1,422 million and $1,423 million for the three months ended March 31, 2023 and 2022, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Total Assets by Reportable Segment
Reportable segment assets	$ 60,177	$ 60,982
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,307	5,730
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	46,852	48,484
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,390	5,217
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,628	$ 1,551

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Decrease (increase) in current assets:
Receivables, net	$ 2,381	$ (2,653)
Inventories	(641)	(940)
Prepaid expenses and other	(37)	(77)
Increase (decrease) in current liabilities:
Accounts payable	(2,269)	2,744
Accrued expenses	(61)	(120)
Taxes other than income taxes payable	(23)	36
Income taxes payable	116	288
Changes in current assets and current liabilities	(534)	(722)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases	82	93
Income taxes paid, net	616	204
Operating cash flows
Operating Leases	102	97
Finance Leases	27	20
Financing cash flows
Finance Leases	49	41
Changes in lease balances resulting from new and modified leases, Operating Leases	67	79
Changes in lease balances resulting from new and modified leases, Finance Leases	$ 47	$ 100

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Investments in AFS debt securities	$ 224	$ 221
Total gross fair value, assets	919	1,133
Effect of counterparty netting	(425)	(705)
Effect of cash collateral netting	(74)	(8)
Net carrying value on Balance Sheet, assets	420	420
Liabilities
Blending program obligations	46	55
Total gross fair value, liabilities	485	766
Effect of counterparty netting	(425)	(705)
Effect of cash collateral netting	0	0
Net carrying value on Balance Sheet, liabilities	60	61
Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	98	125
Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	126	96
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	77	78
Commodity Contracts [Member]
Assets
Derivative contracts	616	830
Effect of counterparty netting	(425)	(705)
Effect of cash collateral netting	(74)	(8)
Derivative contracts, net assets	117	117
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	425	705
Effect of counterparty netting	(425)	(705)
Effect of cash collateral netting	0	0
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(1)	(149)
Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	2	4
Liabilities
Derivative contracts, not subject to netting	5	4
Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	9	2
Fair Value, Inputs, Level 1 [Member]
Assets
Investments in AFS debt securities	85	56
Total gross fair value, assets	772	958
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	434	707
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	7	0
Fair Value, Inputs, Level 1 [Member] | Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	78	56
Fair Value, Inputs, Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	71	72
Fair Value, Inputs, Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	616	830
Liabilities
Derivative contracts	425	705
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]
Liabilities
Derivative contracts, not subject to netting	9	2
Fair Value, Inputs, Level 2 [Member]
Assets
Investments in AFS debt securities	139	165
Total gross fair value, assets	141	169
Liabilities
Blending program obligations	46	55
Total gross fair value, liabilities	51	59
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	91	125
Fair Value, Inputs, Level 2 [Member] | Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	48	40
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	2	4
Liabilities
Derivative contracts, not subject to netting	5	4
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member]
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Inputs, Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
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]
Liabilities
Derivative contracts, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Nonrecurring Fair Value Measurements (Textual)
Asset impairment loss	$ 61,000,000
Fair Value, Nonrecurring [Member]
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Financ

Fair Value Measurements, Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	$ 9,037	$ 9,241
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 8,862	$ 8,902

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2023 USD ($) bu MBbls	Mar. 31, 2022 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 30,005	$ 34,949
Renewable And Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 413	$ 302
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		3,596
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		10,298
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		63,657
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		74,645
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		66,797
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		117,265
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		1
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		20
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		410
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		36,409
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		388
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 561
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity on or Before April 25, 2023 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		526
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, Maturity by April 28, 2023 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 35
[1]Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $246 million and $156 million for the three months ended March 31, 2023 and 2022, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	$ 117	$ 61
Derivative liability, subject to netting	42	44
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, total	501	773
Derivative liability, total	397	667
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	499	769
Derivative liability, subject to netting	383	661
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	2	4
Derivative liability, not subject to netting	5	4
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	0	0
Derivative liability, not subject to netting	0	0
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	0	0
Derivative liability, not subject to netting	$ 9	$ 2

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss)	$ 95	$ (164)
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive loss into income	38	(119)
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	(7)	(4)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	83	(595)
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	1	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	(3)	(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	$ 0	$ 34