Valero Energy (VLO) 10-Q26 Oct 232023 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 20, 2023
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Sep. 30, 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		340,452,942
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2023
Document fiscal period focus	Q3
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 5,831	$ 4,862
Receivables, net	12,566	11,919
Inventories	7,513	6,752
Prepaid expenses and other	667	600
Total current assets	26,577	24,133
Property, plant, and equipment, at cost	51,208	50,576
Accumulated depreciation	(20,955)	(19,598)
Property, plant, and equipment, net	30,253	30,978
Deferred charges and other assets, net	6,345	5,871
Total assets	63,175	60,982
Current liabilities:
Current portion of debt and finance lease obligations	1,334	1,109
Accounts payable	13,342	12,728
Accrued expenses	1,219	1,215
Taxes other than income taxes payable	1,419	1,568
Income taxes payable	278	841
Total current liabilities	17,592	17,461
Debt and finance lease obligations, less current portion	10,107	10,526
Deferred income tax liabilities	5,231	5,217
Other long-term liabilities	2,188	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	6,900	6,863
Treasury stock, at cost; 333,047,642 and 301,372,958 common shares	(24,381)	(20,197)
Retained earnings	44,774	38,247
Accumulated other comprehensive loss	(1,325)	(1,359)
Total Valero Energy Corporation stockholders’ equity	25,975	23,561
Noncontrolling interests	2,082	1,907
Total equity	28,057	25,468
Total liabilities and equity	$ 63,175	$ 60,982

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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 (in shares)	1,200,000,000	1,200,000,000
Common stock, shares issued (in shares)	673,501,593	673,501,593
Treasury stock, common (in shares)	333,047,642	301,372,958

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues	[1]	$ 38,404	$ 44,454	$ 109,352	$ 134,637
Cost of sales:
Cost of materials and other	[2]	32,385	38,064	91,820	115,959
Operating expenses (excluding depreciation and amortization expense reflected below)		1,578	1,746	4,495	4,751
Depreciation and amortization expense		671	621	1,979	1,806
Total cost of sales		34,634	40,431	98,294	122,516
Other operating expenses		6	6	18	40
General and administrative expenses (excluding depreciation and amortization expense reflected below)		250	214	703	652
Depreciation and amortization expense		11	11	32	34
Operating income		3,503	3,792	10,305	11,395
Other income, net		122	74	357	87
Interest and debt expense, net of capitalized interest		(149)	(138)	(443)	(425)
Income before income tax expense		3,476	3,728	10,219	11,057
Income tax expense		813	816	2,288	2,410
Net income		2,663	2,912	7,931	8,647
Less: Net income attributable to noncontrolling interests		41	95	298	232
Net income attributable to Valero Energy Corporation stockholders		$ 2,622	$ 2,817	$ 7,633	$ 8,415
Earnings per common share (in dollars per share)		$ 7.49	$ 7.20	$ 21.22	$ 20.94
Weighted-average common shares outstanding (in shares)		349	390	359	400
Earnings per common share – assuming dilution (in dollars per share)		$ 7.49	$ 7.19	$ 21.21	$ 20.93
Weighted-average common shares outstanding – assuming dilution (in shares)		349	390	359	401
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,468	$ 1,213	$ 4,339	$ 3,890

[1]Includes excise taxes on sales by certain of our foreign operations of $1,468 million and $1,213 million for the three months ended September 30, 2023 and 2022, respectively, and $4,339 million and $3,890 million for the nine months ended September 30, 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 $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 2023 and 2022, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income	$ 2,663	$ 2,912	$ 7,931	$ 8,647
Other comprehensive income (loss):
Foreign currency translation adjustment	(314)	(606)	77	(1,035)
Net gain (loss) on pension and other postretirement benefits	(12)	8	(25)	25
Net gain (loss) on cash flow hedges	(78)	69	(68)	74
Other comprehensive loss before income tax expense (benefit)	(404)	(529)	(16)	(936)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(11)	9	(16)	16
Other comprehensive income (loss)	(393)	(538)	0	(952)
Comprehensive income	2,270	2,374	7,931	7,695
Less: Comprehensive income attributable to noncontrolling interests	2	129	264	269
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 2,268	$ 2,245	$ 7,667	$ 7,426

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	8,647	8,415				8,415		232
Dividends on common stock	(1,186)	(1,186)				(1,186)
Stock-based compensation expense	60	60		60
Transactions in connection with stock-based compensation plans	2	2		(29)	31
Purchases of common stock for treasury	(2,820)	(2,820)			(2,820)
Contributions from noncontrolling interests	240							240
Distributions to noncontrolling interests	(93)							(93)
Other comprehensive income (loss)	(952)	(989)					(989)	37
Balance as of end of period at Sep. 30, 2022	23,715	21,912	7	6,858	(18,466)	35,510	(1,997)	1,803
Balance as of beginning of period at Jun. 30, 2022	22,733	20,969	7	6,845	(17,537)	33,079	(1,425)	1,764
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	2,912	2,817				2,817		95
Dividends on common stock	(386)	(386)				(386)
Stock-based compensation expense	13	13		13
Transactions in connection with stock-based compensation plans	(1)	(1)			(1)
Purchases of common stock for treasury	(928)	(928)			(928)
Distributions to noncontrolling interests	(90)							(90)
Other comprehensive income (loss)	(538)	(572)					(572)	34
Balance as of end of period at Sep. 30, 2022	23,715	21,912	7	6,858	(18,466)	35,510	(1,997)	1,803
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	7,931	7,633				7,633		298
Dividends on common stock	(1,106)	(1,106)				(1,106)
Stock-based compensation expense	68	68		68
Transactions in connection with stock-based compensation plans	7	7		(31)	38
Purchases of common stock for treasury	(4,222)	(4,222)			(4,222)
Contributions from noncontrolling interests	75							75
Distributions to noncontrolling interests	(164)							(164)
Other comprehensive income (loss)	0	34					34	(34)
Balance as of end of period at Sep. 30, 2023	28,057	25,975	7	6,900	(24,381)	44,774	(1,325)	2,082
Balance as of beginning of period at Jun. 30, 2023	27,994	25,851	7	6,889	(22,586)	42,512	(971)	2,143
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	2,663	2,622				2,622		41
Dividends on common stock	(360)	(360)				(360)
Stock-based compensation expense	15	15		15
Transactions in connection with stock-based compensation plans	6	6		(4)	10
Purchases of common stock for treasury	(1,805)	(1,805)			(1,805)
Distributions to noncontrolling interests	(63)							(63)
Other comprehensive income (loss)	(393)	(354)					(354)	(39)
Balance as of end of period at Sep. 30, 2023	$ 28,057	$ 25,975	$ 7	$ 6,900	$ (24,381)	$ 44,774	$ (1,325)	$ 2,082

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 1.02	$ 0.98	$ 3.06	$ 2.94

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 7,931	$ 8,647
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,011	1,840
Loss (gain) on early retirement of debt, net	(11)	24
Deferred income tax expense (benefit)	32	(161)
Changes in current assets and current liabilities	(1,695)	(1,617)
Changes in deferred charges and credits and other operating activities, net	(278)	(255)
Net cash provided by operating activities	7,990	8,478
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities	(237)	0
Proceeds from sales and maturities of AFS debt securities	220	0
Proceeds from sale of assets	0	32
Investments in nonconsolidated joint ventures	0	(1)
Other investing activities, net	11	(4)
Net cash used in investing activities	(1,382)	(2,070)
Cash flows from financing activities:
Premiums paid on early retirement of debt	(5)	(48)
Purchases of common stock for treasury	(4,180)	(2,769)
Common stock dividend payments	(1,106)	(1,186)
Contributions from noncontrolling interests	75	240
Distributions to noncontrolling interests	(164)	(93)
Other financing activities, net	3	(6)
Net cash used in financing activities	(5,645)	(6,269)
Effect of foreign exchange rate changes on cash	6	(292)
Net increase (decrease) in cash and cash equivalents	969	(153)
Cash and cash equivalents at beginning of period	4,862	4,122
Cash and cash equivalents at end of period	5,831	3,969
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(468)	(552)
Deferred turnaround and catalyst cost expenditures	(665)	(820)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	1,750	1,839
Repayments of debt and finance lease obligations	(2,071)	(4,234)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(183)	(682)
Deferred turnaround and catalyst cost expenditures	(56)	(13)
Cash flows from financing activities:
Proceeds from debt issuances and borrowings	500	684
Repayments of debt and finance lease obligations	(474)	(718)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(4)	(30)
Cash flows from financing activities:
Proceeds from borrowings of other VIEs	86	73
Repayments of debt and finance lease obligations	$ (59)	$ (51)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
Basis of Presentation and Significant Accounting Policies	Sep. 30, 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 periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 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	9 Months Ended
Uncertainty	Sep. 30, 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. 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) authorized 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 expanded 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) created the Division of Petroleum Market Oversight within the CEC to analyze the data provided under SBx 1-2, and (iv) authorized the CEC to regulate the timing and other aspects of refinery turnaround and maintenance activities in certain instances. SBx 1-2 imposes increased and substantial reporting requirements, which include 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. The operational data includes our plans for turnaround and maintenance activities at our two California refineries and the manner in which we expect to address the potential impacts on feedstock and product inventories in California as a result of such turnaround and maintenance activities. The provisions of SBx 1-2 became effective June 26, 2023. In September 2023, Governor Newsom directed the CEC to immediately begin the regulatory processes concerning the potential imposition of a penalty for exceeding a max margin and the timing of refinery turnarounds and maintenance. Consequently, the CEC adopted an order instituting an informational proceeding on a max margin and penalty under SBx 1-2, as well as an order initiating rulemaking activity under SBx 1-2. The CEC indicated the latter rulemaking process will be focused on refinery maintenance and turnarounds; however, it remains uncertain as to whether, when, and to what extent any regulations will address the remaining reporting requirements under SBx 1-2. We continue to review and analyze 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, Governor Newsom’s direction to the CEC to begin the regulatory processes related to each of those matters, as described above, and 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	9 Months Ended
Inventories	Sep. 30, 2023
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,878 $ 1,949 Refined petroleum products and blendstocks 4,232 3,579 Renewable diesel feedstocks and products 797 583 Ethanol feedstocks and products 270 328 Materials and supplies 336 313 Inventories $ 7,513 $ 6,752 As of September 30, 2023 and December 31, 2022, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $6.1 billion and $6.3 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.6 billion of our total inventories as of September 30, 2023 and December 31, 2022, respectively.

Debt

Debt	9 Months Ended
Debt	Sep. 30, 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 During the nine months ended September 30, 2022, the following activity occurred: • In September 2022, we used cash on hand to purchase and retire a portion of the following notes in connection with cash tender offers that we publicly announced in August 2022 and completed in September 2022 (in millions): Debt Purchased and Retired Principal 3.65% Senior Notes due 2025 $ 48 2.850% Senior Notes due 2025 291 4.375% VLP Senior Notes due 2026 62 3.400% Senior Notes due 2026 166 4.350% Senior Notes due 2028 131 4.000% Senior Notes due 2029 552 Total $ 1,250 • In June 2022, we reduced our debt through the acquisition of the $300 million of 4.00 percent Gulf Opportunity Zone Revenue Bonds Series 2010 that are due December 1, 2040, but were subject to mandatory tender on June 1, 2022. We have the option to effectuate a remarketing of these bonds. • In February 2022, we issued $650 million of 4.000 percent Senior Notes due June 1, 2052. Proceeds from this debt issuance totaled $639 million before deducting the underwriting discount and other debt issuance costs. The proceeds and cash on hand were used to 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): September 30, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 4 $ 3,996 Canadian Revolver (b) C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2024 $ — n/a $ 1,300 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 June 2026 $ 200 $ 106 $ 94 DGD Loan Agreement (e) $ 100 June 2026 $ — n/a $ 100 IEnova Revolver (f) $ 830 February 2028 $ 748 n/a $ 82 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 177 n/a ________________________ (a) Letters of credit issued as of September 30, 2023 expire at various times in 2023 through 2026. (b) On October 24, 2023, we amended this facility to (i) extend the maturity date to February 2024 and (ii) reduce the facility amount so that, effective October 31, 2023, the facility amount will equal the amount of the outstanding letters of credit thereunder, and will not permit further borrowings other than certain deemed borrowings to satisfy the reimbursement obligations under such letters of credit. (c) Creditors of the VIEs do not have recourse against us. (d) In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The variable interest rate on the DGD Revolver was 7.173 percent and 5.880 percent as of September 30, 2023 and December 31, 2022, respectively. (e) The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. In April 2023, DGD extended the maturity date of this agreement to June 2023. In June 2023, DGD entered into a new unsecured revolving loan agreement that replaced and superseded the previous agreement. The new agreement includes the following modifications from the previous agreement: (i) extends the maturity date to June 2026, (ii) increases each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transitions the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022. (f) Both parties to this facility have agreed to use a SOFR as the interest rate applied to outstanding borrowings. The variable interest rate on the IEnova Revolver was 9.097 percent and 7.393 percent as of September 30, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Nine Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 1,750 $ 1,200 DGD Revolver 500 659 DGD Loan Agreement — 25 IEnova Revolver 86 73 Repayments: Accounts receivable sales facility (1,750) (1,200) DGD Revolver (400) (659) DGD Loan Agreement (25) (50) IEnova Revolver (55) (47) Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest and debt expense $ 153 $ 154 $ 456 $ 467 Less: Capitalized interest 4 16 13 42 Interest and debt expense, net of capitalized interest $ 149 $ 138 $ 443 $ 425

Equity

Equity	9 Months Ended
Equity	Sep. 30, 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 and nine months ended September 30, 2023, we purchased for treasury 12,805,162 shares and 32,219,955 shares, respectively. During the three and nine months ended September 30, 2022, we purchased for treasury 8,444,754 shares and 24,202,035 shares, respectively. On October 26, 2022, we announced that our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date, and we completed all authorized share purchases under that program during the second quarter of 2023. On February 23, 2023, we announced that our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date (the February 2023 Program). As of September 30, 2023, we had $649 million remaining available for purchase under the February 2023 Program. On September 15, 2023, we announced that our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $2.5 billion with no expiration date, which is in addition to the amount remaining under the February 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 September 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425) Other comprehensive income (loss) before reclassifications (315) — (77) (392) (606) — 30 (576) Amounts reclassified from accumulated other comprehensive loss — (7) 47 40 — 7 (3) 4 Effect of exchange rates — (2) — (2) — — — — Other comprehensive income (loss) (315) (9) (30) (354) (606) 7 27 (572) Balance as of end of period $ (1,089) $ (202) $ (34) $ (1,325) $ (1,597) $ (423) $ 23 $ (1,997) Nine Months Ended September 30, 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 79 — (28) 51 (1,035) (2) (84) (1,121) Amounts reclassified from accumulated other comprehensive loss — (20) 2 (18) — 18 112 130 Effect of exchange rates — 1 — 1 — 2 — 2 Other comprehensive income (loss) 79 (19) (26) 34 (1,035) 18 28 (989) Balance as of end of period $ (1,089) $ (202) $ (34) $ (1,325) $ (1,597) $ (423) $ 23 $ (1,997)

Variable Interest Entities

Variable Interest Entities	9 Months Ended
Variable Interest Entities	Sep. 30, 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 September 30, 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 tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total September 30, 2023 Assets Cash and cash equivalents $ 198 $ — $ 25 $ 223 Other current assets 1,387 8 30 1,425 Property, plant, and equipment, net 3,764 668 71 4,503 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 549 $ 799 $ 18 $ 1,366 Debt and finance lease obligations, less current portion 676 — — 676 DGD Central Other Total 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	9 Months Ended
Employee Benefit Plans	Sep. 30, 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 September 30 Service cost $ 28 $ 37 $ 1 $ 1 Interest cost 30 22 3 2 Expected return on plan assets (50) (48) — — Amortization of: Net actuarial (gain) loss (2) 14 (1) — Prior service credit (5) (5) (1) (1) Settlement loss — 12 — — Net periodic benefit cost $ 1 $ 32 $ 2 $ 2 Nine months ended September 30 Service cost $ 84 $ 114 $ 3 $ 4 Interest cost 90 64 9 6 Expected return on plan assets (151) (144) — — Amortization of: Net actuarial (gain) loss (5) 40 (4) — Prior service credit (14) (14) (3) (3) Settlement loss — 12 — — Net periodic benefit cost $ 4 $ 72 $ 5 $ 7 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Earnings Per Common Share

Earnings Per Common Share	9 Months Ended
Earnings Per Common Share	Sep. 30, 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 Nine Months Ended 2023 2022 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 2,622 $ 2,817 $ 7,633 $ 8,415 Less: Income allocated to participating securities 8 11 24 31 Net income available to common stockholders $ 2,614 $ 2,806 $ 7,609 $ 8,384 Weighted-average common shares outstanding 349 390 359 400 Earnings per common share $ 7.49 $ 7.20 $ 21.22 $ 20.94 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 2,622 $ 2,817 $ 7,633 $ 8,415 Less: Income allocated to participating securities 8 11 24 31 Net income available to common stockholders $ 2,614 $ 2,806 $ 7,609 $ 8,384 Weighted-average common shares outstanding 349 390 359 400 Effect of dilutive securities — — — 1 Weighted-average common shares outstanding – assuming dilution 349 390 359 401 Earnings per common share – assuming dilution $ 7.49 $ 7.19 $ 21.21 $ 20.93 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	9 Months Ended
Revenues and Segment Information	Sep. 30, 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): September 30, December 31, Receivables from contracts with customers, included in receivables, net $ 7,451 $ 7,189 Contract liabilities, included in accrued expenses 38 129 During the nine months ended September 30, 2023 and 2022, we recognized as revenue $125 million and $74 million that was included in contract liabilities as of December 31, 2022 and 2021, respectively. Revenue recognized related to contract liabilities during the three months ended September 30, 2023 and 2022 was not material. Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of September 30, 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 September 30, 2023 Revenues: Revenues from external customers $ 36,521 $ 759 $ 1,124 $ — $ 38,404 Intersegment revenues 8 672 310 (990) — Total revenues 36,529 1,431 1,434 (990) 38,404 Cost of sales: Cost of materials and other (a) 31,115 1,169 1,092 (991) 32,385 Operating expenses (excluding depreciation and amortization expense reflected below) 1,366 84 125 3 1,578 Depreciation and amortization expense 597 55 20 (1) 671 Total cost of sales 33,078 1,308 1,237 (989) 34,634 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 250 250 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,445 $ 123 $ 197 $ (262) $ 3,503 Three months ended September 30, 2022 Revenues: Revenues from external customers $ 42,280 $ 967 $ 1,207 $ — $ 44,454 Intersegment revenues 9 508 179 (696) — Total revenues 42,289 1,475 1,386 (696) 44,454 Cost of sales: Cost of materials and other (a) 36,389 1,161 1,203 (689) 38,064 Operating expenses (excluding depreciation and amortization expense reflected below) 1,516 69 162 (1) 1,746 Depreciation and amortization expense 568 33 20 — 621 Total cost of sales 38,473 1,263 1,385 (690) 40,431 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 214 214 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,810 $ 212 $ 1 $ (231) $ 3,792 ________________________ See note (a) on page 21 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2023 Revenues: Revenues from external customers $ 102,924 $ 2,990 $ 3,438 $ — $ 109,352 Intersegment revenues 8 2,367 790 (3,165) — Total revenues 102,932 5,357 4,228 (3,165) 109,352 Cost of sales: Cost of materials and other (a) 87,398 4,143 3,422 (3,143) 91,820 Operating expenses (excluding depreciation and amortization expense reflected below) 3,832 274 383 6 4,495 Depreciation and amortization expense 1,751 172 59 (3) 1,979 Total cost of sales 92,981 4,589 3,864 (3,140) 98,294 Other operating expenses 17 — 1 — 18 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 703 703 Depreciation and amortization expense — — — 32 32 Operating income by segment $ 9,934 $ 768 $ 363 $ (760) $ 10,305 Nine months ended September 30, 2022 Revenues: Revenues from external customers $ 128,588 $ 2,417 $ 3,632 $ — $ 134,637 Intersegment revenues 24 1,490 507 (2,021) — Total revenues 128,612 3,907 4,139 (2,021) 134,637 Cost of sales: Cost of materials and other (a) 111,308 3,129 3,533 (2,011) 115,959 Operating expenses (excluding depreciation and amortization expense reflected below) 4,111 178 464 (2) 4,751 Depreciation and amortization expense 1,682 87 37 — 1,806 Total cost of sales 117,101 3,394 4,034 (2,013) 122,516 Other operating expenses 38 — 2 — 40 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 652 652 Depreciation and amortization expense — — — 34 34 Operating income by segment $ 11,473 $ 513 $ 103 $ (694) $ 11,395 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 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 Nine Months Ended 2023 2022 2023 2022 Refining: Gasolines and blendstocks $ 17,025 $ 17,862 $ 47,302 $ 54,026 Distillates 16,392 20,481 47,222 62,352 Other product revenues 3,104 3,937 8,400 12,210 Total Refining revenues 36,521 42,280 102,924 128,588 Renewable Diesel: Renewable diesel 739 899 2,864 2,311 Renewable naphtha 20 68 126 106 Total Renewable Diesel revenues 759 967 2,990 2,417 Ethanol: Ethanol 861 966 2,522 2,820 Distillers grains 263 241 916 812 Total Ethanol revenues 1,124 1,207 3,438 3,632 Revenues $ 38,404 $ 44,454 $ 109,352 $ 134,637 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 49,171 $ 48,484 Renewable Diesel 5,552 5,217 Ethanol 1,501 1,551 Corporate and eliminations 6,951 5,730 Total assets $ 63,175 $ 60,982

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 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): Nine Months Ended 2023 2022 Increase in current assets: Receivables, net $ (709) $ (1,435) Inventories (720) (703) Prepaid expenses and other (40) (201) Increase (decrease) in current liabilities: Accounts payable 656 746 Accrued expenses (31) 38 Taxes other than income taxes payable (222) (103) Income taxes payable (629) 41 Changes in current assets and current liabilities $ (1,695) $ (1,617) Changes in current assets and current liabilities for the nine months ended September 30, 2023 were primarily due to the following: • The increase in receivables was due to an increase in refined petroleum product prices in September 2023 compared to December 2022; • The increase in inventories was due to an increase in inventory volumes in September 2023 compared to December 2022; • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in September 2023 compared to December 2022; and • The decrease in income taxes payable was primarily due to income tax payments made during the nine months ended September 30, 2023. Changes in current assets and cu rrent liabilities for the nine months ended September 30, 2022 were primarily due to the following: • The increase in receivables was due to an increase in refined petroleum product prices in September 2022 compared to December 2021; • The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in September 2022 compared to December 2021; and • The increase in accounts payable was due to an increase in crude oil and other feedstock prices in September 2022 compared to December 2021, partially offset by a decrease in related volumes purchased. Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 372 $ 383 Income taxes paid, net 3,098 2,630 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 316 $ 81 $ 296 $ 59 Financing cash flows — 190 — 129 Changes in lease balances resulting from new and modified leases 343 84 132 156 There were no significant noncash investing and financing activities during the nine months ended September 30, 2023 or 2022, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 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 September 30, 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. September 30, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 909 $ — $ — $ 909 $ (907) $ — $ 2 $ — Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Investments of certain benefit plans 77 — 4 81 n/a n/a 81 n/a Investments in AFS debt securities 85 66 — 151 n/a n/a 151 n/a Total $ 1,075 $ 66 $ 4 $ 1,145 $ (907) $ — $ 238 Liabilities Commodity derivative contracts $ 1,148 $ — $ — $ 1,148 $ (907) $ (241) $ — $ (141) Blending program obligations — 129 — 129 n/a n/a 129 n/a Physical purchase contracts — 14 — 14 n/a n/a 14 n/a Total $ 1,148 $ 143 $ — $ 1,291 $ (907) $ (241) $ 143 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): September 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ — $ 33 $ 33 $ — $ 125 $ 125 Prepaid expenses and other 85 33 118 56 40 96 Investments in AFS debt securities $ 85 $ 66 $ 151 $ 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 and nine months ended September 30, 2023. There were no AFS debt securities held as of and for the nine months ended September 30, 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 (LCFS), 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 September 30, 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). September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,150 $ 8,549 $ 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	9 Months Ended
Price Risk Management Activities	Sep. 30, 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 loss is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive 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 September 30, 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 915 200 Futures – short 6,765 2,362 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 81,133 4,214 Futures – short 87,324 5,260 Corn: Futures – long 66,695 90 Futures – short 82,415 3,290 Physical contracts – long 14,533 3,193 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 September 30, 2023, we had foreign currency contracts to purchase $630 million of U.S. dollars. All of these commitments matured on or before October 25, 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 $438 million and $461 million for the three months ended September 30, 2023 and 2022, respectively, and $1.2 billion and $984 million for the nine months ended September 30, 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 September 30, 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 September 30, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 10 $ 19 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 899 $ 1,129 $ 769 $ 661 Physical purchase contracts Inventories — 14 4 4 Foreign currency contracts Receivables, net 4 — — — Foreign currency contracts Accrued expenses — — — 2 Total $ 903 $ 1,143 $ 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 Loss The following table provides information about the gain (loss) recognized in income and other comprehensive loss due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive loss n/a $ (197) $ 79 $ (71) $ (215) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues (119) 10 (3) (289) For cash flow hedges, no component of any derivative instrument’s gains or losses was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2023 and 2022. For the three and nine months ended September 30, 2023 and 2022, cash flow hedges primarily related to forecasted sales of renewable diesel. As of September 30, 2023, the estimated deferred after-tax loss that is expected to be reclassified into revenues within the next 12 months was not material. The changes in accumulated other comprehensive loss by component, net of tax, for the three and nine months ended September 30, 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 Nine Months Ended 2023 2022 2023 2022 Commodity contracts Revenues $ (2) $ (6) $ (19) $ (12) Commodity contracts Cost of materials (48) (109) 126 (976) Commodity contracts Operating expenses — (18) 1 (9) Foreign currency contracts Cost of materials 19 57 (1) 104 Foreign currency contracts Other income, net — (38) — (119)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income attributable to Valero stockholders	$ 2,622	$ 2,817	$ 7,633	$ 8,415

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 periods presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 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 loss is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive 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)	9 Months Ended
Inventories (Tables)	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following (in millions): September 30, December 31, Refinery feedstocks $ 1,878 $ 1,949 Refined petroleum products and blendstocks 4,232 3,579 Renewable diesel feedstocks and products 797 583 Ethanol feedstocks and products 270 328 Materials and supplies 336 313 Inventories $ 7,513 $ 6,752

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 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 $ 48 2.850% Senior Notes due 2025 291 4.375% VLP Senior Notes due 2026 62 3.400% Senior Notes due 2026 166 4.350% Senior Notes due 2028 131 4.000% Senior Notes due 2029 552 Total $ 1,250 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): September 30, 2023 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 4 $ 3,996 Canadian Revolver (b) C$ 150 November 2023 C$ — C$ 5 C$ 145 Accounts receivable sales facility $ 1,300 July 2024 $ — n/a $ 1,300 Committed facilities of VIEs (c): DGD Revolver (d) $ 400 June 2026 $ 200 $ 106 $ 94 DGD Loan Agreement (e) $ 100 June 2026 $ — n/a $ 100 IEnova Revolver (f) $ 830 February 2028 $ 748 n/a $ 82 Uncommitted facilities: Letter of credit facilities n/a n/a n/a $ 177 n/a ________________________ (a) Letters of credit issued as of September 30, 2023 expire at various times in 2023 through 2026. (b) On October 24, 2023, we amended this facility to (i) extend the maturity date to February 2024 and (ii) reduce the facility amount so that, effective October 31, 2023, the facility amount will equal the amount of the outstanding letters of credit thereunder, and will not permit further borrowings other than certain deemed borrowings to satisfy the reimbursement obligations under such letters of credit. (c) Creditors of the VIEs do not have recourse against us. (d) In June 2023, DGD amended this facility to (i) extend the maturity date to June 2026 and (ii) transition the benchmark reference interest rate previously based on the London Interbank Offered Rate (LIBOR) to a secured overnight financing rate (SOFR). The variable interest rate on the DGD Revolver was 7.173 percent and 5.880 percent as of September 30, 2023 and December 31, 2022, respectively. (e) The amounts shown for this facility represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation. In April 2023, DGD extended the maturity date of this agreement to June 2023. In June 2023, DGD entered into a new unsecured revolving loan agreement that replaced and superseded the previous agreement. The new agreement includes the following modifications from the previous agreement: (i) extends the maturity date to June 2026, (ii) increases each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transitions the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022. (f) Both parties to this facility have agreed to use a SOFR as the interest rate applied to outstanding borrowings. The variable interest rate on the IEnova Revolver was 9.097 percent and 7.393 percent as of September 30, 2023 and December 31, 2022, respectively. Activity under our credit facilities was as follows (in millions): Nine Months Ended 2023 2022 Borrowings: Accounts receivable sales facility $ 1,750 $ 1,200 DGD Revolver 500 659 DGD Loan Agreement — 25 IEnova Revolver 86 73 Repayments: Accounts receivable sales facility (1,750) (1,200) DGD Revolver (400) (659) DGD Loan Agreement (25) (50) IEnova Revolver (55) (47)
Interest and debt expense, net of capitalized interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Interest and debt expense $ 153 $ 154 $ 456 $ 467 Less: Capitalized interest 4 16 13 42 Interest and debt expense, net of capitalized interest $ 149 $ 138 $ 443 $ 425

Equity (Tables)

Equity (Tables)	9 Months Ended
Equity (Tables)	Sep. 30, 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 September 30, 2023 2022 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (774) $ (193) $ (4) $ (971) $ (991) $ (430) $ (4) $ (1,425) Other comprehensive income (loss) before reclassifications (315) — (77) (392) (606) — 30 (576) Amounts reclassified from accumulated other comprehensive loss — (7) 47 40 — 7 (3) 4 Effect of exchange rates — (2) — (2) — — — — Other comprehensive income (loss) (315) (9) (30) (354) (606) 7 27 (572) Balance as of end of period $ (1,089) $ (202) $ (34) $ (1,325) $ (1,597) $ (423) $ 23 $ (1,997) Nine Months Ended September 30, 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 79 — (28) 51 (1,035) (2) (84) (1,121) Amounts reclassified from accumulated other comprehensive loss — (20) 2 (18) — 18 112 130 Effect of exchange rates — 1 — 1 — 2 — 2 Other comprehensive income (loss) 79 (19) (26) 34 (1,035) 18 28 (989) Balance as of end of period $ (1,089) $ (202) $ (34) $ (1,325) $ (1,597) $ (423) $ 23 $ (1,997)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
Variable Interest Entities (Tables)	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summarized balance sheet information of consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total September 30, 2023 Assets Cash and cash equivalents $ 198 $ — $ 25 $ 223 Other current assets 1,387 8 30 1,425 Property, plant, and equipment, net 3,764 668 71 4,503 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 549 $ 799 $ 18 $ 1,366 Debt and finance lease obligations, less current portion 676 — — 676 DGD Central Other Total 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)	9 Months Ended
Employee Benefit Plans (Tables)	Sep. 30, 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 September 30 Service cost $ 28 $ 37 $ 1 $ 1 Interest cost 30 22 3 2 Expected return on plan assets (50) (48) — — Amortization of: Net actuarial (gain) loss (2) 14 (1) — Prior service credit (5) (5) (1) (1) Settlement loss — 12 — — Net periodic benefit cost $ 1 $ 32 $ 2 $ 2 Nine months ended September 30 Service cost $ 84 $ 114 $ 3 $ 4 Interest cost 90 64 9 6 Expected return on plan assets (151) (144) — — Amortization of: Net actuarial (gain) loss (5) 40 (4) — Prior service credit (14) (14) (3) (3) Settlement loss — 12 — — Net periodic benefit cost $ 4 $ 72 $ 5 $ 7

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
Earnings Per Common Share (Tables)	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of earnings 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 Nine Months Ended 2023 2022 2023 2022 Earnings per common share: Net income attributable to Valero stockholders $ 2,622 $ 2,817 $ 7,633 $ 8,415 Less: Income allocated to participating securities 8 11 24 31 Net income available to common stockholders $ 2,614 $ 2,806 $ 7,609 $ 8,384 Weighted-average common shares outstanding 349 390 359 400 Earnings per common share $ 7.49 $ 7.20 $ 21.22 $ 20.94 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 2,622 $ 2,817 $ 7,633 $ 8,415 Less: Income allocated to participating securities 8 11 24 31 Net income available to common stockholders $ 2,614 $ 2,806 $ 7,609 $ 8,384 Weighted-average common shares outstanding 349 390 359 400 Effect of dilutive securities — — — 1 Weighted-average common shares outstanding – assuming dilution 349 390 359 401 Earnings per common share – assuming dilution $ 7.49 $ 7.19 $ 21.21 $ 20.93

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	9 Months Ended
Revenues and Segment Information (Tables)	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of contract balances	Contract balances were as follows (in millions): September 30, December 31, Receivables from contracts with customers, included in receivables, net $ 7,451 $ 7,189 Contract liabilities, included in accrued expenses 38 129
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 September 30, 2023 Revenues: Revenues from external customers $ 36,521 $ 759 $ 1,124 $ — $ 38,404 Intersegment revenues 8 672 310 (990) — Total revenues 36,529 1,431 1,434 (990) 38,404 Cost of sales: Cost of materials and other (a) 31,115 1,169 1,092 (991) 32,385 Operating expenses (excluding depreciation and amortization expense reflected below) 1,366 84 125 3 1,578 Depreciation and amortization expense 597 55 20 (1) 671 Total cost of sales 33,078 1,308 1,237 (989) 34,634 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 250 250 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,445 $ 123 $ 197 $ (262) $ 3,503 Three months ended September 30, 2022 Revenues: Revenues from external customers $ 42,280 $ 967 $ 1,207 $ — $ 44,454 Intersegment revenues 9 508 179 (696) — Total revenues 42,289 1,475 1,386 (696) 44,454 Cost of sales: Cost of materials and other (a) 36,389 1,161 1,203 (689) 38,064 Operating expenses (excluding depreciation and amortization expense reflected below) 1,516 69 162 (1) 1,746 Depreciation and amortization expense 568 33 20 — 621 Total cost of sales 38,473 1,263 1,385 (690) 40,431 Other operating expenses 6 — — — 6 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 214 214 Depreciation and amortization expense — — — 11 11 Operating income by segment $ 3,810 $ 212 $ 1 $ (231) $ 3,792 ________________________ See note (a) on page 21 Refining Renewable Ethanol Corporate Total Nine months ended September 30, 2023 Revenues: Revenues from external customers $ 102,924 $ 2,990 $ 3,438 $ — $ 109,352 Intersegment revenues 8 2,367 790 (3,165) — Total revenues 102,932 5,357 4,228 (3,165) 109,352 Cost of sales: Cost of materials and other (a) 87,398 4,143 3,422 (3,143) 91,820 Operating expenses (excluding depreciation and amortization expense reflected below) 3,832 274 383 6 4,495 Depreciation and amortization expense 1,751 172 59 (3) 1,979 Total cost of sales 92,981 4,589 3,864 (3,140) 98,294 Other operating expenses 17 — 1 — 18 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 703 703 Depreciation and amortization expense — — — 32 32 Operating income by segment $ 9,934 $ 768 $ 363 $ (760) $ 10,305 Nine months ended September 30, 2022 Revenues: Revenues from external customers $ 128,588 $ 2,417 $ 3,632 $ — $ 134,637 Intersegment revenues 24 1,490 507 (2,021) — Total revenues 128,612 3,907 4,139 (2,021) 134,637 Cost of sales: Cost of materials and other (a) 111,308 3,129 3,533 (2,011) 115,959 Operating expenses (excluding depreciation and amortization expense reflected below) 4,111 178 464 (2) 4,751 Depreciation and amortization expense 1,682 87 37 — 1,806 Total cost of sales 117,101 3,394 4,034 (2,013) 122,516 Other operating expenses 38 — 2 — 40 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 652 652 Depreciation and amortization expense — — — 34 34 Operating income by segment $ 11,473 $ 513 $ 103 $ (694) $ 11,395 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 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 Nine Months Ended 2023 2022 2023 2022 Refining: Gasolines and blendstocks $ 17,025 $ 17,862 $ 47,302 $ 54,026 Distillates 16,392 20,481 47,222 62,352 Other product revenues 3,104 3,937 8,400 12,210 Total Refining revenues 36,521 42,280 102,924 128,588 Renewable Diesel: Renewable diesel 739 899 2,864 2,311 Renewable naphtha 20 68 126 106 Total Renewable Diesel revenues 759 967 2,990 2,417 Ethanol: Ethanol 861 966 2,522 2,820 Distillers grains 263 241 916 812 Total Ethanol revenues 1,124 1,207 3,438 3,632 Revenues $ 38,404 $ 44,454 $ 109,352 $ 134,637 Total assets by reportable segment were as follows (in millions): September 30, December 31, Refining $ 49,171 $ 48,484 Renewable Diesel 5,552 5,217 Ethanol 1,501 1,551 Corporate and eliminations 6,951 5,730 Total assets $ 63,175 $ 60,982

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 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): Nine Months Ended 2023 2022 Increase in current assets: Receivables, net $ (709) $ (1,435) Inventories (720) (703) Prepaid expenses and other (40) (201) Increase (decrease) in current liabilities: Accounts payable 656 746 Accrued expenses (31) 38 Taxes other than income taxes payable (222) (103) Income taxes payable (629) 41 Changes in current assets and current liabilities $ (1,695) $ (1,617) Cash flows related to interest and income taxes were as follows (in millions): Nine Months Ended 2023 2022 Interest paid in excess of amount capitalized, including interest on finance leases $ 372 $ 383 Income taxes paid, net 3,098 2,630 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Nine Months Ended September 30, 2023 2022 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 316 $ 81 $ 296 $ 59 Financing cash flows — 190 — 129 Changes in lease balances resulting from new and modified leases 343 84 132 156

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 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 September 30, 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. September 30, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 909 $ — $ — $ 909 $ (907) $ — $ 2 $ — Foreign currency contracts 4 — — 4 n/a n/a 4 n/a Investments of certain benefit plans 77 — 4 81 n/a n/a 81 n/a Investments in AFS debt securities 85 66 — 151 n/a n/a 151 n/a Total $ 1,075 $ 66 $ 4 $ 1,145 $ (907) $ — $ 238 Liabilities Commodity derivative contracts $ 1,148 $ — $ — $ 1,148 $ (907) $ (241) $ — $ (141) Blending program obligations — 129 — 129 n/a n/a 129 n/a Physical purchase contracts — 14 — 14 n/a n/a 14 n/a Total $ 1,148 $ 143 $ — $ 1,291 $ (907) $ (241) $ 143 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 September 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash and cash equivalents $ — $ 33 $ 33 $ — $ 125 $ 125 Prepaid expenses and other 85 33 118 56 40 96 Investments in AFS debt securities $ 85 $ 66 $ 151 $ 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). September 30, 2023 December 31, 2022 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 9,150 $ 8,549 $ 9,241 $ 8,902

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	9 Months Ended
Price Risk Management Activities (Tables)	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Risk management activities by type of risk	As of September 30, 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 915 200 Futures – short 6,765 2,362 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 81,133 4,214 Futures – short 87,324 5,260 Corn: Futures – long 66,695 90 Futures – short 82,415 3,290 Physical contracts – long 14,533 3,193
Fair values of derivative instruments	The following table provides information about the fair values of our derivative instruments as of September 30, 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 September 30, 2023 December 31, 2022 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 10 $ 19 $ 61 $ 44 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 899 $ 1,129 $ 769 $ 661 Physical purchase contracts Inventories — 14 4 4 Foreign currency contracts Receivables, net 4 — — — Foreign currency contracts Accrued expenses — — — 2 Total $ 903 $ 1,143 $ 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 loss due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Three Months Ended Nine Months Ended 2023 2022 2023 2022 Commodity contracts: Gain (loss) recognized in other comprehensive loss n/a $ (197) $ 79 $ (71) $ (215) Gain (loss) reclassified from accumulated other comprehensive loss into income Revenues (119) 10 (3) (289) 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 Nine Months Ended 2023 2022 2023 2022 Commodity contracts Revenues $ (2) $ (6) $ (19) $ (12) Commodity contracts Cost of materials (48) (109) 126 (976) Commodity contracts Operating expenses — (18) 1 (9) Foreign currency contracts Cost of materials 19 57 (1) 104 Foreign currency contracts Other income, net — (38) — (119)

Uncertainty (Details)

Uncertainty (Details)	9 Months Ended
Uncertainty (Details)	Sep. 30, 2023 refinery
California [Member]
Uncertainty (Textual)
Number of refineries	2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Schedule of Inventories
Refinery feedstocks	$ 1,878	$ 1,949
Refined petroleum products and blendstocks	4,232	3,579
Renewable diesel feedstocks and products	797	583
Ethanol feedstocks and products	270	328
Materials and supplies	336	313
Inventories	$ 7,513	$ 6,752

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Sep. 30, 2023	Dec. 31, 2022
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 6.1	$ 6.3
Amount of non-LIFO inventory	$ 1.3	$ 1.6

Debt, Public Debt (Details)

Debt, Public Debt (Details) - USD ($)	1 Months Ended
Debt, Public Debt (Details) - USD ($)	Feb. 28, 2023	Sep. 30, 2022	Jun. 30, 2022	Feb. 28, 2022
Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount	$ 199,000,000	$ 1,250,000,000		$ 1,400,000,000
Senior Notes [Member] \| 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
Senior Notes [Member] \| 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
Senior Notes [Member] \| 4.000% Valero Senior Notes due 2052 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	4%			4%
Debt purchased and retired amount	$ 45,000,000
Public Debt (Textual)
Face amount of long-term debt issuance				$ 650,000,000
Proceeds from issuance of senior long-term debt				$ 639,000,000
Senior Notes [Member] \| Various other Valero and Valero Energy Partners (VLP) Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount	$ 66,000,000
Senior Notes [Member] \| 3.65% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		3.65%		3.65%
Debt purchased and retired amount		$ 48,000,000		$ 72,000,000
Senior Notes [Member] \| 2.850% Valero Senior Notes due 2025 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		2.85%		2.85%
Debt purchased and retired amount		$ 291,000,000		$ 507,000,000
Senior Notes [Member] \| 4.375% VLP Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4.375%		4.375%
Debt purchased and retired amount		$ 62,000,000		$ 168,000,000
Senior Notes [Member] \| 3.400% Valero Senior Notes due 2026 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		3.40%		3.40%
Debt purchased and retired amount		$ 166,000,000		$ 653,000,000
Senior Notes [Member] \| 4.350% Valero Senior Notes due 2028 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4.35%
Debt purchased and retired amount		$ 131,000,000
Senior Notes [Member] \| 4.000% Valero Senior Notes due 2029 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4%
Debt purchased and retired amount		$ 552,000,000
Revenue Bonds [Member] \| Gulf Opportunity Zone Revenue Bonds Series 2010 due 2040 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)			4%
Public Debt (Textual)
Repayments of long-term debt			$ 300,000,000

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details)		Sep. 30, 2023 USD ($)		Sep. 30, 2023 CAD ($)	Jun. 30, 2023 USD ($)	May 31, 2023 USD ($)	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		3,996,000,000
Valero Revolver Letter of Credit [Member] \| Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	4,000,000
Canadian Revolver [Member] \| Credit Facilities [Member]
Line of Credit Facility
Facility amount	[2]			$ 150,000,000
Outstanding borrowings, short-term	[2]			0
Availability	[2]			145,000,000
Canadian Revolver Letter of Credit [Member] \| Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1],[2]			$ 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	[3],[4]	400,000,000
Outstanding borrowings, long term	[3],[4]	200,000,000
Availability	[3],[4]	$ 94,000,000
Interest rate at period end (percent)		7.173%		7.173%			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],[3],[4]	$ 106,000,000
DGD Loan Agreement [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount						$ 25,000,000
DGD Loan Agreement [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount						50,000,000
Interest rate at period end (percent)							6.672%
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						$ 25,000,000
DGD Loan Agreement [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Darling Ingredients Inc. [Member]
Line of Credit Facility
Facility amount		100,000,000			$ 100,000,000
DGD Loan Agreement [Member] \| Credit Facilities [Member] \| Diamond Green Diesel Holdings LLC [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount					200,000,000
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		100,000,000	[3],[5]		$ 100,000,000
Outstanding borrowings, long term	[3],[5]	0
Availability	[3],[5]	100,000,000
IEnova Revolver [Member] \| Credit Facilities [Member] \| Central Mexico Terminals [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[3],[6]	830,000,000
Outstanding borrowings, long term	[3],[6]	748,000,000
Availability	[3],[6]	$ 82,000,000
Interest rate at period end (percent)		9.097%		9.097%			7.393%
Uncommitted Letter of Credit Facility [Member] \| Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 177,000,000

[1] Letters of credit issued as of September 30, 2023 expire at various times in 2023 through 2026. On October 24, 2023, we amended this facility to (i) extend the maturity date to February 2024 and (ii) reduce the facility amount so that, effective October 31, 2023, the facility amount will equal the amount of the outstanding letters of credit thereunder, and will not permit further borrowings other than certain deemed borrowings to satisfy the reimbursement obligations under such letters of credit. 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. In April 2023, DGD extended the maturity date of this agreement to June 2023. In June 2023, DGD entered into a new unsecured revolving loan agreement that replaced and superseded the previous agreement. The new agreement includes the following modifications from the previous agreement: (i) extends the maturity date to June 2026, (ii) increases each member’s commitment from $25 million to $100 million, resulting in an increase in aggregate commitments from $50 million to $200 million, and (iii) transitions the benchmark reference interest rate previously based on the LIBOR to Term SOFR. The variable interest rate on the DGD Loan Agreement was 6.672 percent as of December 31, 2022.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable Sales Facility [Member] \| Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 1,750	$ 1,200
Repayments, short-term credit facilities	(1,750)	(1,200)
DGD Revolver [Member] \| Line of Credit [Member] \| DGD [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	500	659
Repayments, long-term credit facilities	(400)	(659)
DGD Loan Agreement [Member] \| Line of Credit [Member] \| DGD [Member] \| Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	0	25
Repayments, long-term credit facilities	(25)	(50)
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	86	73
Repayments, long-term credit facilities	$ (55)	$ (47)

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Debt, Interest Incurred (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 153	$ 154	$ 456	$ 467
Less: Capitalized interest	4	16	13	42
Interest and debt expense, net of capitalized interest	$ 149	$ 138	$ 443	$ 425

Equity, Narrative (Details)

Equity, Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Equity, Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 15, 2023	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
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	$ 649,000,000		$ 649,000,000
Stock Purchase Program Approved September 2023 [Member]
Equity (Textual)
Authorized amount under stock purchase programs					$ 2,500,000,000
Treasury Stock [Member]
Equity (Textual)
Purchases of common stock for treasury (shares)	12,805,162	8,444,754	32,219,955	24,202,035

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	$ 27,994	$ 22,733	$ 25,468	$ 19,817
Other comprehensive income (loss)	(393)	(538)	0	(952)
Balance as of end of period	28,057	23,715	28,057	23,715
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(971)	(1,425)	(1,359)	(1,008)
Other comprehensive income (loss) before reclassifications	(392)	(576)	51	(1,121)
Amounts reclassified from accumulated other comprehensive loss	40	4	(18)	130
Effect of exchange rates	(2)	0	1	2
Other comprehensive income (loss)	(354)	(572)	34	(989)
Balance as of end of period	(1,325)	(1,997)	(1,325)	(1,997)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(774)	(991)	(1,168)	(562)
Other comprehensive income (loss) before reclassifications	(315)	(606)	79	(1,035)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	(315)	(606)	79	(1,035)
Balance as of end of period	(1,089)	(1,597)	(1,089)	(1,597)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(193)	(430)	(183)	(441)
Other comprehensive income (loss) before reclassifications	0	0	0	(2)
Amounts reclassified from accumulated other comprehensive loss	(7)	7	(20)	18
Effect of exchange rates	(2)	0	1	2
Other comprehensive income (loss)	(9)	7	(19)	18
Balance as of end of period	(202)	(423)	(202)	(423)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(4)	(4)	(8)	(5)
Other comprehensive income (loss) before reclassifications	(77)	30	(28)	(84)
Amounts reclassified from accumulated other comprehensive loss	47	(3)	2	112
Effect of exchange rates	0	0	0	0
Other comprehensive income (loss)	(30)	27	(26)	28
Balance as of end of period	$ (34)	$ 23	$ (34)	$ 23

Variable Interest Entities (Det

Variable Interest Entities (Details) (Narrative)	Sep. 30, 2023 plant subsidiary
Diamond Green Diesel Holdings LLC (DGD) [Member]
Variable Interest Entity (Textual)
Number of renewable diesel plants owned by joint venture \| plant	2
Central Mexico Terminals [Member]
Variable Interest Entity (Textual)
Number of subsidiaries \| subsidiary	3

Variable Interest Entities (D_2

Variable Interest Entities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 5,831	$ 4,862
Property, plant, and equipment, net	30,253	30,978
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	17,592	17,461
Debt and finance lease obligations, less current portion	10,107	10,526
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	223	149
Other current assets	1,425	1,145
Property, plant, and equipment, net	4,503	4,545
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	1,366	1,384
Debt and finance lease obligations, less current portion	676	693
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	198	133
Other current assets	1,387	1,106
Property, plant, and equipment, net	3,764	3,785
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	549	626
Debt and finance lease obligations, less current portion	676	693
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	8	7
Property, plant, and equipment, net	668	681
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	799	737
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	25	16
Other current assets	30	32
Property, plant, and equipment, net	71	79
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	18	21
Debt and finance lease obligations, less current portion	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 37	$ 84	$ 114
Interest cost	30	22	90	64
Expected return on plan assets	(50)	(48)	(151)	(144)
Amortization of:
Net actuarial (gain) loss	(2)	14	(5)	40
Prior service credit	(5)	(5)	(14)	(14)
Settlement loss	0	12	0	12
Net periodic benefit cost	1	32	4	72
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1	3	4
Interest cost	3	2	9	6
Expected return on plan assets	0	0	0	0
Amortization of:
Net actuarial (gain) loss	(1)	0	(4)	0
Prior service credit	(1)	(1)	(3)	(3)
Settlement loss	0	0	0	0
Net periodic benefit cost	$ 2	$ 2	$ 5	$ 7

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings per common share:
Net income attributable to Valero stockholders	$ 2,622	$ 2,817	$ 7,633	$ 8,415
Less: Income allocated to participating securities	8	11	24	31
Net income available to common stockholders	$ 2,614	$ 2,806	$ 7,609	$ 8,384
Weighted-average common shares outstanding (in shares)	349	390	359	400
Earnings per common share (in dollars per share)	$ 7.49	$ 7.20	$ 21.22	$ 20.94
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 2,622	$ 2,817	$ 7,633	$ 8,415
Less: Income allocated to participating securities	8	11	24	31
Net income available to common stockholders	$ 2,614	$ 2,806	$ 7,609	$ 8,384
Weighted-average common shares outstanding (in shares)	349	390	359	400
Effect of dilutive securities (in shares)	0	0	0	1
Weighted-average common shares outstanding – assuming dilution (in shares)	349	390	359	401
Earnings per common share – assuming dilution (in dollars per share)	$ 7.49	$ 7.19	$ 21.21	$ 20.93

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Segment Reporting [Abstract]
Receivables from contracts with customers, included in receivables, net	$ 7,451		$ 7,189
Contract liabilities, included in accrued expenses	38		$ 129
Contract Balances (Textual)
Revenue recognized that was included in contract liabilities as of prior year end	$ 125	$ 74

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 38,404	$ 44,454	$ 109,352	$ 134,637
Cost of sales:
Cost of materials and other	[2]	32,385	38,064	91,820	115,959
Operating expenses (excluding depreciation and amortization expense reflected below)		1,578	1,746	4,495	4,751
Depreciation and amortization expense		671	621	1,979	1,806
Total cost of sales		34,634	40,431	98,294	122,516
Other operating expenses		6	6	18	40
General and administrative expenses (excluding depreciation and amortization expense reflected below)		250	214	703	652
Depreciation and amortization expense		11	11	32	34
Operating income		3,503	3,792	$ 10,305	11,395
Segment Information (Textual)
Number of reportable segments \| segment				3
Corporate, Reconciling Items And Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(990)	(696)	$ (3,165)	(2,021)
Cost of sales:
Operating income		(262)	(231)	(760)	(694)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0	0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		250	214	703	652
Depreciation and amortization expense		11	11	32	34
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(990)	(696)	(3,165)	(2,021)
Cost of sales:
Cost of materials and other	[2]	(991)	(689)	(3,143)	(2,011)
Operating expenses (excluding depreciation and amortization expense reflected below)		3	(1)	6	(2)
Depreciation and amortization expense		(1)	0	(3)	0
Total cost of sales		(989)	(690)	(3,140)	(2,013)
Other operating expenses		0	0	0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		36,521	42,280	102,924	128,588
Refining [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		36,529	42,289	102,932	128,612
Cost of sales:
Cost of materials and other	[2]	31,115	36,389	87,398	111,308
Operating expenses (excluding depreciation and amortization expense reflected below)		1,366	1,516	3,832	4,111
Depreciation and amortization expense		597	568	1,751	1,682
Total cost of sales		33,078	38,473	92,981	117,101
Other operating expenses		6	6	17	38
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		3,445	3,810	9,934	11,473
Refining [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		8	9	8	24
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		759	967	2,990	2,417
Renewable Diesel [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,431	1,475	5,357	3,907
Cost of sales:
Cost of materials and other	[2]	1,169	1,161	4,143	3,129
Operating expenses (excluding depreciation and amortization expense reflected below)		84	69	274	178
Depreciation and amortization expense		55	33	172	87
Total cost of sales		1,308	1,263	4,589	3,394
Other operating expenses		0	0	0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		123	212	768	513
Segment Information (Textual)
Blender's tax credit		266	191	900	545
Renewable Diesel [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		672	508	2,367	1,490
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		1,124	1,207	3,438	3,632
Ethanol [Member] \| Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,434	1,386	4,228	4,139
Cost of sales:
Cost of materials and other	[2]	1,092	1,203	3,422	3,533
Operating expenses (excluding depreciation and amortization expense reflected below)		125	162	383	464
Depreciation and amortization expense		20	20	59	37
Total cost of sales		1,237	1,385	3,864	4,034
Other operating expenses		0	0	1	2
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0	0	0
Depreciation and amortization expense		0	0	0	0
Operating income		197	1	363	103
Ethanol [Member] \| Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 310	$ 179	$ 790	$ 507

[1]Includes excise taxes on sales by certain of our foreign operations of $1,468 million and $1,213 million for the three months ended September 30, 2023 and 2022, respectively, and $4,339 million and $3,890 million for the nine months ended September 30, 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 $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 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		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue by Segment
Revenues	[1]	$ 38,404	$ 44,454	$ 109,352	$ 134,637
Refining [Member]
Revenue by Segment
Revenues		36,521	42,280	102,924	128,588
Refining [Member] \| Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		17,025	17,862	47,302	54,026
Refining [Member] \| Distillates [Member]
Revenue by Segment
Revenues		16,392	20,481	47,222	62,352
Refining [Member] \| Other Product Revenues [Member]
Revenue by Segment
Revenues		3,104	3,937	8,400	12,210
Renewable Diesel [Member]
Revenue by Segment
Revenues		759	967	2,990	2,417
Renewable Diesel [Member] \| Renewable Diesel [Member]
Revenue by Segment
Revenues		739	899	2,864	2,311
Renewable Diesel [Member] \| Renewable Naphtha [Member]
Revenue by Segment
Revenues		20	68	126	106
Ethanol [Member]
Revenue by Segment
Revenues		1,124	1,207	3,438	3,632
Ethanol [Member] \| Ethanol [Member]
Revenue by Segment
Revenues		861	966	2,522	2,820
Ethanol [Member] \| Distillers Grains [Member]
Revenue by Segment
Revenues		$ 263	$ 241	$ 916	$ 812

[1]Includes excise taxes on sales by certain of our foreign operations of $1,468 million and $1,213 million for the three months ended September 30, 2023 and 2022, respectively, and $4,339 million and $3,890 million for the nine months ended September 30, 2023 and 2022, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Total Assets by Reportable Segment
Reportable segment assets	$ 63,175	$ 60,982
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,951	5,730
Refining [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	49,171	48,484
Renewable Diesel [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,552	5,217
Ethanol [Member] \| Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,501	$ 1,551

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Increase in current assets:
Receivables, net	$ (709)	$ (1,435)
Inventories	(720)	(703)
Prepaid expenses and other	(40)	(201)
Increase (decrease) in current liabilities:
Accounts payable	656	746
Accrued expenses	(31)	38
Taxes other than income taxes payable	(222)	(103)
Income taxes payable	(629)	41
Changes in current assets and current liabilities	(1,695)	(1,617)
Cash Flows Related to Interest and Income Taxes
Interest paid in excess of amount capitalized, including interest on finance leases	372	383
Income taxes paid, net	3,098	2,630
Operating cash flows
Operating Leases	316	296
Finance Leases	81	59
Financing cash flows
Finance Leases	190	129
Changes in lease balances resulting from new and modified leases, Operating Leases	343	132
Changes in lease balances resulting from new and modified leases, Finance Leases	$ 84	$ 156

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Assets
Investments in AFS debt securities			$ 0
Fair Value, Recurring [Member]
Assets
Investments in AFS debt securities	$ 151,000,000	$ 221,000,000
Total gross fair value, assets	1,145,000,000	1,133,000,000
Effect of counterparty netting	(907,000,000)	(705,000,000)
Effect of cash collateral netting	0	(8,000,000)
Net carrying value on Balance Sheet, assets	238,000,000	420,000,000
Liabilities
Blending program obligations	129,000,000	55,000,000
Total gross fair value, liabilities	1,291,000,000	766,000,000
Effect of counterparty netting	(907,000,000)	(705,000,000)
Effect of cash collateral netting	(241,000,000)	0
Net carrying value on Balance Sheet, liabilities	143,000,000	61,000,000
Fair Value, Recurring [Member] \| Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	33,000,000	125,000,000
Fair Value, Recurring [Member] \| Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	118,000,000	96,000,000
Fair Value, Recurring [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	81,000,000	78,000,000
Fair Value, Recurring [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	909,000,000	830,000,000
Effect of counterparty netting	(907,000,000)	(705,000,000)
Effect of cash collateral netting	0	(8,000,000)
Derivative contracts, net assets	2,000,000	117,000,000
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	1,148,000,000	705,000,000
Effect of counterparty netting	(907,000,000)	(705,000,000)
Effect of cash collateral netting	(241,000,000)	0
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(141,000,000)	(149,000,000)
Fair Value, Recurring [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	4,000,000
Liabilities
Derivative contracts, not subject to netting		2,000,000
Fair Value, Recurring [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting		4,000,000
Liabilities
Derivative contracts, not subject to netting	14,000,000	4,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets
Investments in AFS debt securities	85,000,000	56,000,000
Total gross fair value, assets	1,075,000,000	958,000,000
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	1,148,000,000	707,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	85,000,000	56,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	77,000,000	72,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	909,000,000	830,000,000
Liabilities
Derivative contracts	1,148,000,000	705,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	4,000,000
Liabilities
Derivative contracts, not subject to netting		2,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting		0
Liabilities
Derivative contracts, not subject to netting	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Investments in AFS debt securities	66,000,000	165,000,000
Total gross fair value, assets	66,000,000	169,000,000
Liabilities
Blending program obligations	129,000,000	55,000,000
Total gross fair value, liabilities	143,000,000	59,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents [Member]
Assets
Investments in AFS debt securities	33,000,000	125,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Prepaid Expenses and Other [Member]
Assets
Investments in AFS debt securities	33,000,000	40,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting		0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting		4,000,000
Liabilities
Derivative contracts, not subject to netting	14,000,000	4,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
Total gross fair value, assets	4,000,000	6,000,000
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	4,000,000	6,000,000
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting		0
Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member] \| Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting		0
Liabilities
Derivative contracts, not subject to netting	$ 0	$ 0

Fair Value Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - USD ($)	12 Months Ended
Fair Value Measurements, Nonrecurring (Details) - USD ($)	Dec. 31, 2022	Sep. 30, 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	Sep. 30, 2023	Dec. 31, 2022
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	$ 9,150	$ 9,241
Fair Value, Inputs, Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 8,549	$ 8,902

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) MBbls bu	Sep. 30, 2022 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs \| $	[1]	$ 32,385	$ 38,064	$ 91,820	$ 115,959
Renewable And Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs \| $		438	$ 461	$ 1,200	$ 984
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				915
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				6,765
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2024 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				200
Derivatives Designated as Hedges [Member] \| Cash Flow Hedges [Member] \| Future, 2024 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				2,362
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				81,133
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				66,695
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				87,324
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				82,415
Derivatives Designated as Economic Hedges [Member] \| Future, 2024 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				4,214
Derivatives Designated as Economic Hedges [Member] \| Future, 2024 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu				90
Derivatives Designated as Economic Hedges [Member] \| Future, 2024 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				5,260
Derivatives Designated as Economic Hedges [Member] \| Future, 2024 Maturity [Member] \| Short (Sales) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu				3,290
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				14,533
Derivatives Designated as Economic Hedges [Member] \| Physical Contracts, 2024 Maturity [Member] \| Long (Purchases) [Member] \| Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume \| bu				3,193
Derivatives Designated as Economic Hedges [Member] \| Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities \| $		$ 630		$ 630

[1] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $266 million and $191 million for the three months ended September 30, 2023 and 2022, respectively, and $900 million and $545 million for the nine months ended September 30, 2023 and 2022, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Sep. 30, 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	$ 10	$ 61
Derivative liability, subject to netting	19	44
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, total	903	773
Derivative liability, total	1,143	667
Derivatives Not Designated as Hedging Instruments [Member] \| Commodity Contracts [Member] \| Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	899	769
Derivative liability, subject to netting	1,129	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	0	4
Derivative liability, not subject to netting	14	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	4	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	$ 0	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive loss	$ (197)	$ 79	$ (71)	$ (215)
Commodity Contracts [Member] \| Revenues [Member]
Effect of Derivative Instruments on Income
Gain (loss) reclassified from accumulated other comprehensive loss into income	(119)	10	(3)	(289)
Commodity Contracts [Member] \| Revenues [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(2)	(6)	(19)	(12)
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	(48)	(109)	126	(976)
Commodity Contracts [Member] \| Operating Expenses (Excluding Depreciation and Amortization Expense) [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	0	(18)	1	(9)
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	19	57	(1)	104
Foreign Currency Contracts [Member] \| Other Income, Net [Member] \| Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 0	$ (38)	$ 0	$ (119)