Valero Energy (VLO) 10-Q 25 Apr 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 19, 2024
Cover [Abstract]
Document type	10-Q
Document quarterly report	true
Document period end date	Mar. 31, 2024
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		326,996,383
Entity central index key	0001035002
Amendment flag	false
Document fiscal year focus	2024
Document fiscal period focus	Q1
Current fiscal year end date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,917	$ 5,424
Receivables, net	12,150	12,525
Inventories	7,912	7,583
Prepaid expenses and other	695	689
Total current assets	25,674	26,221
Property, plant, and equipment, at cost	51,943	51,668
Accumulated depreciation	(21,871)	(21,459)
Property, plant, and equipment, net	30,072	30,209
Deferred charges and other assets, net	6,828	6,626
Total assets	62,574	63,056
Current liabilities:
Current portion of debt and finance lease obligations	853	1,406
Accounts payable	12,458	12,567
Accrued expenses	1,097	1,240
Taxes other than income taxes payable	1,353	1,452
Income taxes payable	388	137
Total current liabilities	16,149	16,802
Debt and finance lease obligations, less current portion	10,044	10,118
Deferred income tax liabilities	5,260	5,349
Other long-term liabilities	2,297	2,263
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	6,916	6,901
Treasury stock, at cost; 346,505,037 and 340,199,677 common shares	(26,330)	(25,322)
Retained earnings	46,519	45,630
Accumulated other comprehensive loss	(1,055)	(870)
Total Valero Energy Corporation stockholders’ equity	26,057	26,346
Noncontrolling interests	2,767	2,178
Total equity	28,824	28,524
Total liabilities and equity	$ 62,574	$ 63,056

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	346,505,037	340,199,677

Consolidated Statements of Inco

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenues	[1]	$ 31,759	$ 36,439
Cost of sales:
Cost of materials and other	[2]	27,682	30,005
Operating expenses (excluding depreciation and amortization expense reflected below)		1,411	1,477
Depreciation and amortization expense		683	650
Total cost of sales		29,776	32,132
Other operating expenses		34	10
General and administrative expenses (excluding depreciation and amortization expense reflected below)		258	244
Depreciation and amortization expense		12	10
Operating income		1,679	4,043
Other income, net		144	129
Interest and debt expense, net of capitalized interest		(140)	(146)
Income before income tax expense		1,683	4,026
Income tax expense		353	880
Net income		1,330	3,146
Less: Net income attributable to noncontrolling interests		85	79
Net income attributable to Valero Energy Corporation stockholders		$ 1,245	$ 3,067
Earnings per common share (in dollars per share)		$ 3.75	$ 8.30
Weighted-average common shares outstanding (in shares)		331	369
Earnings per common share – assuming dilution (in dollars per share)		$ 3.75	$ 8.29
Weighted-average common shares outstanding – assuming dilution (in shares)		331	369
Supplemental information:
Includes excise taxes on sales by certain of our foreign operations		$ 1,387	$ 1,422
[1] Includes excise taxes on sales by certain of our foreign operations of $1,387 million and $1,422 million for the three months ended March 31, 2024 and 2023, respectively. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 1,330	$ 3,146
Other comprehensive income (loss):
Foreign currency translation adjustment	(153)	134
Net loss on pension and other postretirement benefits	(6)	(7)
Net gain (loss) on cash flow hedges	(84)	57
Other comprehensive income (loss) before income tax expense (benefit)	(243)	184
Income tax expense (benefit) related to items of other comprehensive income (loss)	(15)	1
Other comprehensive income (loss)	(228)	183
Comprehensive income	1,102	3,329
Less: Comprehensive income attributable to noncontrolling interests	42	108
Comprehensive income attributable to Valero Energy Corporation stockholders	$ 1,060	$ 3,221

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, 2022	$ 25,468	$ 23,561	$ 7	$ 6,863	$ (20,197)	$ 38,247	$ (1,359)	$ 1,907
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	3,146	3,067				3,067		79
Dividends on common stock	(379)	(379)				(379)
Stock-based compensation expense	39	39		39
Transactions in connection with stock-based compensation plans	1	1		(25)	26
Purchases of common stock for treasury	(1,466)	(1,466)			(1,466)
Contributions from noncontrolling interests	75							75
Other comprehensive income (loss)	183	154					154	29
Balance as of end of period at Mar. 31, 2023	27,067	24,977	7	6,877	(21,637)	40,935	(1,205)	2,090
Balance as of beginning of period at Dec. 31, 2023	28,524	26,346	7	6,901	(25,322)	45,630	(870)	2,178
Increase (Decrease) in Stockholders' Equity Roll Forward
Net income	1,330	1,245				1,245		85
Dividends on common stock	(356)	(356)				(356)
Stock-based compensation expense	39	39		39
Transactions in connection with stock-based compensation plans	1	1		(24)	25
Purchases of common stock for treasury	(1,033)	(1,033)			(1,033)
Contributions from noncontrolling interests	90							90
Conversion of IEnova Revolver debt to equity (see Notes 4 and 6)	457							457
Other comprehensive income (loss)	(228)	(185)					(185)	(43)
Balance as of end of period at Mar. 31, 2024	$ 28,824	$ 26,057	$ 7	$ 6,916	$ (26,330)	$ 46,519	$ (1,055)	$ 2,767

Consolidated Statements of Eq_2

Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common stock dividends:
Dividends on common stock (in dollars per share)	$ 1.07	$ 1.02

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 1,330	$ 3,146
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	695	660
Gain on early retirement of debt, net	0	(11)
Deferred income tax expense (benefit)	(69)	54
Changes in current assets and current liabilities	(160)	(534)
Changes in deferred charges and credits and other operating activities, net	50	(145)
Net cash provided by operating activities	1,846	3,170
Cash flows from investing activities:
Purchases of available-for-sale (AFS) debt securities	(11)	(100)
Proceeds from sales and maturities of AFS debt securities	33	71
Other investing activities, net	2	4
Net cash used in investing activities	(637)	(549)
Cash flows from financing activities:
Premiums paid on early retirement of debt	0	(5)
Purchases of common stock for treasury	(1,023)	(1,451)
Common stock dividend payments	(356)	(379)
Contributions from noncontrolling interests	90	75
Other financing activities, net	0	(1)
Net cash used in financing activities	(1,644)	(1,998)
Effect of foreign exchange rate changes on cash	(72)	36
Net increase (decrease) in cash and cash equivalents	(507)	659
Cash and cash equivalents at beginning of period	5,424	4,862
Cash and cash equivalents at end of period	4,917	5,521
Excluding Variable Interest Entities (VIEs) [Member]
Cash flows from investing activities:
Capital expenditures	(128)	(175)
Deferred turnaround and catalyst cost expenditures	(452)	(235)
Cash flows from financing activities:
Proceeds from debt borrowings	1,250	750
Repayments of debt and finance lease obligations	(1,467)	(973)
Diamond Green Diesel Holdings LLC (DGD) [Member]
Cash flows from investing activities:
Capital expenditures	(69)	(90)
Deferred turnaround and catalyst cost expenditures	(9)	(24)
Cash flows from financing activities:
Proceeds from debt borrowings	100	150
Repayments of debt and finance lease obligations	(256)	(156)
Other VIEs [Member]
Cash flows from investing activities:
Capital expenditures	(3)	0
Cash flows from financing activities:
Proceeds from borrowings of other VIEs	20	14
Repayments of debt and finance lease obligations	$ (2)	$ (22)

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim period presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. The balance sheet as of December 31, 2023 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, 2023. Significant Accounting Policies 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. Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting periods beginning December 31, 2024 and interim reporting periods in 2025. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.

Uncertainty

Uncertainty	3 Months Ended
	Mar. 31, 2024
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, in October 2023, 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 in a November 2023 workshop that the latter rulemaking process will be focused on rules relating to the timing of refinery maintenance and turnarounds, as well as the standardization of data collection and reporting. It remains uncertain as 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, the potential implementation of a financial penalty or of 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 our financial condition, results of operations, and liquidity.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
INVENTORIES	3. INVENTORIES Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,366 $ 2,223 Refined petroleum products and blendstocks 3,847 3,790 Renewable diesel feedstocks and products 1,051 913 Ethanol feedstocks and products 300 313 Materials and supplies 348 344 Inventories $ 7,912 $ 7,583 As of March 31, 2024 and December 31, 2023, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $6.0 billion and $4.4 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.5 billion of our total inventories as of March 31, 2024 and December 31, 2023, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT	4. DEBT Public Debt In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024. 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 LP Senior Notes 66 Total $ 199 Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2024 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 3 $ 3,997 Accounts receivable sales facility 1,300 July 2024 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver (c) 400 June 2026 100 31 269 DGD Loan Agreement (d) 100 June 2026 — n/a 100 IEnova Revolver (e) 830 February 2028 326 n/a 504 Uncommitted facilities: Letter of credit facilities n/a n/a n/a — n/a ________________________ (a) Letters of credit issued as of March 31, 2024 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.173 percent and 7.201 percent as of March 31, 2024 and December 31, 2023, respectively. (d) The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) 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. (e) Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.180 percent and 9.245 percent as of March 31, 2024 and December 31, 2023, respectively. Borrowings and repayments under our credit facilities were as follows (in millions): Three Months Ended 2024 2023 Borrowings: Accounts receivable sales facility $ 1,250 $ 750 DGD Revolver — 150 DGD Loan Agreement 100 — IEnova Revolver 20 14 Repayments: Accounts receivable sales facility (1,250) (750) DGD Revolver (150) (150) DGD Loan Agreement (100) — IEnova Revolver — (21) Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2024 2023 Interest and debt expense $ 147 $ 152 Less: Capitalized interest 7 6 Interest and debt expense, net of capitalized interest $ 140 $ 146

Equity

Equity	3 Months Ended
	Mar. 31, 2024
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 in the table below) and with respect to our employee stock-based compensation plans. During the three months ended March 31, 2024 and 2023, we purchased for treasury 6,633,843 shares and 10,993,341 shares, respectively. Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Announcement Total Cost Remaining September 2023 Program September 15, 2023 $ 2,500 $ 1,187 February 2024 Program February 22, 2024 2,500 2,500 Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (735) $ (162) $ 27 $ (870) $ (1,168) $ (183) $ (8) $ (1,359) Other comprehensive income (loss) before reclassifications (148) — (23) (171) 137 — 37 174 Amounts reclassified from accumulated other comprehensive loss — (4) (9) (13) — (7) (15) (22) Effect of exchange rates — (1) — (1) — 2 — 2 Other comprehensive income (loss) (148) (5) (32) (185) 137 (5) 22 154 Balance as of end of period $ (883) $ (167) $ (5) $ (1,055) $ (1,031) $ (188) $ 14 $ (1,205)

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	6. VARIABLE INTEREST ENTITIES Consolidated VIEs We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of March 31, 2024, 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, vegetable 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 March 31, 2024 Assets Cash and cash equivalents $ 170 $ — $ 35 $ 205 Other current assets 1,582 9 40 1,631 Property, plant, and equipment, net 3,805 660 71 4,536 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 385 $ 352 $ 17 $ 754 Debt and finance lease obligations, less current portion 662 — — 662 DGD Central Other Total December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669 Nonconsolidated VIEs We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2024
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 2024 2023 2024 2023 Three months ended March 31 Service cost $ 28 $ 28 $ 1 $ 1 Interest cost 31 30 3 3 Expected return on plan assets (53) (50) — — Amortization of: Net actuarial gain (1) (2) (1) (1) Prior service credit (3) (5) — (1) Net periodic benefit cost $ 2 $ 1 $ 3 $ 2 The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Earnings per common share: Net income attributable to Valero stockholders $ 1,245 $ 3,067 Less: Income allocated to participating securities 3 10 Net income available to common stockholders $ 1,242 $ 3,057 Weighted-average common shares outstanding 331 369 Earnings per common share $ 3.75 $ 8.30 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,245 $ 3,067 Less: Income allocated to participating securities 3 10 Net income available to common stockholders $ 1,242 $ 3,057 Weighted-average common shares outstanding 331 369 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 331 369 Earnings per common share – assuming dilution $ 3.75 $ 8.29 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. For the three months ended March 31, 2024 and 2023, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.

Revenues and Segment Informatio

Revenues and Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
REVENUES AND SEGMENT INFORMATION	9. REVENUES AND SEGMENT INFORMATION Revenue from Contracts with Customers Disaggregation of Revenue Revenue is presented in the table below under “ Segment Information ” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements. Contract Balances Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 6,788 $ 7,209 Contract liabilities, included in accrued expenses 34 40 Remaining Performance Obligations We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of March 31, 2024, 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, including a reconciliation to our consolidated income before income tax expense, by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended March 31, 2024 Revenues: Revenues from external customers $ 30,143 $ 702 $ 914 $ — $ 31,759 Intersegment revenues 2 709 190 (901) — Total revenues 30,145 1,411 1,104 (901) 31,759 Cost of sales: Cost of materials and other (a) 26,611 1,066 909 (904) 27,682 Operating expenses (excluding depreciation and amortization expense reflected below) 1,184 90 137 — 1,411 Depreciation and amortization expense 600 65 19 (1) 683 Total cost of sales 28,395 1,221 1,065 (905) 29,776 Other operating expenses 5 — 29 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 258 258 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,745 $ 190 $ 10 $ (266) 1,679 Other income, net 144 Interest and debt expense, net of capitalized interest (140) Income before income tax expense $ 1,683 ________________________ See note (a) on page 17 Refining Renewable Ethanol Corporate Total Three months ended March 31, 2023 Revenues: Revenues from external customers $ 34,407 $ 935 $ 1,097 $ — $ 36,439 Intersegment revenues 3 745 223 (971) — Total revenues 34,410 1,680 1,320 (971) 36,439 Cost of sales: Cost of materials and other (a) 28,510 1,331 1,131 (967) 30,005 Operating expenses (excluding depreciation and amortization expense reflected below) 1,261 86 130 — 1,477 Depreciation and amortization expense 572 58 20 — 650 Total cost of sales 30,343 1,475 1,281 (967) 32,132 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 244 244 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 4,057 $ 205 $ 39 $ (258) 4,043 Other income, net 129 Interest and debt expense, net of capitalized interest (146) Income before income tax expense $ 4,026 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2024 2023 Refining: Gasolines and blendstocks $ 13,126 $ 15,048 Distillates 14,128 16,838 Other product revenues 2,889 2,521 Total Refining revenues 30,143 34,407 Renewable Diesel: Renewable diesel 679 876 Renewable naphtha 23 59 Total Renewable Diesel revenues 702 935 Ethanol: Ethanol 638 763 Distillers grains 276 334 Total Ethanol revenues 914 1,097 Revenues $ 31,759 $ 36,439 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 49,070 $ 49,031 Renewable Diesel 5,852 5,790 Ethanol 1,496 1,549 Corporate and eliminations 6,156 6,686 Total assets $ 62,574 $ 63,056

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	10. SUPPLEMENTAL CASH FLOW INFORMATION In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2024 2023 Decrease (increase) in current assets: Receivables, net $ 257 $ 2,381 Inventories (356) (641) Prepaid expenses and other 86 (37) Increase (decrease) in current liabilities: Accounts payable (130) (2,269) Accrued expenses (163) (61) Taxes other than income taxes payable (102) (23) Income taxes payable 248 116 Changes in current assets and current liabilities $ (160) $ (534) Changes in current assets and current liabilities for the three months ended March 31, 2024 were primarily due to the following: • The decrease in receivables was primarily due to a decrease in refined petroleum product sales volumes in March 2024 compared to December 2023, partially offset by an increase in related prices; and • The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in March 2024 compared to December 2023. Changes in current assets and cu rrent liabilities for the three months ended March 31, 2023 were primarily due to the following: • The decrease in receivables was primarily due to a decrease in refined petroleum product sales volumes in March 2023 compared to December 2022; • The increase in inventories was due to an increase in inventory volumes valued at higher unit prices in March 2023 compared to December 2022; and • The decrease in accounts payable was due to a decrease in crude oil and other feedstock volumes purchased combined with a decrease in related prices in March 2023 compared to December 2022. Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2024 2023 Interest paid in excess of amount capitalized, including interest on finance leases $ 100 $ 82 Income taxes paid, net 103 616 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2024 2023 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 124 $ 29 $ 102 $ 27 Financing cash flows — 56 — 49 Changes in lease balances resulting from new and modified leases 153 186 67 47 Noncash financing activities for the three months ended March 31, 2024 included the conversion by IEnova of $457 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals, as described in Note 4. There were no other significant noncash investing and financing activities during the three months ended March 31, 2024, except as noted in the table above. There were no significant noncash investing and financing activities during the three months ended March 31, 2023, except as noted in the table above.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	11. FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2024 and December 31, 2023. 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 in our balance sheets. March 31, 2024 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 936 $ — $ — $ 936 $ (904) $ (5) $ 27 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 82 — 4 86 n/a n/a 86 n/a Investments in AFS debt securities 33 64 — 97 n/a n/a 97 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 1,053 $ 65 $ 4 $ 1,122 $ (904) $ (5) $ 213 Liabilities Commodity derivative contracts $ 975 $ — $ — $ 975 $ (904) $ (71) $ — $ (137) Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Blending program obligations — 41 — 41 n/a n/a 41 n/a Total $ 975 $ 43 $ — $ 1,018 $ (904) $ (71) $ 43 December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Blending program obligations — 58 — 58 n/a n/a 58 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71 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. • 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. • 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 categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the three months ended March 31, 2024 and 2023. • 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 There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023. Financial Instruments Our financial instruments include cash and cash equivalents, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). March 31, 2024 December 31, 2023 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,461 $ 8,300 $ 9,218 $ 9,109 Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “ Recurring Fair Value Measurements ” above.

Price Risk Management Activitie

Price Risk Management Activities	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
PRICE RISK MANAGEMENT ACTIVITIES	12. PRICE RISK MANAGEMENT ACTIVITIES General We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk .” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) .” Risk Management Activities by Type of Risk Commodity Price Risk We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn), the products we produce, and natural gas used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that is periodically reviewed with our Board and/or relevant Board committee. We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below. • Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. • Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable. As of March 31, 2024, 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 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 3,041 Futures – short 7,290 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 157,473 Futures – short 166,013 Options – long 400 Options – short 400 Corn: Futures – long 43,330 Futures – short 60,110 Physical contracts – long 15,514 Foreign Currency Risk We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of March 31, 2024, we had foreign currency contracts to purchase $615 million of U.S. dollars. Of these commitments, $405 million matured on or before April 19, 2024 and the remaining $210 million will mature by April 29, 2024. 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 $204 million and $413 million for the three months ended March 31, 2024 and 2023, respectively. These amounts are reflected in cost of materials and other. Fair Values of Derivative Instruments The following table provides information about the fair values of our derivative instruments as of March 31, 2024 and December 31, 2023 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet March 31, 2024 December 31, 2023 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 29 $ 36 $ 141 $ 34 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 907 $ 939 $ 662 $ 609 Physical purchase contracts Inventories 1 2 — 6 Foreign currency contracts Receivables, net 2 — — — Foreign currency contracts Accrued expenses — — — 7 Total $ 910 $ 941 $ 662 $ 622 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 that are periodically reviewed with our Board and/or relevant Board committee. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating. Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2024 2023 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ (60) $ 95 Gain reclassified from accumulated other comprehensive loss into income Revenues 24 38 For cash flow hedges, no component of any derivative instrument’s gain or loss was excluded from the assessment of hedge effectiveness for the three months ended March 31, 2024 and 2023. For the three months ended March 31, 2024 and 2023, cash flow hedges primarily related to forecasted sales of renewable diesel. As of March 31, 2024, 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 months ended March 31, 2024 and 2023 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 our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2024 2023 Commodity contracts Revenues $ (4) $ (7) Commodity contracts Cost of materials and other — 83 Commodity contracts Operating expenses — 1 Foreign currency contracts Cost of materials and other 15 (3)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to Valero stockholders	$ 1,245	$ 3,067

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation General The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole. These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim period presented. All such adjustments are of a normal recurring nature unless disclosed otherwise. Operating results for the interim period are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. 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, 2023. The balance sheet as of December 31, 2023 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, 2023.
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.
Accounting Pronouncements Adopted and Not Yet Adopted	Accounting Pronouncement Adopted on January 1, 2024 ASU 2023-07 In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , to improve the disclosures about a public entity’s reportable segments primarily through improved disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but will result in additional disclosures for our annual reporting periods beginning December 31, 2024 and interim reporting periods in 2025. Accounting Pronouncement Not Yet Adopted ASU 2023-09 In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We expect to adopt this ASU effective January 1, 2025 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
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 in our balance sheets.
Derivatives	We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “ Risk Management Activities by Type of Risk .” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 11), as summarized below under “ Fair Values of Derivative Instruments. ” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “ Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) .”
Derivative instruments collateral requirements	We do not require any collateral or other security to support derivative instruments into which we enter.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in millions): March 31, December 31, Refinery feedstocks $ 2,366 $ 2,223 Refined petroleum products and blendstocks 3,847 3,790 Renewable diesel feedstocks and products 1,051 913 Ethanol feedstocks and products 300 313 Materials and supplies 348 344 Inventories $ 7,912 $ 7,583

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of 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 LP Senior Notes 66 Total $ 199
Schedule of Credit Facilities	We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions): March 31, 2024 Facility Maturity Date Outstanding Letters of Credit Availability Committed facilities: Valero Revolver $ 4,000 November 2027 $ — $ 3 $ 3,997 Accounts receivable sales facility 1,300 July 2024 — n/a 1,300 Committed facilities of VIEs (b): DGD Revolver (c) 400 June 2026 100 31 269 DGD Loan Agreement (d) 100 June 2026 — n/a 100 IEnova Revolver (e) 830 February 2028 326 n/a 504 Uncommitted facilities: Letter of credit facilities n/a n/a n/a — n/a ________________________ (a) Letters of credit issued as of March 31, 2024 expire at various times in 2024 through 2026. (b) Creditors of the VIEs do not have recourse against us. (c) The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.173 percent and 7.201 percent as of March 31, 2024 and December 31, 2023, respectively. (d) The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) 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. (e) Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.180 percent and 9.245 percent as of March 31, 2024 and December 31, 2023, respectively. Borrowings and repayments under our credit facilities were as follows (in millions): Three Months Ended 2024 2023 Borrowings: Accounts receivable sales facility $ 1,250 $ 750 DGD Revolver — 150 DGD Loan Agreement 100 — IEnova Revolver 20 14 Repayments: Accounts receivable sales facility (1,250) (750) DGD Revolver (150) (150) DGD Loan Agreement (100) — IEnova Revolver — (21)
Schedule ofInterest and Debt Expense, Net of Capitalized Interest	“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions): Three Months Ended 2024 2023 Interest and debt expense $ 147 $ 152 Less: Capitalized interest 7 6 Interest and debt expense, net of capitalized interest $ 140 $ 146

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Schedule of Share Repurchases	Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions): Program Name Announcement Total Cost Remaining September 2023 Program September 15, 2023 $ 2,500 $ 1,187 February 2024 Program February 22, 2024 2,500 2,500
Schedule of Changes in Components of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions): Three Months Ended March 31, 2024 2023 Foreign Defined Gains Total Foreign Defined Gains Total Balance as of beginning of period $ (735) $ (162) $ 27 $ (870) $ (1,168) $ (183) $ (8) $ (1,359) Other comprehensive income (loss) before reclassifications (148) — (23) (171) 137 — 37 174 Amounts reclassified from accumulated other comprehensive loss — (4) (9) (13) — (7) (15) (22) Effect of exchange rates — (1) — (1) — 2 — 2 Other comprehensive income (loss) (148) (5) (32) (185) 137 (5) 22 154 Balance as of end of period $ (883) $ (167) $ (5) $ (1,055) $ (1,031) $ (188) $ 14 $ (1,205)

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of balance sheet information of consolidated VIEs	The following tables present summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions): DGD Central Other Total March 31, 2024 Assets Cash and cash equivalents $ 170 $ — $ 35 $ 205 Other current assets 1,582 9 40 1,631 Property, plant, and equipment, net 3,805 660 71 4,536 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 385 $ 352 $ 17 $ 754 Debt and finance lease obligations, less current portion 662 — — 662 DGD Central Other Total December 31, 2023 Assets Cash and cash equivalents $ 237 $ — $ 23 $ 260 Other current assets 1,520 11 46 1,577 Property, plant, and equipment, net 3,772 665 75 4,512 Liabilities Current liabilities, including current portion of debt and finance lease obligations $ 616 $ 808 $ 19 $ 1,443 Debt and finance lease obligations, less current portion 669 — — 669

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Schedule of 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 2024 2023 2024 2023 Three months ended March 31 Service cost $ 28 $ 28 $ 1 $ 1 Interest cost 31 30 3 3 Expected return on plan assets (53) (50) — — Amortization of: Net actuarial gain (1) (2) (1) (1) Prior service credit (3) (5) — (1) Net periodic benefit cost $ 2 $ 1 $ 3 $ 2

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
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 2024 2023 Earnings per common share: Net income attributable to Valero stockholders $ 1,245 $ 3,067 Less: Income allocated to participating securities 3 10 Net income available to common stockholders $ 1,242 $ 3,057 Weighted-average common shares outstanding 331 369 Earnings per common share $ 3.75 $ 8.30 Earnings per common share – assuming dilution: Net income attributable to Valero stockholders $ 1,245 $ 3,067 Less: Income allocated to participating securities 3 10 Net income available to common stockholders $ 1,242 $ 3,057 Weighted-average common shares outstanding 331 369 Effect of dilutive securities — — Weighted-average common shares outstanding – assuming dilution 331 369 Earnings per common share – assuming dilution $ 3.75 $ 8.29

Revenues and Segment Informat_2

Revenues and Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Contract Balances	Contract balances were as follows (in millions): March 31, December 31, Receivables from contracts with customers, included in receivables, net $ 6,788 $ 7,209 Contract liabilities, included in accrued expenses 34 40
Schedule of Segment Information For Our Reportable Segments	The following tables reflect information about our operating income, including a reconciliation to our consolidated income before income tax expense, by reportable segment (in millions): Refining Renewable Ethanol Corporate Total Three months ended March 31, 2024 Revenues: Revenues from external customers $ 30,143 $ 702 $ 914 $ — $ 31,759 Intersegment revenues 2 709 190 (901) — Total revenues 30,145 1,411 1,104 (901) 31,759 Cost of sales: Cost of materials and other (a) 26,611 1,066 909 (904) 27,682 Operating expenses (excluding depreciation and amortization expense reflected below) 1,184 90 137 — 1,411 Depreciation and amortization expense 600 65 19 (1) 683 Total cost of sales 28,395 1,221 1,065 (905) 29,776 Other operating expenses 5 — 29 — 34 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 258 258 Depreciation and amortization expense — — — 12 12 Operating income by segment $ 1,745 $ 190 $ 10 $ (266) 1,679 Other income, net 144 Interest and debt expense, net of capitalized interest (140) Income before income tax expense $ 1,683 ________________________ See note (a) on page 17 Refining Renewable Ethanol Corporate Total Three months ended March 31, 2023 Revenues: Revenues from external customers $ 34,407 $ 935 $ 1,097 $ — $ 36,439 Intersegment revenues 3 745 223 (971) — Total revenues 34,410 1,680 1,320 (971) 36,439 Cost of sales: Cost of materials and other (a) 28,510 1,331 1,131 (967) 30,005 Operating expenses (excluding depreciation and amortization expense reflected below) 1,261 86 130 — 1,477 Depreciation and amortization expense 572 58 20 — 650 Total cost of sales 30,343 1,475 1,281 (967) 32,132 Other operating expenses 10 — — — 10 General and administrative expenses (excluding depreciation and amortization expense reflected below) — — — 244 244 Depreciation and amortization expense — — — 10 10 Operating income by segment $ 4,057 $ 205 $ 39 $ (258) 4,043 Other income, net 129 Interest and debt expense, net of capitalized interest (146) Income before income tax expense $ 4,026 ________________________ (a) Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively. The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions): Three Months Ended 2024 2023 Refining: Gasolines and blendstocks $ 13,126 $ 15,048 Distillates 14,128 16,838 Other product revenues 2,889 2,521 Total Refining revenues 30,143 34,407 Renewable Diesel: Renewable diesel 679 876 Renewable naphtha 23 59 Total Renewable Diesel revenues 702 935 Ethanol: Ethanol 638 763 Distillers grains 276 334 Total Ethanol revenues 914 1,097 Revenues $ 31,759 $ 36,439 Total assets by reportable segment were as follows (in millions): March 31, December 31, Refining $ 49,070 $ 49,031 Renewable Diesel 5,852 5,790 Ethanol 1,496 1,549 Corporate and eliminations 6,156 6,686 Total assets $ 62,574 $ 63,056

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Cash Flows, Supplemental Disclosures	In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions): Three Months Ended 2024 2023 Decrease (increase) in current assets: Receivables, net $ 257 $ 2,381 Inventories (356) (641) Prepaid expenses and other 86 (37) Increase (decrease) in current liabilities: Accounts payable (130) (2,269) Accrued expenses (163) (61) Taxes other than income taxes payable (102) (23) Income taxes payable 248 116 Changes in current assets and current liabilities $ (160) $ (534) Cash flows related to interest and income taxes were as follows (in millions): Three Months Ended 2024 2023 Interest paid in excess of amount capitalized, including interest on finance leases $ 100 $ 82 Income taxes paid, net 103 616 Supplemental cash flow information related to our operating and finance leases was as follows (in millions): Three Months Ended March 31, 2024 2023 Operating Finance Operating Finance Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows $ 124 $ 29 $ 102 $ 27 Financing cash flows — 56 — 49 Changes in lease balances resulting from new and modified leases 153 186 67 47

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of fair value of assets and liabilities measured on recurring basis	The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of March 31, 2024 and December 31, 2023. 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 in our balance sheets. March 31, 2024 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 936 $ — $ — $ 936 $ (904) $ (5) $ 27 $ — Physical purchase contracts — 1 — 1 n/a n/a 1 n/a Investments of certain benefit plans 82 — 4 86 n/a n/a 86 n/a Investments in AFS debt securities 33 64 — 97 n/a n/a 97 n/a Foreign currency contracts 2 — — 2 n/a n/a 2 n/a Total $ 1,053 $ 65 $ 4 $ 1,122 $ (904) $ (5) $ 213 Liabilities Commodity derivative contracts $ 975 $ — $ — $ 975 $ (904) $ (71) $ — $ (137) Physical purchase contracts — 2 — 2 n/a n/a 2 n/a Blending program obligations — 41 — 41 n/a n/a 41 n/a Total $ 975 $ 43 $ — $ 1,018 $ (904) $ (71) $ 43 December 31, 2023 Total Effect of Effect of Net Cash Fair Value Hierarchy Level 1 Level 2 Level 3 Assets Commodity derivative contracts $ 803 $ — $ — $ 803 $ (642) $ (66) $ 95 $ — Investments of certain benefit plans 76 — 4 80 n/a n/a 80 n/a Investments in AFS debt securities 36 75 — 111 n/a n/a 111 n/a Total $ 915 $ 75 $ 4 $ 994 $ (642) $ (66) $ 286 Liabilities Commodity derivative contracts $ 643 $ — $ — $ 643 $ (642) $ (1) $ — $ (67) Physical purchase contracts — 6 — 6 n/a n/a 6 n/a Blending program obligations — 58 — 58 n/a n/a 58 n/a Foreign currency contracts 7 — — 7 n/a n/a 7 n/a Total $ 650 $ 64 $ — $ 714 $ (642) $ (1) $ 71
Schedule of carrying amount and estimated fair value of financial instruments	The estimated fair values of cash and cash equivalents, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions). March 31, 2024 December 31, 2023 Fair Value Carrying Fair Carrying Fair Financial liabilities: Debt (excluding finance lease obligations) Level 2 $ 8,461 $ 8,300 $ 9,218 $ 9,109

Price Risk Management Activit_2

Price Risk Management Activities (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of risk management activities by type of risk	As of March 31, 2024, 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 2024 Derivatives designated as cash flow hedges: Refined petroleum products: Futures – long 3,041 Futures – short 7,290 Derivatives designated as economic hedges: Crude oil and refined petroleum products: Futures – long 157,473 Futures – short 166,013 Options – long 400 Options – short 400 Corn: Futures – long 43,330 Futures – short 60,110 Physical contracts – long 15,514
Schedule of fair values of derivative instruments	The following table provides information about the fair values of our derivative instruments as of March 31, 2024 and December 31, 2023 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 11 for additional information related to the fair values of our derivative instruments. As indicated in Note 11, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts: Balance Sheet March 31, 2024 December 31, 2023 Asset Liability Asset Liability Derivatives designated as hedging instruments: Commodity contracts Receivables, net $ 29 $ 36 $ 141 $ 34 Derivatives not designated as hedging instruments: Commodity contracts Receivables, net $ 907 $ 939 $ 662 $ 609 Physical purchase contracts Inventories 1 2 — 6 Foreign currency contracts Receivables, net 2 — — — Foreign currency contracts Accrued expenses — — — 7 Total $ 910 $ 941 $ 662 $ 622
Schedule of effect of derivative instruments on income and other comprehensive income (loss)	The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions): Derivatives in Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2024 2023 Commodity contracts: Gain (loss) recognized in other comprehensive income (loss) n/a $ (60) $ 95 Gain reclassified from accumulated other comprehensive loss into income Revenues 24 38 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 our statements of income in which such gains (losses) are reflected (in millions): Derivatives Not Location of Gain (Loss) Recognized in Income on Derivatives Three Months Ended 2024 2023 Commodity contracts Revenues $ (4) $ (7) Commodity contracts Cost of materials and other — 83 Commodity contracts Operating expenses — 1 Foreign currency contracts Cost of materials and other 15 (3)

Uncertainty (Details)

Uncertainty (Details)	3 Months Ended
	Mar. 31, 2024 refinery
California [Member]
Uncertainty (Textual)
Number of refineries	2

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Inventories
Refinery feedstocks	$ 2,366	$ 2,223
Refined petroleum products and blendstocks	3,847	3,790
Renewable diesel feedstocks and products	1,051	913
Ethanol feedstocks and products	300	313
Materials and supplies	348	344
Inventories	$ 7,912	$ 7,583

Inventories (Details) (Narrativ

Inventories (Details) (Narrative) - USD ($) $ in Billions	Mar. 31, 2024	Dec. 31, 2023
Inventories (Textual)
Excess of market value over carrying amount of LIFO inventories	$ 6	$ 4.4
Amount of non-LIFO inventory	$ 1.3	$ 1.5

Debt, Public Debt (Details)

Debt, Public Debt (Details) - Senior Notes [Member] - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2024	Feb. 28, 2023
Debt Purchased and Retired
Debt purchased and retired amount		$ 199
1.200% Valero Senior Notes due 2024 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)	1.20%
Public Debt (Textual)
Repayments of senior debt	$ 167
Interest rate of notes (percent)	1.20%
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
Public Debt (Textual)
Interest rate of notes (percent)		6.625%
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
Public Debt (Textual)
Interest rate of notes (percent)		3.65%
4.000% Valero Senior Notes due 2052 [Member]
Debt Purchased and Retired
Interest rate of notes (percent)		4%
Debt purchased and retired amount		$ 45
Public Debt (Textual)
Interest rate of notes (percent)		4%
Various Other Valero and Valero Energy Partners LP Senior Notes [Member]
Debt Purchased and Retired
Debt purchased and retired amount		$ 66

Debt, Credit Facilities (Detail

Debt, Credit Facilities (Details) - USD ($)		3 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Line of Credit Facility
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity		$ 457,000,000
Valero Revolver [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		4,000,000,000
Outstanding borrowings, long term		0
Availability		3,997,000,000
Valero Revolver, Letter of Credit [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	3,000,000
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Facility amount		1,300,000,000
Outstanding borrowings, short-term		0
Availability		1,300,000,000
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Facility amount	[2],[3]	400,000,000
Outstanding borrowings, long term	[2],[3]	100,000,000
Availability	[2],[3]	$ 269,000,000
Interest rate at period end (percent)		7.173%	7.201%
DGD Revolver, Letter of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Letters of credit issued	[1],[2],[3]	$ 31,000,000
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]
Line of Credit Facility
Facility amount	[2],[4]	100,000,000
Outstanding borrowings, long term	[2],[4]	0
Availability	[2],[4]	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	[2],[5]	830,000,000
Outstanding borrowings, long term	[2],[5]	326,000,000
Availability	[2],[5]	$ 504,000,000
Interest rate at period end (percent)		9.18%	9.245%
Debt conversion, debt amount converted		$ 457,000,000
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]
Line of Credit Facility
Letters of credit issued	[1]	$ 0
[1] Letters of credit issued as of March 31, 2024 expire at various times in 2024 through 2026. Creditors of the VIEs do not have recourse against us. The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 7.173 percent and 7.201 percent as of March 31, 2024 and December 31, 2023, respectively. The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) 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. Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). During the three months ended March 31, 2024, IEnova converted $457 million of outstanding borrowings under this facility to additional equity in Central Mexico Terminals, which resulted in an increase in the noncontrolling interest related to IEnova. The variable interest rate on the IEnova Revolver was 9.180 percent and 9.245 percent as of March 31, 2024 and December 31, 2023, respectively.

Debt, Activity Under Credit Fac

Debt, Activity Under Credit Facilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]
Line of Credit Facility
Borrowings, short-term credit facilities	$ 1,250	$ 750
Repayments, short-term credit facilities	(1,250)	(750)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	0	150
Repayments, long-term credit facilities	(150)	(150)
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	100	0
Repayments, long-term credit facilities	(100)	0
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Line of Credit Facility
Borrowings, long-term credit facilities	20	14
Repayments, long-term credit facilities	$ 0	$ (21)

Debt, Interest Incurred (Detail

Debt, Interest Incurred (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and Debt Expense, Net of Capitalized Interest
Interest and debt expense	$ 147	$ 152
Less: Capitalized interest	7	6
Interest and debt expense, net of capitalized interest	$ 140	$ 146

Equity, Narrative (Details)

Equity, Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Treasury Stock [Member]
Equity (Textual)
Purchases of common stock for treasury (in shares)	6,633,843	10,993,341

Equity, Stock Related Disclosur

Equity, Stock Related Disclosures (Details) - USD ($)	Mar. 31, 2024	Feb. 22, 2024	Sep. 15, 2023
Stock Purchase Program, Approved September 2023 [Member]
Class of Stock [Line Items]
Authorized amount under stock purchase programs			$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 1,187,000,000
Stock Repurchase Program, Approved February 2024 [Member]
Class of Stock [Line Items]
Authorized amount under stock purchase programs		$ 2,500,000,000
Remaining amount authorized under stock purchase program	$ 2,500,000,000

Equity, Changes in Accumulated

Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	$ 28,524	$ 25,468
Other comprehensive income (loss)	(228)	183
Balance as of end of period	28,824	27,067
Accumulated Other Comprehensive Loss [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(870)	(1,359)
Other comprehensive income (loss) before reclassifications	(171)	174
Amounts reclassified from accumulated other comprehensive loss	(13)	(22)
Effect of exchange rates	(1)	2
Other comprehensive income (loss)	(185)	154
Balance as of end of period	(1,055)	(1,205)
Foreign Currency Translation Adjustment [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(735)	(1,168)
Other comprehensive income (loss) before reclassifications	(148)	137
Amounts reclassified from accumulated other comprehensive loss	0	0
Effect of exchange rates	0	0
Other comprehensive income (loss)	(148)	137
Balance as of end of period	(883)	(1,031)
Defined Benefit Plans Items [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	(162)	(183)
Other comprehensive income (loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive loss	(4)	(7)
Effect of exchange rates	(1)	2
Other comprehensive income (loss)	(5)	(5)
Balance as of end of period	(167)	(188)
Gains (Losses) on Cash Flow Hedges [Member]
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax
Balance as of beginning of period	27	(8)
Other comprehensive income (loss) before reclassifications	(23)	37
Amounts reclassified from accumulated other comprehensive loss	(9)	(15)
Effect of exchange rates	0	0
Other comprehensive income (loss)	(32)	22
Balance as of end of period	$ (5)	$ 14

Variable Interest Entities (Det

Variable Interest Entities (Details) (Narrative)	Mar. 31, 2024 subsidiary plant
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	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 4,917	$ 5,424
Property, plant, and equipment, net	30,072	30,209
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	16,149	16,802
Debt and finance lease obligations, less current portion	10,044	10,118
Variable Interest Entity, Primary Beneficiary [Member]
Assets
Cash and cash equivalents	205	260
Other current assets	1,631	1,577
Property, plant, and equipment, net	4,536	4,512
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	754	1,443
Debt and finance lease obligations, less current portion	662	669
Diamond Green Diesel Holdings LLC (DGD) [Member]
Assets
Cash and cash equivalents	170	237
Other current assets	1,582	1,520
Property, plant, and equipment, net	3,805	3,772
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	385	616
Debt and finance lease obligations, less current portion	662	669
Central Mexico Terminals [Member]
Assets
Cash and cash equivalents	0	0
Other current assets	9	11
Property, plant, and equipment, net	660	665
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	352	808
Debt and finance lease obligations, less current portion	0	0
Other VIEs [Member]
Assets
Cash and cash equivalents	35	23
Other current assets	40	46
Property, plant, and equipment, net	71	75
Liabilities
Current liabilities, including current portion of debt and finance lease obligations	17	19
Debt and finance lease obligations, less current portion	$ 0	$ 0

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pension Plans [Member]
Components of net periodic benefit cost:
Service cost	$ 28	$ 28
Interest cost	31	30
Expected return on plan assets	(53)	(50)
Amortization of:
Net actuarial gain	(1)	(2)
Prior service credit	(3)	(5)
Net periodic benefit cost	2	1
Other Postretirement Benefit Plans [Member]
Components of net periodic benefit cost:
Service cost	1	1
Interest cost	3	3
Expected return on plan assets	0	0
Amortization of:
Net actuarial gain	(1)	(1)
Prior service credit	0	(1)
Net periodic benefit cost	$ 3	$ 2

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings per common share:
Net income attributable to Valero stockholders	$ 1,245	$ 3,067
Less: Income allocated to participating securities	3	10
Net income available to common stockholders	$ 1,242	$ 3,057
Weighted-average common shares outstanding (in shares)	331	369
Earnings per common share (in dollars per share)	$ 3.75	$ 8.30
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders	$ 1,245	$ 3,067
Less: Income allocated to participating securities	3	10
Net income available to common stockholders	$ 1,242	$ 3,057
Weighted-average common shares outstanding (in shares)	331	369
Effect of dilutive securities (in shares)	0	0
Weighted-average common shares outstanding – assuming dilution (in shares)	331	369
Earnings per common share – assuming dilution (in dollars per share)	$ 3.75	$ 8.29

Revenues and Segment Informat_3

Revenues and Segment Information, Contract Balances (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting [Abstract]
Receivables from contracts with customers, included in receivables, net	$ 6,788	$ 7,209
Contract liabilities, included in accrued expenses	$ 34	$ 40

Revenues and Segment Informat_4

Revenues and Segment Information, Components of Operating Income (Loss) (Details) $ in Millions		3 Months Ended
		Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Information for our Reportable Segments
Revenues	[1]	$ 31,759	$ 36,439
Cost of sales:
Cost of materials and other	[2]	27,682	30,005
Operating expenses (excluding depreciation and amortization expense reflected below)		1,411	1,477
Depreciation and amortization expense		683	650
Total cost of sales		29,776	32,132
Other operating expenses		34	10
General and administrative expenses (excluding depreciation and amortization expense reflected below)		258	244
Depreciation and amortization expense		12	10
Operating income		1,679	4,043
Other Nonoperating Income (Expense)		144	129
Interest and debt expense, net of capitalized interest		(140)	(146)
Income before income tax expense		$ 1,683	4,026
Segment Information (Textual)
Number of reportable segments | segment		3
Corporate and Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ (901)	(971)
Cost of sales:
Operating income		(266)	(258)
Corporate [Member]
Segment Information for our Reportable Segments
Revenues		0	0
Cost of sales:
General and administrative expenses (excluding depreciation and amortization expense reflected below)		258	244
Depreciation and amortization expense		12	10
Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		(901)	(971)
Cost of sales:
Cost of materials and other	[2]	(904)	(967)
Operating expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		(1)	0
Total cost of sales		(905)	(967)
Other operating expenses		0	0
Refining [Member]
Segment Information for our Reportable Segments
Revenues		30,143	34,407
Refining [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		30,145	34,410
Cost of sales:
Cost of materials and other	[2]	26,611	28,510
Operating expenses (excluding depreciation and amortization expense reflected below)		1,184	1,261
Depreciation and amortization expense		600	572
Total cost of sales		28,395	30,343
Other operating expenses		5	10
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		1,745	4,057
Refining [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		2	3
Renewable Diesel [Member]
Segment Information for our Reportable Segments
Revenues		702	935
Renewable Diesel [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,411	1,680
Cost of sales:
Cost of materials and other	[2]	1,066	1,331
Operating expenses (excluding depreciation and amortization expense reflected below)		90	86
Depreciation and amortization expense		65	58
Total cost of sales		1,221	1,475
Other operating expenses		0	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		190	205
Segment Information (Textual)
Blender's tax credit		331	246
Renewable Diesel [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		709	745
Ethanol [Member]
Segment Information for our Reportable Segments
Revenues		914	1,097
Ethanol [Member] | Operating Segments [Member]
Segment Information for our Reportable Segments
Revenues		1,104	1,320
Cost of sales:
Cost of materials and other	[2]	909	1,131
Operating expenses (excluding depreciation and amortization expense reflected below)		137	130
Depreciation and amortization expense		19	20
Total cost of sales		1,065	1,281
Other operating expenses		29	0
General and administrative expenses (excluding depreciation and amortization expense reflected below)		0	0
Depreciation and amortization expense		0	0
Operating income		10	39
Ethanol [Member] | Intersegment Eliminations [Member]
Segment Information for our Reportable Segments
Revenues		$ 190	$ 223
[1] Includes excise taxes on sales by certain of our foreign operations of $1,387 million and $1,422 million for the three months ended March 31, 2024 and 2023, respectively. Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively.

Revenues and Segment Informat_5

Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023
Revenue by Segment
Revenues	[1]	$ 31,759	$ 36,439
Refining [Member]
Revenue by Segment
Revenues		30,143	34,407
Refining [Member] | Gasoline and Blendstocks [Member]
Revenue by Segment
Revenues		13,126	15,048
Refining [Member] | Distillates [Member]
Revenue by Segment
Revenues		14,128	16,838
Refining [Member] | Other Product Revenues [Member]
Revenue by Segment
Revenues		2,889	2,521
Renewable Diesel [Member]
Revenue by Segment
Revenues		702	935
Renewable Diesel [Member] | Renewable Diesel [Member]
Revenue by Segment
Revenues		679	876
Renewable Diesel [Member] | Renewable Naphtha [Member]
Revenue by Segment
Revenues		23	59
Ethanol [Member]
Revenue by Segment
Revenues		914	1,097
Ethanol [Member] | Ethanol [Member]
Revenue by Segment
Revenues		638	763
Ethanol [Member] | Distillers Grains [Member]
Revenue by Segment
Revenues		$ 276	$ 334
[1] Includes excise taxes on sales by certain of our foreign operations of $1,387 million and $1,422 million for the three months ended March 31, 2024 and 2023, respectively.

Revenues and Segment Informat_6

Revenues and Segment Information, Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Total Assets by Reportable Segment
Reportable segment assets	$ 62,574	$ 63,056
Corporate and Eliminations [Member]
Total Assets by Reportable Segment
Reportable segment assets	6,156	6,686
Refining [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	49,070	49,031
Renewable Diesel [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	5,852	5,790
Ethanol [Member] | Operating Segments [Member]
Total Assets by Reportable Segment
Reportable segment assets	$ 1,496	$ 1,549

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Decrease (increase) in current assets:
Receivables, net	$ 257	$ 2,381
Inventories	(356)	(641)
Prepaid expenses and other	86	(37)
Increase (decrease) in current liabilities:
Accounts payable	(130)	(2,269)
Accrued expenses	(163)	(61)
Taxes other than income taxes payable	(102)	(23)
Income taxes payable	248	116
Changes in current assets and current liabilities	(160)	(534)
Cash flows related to interest and income taxes
Interest paid in excess of amount capitalized, including interest on finance leases	100	82
Income taxes paid, net	103	616
Operating cash flows
Operating Leases	124	102
Finance Leases	29	27
Financing cash flows
Finance Leases	56	49
Changes in lease balances resulting from new and modified leases, operating leases	153	67
Changes in lease balances resulting from new and modified leases, finance leases	186	$ 47
Supplemental Cash Flow Information (Textual)
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity	457
Variable Interest Entity, Primary Beneficiary [Member] | IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member]
Supplemental Cash Flow Information (Textual)
Debt conversion, debt amount converted	$ 457

Fair Value Measurements, Recurr

Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Investments in AFS debt securities	$ 97	$ 111
Total gross fair value, assets	1,122	994
Effect of counterparty netting	(904)	(642)
Effect of cash collateral netting	(5)	(66)
Net carrying value on balance sheet, assets	213	286
Liabilities
Blending program obligations	41	58
Total gross fair value, liabilities	1,018	714
Effect of counterparty netting	(904)	(642)
Effect of cash collateral netting	(71)	(1)
Net carrying value on balance sheet, liabilities	43	71
Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	86	80
Commodity Contracts [Member]
Assets
Derivative contracts	936	803
Effect of counterparty netting	(904)	(642)
Effect of cash collateral netting	(5)	(66)
Derivative contracts, net assets	27	95
Cash collateral received not offset	0	0
Liabilities
Derivative contracts	975	643
Effect of counterparty netting	(904)	(642)
Effect of cash collateral netting	(71)	(1)
Derivative contracts, net liabilities	0	0
Cash collateral paid not offset	(137)	(67)
Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	1
Liabilities
Derivative contracts, not subject to netting	2	6
Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	2
Liabilities
Derivative contracts, not subject to netting		7
Level 1 [Member]
Assets
Investments in AFS debt securities	33	36
Total gross fair value, assets	1,053	915
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	975	650
Level 1 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	82	76
Level 1 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	936	803
Liabilities
Derivative contracts	975	643
Level 1 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting	0	0
Level 1 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	2
Liabilities
Derivative contracts, not subject to netting		7
Level 2 [Member]
Assets
Investments in AFS debt securities	64	75
Total gross fair value, assets	65	75
Liabilities
Blending program obligations	41	58
Total gross fair value, liabilities	43	64
Level 2 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	0	0
Level 2 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Level 2 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	1
Liabilities
Derivative contracts, not subject to netting	2	6
Level 2 [Member] | Foreign Currency Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting		0
Level 3 [Member]
Assets
Investments in AFS debt securities	0	0
Total gross fair value, assets	4	4
Liabilities
Blending program obligations	0	0
Total gross fair value, liabilities	0	0
Level 3 [Member] | Assets Held in Trust [Member]
Assets
Investments of certain benefit plans	4	4
Level 3 [Member] | Commodity Contracts [Member]
Assets
Derivative contracts	0	0
Liabilities
Derivative contracts	0	0
Level 3 [Member] | Physical Purchase Contracts [Member]
Assets
Derivative contracts, not subject to netting	0
Liabilities
Derivative contracts, not subject to netting	0	0
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 Measurements, Nonrec

Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Nonrecurring Fair Value Measurements (Textual)
Assets measured at fair value	$ 0	$ 0
Liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements, Financ

Fair Value Measurements, Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Financial liabilities:
Debt (excluding finance lease obligations), at carrying amount	$ 8,461	$ 9,218
Level 2 [Member]
Financial liabilities:
Debt (excluding finance lease obligations), at fair value	$ 8,300	$ 9,109

Price Risk Management Activit_3

Price Risk Management Activities (Details) bu in Thousands, $ in Millions		3 Months Ended
		Mar. 31, 2024 USD ($) bu MBbls	Mar. 31, 2023 USD ($)
Price Risk Management Activities (Textual)
Compliance program costs | $	[1]	$ 27,682	$ 30,005
Renewable and Low-Carbon Fuel Programs [Member]
Price Risk Management Activities (Textual)
Compliance program costs | $		$ 204	$ 413
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2024 Maturity [Member] | Long [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		3,041
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		7,290
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		157,473
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		43,330
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		166,013
Derivatives Designated as Economic Hedges [Member] | Futures, 2024 Maturity [Member] | Short [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		60,110
Derivatives Designated as Economic Hedges [Member] | Options, 2024 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		400
Derivatives Designated as Economic Hedges [Member] | Options, 2024 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume		400
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2024 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]
Volume of Outstanding Contracts
Nonmonetary notional amount of price risk derivatives, volume | bu		15,514
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 615
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars, Maturing On or Before April 19, 2024 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		405
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars, Maturing By April 29, 2024 [Member]
Price Risk Management Activities (Textual)
Monetary notional amount of derivative liabilities | $		$ 210
[1] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $331 million and $246 million for the three months ended March 31, 2024 and 2023, respectively.

Price Risk Management Activit_4

Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	$ 29	$ 141
Derivative liability, subject to netting	36	34
Derivatives Not Designated as Hedging Instruments [Member]
Fair Values of Derivative Instruments
Derivative asset, total	910	662
Derivative liability, total	941	622
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]
Fair Values of Derivative Instruments
Derivative asset, subject to netting	907	662
Derivative liability, subject to netting	939	609
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]
Fair Values of Derivative Instruments
Derivative asset, not subject to netting	1	0
Derivative liability, not subject to netting	2	6
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	2	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	$ 7

Price Risk Management Activit_5

Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commodity Contracts [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in other comprehensive income (loss)	$ (60)	$ 95
Commodity Contracts [Member] | Revenues [Member]
Effect of Derivative Instruments on Income
Gain reclassified from accumulated other comprehensive loss into income	24	38
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	(4)	(7)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	0	83
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	1
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Effect of Derivative Instruments on Income
Gain (loss) recognized in income on derivatives	$ 15	$ (3)
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of materials and other	Cost of materials and other