Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

QUARTERLY FINANCIAL DATA (Unaudited)

20. QUARTERLY FINANCIAL DATA (Unaudited)

The following table summarizes quarterly financial data for the years ended December 31, 2016 and 2015 (in millions, except per share amounts).

	2016 Quarter Ended
	March 31 (a)		June 30 (b)		September 30		December 31
Operating revenues	$	15,714	$	19,584	$	19,649	$	20,712
Operating income	829		1,231		892		620
Net income	513		843		645		416
Net income attributable to Valero Energy Corporation stockholders	495		814		613		367
Earnings per common share	1.05		1.74		1.33		0.81
Earnings per common share – assuming dilution	1.05		1.73		1.33		0.81
	2015 Quarter Ended
	March 31		June 30		September 30		December 31 (c)
Operating revenues	$	21,330	$	25,118	$	22,579	$	18,777
Operating income	1,495		2,078		2,139		646
Net income	968		1,365		1,373		395
Net income attributable to Valero Energy Corporation stockholders	964		1,351		1,377		298
Earnings per common share	1.87		2.67		2.79		0.62
Earnings per common share – assuming dilution	1.87		2.66		2.79		0.62

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(a) Operating income for the quarter ended March 31, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.

(b) Operating income for the quarter ended June 30, 2016 reflects a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.

(c) Operating income for the quarter ended December 31, 2015 reflects an unfavorable noncash lower of cost or market inventory valuation adjustment of $790 million as described in Note 4.