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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Operating revenues (a) [1] $ 75,659 $ 87,804 $ 130,844
Costs and expenses:      
Cost of sales (excluding the lower of cost or market inventory valuation adjustment) 65,962 73,861 118,141
Lower of cost or market inventory valuation adjustment (747) 790 0
Operating expenses 4,207 4,243 4,387
General and administrative expenses 715 710 724
Depreciation and amortization expense 1,894 1,842 1,690
Asset impairment loss 56 0 0
Total costs and expenses 72,087 81,446 124,942
Operating income 3,572 6,358 5,902
Other income, net 56 46 47
Interest and debt expense, net of capitalized interest (446) (433) (397)
Income from continuing operations before income tax expense 3,182 5,971 5,552
Income tax expense 765 1,870 1,777
Income from continuing operations 2,417 4,101 3,775
Loss from discontinued operations 0 0 (64)
Net income 2,417 4,101 3,711
Less: Net income attributable to noncontrolling interests 128 111 81
Net income attributable to Valero Energy Corporation stockholders 2,289 3,990 3,630
Net income attributable to Valero Energy Corporation stockholders:      
Continuing operations 2,289 3,990 3,694
Discontinued operations 0 0 (64)
Net income attributable to Valero Energy Corporation stockholders $ 2,289 $ 3,990 $ 3,630
Earnings per common share:      
Continuing operations $ 4.94 $ 8.00 $ 7.00
Discontinued operations 0.00 0.00 (0.12)
Total $ 4.94 $ 8.00 $ 6.88
Weighted-average common shares outstanding (in millions) 461 497 526
Earnings per common share – assuming dilution:      
Continuing operations $ 4.94 $ 7.99 $ 6.97
Discontinued operations 0.00 0.00 (0.12)
Total $ 4.94 $ 7.99 $ 6.85
Weighted-average common shares outstanding – assuming dilution (in millions) 464 500 530
Dividends per common share $ 2.40 $ 1.70 $ 1.05
[1] Includes excise taxes on sales by certain of our international operations of $5,493 million, $5,980 million, and $5,901 million.