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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net income $ 2,417 $ 4,101 $ 3,711
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization expense 1,894 1,842 1,690
Lower of cost or market inventory valuation adjustment (747) 790 0
Asset impairment loss 56 0 0
Aruba Refinery asset retirement expense and other 0 0 63
Deferred income tax expense 230 165 445
Changes in current assets and current liabilities 976 (1,306) (1,810)
Changes in deferred charges and credits and other operating activities, net (6) 19 142
Net cash provided by operating activities 4,820 5,611 4,241
Cash flows from investing activities:      
Capital expenditures (1,278) (1,618) (2,153)
Deferred turnaround and catalyst costs (718) (673) (649)
Investments in joint ventures (4) (141) (14)
Other investing activities, net (6) (55) (28)
Net cash used in investing activities (2,006) (2,487) (2,844)
Cash flows from financing activities:      
Proceeds from debt issuances or borrowings 2,153 1,446 28
Repayments of debt and capital lease obligations (1,475) (513) (204)
Proceeds from the exercise of stock options 6 34 47
Purchase of common stock for treasury (1,336) (2,838) (1,296)
Common stock dividends (1,111) (848) (554)
Proceeds from issuance of Valero Energy Partners LP common units 0 189 0
Contributions from noncontrolling interests 0 5 12
Distributions to noncontrolling interests (public unitholders) of Valero Energy Partners LP (30) (20) (12)
Distributions to other noncontrolling interests (35) (25) 0
Other financing activities, net (184) 25 49
Net cash used in financing activities (2,012) (2,545) (1,930)
Effect of foreign exchange rate changes on cash (100) (154) (70)
Net increase (decrease) in cash and temporary cash investments 702 425 (603)
Cash and temporary cash investments at beginning of year 4,114 3,689 4,292
Cash and temporary cash investments at end of year $ 4,816 $ 4,114 $ 3,689