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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenues [1] $ 28,933 $ 31,015 $ 53,196 $ 57,454
Cost of sales:        
Cost of materials and other 26,083 27,860 48,061 51,616
Operating expenses (excluding depreciation and amortization expense reflected below) 1,175 1,110 2,390 2,246
Depreciation and amortization expense 552 510 1,089 995
Total cost of sales 27,810 29,480 51,540 54,857
Other operating expenses 2 21 4 31
General and administrative expenses (excluding depreciation and amortization expense reflected below) 199 248 408 486
Depreciation and amortization expense 14 13 28 26
Operating income (loss) 908 1,253 1,216 2,054
Other income (expense), net 12 (5) 34 46
Interest and debt expense, net of capitalized interest (112) (124) (224) (245)
Income before income tax expense 808 1,124 1,026 1,855
Income tax expense 160 249 211 398
Net income 648 875 815 1,457
Less: Net income attributable to noncontrolling interests 36 30 62 143
Net income attributable to Valero Energy Corporation stockholders $ 612 $ 845 $ 753 $ 1,314
Earnings per common share (in dollars per share) $ 1.47 $ 1.96 $ 1.80 $ 3.05
Weighted-average common shares outstanding (in shares) 415 429 416 430
Earnings per common share – assuming dilution (in dollars per share) $ 1.47 $ 1.96 $ 1.80 $ 3.04
Weighted-average common shares outstanding – assuming dilution (in shares) 417 431 417 432
Supplemental information:        
Includes excise taxes on sales by certain of our international operations $ 1,410 $ 1,470 $ 2,740 $ 2,934
[1] Includes excise taxes on sales by certain of our international operations of $1,410 million and $1,470 million for the three months ended June 30, 2019 and 2018, respectively, and $2,740 million and $2,934 million for the six months ended June 30, 2019 and 2018, respectively.