Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

The following tables summarize quarterly financial data for the years ended December 31, 2020 and 2019 (in millions, except per share amounts):

	2020 Quarter Ended
	March 31 (b)		June 30 (b)		September 30 (b) (c)		December 31 (c)
Revenues	$	22,102	$	10,397	$	15,809	$	16,604
Gross profit (loss) (a)	(2,085)		1,973		(398)		(230)
Operating income (loss)	(2,277)		1,789		(621)		(470)
Net income (loss)	(1,754)		1,335		(379)		(309)
Net income (loss) attributable to Valero Energy Corporation stockholders	(1,851)		1,253		(464)		(359)
Earnings (loss) per common share	(4.54)		3.07		(1.14)		(0.88)
Earnings (loss) per common share – assuming dilution	(4.54)		3.07		(1.14)		(0.88)
	2019 Quarter Ended
	March 31		June 30		September 30		December 31
Revenues	$	24,263	$	28,933	$	27,249	$	27,879
Gross profit (a)	533		1,123		1,119		2,003
Operating income	308		908		881		1,739
Net income	167		648		639		1,330
Net income attributable to Valero Energy Corporation stockholders	141		612		609		1,060
Earnings per common share	0.34		1.47		1.48		2.58
Earnings per common share – assuming dilution	0.34		1.47		1.48		2.58

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(a)Gross profit is calculated as revenues less total cost of sales.

(b)The market value of our inventories accounted for under the LIFO method fell below their historical cost on an aggregate basis as of March 31, 2020. As a result, we recorded an LCM inventory valuation adjustment of $2.5 billion in March 2020 as described in Note 5. The market value of our LIFO inventories improved due to the subsequent recovery in market prices, which resulted in a reversal of $2.2 billion in the quarter ended June 30, 2020 and the remaining amount in the quarter ended September 30, 2020.

(c)We recorded a charge of $326 million in September 2020 due to the expected liquidation of LIFO inventory layers as described in Note 5. We recognized a benefit of $102 million in December 2020 to adjust the $326 million estimate to the $224 million actual charge for the year ended December 31, 2020.