Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2011

ACQUISITIONS [Abstract]

Fair value of acquisition

The purchase price for the Pembroke Acquisition has been preliminarily allocated based on estimated fair values of the assets acquired and liabilities assumed at the acquisition date, pending the completion of an independent appraisal and other evaluations. The preliminary purchase price allocation as of September 30, 2011 was as follows (in millions):

Current assets, net of cash acquired	$	2,217
Property, plant and equipment	777
Deferred charges and other assets	17
Intangible assets	50
Current liabilities, less current portion of debt and capital lease obligations	(1,294		)
Debt and capital leases assumed, including current portion	(12		)
Other long-term liabilities	(77		)
Noncontrolling interest	(3		)
Purchase price, net of cash acquired	$	1,675

Pro forma information

The following pro forma financial information (in millions, except per share amounts) presents our consolidated results assuming the Pembroke Acquisition occurred on January 1, 2010. The pro forma financial information is not necessarily indicative of the results of future operations.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Operating revenues	$	35,491	$	24,594	$	103,030	$	70,638
Income from continuing operations   attributable to Valero stockholders	1,196		306		1,941		767
Earnings per common share from   continuing operations – basic	2.11		0.54		3.41		1.36
Earnings per common share from   continuing operations – assuming dilution	2.10		0.54		3.39		1.35

The operating revenues and income from continuing operations associated with the Pembroke Acquisition included in our consolidated statements of income for the three and nine months ended September 30, 2011, were as follows (in millions):

	Three Months Ended September 30,			Nine Months Ended September 30,
	2011		2010	2011		2010
Operating revenues	$	3,028	N/A	$	3,028	N/A
Income from continuing operations	19		N/A	19		N/A

DISPOSITIONS [Abstract]

Results of operations for discontinued operation prior to sale

Results of operations of the Delaware City Refinery are reflected in discontinued operations, and selected results prior to its sale, excluding the gain on the sale, are shown below (in millions):

	Three Months Ended September 30, 2010		Nine Months Ended September 30, 2010
Operating revenues	$	—	$	—
Loss before income taxes	—		(33		)

The results of operations of the Paulsboro Refinery are reflected in discontinued operations, and selected results prior to its sale are shown below (in millions).

	Three Months Ended September 30, 2010			Nine Months Ended September 30, 2010
Operating revenues	$	1,195		$	3,559
Loss before income taxes	(18		)	(36		)