Acquisitions (Tables)

12 Months Ended

Dec. 31, 2011

ACQUISITIONS [Abstract]

Schedule of business acquisitions, by acquisition

The assets acquired and liabilities assumed in the Meraux Acquisition were recognized at their acquisition-date estimated fair values, pending the completion of an independent appraisal and other evaluations, and are as follows (in millions):

Inventories	$	219
Property, plant and equipment	320
Deferred charges and other assets, net	9
Other long-term liabilities	(1		)
Purchase price	$	547

The assets acquired and liabilities assumed in the Pembroke Acquisition were recognized at their acquisition-date estimated fair values, pending the completion of an independent appraisal and other evaluations, and are as follows (in millions):

Current assets, net of cash acquired	$	2,214
Property, plant and equipment	804
Deferred charges and other assets, net	32
Intangible assets	23
Current liabilities, less current portion of debt and capital lease obligations	(1,287		)
Debt and capital leases assumed, including current portion	(12		)
Other long-term liabilities	(78		)
Noncontrolling interests	(5		)
Purchase price, net of cash acquired	$	1,691

Pro forma financial information

The statement of income includes the results of operations of each of the acquisitions from the dates of their acquisition. Actual operating revenues, income from continuing operations, and acquisition-related costs associated with the Meraux and Pembroke Acquisitions included in our statement of income for the year ended December 31, 2011 were as follows (in millions):

	Meraux Acquisition			Pembroke Acquisition
Operating revenues	$	1,343		$	7,522
Loss from continuing operations	(74		)	(10		)
Acquisition-related costs (included in general and administrative expenses)	2			27

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

	Year Ended December 31,
	2011		2010
Operating revenues	$	142,109	$	99,824
Income from continuing operations   attributable to Valero stockholders	2,071		953
Earnings per common share from   continuing operations – basic	3.66		1.68
Earnings per common share from   continuing operations – assuming dilution	3.64		1.68