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Consolidated Statements of Income (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Consolidated Statements of Income        
Operating revenues (a) $ 34,726 $ 33,713 $ 104,555 $ 91,314
Costs and expenses:        
Cost of sales 31,312 30,033 95,968 82,981
Operating expenses:        
Refining 930 870 2,762 2,427
Retail 178 177 514 508
Ethanol 76 103 248 302
General and administrative expenses 174 161 509 442
Depreciation and amortization expense 402 390 1,172 1,141
Asset impairment loss 345 0 956 0
Total costs and expenses 33,417 31,734 102,129 87,801
Operating income 1,309 1,979 2,426 3,513
Other income (expense), net (2) 1 (1) 28
Interest and debt expense, net of capitalized interest (70) (88) (243) (312)
Income from continuing operations before income tax expense 1,237 1,892 2,182 3,229
Income tax expense 564 689 1,111 1,178
Income from continuing operations 673 1,203 1,071 2,051
Loss from discontinued operations, net of income taxes 0 0 0 (7)
Net income 673 1,203 1,071 2,044
Less: Net loss attributable to noncontrolling interest (1) 0 (2) (1)
Net income attributable to Valero Energy Corporation stockholders 674 1,203 1,073 2,045
Net income attributable to Valero Energy Corporation stockholders:        
Continuing operations 674 1,203 1,073 2,052
Discontinued operations 0 0 0 (7)
Net income attributable to Valero Energy Corporation stockholders 674 1,203 1,073 2,045
Earnings per common share:        
Continuing operations $ 1.22 $ 2.12 $ 1.94 $ 3.61
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Total $ 1.22 $ 2.12 $ 1.94 $ 3.60
Weighted-average common shares outstanding (in millions) 549 564 550 566
Earnings per common share - assuming dilution:        
Continuing operations $ 1.21 $ 2.11 $ 1.93 $ 3.59
Discontinued operations $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Total $ 1.21 $ 2.11 $ 1.93 $ 3.58
Weighted-average common shares outstanding - assuming dilution (in millions) 556 569 556 572
Dividends per common share $ 0.175 $ 0.050 $ 0.475 $ 0.150
Supplemental Information        
(a) Includes excise taxes on sales by our U.S. retail system $ 248 $ 229 $ 723 $ 670