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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Consolidated Statements of Income      
Operating revenues (a) [1] $ 87,804 $ 130,844 $ 138,074
Costs and expenses:      
Cost of sales (excluding the lower of cost or market inventory valuation adjustment) 73,861 118,141 127,316
Lower of cost or market inventory valuation adjustment 790 0 0
Operating expenses 4,243 4,387 4,323
General and administrative expenses 710 724 758
Depreciation and amortization expense 1,842 1,690 1,720
Total costs and expenses 81,446 124,942 134,117
Operating income 6,358 5,902 3,957
Gain on disposition of retained interest in CST Brands, Inc. 0 0 325
Other income, net 46 47 59
Interest and debt expense, net of capitalized interest (433) (397) (365)
Income from continuing operations before income tax expense 5,971 5,552 3,976
Income tax expense 1,870 1,777 1,254
Income from continuing operations 4,101 3,775 2,722
Income (loss) from discontinued operations 0 (64) 6
Net income 4,101 3,711 2,728
Less: Net income attributable to noncontrolling interests 111 81 8
Net income attributable to Valero Energy Corporation stockholders 3,990 3,630 2,720
Net income attributable to Valero Energy Corporation stockholders:      
Continuing operations 3,990 3,694 2,714
Discontinued operations 0 (64) 6
Net income attributable to Valero Energy Corporation stockholders $ 3,990 $ 3,630 $ 2,720
Earnings per common share:      
Continuing operations $ 8.00 $ 7.00 $ 4.98
Discontinued operations 0.00 (0.12) 0.01
Total $ 8.00 $ 6.88 $ 4.99
Weighted-average common shares outstanding (in millions) 497 526 542
Earnings per common share – assuming dilution:      
Continuing operations $ 7.99 $ 6.97 $ 4.96
Discontinued operations 0.00 (0.12) 0.01
Total $ 7.99 $ 6.85 $ 4.97
Weighted-average common shares outstanding – assuming dilution (in millions) 500 530 548
Dividends per common share $ 1.70 $ 1.05 $ 0.85
[1] Includes excise taxes on sales by certain of our international operations of $5,980 million, $5,901 million, and $5,459 million.