Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2015

The following table summarizes quarterly financial data for the years ended December 31, 2015 and 2014 (in millions, except per share amounts).



	2015 Quarter Ended
	March 31		June 30		September 30		December 31 (a)
Operating revenues	$	21,330	$	25,118	$	22,579	$	18,777
Operating income	1,495		2,078		2,139		646
Net income	968		1,365		1,373		395
Net income attributable to Valero Energy Corporation stockholders	964		1,351		1,377		298
Earnings per common share	1.87		2.67		2.79		0.62
Earnings per common share – assuming dilution	1.87		2.66		2.79		0.62

	2014 Quarter Ended
	March 31		June 30		September 30		December 31
Operating revenues	33,663		34,914		34,408		27,859
Operating income	1,351		1,085		1,670		1,796
Net income	836		593		1,062		1,220
Net income attributable to Valero Energy Corporation stockholders	828		588		1,059		1,155
Earnings per common share	1.55		1.11		2.01		2.22
Earnings per common share – assuming dilution	1.54		1.10		2.00		2.22

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(a)	Operating income for the quarter ended December 31, 2015 reflects a noncash lower of cost or market inventory valuation adjustment of $790 million, as described in Note 6.