
20.	QUARTERLY FINANCIAL DATA (Unaudited)

The following table summarizes quarterly financial data for the years ended December 31, 2017 and 2016 (in millions, except per share amounts).



	2017 Quarter Ended
	March 31		June 30		September 30		December 31 (b)
Operating revenues	$	21,772	$	22,254	$	23,562	$	26,392
Gross profit (a)	739		1,063		1,624		1,121
Operating income	537		871		1,338		853
Net income	321		572		863		2,400
Net income attributable to Valero Energy Corporation stockholders	305		548		841		2,371
Earnings per common share	0.68		1.23		1.91		5.43
Earnings per common share – assuming dilution	0.68		1.23		1.91		5.42

	2016 Quarter Ended
	March 31 (c)		June 30 (d)		September 30 (e)		December 31
Operating revenues	$	15,714	$	19,584	$	19,649	$	20,712
Gross profit (a)	997		1,457		1,096		841
Operating income	829		1,231		892		620
Net income	513		843		645		416
Net income attributable to Valero Energy Corporation stockholders	495		814		613		367
Earnings per common share	1.05		1.74		1.33		0.81
Earnings per common share – assuming dilution	1.05		1.73		1.33		0.81

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(a)	Gross profit is calculated as operating revenues less total cost of sales.


(b)	During the quarter ended December 31, 2017, we recognized an income tax benefit of $1.9 billion related to Tax Reform as described in Note 14.


(c)	During the quarter ended March 31, 2016, we recognized a favorable noncash lower of cost or market inventory valuation adjustment of $293 million as described in Note 4.


(d)	During the quarter ended June 30, 2016, we recognized a favorable noncash lower of cost or market inventory valuation adjustment of $454 million as described in Note 4 and an asset impairment loss of $56 million related to the Aruba Disposition as described in Note 2.


(e)	During the quarter ended September 30, 2016, we recognized a tax benefit of $42 million related to the Aruba Disposition as described in Note 2.