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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Operating revenues [1] $ 93,980 $ 75,659 $ 87,804
Cost of sales:      
Cost of materials and other 83,037 65,962 73,861
Operating expenses (excluding depreciation and amortization expense reflected below) 4,462 4,207 4,243
Depreciation and amortization expense 1,934 1,846 1,795
Lower of cost or market inventory valuation adjustment 0 (747) 790
Total cost of sales 89,433 71,268 80,689
Other operating expenses 61 0 0
General and administrative expenses (excluding depreciation and amortization expense reflected below) 835 715 710
Depreciation and amortization expense 52 48 47
Asset impairment loss 0 56 0
Operating income 3,599 3,572 6,358
Other income, net 76 56 46
Interest and debt expense, net of capitalized interest (468) (446) (433)
Income before income tax expense (benefit) 3,207 3,182 5,971
Income tax expense (benefit) (949) 765 1,870
Net income 4,156 2,417 4,101
Less: Net income attributable to noncontrolling interests 91 128 111
Net income attributable to Valero Energy Corporation stockholders $ 4,065 $ 2,289 $ 3,990
Earnings per common share      
Earnings per common share (in usd per share) $ 9.17 $ 4.94 $ 8.00
Weighted-average common shares outstanding (in millions) (shares) 442 461 497
Earnings per common share – assuming dilution      
Earnings per common share - assuming dilution (in usd per share) $ 9.16 $ 4.94 $ 7.99
Weighted-average common shares outstanding – assuming dilution (in millions) (shares) 444 464 500
Dividends per common share (in dollars per share) $ 2.8 $ 2.4 $ 1.7
[1] Includes excise taxes on sales by certain of our international operations of $5,573 million, $5,493 million, and $5,980 million for the years ended December 31, 2017, 2016, and 2015.