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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues [1] $ 31,015 $ 22,254 $ 57,454 $ 44,026
Cost of sales:        
Cost of materials and other 27,860 19,609 51,616 39,037
Operating expenses (excluding depreciation and amortization expense reflected below) 1,110 1,111 2,246 2,235
Depreciation and amortization expense 510 485 995 973
Total cost of sales 29,480 21,205 54,857 42,245
Other operating expenses 21 0 31 0
General and administrative expenses (excluding depreciation and amortization expense reflected below) 248 175 486 367
Depreciation and amortization expense 13 14 26 26
Operating income 1,253 860 2,054 1,388
Other income (expense), net (5) 27 46 53
Interest and debt expense, net of capitalized interest (124) (119) (245) (240)
Income before income tax expense 1,124 768 1,855 1,201
Income tax expense 249 196 398 308
Net income 875 572 1,457 893
Less: Net income attributable to noncontrolling interests 30 24 143 40
Net income attributable to Valero Energy Corporation stockholders $ 845 $ 548 $ 1,314 $ 853
Earnings per common share (in dollars per share) $ 1.96 $ 1.23 $ 3.05 $ 1.90
Weighted-average common shares outstanding (in shares) 429 444 430 446
Earnings per common share – assuming dilution (in dollars per share) $ 1.96 $ 1.23 $ 3.04 $ 1.90
Weighted-average common shares outstanding – assuming dilution (in shares) 431 446 432 448
Dividends per common share (in dollars per share) $ 0.8 $ 0.7 $ 1.6 $ 1.4
[1] Includes excise taxes on sales by certain of our international operations of $1,470 million and $1,384 million for the three months ended June 30, 2018 and 2017, respectively, and $2,934 million and $2,656 million for the six months ended June 30, 2018 and 2017, respectively.