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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenues [1] $ 24,263 $ 26,439
Cost of sales:    
Cost of materials and other 21,978 23,756
Operating expenses (excluding depreciation and amortization expense reflected below) 1,215 1,136
Depreciation and amortization expense 537 485
Total cost of sales 23,730 25,377
Other operating expenses 2 10
General and administrative expenses (excluding depreciation and amortization expense reflected below) 209 238
Depreciation and amortization expense 14 13
Operating income (loss) 308 801
Other income, net 22 51
Interest and debt expense, net of capitalized interest (112) (121)
Income before income tax expense 218 731
Income tax expense 51 149
Net income 167 582
Less: Net income attributable to noncontrolling interests 26 113
Net income attributable to Valero Energy Corporation stockholders $ 141 $ 469
Earnings per common share (in dollars per share) $ 0.34 $ 1.09
Weighted-average common shares outstanding (in shares) 416 431
Earnings per common share – assuming dilution (in dollars per share) $ 0.34 $ 1.09
Weighted-average common shares outstanding – assuming dilution (in shares) 418 432
Supplemental information:    
Includes excise taxes on sales by certain of our international operations $ 1,330 $ 1,464
[1] Includes excise taxes on sales by certain of our international operations of $1,330 million and $1,464 million for the three months ended March 31, 2019 and 2018, respectively.