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Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Revenues [1] $ 27,249 $ 30,849 $ 80,445 $ 88,303
Cost of sales:        
Cost of materials and other 24,335 27,701 72,396 79,317
Operating expenses (excluding depreciation and amortization expense reflected below) 1,239 1,193 3,629 3,439
Depreciation and amortization expense 556 504 1,645 1,499
Total cost of sales 26,130 29,398 77,670 84,255
Other operating expenses 10 10 14 41
General and administrative expenses (excluding depreciation and amortization expense reflected below) 217 209 625 695
Depreciation and amortization expense 11 13 39 39
Operating income (loss) 881 1,219 2,097 3,273
Other income, net 34 42 68 88
Interest and debt expense, net of capitalized interest (111) (111) (335) (356)
Income before income tax expense (benefit) 804 1,150 1,830 3,005
Income tax expense 165 276 376 674
Net income 639 874 1,454 2,331
Less: Net income attributable to noncontrolling interests 30 18 92 161
Net income attributable to Valero Energy Corporation stockholders $ 609 $ 856 $ 1,362 $ 2,170
Earnings per common share (in dollars per share) $ 1.48 $ 2.01 $ 3.28 $ 5.05
Weighted-average common shares outstanding (in shares) 412 425 415 428
Earnings per common share – assuming dilution (in dollars per share) $ 1.48 $ 2.01 $ 3.28 $ 5.05
Weighted-average common shares outstanding – assuming dilution (in shares) 413 427 416 430
Supplemental information:        
Includes excise taxes on sales by certain of our international operations $ 1,399 $ 1,338 $ 4,139 $ 4,272
[1] Includes excise taxes on sales by certain of our international operations of $1,399 million and $1,338 million for the three months ended September 30, 2019 and 2018, respectively, and $4,139 million and $4,272 million for the nine months ended September 30, 2019 and 2018, respectively.