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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenues [1] $ 64,912 $ 108,324 $ 117,033
Cost of sales:      
Cost of materials and other 58,933 96,476 104,732
Lower of cost or market (LCM) inventory valuation adjustment (19) 0 0
Operating expenses (excluding depreciation and amortization expense reflected below) 4,435 4,868 4,690
Depreciation and amortization expense 2,303 2,202 2,017
Total cost of sales 65,652 103,546 111,439
Other operating expenses 35 21 45
General and administrative expenses (excluding depreciation and amortization expense reflected below) 756 868 925
Depreciation and amortization expense 48 53 52
Operating income (loss) (1,579) 3,836 4,572
Other income, net 132 104 130
Interest and debt expense, net of capitalized interest (563) (454) (470)
Income (loss) before income tax expense (benefit) (2,010) 3,486 4,232
Income tax expense (benefit) (903) 702 879
Net income (loss) (1,107) 2,784 3,353
Less: Net income attributable to noncontrolling interests 314 362 231
Net income (loss) attributable to Valero Energy Corporation stockholders $ (1,421) $ 2,422 $ 3,122
Earnings (loss) per common share (in usd per share) $ (3.50) $ 5.84 $ 7.30
Weighted-average common shares outstanding (shares) 407 413 426
Earnings (loss) per common share – assuming dilution (in usd per share) $ (3.50) $ 5.84 $ 7.29
Weighted-average common shares outstanding – assuming dilution (shares) 407 414 428
Supplemental information:      
Includes excise taxes on sales by certain of our international operations $ 4,797 $ 5,595 $ 5,626
[1] Includes excise taxes on sales by certain of our international operations of $4,797 million, $5,595 million, and $5,626 million for the years ended December 31, 2020, 2019, and 2018.