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Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenues [1] $ 129,881 $ 144,766 $ 176,383
Cost of sales:      
Cost of materials and other [2] 116,516 123,087 150,770
Operating expenses (excluding depreciation and amortization expense reflected below) 5,831 6,089 6,389
Depreciation and amortization expense 2,729 2,658 2,428
Total cost of sales 125,076 131,834 159,587
Asset impairment loss 0 0 61
Other operating expenses 44 33 66
General and administrative expenses (excluding depreciation and amortization expense reflected below) 961 998 934
Depreciation and amortization expense 45 43 45
Operating income 3,755 11,858 15,690
Other income, net 499 502 179
Interest and debt expense, net of capitalized interest (556) (592) (562)
Income before income tax expense 3,698 11,768 15,307
Income tax expense 692 2,619 3,428
Net income 3,006 9,149 11,879
Less: Net income attributable to noncontrolling interests 236 314 351
Net income attributable to Valero Energy Corporation stockholders $ 2,770 $ 8,835 $ 11,528
Earnings per common share (in dollars per share) $ 8.58 $ 24.93 $ 29.05
Weighted-average common shares outstanding (shares) 322 353 395
Earnings per common share – assuming dilution (in dollars per share) $ 8.58 $ 24.92 $ 29.04
Weighted-average common shares outstanding – assuming dilution (shares) 322 353 396
Supplemental information:      
Includes excise taxes on sales by certain of our foreign operations $ 5,907 $ 5,765 $ 5,194
[1]
Includes excise taxes on sales by certain of our foreign operations of $5,907 million, $5,765 million, and $5,194 million for the years ended December 31, 2024, 2023, and 2022.
[2] Cost of materials and other for our Renewable Diesel segment is net of the blender’s tax credit on qualified fuel mixtures of $1.3 billion, $1.2 billion, and $761 million for the years ended December 31, 2024, 2023, and 2022, respectively.