Debt (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Credit Facilities

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):

				June 30, 2025
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	November 2027	$	—	$	2	$	3,998
Accounts receivable sales facility (b)	1,300		July 2025	—		n/a		1,300
Committed facilities of VIEs (c):
DGD Revolver (d)	400		June 2026	100		23		277
DGD Loan Agreement (e)	100		June 2026	—		n/a		100
IEnova Revolver (f)	830		February 2028	37		n/a		793
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		57		n/a
Uncommitted facility of VIE (c):
DGD letter of credit facility	n/a		n/a	n/a		47		n/a

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(a)Letters of credit issued as of June 30, 2025 expire at various times in 2025 through 2026.

(b)In July 2025, we extended the maturity date of this facility to July 2026.

(c)Creditors of the VIEs do not have recourse against us.

(d)The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 6.166 percent as of June 30, 2025.

(e)The amounts shown for DGD’s unsecured revolving loan agreement with its members (the DGD Loan Agreement) represent the facility amount available from, and borrowings outstanding to, the noncontrolling member as any transactions between DGD and us under this facility are eliminated in consolidation.

(f)Central Mexico Terminals (defined in Note 6) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 6). The variable interest rate on the IEnova Revolver was 8.148 percent and 8.443 percent as of June 30, 2025 and December 31, 2024, respectively.

Borrowings and repayments under our credit facilities were as follows (in millions):

	Six Months Ended June 30,
	2025		2024
Borrowings:
Accounts receivable sales facility	$	4,100	$	2,850
DGD Revolver	300		150
DGD Loan Agreement	—		100
IEnova Revolver	—		23
Repayments:
Accounts receivable sales facility	(4,100)		(2,850)
DGD Revolver	(200)		(400)
DGD Loan Agreement	—		(100)
IEnova Revolver	(21)		—

Schedule of Interest and Debt Expense, Net of Capitalized Interest

“Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Interest and debt expense	$	146	$	146	$	288	$	293
Less: Capitalized interest	5		6		10		13
Interest and debt expense, net of capitalized interest	$	141	$	140	$	278	$	280