VALERO ENERGY CORP/TX, 10-Q filed on 10/23/2025
Quarterly Report
v3.25.3
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Oct. 17, 2025
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Sep. 30, 2025  
Document transition report false  
Entity file number 001-13175  
Entity registrant name VALERO ENERGY CORP/TX  
Entity incorporation, state or country code DE  
Entity tax identification number 74-1828067  
Entity address, address line one One Valero Way  
Entity address, city or town San Antonio  
Entity address, state or province TX  
Entity address, postal zip code 78249  
City area code 210  
Local phone number 345-2000  
Title of 12(b) security Common Stock, par value $0.01 per share  
Trading symbol VLO  
Security exchange name NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Entity filer category Large Accelerated Filer  
Entity small business false  
Entity emerging growth company false  
Entity shell company false  
Entity common stock, shares outstanding   305,009,539
Entity central index key 0001035002  
Amendment flag false  
Document fiscal year focus 2025  
Document fiscal period focus Q3  
Current fiscal year end date --12-31  
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 4,764 $ 4,657
Receivables, net 10,333 10,708
Inventories 7,394 7,761
Prepaid expenses and other 1,013 611
Total current assets 23,504 23,737
Property, plant, and equipment, at cost 49,663 52,368
Accumulated depreciation (21,922) (23,054)
Property, plant, and equipment, net 27,741 29,314
Deferred charges and other assets, net 7,370 7,092
Total assets 58,615 60,143
Current liabilities:    
Current portion of debt and finance lease obligations 894 743
Accounts payable 10,694 12,092
Accrued expenses 1,440 1,130
Taxes other than income taxes payable 1,411 1,360
Income taxes payable 290 170
Total current liabilities 14,729 15,495
Debt and finance lease obligations, less current portion 9,687 9,720
Deferred income tax liabilities 5,023 5,267
Other long-term liabilities 2,430 2,140
Commitments and contingencies
Valero Energy Corporation stockholders’ equity:    
Common stock, $0.01 par value; 1,200,000,000 shares authorized; 673,501,593 and 673,501,593 shares issued 7 7
Additional paid-in capital 6,972 6,939
Treasury stock, at cost; 368,490,214 and 358,637,890 common shares (29,686) (28,178)
Retained earnings 47,169 47,016
Accumulated other comprehensive loss (708) (1,272)
Total Valero Energy Corporation stockholders’ equity 23,754 24,512
Noncontrolling interests 2,992 3,009
Total equity 26,746 27,521
Total liabilities and equity $ 58,615 $ 60,143
v3.25.3
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
Valero Energy Corporation stockholders’ equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, shares issued (in shares) 673,501,593 673,501,593
Treasury stock, common (in shares) 368,490,214 358,637,890
v3.25.3
Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues [1] $ 32,168 $ 32,876 $ 92,315 $ 99,125
Cost of sales:        
Cost of materials and other [2] 27,958 29,965 81,838 88,590
Operating expenses (excluding depreciation and amortization expense reflected below) 1,614 1,482 4,659 4,317
Depreciation and amortization expense 824 675 2,290 2,042
Total cost of sales 30,396 32,122 88,787 94,949
Asset impairment loss 0 0 1,131 [3] 0
Other operating expenses 5 3 13 40
General and administrative expenses (excluding depreciation and amortization expense reflected below) 246 234 727 695
Depreciation and amortization expense 12 10 51 34
Operating income 1,509 507 1,606 3,407
Other income, net 86 123 292 389
Interest and debt expense, net of capitalized interest (139) (141) (417) (421)
Income before income tax expense 1,456 489 1,481 3,375
Income tax expense 390 96 404 726
Net income 1,066 393 1,077 2,649
Less: Net income (loss) attributable to noncontrolling interests (29) 29 (137) 160
Net income attributable to Valero Energy Corporation stockholders $ 1,095 $ 364 $ 1,214 $ 2,489
Earnings per common share (in dollars per share) $ 3.54 $ 1.14 $ 3.89 $ 7.66
Weighted-average common shares outstanding (in shares) 309 318 311 324
Earnings per common share – assuming dilution (in dollars per share) $ 3.53 $ 1.14 $ 3.89 $ 7.66
Weighted-average common shares outstanding – assuming dilution (in shares) 309 318 312 324
Supplemental information:        
Includes excise taxes on sales by certain of our foreign operations $ 1,827 $ 1,539 $ 4,993 $ 4,382
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,827 million and $1,539 million for the three months ended September 30, 2025 and 2024, respectively, and $4,993 million and $4,382 million for the nine months ended September 30, 2025 and 2024, respectively.
[2] Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 30, 2024, respectively.
[3] The asset impairment loss was recognized in our Refining segment in March 2025.
v3.25.3
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income $ 1,066 $ 393 $ 1,077 $ 2,649
Other comprehensive income (loss):        
Foreign currency translation adjustment (157) 326 569 62
Net gain (loss) on pension and other postretirement benefits (4) 0 1 (11)
Net gain (loss) on cash flow hedges 8 43 8 (49)
Other comprehensive income (loss) before income tax expense (benefit) (153) 369 578 2
Income tax expense (benefit) related to items of other comprehensive income (loss) (2) 5 8 (13)
Other comprehensive income (loss) (151) 364 570 15
Comprehensive income 915 757 1,647 2,664
Less: Comprehensive income (loss) attributable to noncontrolling interests (25) 51 (131) 135
Comprehensive income attributable to Valero Energy Corporation stockholders $ 940 $ 706 $ 1,778 $ 2,529
v3.25.3
Consolidated Statements of Equity (unaudited) - USD ($)
$ in Millions
Total
Valero Energy Corporation Stockholders' Equity [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Treasury Stock [Member]
Retained Earnings [Member]
Accumulated Other Comprehensive Loss [Member]
Non-controlling Interests [Member]
Balance as of beginning of period at Dec. 31, 2023 $ 28,524 $ 26,346 $ 7 $ 6,901 $ (25,322) $ 45,630 $ (870) $ 2,178
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income 2,649 2,489       2,489   160
Dividends on common stock (1,045) (1,045)       (1,045)    
Stock-based compensation expense 63 63   63        
Transactions in connection with stock-based compensation plans 1 1   (24) 25      
Purchases of common stock for treasury (2,641) (2,641)     (2,641)      
Contributions from noncontrolling interests 90             90
Distributions to noncontrolling interests (113)             (113)
Conversion of IEnova Revolver debt to equity (see Notes 4 and 6) 457             457
Other comprehensive income (loss) 15 40         40 (25)
Balance as of end of period at Sep. 30, 2024 28,000 25,253 7 6,940 (27,938) 47,074 (830) 2,747
Balance as of beginning of period at Jun. 30, 2024 28,250 25,443 7 6,929 (27,373) 47,052 (1,172) 2,807
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income 393 364       364   29
Dividends on common stock (342) (342)       (342)    
Stock-based compensation expense 11 11   11        
Purchases of common stock for treasury (565) (565)     (565)      
Distributions to noncontrolling interests (111)             (111)
Other comprehensive income (loss) 364 342         342 22
Balance as of end of period at Sep. 30, 2024 28,000 25,253 7 6,940 (27,938) 47,074 (830) 2,747
Balance as of beginning of period at Dec. 31, 2024 27,521 24,512 7 6,939 (28,178) 47,016 (1,272) 3,009
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income 1,077 1,214       1,214   (137)
Dividends on common stock (1,061) (1,061)       (1,061)    
Stock-based compensation expense 68 68   68        
Transactions in connection with stock-based compensation plans 1 1   (35) 36      
Purchases of common stock for treasury (1,544) (1,544)     (1,544)      
Contributions from noncontrolling interests 245             245
Distributions to noncontrolling interests (131)             (131)
Other comprehensive income (loss) 570 564         564 6
Balance as of end of period at Sep. 30, 2025 26,746 23,754 7 6,972 (29,686) 47,169 (708) 2,992
Balance as of beginning of period at Jun. 30, 2025 26,947 24,078 7 6,956 (28,757) 46,425 (553) 2,869
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income 1,066 1,095       1,095   (29)
Dividends on common stock (351) (351)       (351)    
Stock-based compensation expense 18 18   18        
Transactions in connection with stock-based compensation plans 0 0   (2) 2      
Purchases of common stock for treasury (931) (931)     (931)      
Contributions from noncontrolling interests 148             148
Other comprehensive income (loss) (151) (155)         (155)  
Balance as of end of period at Sep. 30, 2025 $ 26,746 $ 23,754 $ 7 $ 6,972 $ (29,686) $ 47,169 $ (708) $ 2,992
v3.25.3
Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Common stock dividends:        
Dividends on common stock (in dollars per share) $ 1.13 $ 1.07 $ 3.39 $ 3.21
v3.25.3
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 1,077 $ 2,649
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,341 2,076
Asset impairment loss 1,131 [1] 0
Deferred income tax benefit (288) (78)
Changes in current assets and current liabilities 157 795
Changes in deferred charges and credits and other operating activities, net (649) 171
Net cash provided by operating activities 3,769 5,613
Cash flows from investing activities:    
Purchases of available-for-sale (AFS) debt securities (18) (17)
Proceeds from sales and maturities of AFS debt securities 24 79
Investments in nonconsolidated joint ventures (1) 0
Other investing activities, net 44 11
Net cash used in investing activities (1,426) (1,437)
Cash flows from financing activities:    
Purchases of common stock for treasury (1,534) (2,616)
Payment of excise tax on purchases of common stock for treasury (28) 0
Common stock dividend payments (1,061) (1,045)
Contributions from noncontrolling interests 245 90
Distributions to noncontrolling interests (131) (113)
Other financing activities, net (7) (1)
Net cash used in financing activities (2,430) (4,265)
Effect of foreign exchange rate changes on cash 199 19
Net increase (decrease) in cash, cash equivalents, and restricted cash 112 (70)
Cash, cash equivalents, and restricted cash at beginning of period [2] 4,829 5,424
Cash, cash equivalents, and restricted cash at end of period [2] 4,941 5,354
Excluding Variable Interest Entities (VIEs) [Member]    
Cash flows from investing activities:    
Capital expenditures (504) (399)
Deferred turnaround and catalyst cost expenditures (808) (844)
Cash flows from financing activities:    
Proceeds from debt issuance and borrowings 5,599 5,200
Repayments of debt and finance lease obligations (5,566) (5,521)
Diamond Green Diesel Holdings LLC (DGD) [Member]    
Cash flows from investing activities:    
Capital expenditures (67) (198)
Deferred turnaround and catalyst cost expenditures (91) (62)
Cash flows from financing activities:    
Proceeds from debt issuance and borrowings 400 250
Repayments of debt and finance lease obligations (320) (519)
Other VIEs [Member]    
Cash flows from investing activities:    
Capital expenditures (5) (7)
Cash flows from financing activities:    
Proceeds from debt borrowings of other VIEs 0 23
Repayments of debt and finance lease obligations $ (27) $ (13)
[1] The asset impairment loss was recognized in our Refining segment in March 2025.
[2] Restricted cash is included in prepaid expenses and other in our consolidated balance sheets.
v3.25.3
Basis of Presentation and Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation
General
The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole.

These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless otherwise disclosed. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024.

The balance sheet as of December 31, 2024 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024.

Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these interim unaudited financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.

Accounting Pronouncements Recently Adopted
ASU 2023-07
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve interim and annual disclosures about a public entity’s reportable segments primarily through enhanced disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but did result in additional disclosures.
ASU 2023-09
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU
also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We adopted this ASU effective January 1, 2025 on a retrospective basis and it did not affect our financial position or our results of operations, but will result in additional annual disclosures.

Accounting Pronouncement Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve interim and annual disclosures about a public business entity’s expenses by requiring more detailed information in the notes to the financial statements about certain expense categories, including purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. We expect to adopt this ASU effective January 1, 2027 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
v3.25.3
Impairment
 9 Months Ended
Sep. 30, 2025
Impairment or Disposal of Tangible Assets Disclosure [Abstract]  
IMPAIRMENT
2.    IMPAIRMENT

In recent years, the State of California adopted legislation that has subjected our refining and marketing operations to potential increased operational restrictions and new reporting requirements. The considerable uncertainty and potential adverse effects on our operations and financial performance resulted in the evaluation of strategic alternatives for our operations in California.

In March 2025, we approved a plan with respect to the operations at our Benicia Refinery and currently intend to cease refining operations by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result, we updated our evaluation of potential impairment and concluded that the carrying values of our Benicia and Wilmington refineries were not recoverable as of March 31, 2025. Therefore, we reduced the carrying values of these assets to their estimated fair values of $722 million and $847 million, respectively, and recognized a combined asset impairment loss of $1.1 billion in our Refining segment in March 2025. See Note 12 for disclosure related to the method used to determine the fair values.

Included in the recoverability assessments discussed above was the recognition of expected asset retirement obligations of $337 million, which primarily reflects the fair value of estimated costs for certain legal obligations to decommission the assets based on a range of potential settlement dates as of March 31, 2025.

In connection with our plan to cease refining operations at our Benicia Refinery, we shortened the estimated useful life of the refinery assets, and as a result, will depreciate the revised carrying value of the net property, plant, and equipment and other noncurrent assets to the estimated salvage value of $107 million through April 2026. Accordingly, in the three and nine months ended September 30, 2025, we recorded incremental depreciation of approximately $100 million and $200 million, respectively, in depreciation and amortization expense.

In addition, we implemented a transition plan for the affected employees of the Benicia Refinery, which includes retention incentive payments and separation benefits. During the third quarter of 2025, we recognized a liability of $50 million for these one-time costs, which we expect to distribute to eligible
employees by the end of the second quarter of 2026. These costs are included in operating expenses (excluding depreciation and amortization expense) in the three and nine months ended September 30, 2025 and are attributable to our Refining segment.

We continue to evaluate strategic alternatives for our remaining operations in California.
v3.25.3
Inventories
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
INVENTORIES
3.    INVENTORIES

Inventories consisted of the following (in millions):
September 30,
2025		December 31,
2024
Refinery feedstocks$1,826 $2,167 
Refined petroleum products and blendstocks
4,035 4,016 
Renewable diesel feedstocks and products
840 872 
Ethanol feedstocks and products292 342 
Materials and supplies401 364 
Inventories$7,394 $7,761 

As of September 30, 2025 and December 31, 2024, the replacement cost (market value) of last-in, first-out (LIFO) inventories exceeded their LIFO carrying amounts by $3.4 billion and $4.0 billion, respectively. Our non-LIFO inventories accounted for $1.2 billion and $1.3 billion of our total inventories as of September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT
4.    DEBT

Public Debt
On February 7, 2025, we issued $650 million of 5.150 percent Senior Notes due February 15, 2030. Proceeds from this debt issuance totaled $649 million before deducting the underwriting discount and other debt issuance costs. We used a portion of the net proceeds to repay the $189 million outstanding principal balance of our 3.65 percent Senior Notes that matured on March 15, 2025 and the $251 million outstanding principal balance of our 2.850 percent Senior Notes that matured on April 15, 2025.

In March 2024, we repaid the $167 million outstanding principal balance of our 1.200 percent Senior Notes that matured on March 15, 2024.
Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
September 30, 2025
Facility
Amount		Maturity DateOutstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver (b)$4,000 November 2027$— $2 $3,998 
Accounts receivable
sales facility
1,300 July 2026— n/a1,300 
Committed facilities of
VIEs (c):
DGD Revolver (d)400 June 2026100 52 248 
DGD Loan Agreement (e)100 June 2026— n/a100 
IEnova Revolver (f)830 February 202831 n/a799 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a6 n/a
Uncommitted facility of
VIE (c):
DGD letter of credit
facility
n/an/an/a67 n/a
________________________
(a)Letters of credit issued as of September 30, 2025 expire at various times in 2025 through 2026.
(b)In October 2025, we extended the maturity date of this facility to October 2030.
(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 6.073 percent as of September 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 8.141 percent and 8.443 percent as of September 30, 2025 and December 31, 2024, respectively.
Borrowings and repayments under our credit facilities were as follows (in millions):
Nine Months Ended
September 30,
20252024
Borrowings:
Accounts receivable sales facility$4,950 $5,200 
DGD Revolver400 150 
DGD Loan Agreement— 100 
IEnova Revolver— 23 
Repayments:
Accounts receivable sales facility(4,950)(5,200)
DGD Revolver(300)(400)
DGD Loan Agreement— (100)
IEnova Revolver(27)— 
Other Disclosures
“Interest and debt expense, net of capitalized interest” was comprised as follows (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest and debt expense$144 $145 $432 $438 
Less: Capitalized interest5 4 15 17 
Interest and debt expense, net of
capitalized interest
$139 $141 $417 $421 
v3.25.3
Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
EQUITY
5.    EQUITY

Treasury Stock
We purchase shares of our outstanding common stock as authorized by our board of directors (Board), including under share purchase programs (described in the table below) and with respect to our employee stock-based compensation plans. During the three and nine months ended September 30, 2025, we purchased for treasury 5,667,134 shares and 10,309,669 shares, respectively. During the three and nine months ended September 30, 2024, we purchased for treasury 3,798,836 shares and 17,054,864 shares, respectively.
Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions):
Program NameAuthorization
Date		Total Cost
Authorized
Remaining
Available for
Purchase as of
September 30, 2025
February 2024 ProgramFebruary 22, 2024$2,500 $311 
September 2024 ProgramSeptember 19, 20242,500 2,500 

Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
Three Months Ended September 30,
20252024
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(548)$1 $(6)$(553)$(993)$(170)$(9)$(1,172)
Other comprehensive
income (loss) before
reclassifications
(155)— (6)(161)326 — 33 359 
Amounts reclassified
from accumulated
other comprehensive
loss
— (1)9 8 — (5)(16)(21)
Effect of exchange rates— (2)— (2)— 4 — 4 
Other comprehensive
income (loss)
(155)(3)3 (155)326 (1)17 342 
Balance as of end of
period
$(703)$(2)$(3)$(708)$(667)$(171)$8 $(830)
Nine Months Ended September 30,
20252024
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(1,264)$(2)$(6)$(1,272)$(735)$(162)$27 $(870)
Other comprehensive
income (loss) before
reclassifications
561 — (6)555 68 — 18 86 
Amounts reclassified
from accumulated
other comprehensive
loss
— (5)9 4 — (12)(37)(49)
Effect of exchange rates— 5 — 5 — 3 — 3 
Other comprehensive
income (loss)
561 — 3 564 68 (9)(19)40 
Balance as of end of
period
$(703)$(2)$(3)$(708)$(667)$(171)$8 $(830)
v3.25.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES
6.    VARIABLE INTEREST ENTITIES

Consolidated VIEs
We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary. As of September 30, 2025, the significant consolidated VIEs included:

•DGD, a joint venture with a subsidiary of Darling Ingredients Inc. that owns and operates two plants that process waste and renewable feedstocks (predominantly animal fats, used cooking oils, vegetable oils, and inedible distillers corn oils (DCOs)) into renewable diesel, renewable naphtha, and neat sustainable aviation fuel (SAF)1; and

•Central Mexico Terminals, a collective group of three subsidiaries of Infraestructura Energetica Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect subsidiary of Sempra Energy, a U.S. public company. We have terminaling agreements with Central Mexico Terminals that represent variable interests. We do not have an ownership interest in Central Mexico Terminals.

The assets of the consolidated VIEs can only be used to settle their own obligations and the creditors of the consolidated VIEs have no recourse to our other assets. We generally do not provide financial guarantees to the VIEs. Although we have provided credit facilities to some of the VIEs in support of their construction or acquisition activities and working capital requirements, these transactions are eliminated in consolidation. Our financial position, results of operations, and cash flows are impacted by
___________________________________________________________________
1 DGD produces synthetic paraffinic kerosene (SPK), a renewable blending component, using the Hydrotreated Esters and Fatty Acids (HEFA) process. SPK is also commonly referred to as “neat SAF.” Current aviation regulations allow SPK to be blended up to 50 percent with conventional jet fuel for use in an aircraft. This blend is commonly referred to as “blended SAF” or “SAF.”
the performance of the consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE.

The following table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions):
DGDCentral
Mexico
Terminals		OtherTotal
September 30, 2025
Assets
Cash and cash equivalents$136 $1 $32 $169 
Other current assets1,044 18 38 1,100 
Property, plant, and equipment, net3,690 624 62 4,376 
Deferred charges and other assets, net524 68 12 604 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$299 $49 $4 $352 
Debt and finance lease obligations,
less current portion
622 — — 622 
December 31, 2024
Assets
Cash and cash equivalents$353 $— $21 $374 
Other current assets976 9 42 1,027 
Property, plant, and equipment, net3,806 647 64 4,517 
Deferred charges and other assets, net86 69 11 166 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$304 $75 $4 $383 
Debt and finance lease obligations,
less current portion
642 — — 642 

Nonconsolidated VIEs
We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
v3.25.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
7.    EMPLOYEE BENEFIT PLANS

The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
2025202420252024
Three months ended September 30
Service cost$27 $28 $— $1 
Interest cost34 31 3 3 
Expected return on plan assets(56)(54)— — 
Amortization of:
Net actuarial gain(2)(1)(2)(1)
Prior service cost (credit)1 (3)1 — 
Settlement loss3 5 — — 
Net periodic benefit cost$7 $6 $2 $3 
Nine months ended September 30
Service cost$81 $84 $2 $3 
Interest cost102 94 9 9 
Expected return on plan assets(167)(161)— — 
Amortization of:
Net actuarial gain(6)(4)(6)(3)
Prior service cost (credit)4 (8)1 — 
Settlement loss6 5 — — 
Net periodic benefit cost$20 $10 $6 $9 

The components of net periodic benefit cost other than the service cost component (i.e., the non-service cost components) are included in “other income, net.”
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES
8.    INCOME TAXES

Income Tax Expense
For the three and nine months ended September 30, 2025, our effective tax rate was higher than the U.S. federal statutory rate due to lower U.S. income before income tax expense primarily resulting from the asset impairment loss associated with our operations in California, as described in Note 2.

There was no significant variation in the customary relationship between income tax expense and income before income tax expense for the three and nine months ended September 30, 2024.

One Big Beautiful Bill Act
On July 4, 2025, legislation commonly known as the One Big Beautiful Bill Act (OBBB) was enacted, which resulted in a broad range of changes to the U.S. Internal Revenue Code of 1986, as amended (the Code). The most significant provisions affecting us include the following:
•extension of the clean fuel production credit through December 31, 2029;
•requirement that feedstocks for fuel produced after December 31, 2025 must be produced or grown exclusively in the U.S., Mexico, or Canada in order for such fuel to be eligible for the clean fuel production credit;
•elimination of the special clean fuel production credit rate for SAF produced after December 31, 2025;
•permanent reinstatement of the provision that allows companies to expense 100 percent of the cost of qualified property acquired and placed in service after January 19, 2025; and
•modification of several international tax provisions, including those relating to net controlled foreign corporation tested income (formerly global intangible low-taxed income) and foreign-derived deduction eligible income (formerly foreign-derived intangible income) beginning January 1, 2026.

We do not expect that these changes and other provisions of this legislation will have a material effect on our financial position, results of operations, and cash flows in 2025; however, we continue to evaluate the effects of the OBBB on our financial position, results of operations, and cash flows in the future.
v3.25.3
Earnings Per Common Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE
9.    EARNINGS PER COMMON SHARE

Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Earnings per common share:
Net income attributable to Valero stockholders
$1,095 $364 $1,214 $2,489 
Less: Income allocated to participating securities3 1 3 7 
Net income available to common stockholders
$1,092 $363 $1,211 $2,482 
Weighted-average common shares outstanding309 318 311 324 
Earnings per common share
$3.54 $1.14 $3.89 $7.66 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$1,095 $364 $1,214 $2,489 
Less: Income allocated to participating securities3 1 3 7 
Net income available to common stockholders
$1,092 $363 $1,211 $2,482 
Weighted-average common shares outstanding309 318 311 324 
Effect of dilutive securities— — 1 — 
Weighted-average common shares outstanding –
assuming dilution
309 318 312 324 
Earnings per common share – assuming dilution
$3.53 $1.14 $3.89 $7.66 

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan. Dilutive securities include participating securities as well as outstanding stock options. For the three and nine months ended September 30, 2025 and 2024, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.
v3.25.3
Revenues and Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
REVENUES AND SEGMENT INFORMATION
10.    REVENUES AND SEGMENT INFORMATION

Revenue from Contracts with Customers
Disaggregation of Revenue
Revenue is presented in the table below under “Segment Information” disaggregated by product because this is the level of disaggregation that management has determined to be beneficial to users of our financial statements.

Contract Balances
Contract balances were as follows (in millions):
September 30,
2025		December 31,
2024
Receivables from contracts with customers,
included in receivables, net
$6,321 $5,812 
Contract liabilities, included in accrued expenses62 82 

Remaining Performance Obligations
We have spot and term contracts with customers, the majority of which are spot contracts with no remaining performance obligations. We do not disclose remaining performance obligations for contracts that have terms of one year or less. The transaction price for our remaining term contracts includes a fixed component and variable consideration (i.e., a commodity price), both of which are allocated entirely to a wholly unsatisfied promise to transfer a distinct good that forms part of a single performance obligation. The fixed component is not material and the variable consideration is highly uncertain. Therefore, as of September 30, 2025, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations.

Segment Information
We have three reportable segments—Refining, Renewable Diesel, and Ethanol. Each segment is a strategic business unit that offers different products and services by employing unique technologies and marketing strategies and whose operations and operating performance are managed and evaluated separately. Operating performance is measured based on the operating income generated by the segment, which includes revenues and expenses that are directly attributable to the management of the respective segment. Intersegment sales are generally derived from transactions made at prevailing market rates. The following is a description of each segment’s business operations.

•The Refining segment includes the operations of our petroleum refineries, the associated activities to market our refined petroleum products, and the logistics assets that support our refining operations. The principal products manufactured by our refineries and sold by this segment include gasolines and blendstocks, distillates, and other products.

•The Renewable Diesel segment represents the operations of DGD, a consolidated joint venture as discussed in Note 6, and the associated activities to market low-carbon fuels. The principal products manufactured by DGD and sold by this segment are renewable diesel, renewable naphtha, and neat SAF. This segment sells some renewable diesel and neat SAF to the Refining
segment for blending into petroleum-based diesel and conventional jet fuel, respectively, which is then sold to that segment’s customers as finished product.
•The Ethanol segment includes the operations of our ethanol plants and the associated activities to market our ethanol and co-products. The principal products manufactured by our ethanol plants are ethanol and distillers grains. This segment sells some ethanol to the Refining segment for blending into gasoline, which is sold to that segment’s customers as a finished gasoline product.

Operations that are not included in any of the reportable segments are included in the corporate category.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income by segment to allocate resources (including employees, property, and financial or capital resources) for each segment primarily during the annual budget process. On a monthly basis, our CODM considers budget-to-actual variances for operating income by segment when evaluating the operating performance of each segment.
The following tables reflect information about our operating income (loss), including a reconciliation to our consolidated income before income tax expense and total expenditures for long-lived assets, by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2025
Revenues:
Revenues from external customers
$30,414 $719 $1,035 $— $32,168 
Intersegment revenues
1 484 259 (744)— 
Total revenues
30,415 1,203 1,294 (744)32,168 
Cost of sales:
Cost of materials and other (a)26,684 1,077 942 (745)27,958 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,388 78 148 — 1,614 
Depreciation and amortization expense
728 76 21 (1)824 
Total cost of sales
28,800 1,231 1,111 (746)30,396 
Other operating expenses5 — — — 5 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 246 246 
Depreciation and amortization expense
— — — 12 12 
Operating income (loss) by segment$1,610 $(28)$183 $(256)1,509 
Other income, net86 
Interest and debt expense, net of capitalized
interest
(139)
Income before income tax expense$1,456 
Total expenditures for long-lived assets (b)$324 $49 $12 $24 $409 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2024
Revenues:
Revenues from external customers
$31,332 $632 $912 $— $32,876 
Intersegment revenues
3 593 235 (831)— 
Total revenues
31,335 1,225 1,147 (831)32,876 
Cost of sales:
Cost of materials and other (a)28,922 1,029 842 (828)29,965 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,256 92 133 1 1,482 
Depreciation and amortization expense
589 69 19 (2)675 
Total cost of sales
30,767 1,190 994 (829)32,122 
Other operating expenses3 — — — 3 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 234 234 
Depreciation and amortization expense
— — — 10 10 
Operating income by segment$565 $35 $153 $(246)507 
Other income, net123 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$489 
Total expenditures for long-lived assets (b)$344 $67 $9 $9 $429 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$87,495 $1,777 $3,043 $— $92,315 
Intersegment revenues
5 1,424 681 (2,110)— 
Total revenues
87,500 3,201 3,724 (2,110)92,315 
Cost of sales:
Cost of materials and other (a)77,995 3,016 2,962 (2,135)81,838 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,986 228 446 (1)4,659 
Depreciation and amortization expense
2,029 205 59 (3)2,290 
Total cost of sales
84,010 3,449 3,467 (2,139)88,787 
Asset impairment loss1,131 — — — 1,131 
Other operating expenses13 — — — 13 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 727 727 
Depreciation and amortization expense
— — — 51 51 
Operating income (loss) by segment$2,346 $(248)$257 $(749)1,606 
Other income, net292 
Interest and debt expense, net of capitalized
interest
(417)
Income before income tax expense$1,481 
Total expenditures for long-lived assets (b)$1,231 $158 $30 $56 $1,475 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2024
Revenues:
Revenues from external customers
$94,519 $1,888 $2,718 $— $99,125 
Intersegment revenues
8 1,932 654 (2,594)— 
Total revenues
94,527 3,820 3,372 (2,594)99,125 
Cost of sales:
Cost of materials and other (a)85,528 3,025 2,625 (2,588)88,590 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,659 262 395 1 4,317 
Depreciation and amortization expense
1,793 196 57 (4)2,042 
Total cost of sales
90,980 3,483 3,077 (2,591)94,949 
Other operating expenses13 — 27 — 40 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 695 695 
Depreciation and amortization expense
— — — 34 34 
Operating income by segment$3,534 $337 $268 $(732)3,407 
Other income, net389 
Interest and debt expense, net of capitalized
interest
(421)
Income before income tax expense$3,375 
Total expenditures for long-lived assets (b)$1,191 $260 $26 $33 $1,510 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 30, 2024, respectively.
(b)Total expenditures for long-lived assets includes amounts related to capital expenditures and deferred turnaround and catalyst costs.
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Refining:
Gasolines and blendstocks
$13,287 $14,361 $38,382 $43,004 
Distillates
14,582 13,855 40,736 42,286 
Other product revenues
2,545 3,116 8,377 9,229 
Total Refining revenues30,414 31,332 87,495 94,519 
Renewable Diesel:
Renewable diesel
623 610 1,484 1,829 
Renewable naphtha29 22 114 59 
Neat SAF67 — 179 — 
Total Renewable Diesel revenues719 632 1,777 1,888 
Ethanol:
Ethanol
823 685 2,390 1,985 
Distillers grains
212 227 653 733 
Total Ethanol revenues1,035 912 3,043 2,718 
Revenues
$32,168 $32,876 $92,315 $99,125 

Total assets by reportable segment were as follows (in millions):
September 30,
2025		December 31,
2024
Refining$45,010 $46,729 
Renewable Diesel5,600 5,680 
Ethanol1,495 1,545 
Corporate and eliminations6,510 6,189 
Total assets$58,615 $60,143 

As of September 30, 2025 and December 31, 2024, our investments in nonconsolidated joint ventures accounted for under the equity method were $687 million and $695 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.
v3.25.3
Supplemental Cash Flow Information
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Information [Abstract]  
SUPPLEMENTAL CASH FLOW INFORMATION
11.    SUPPLEMENTAL CASH FLOW INFORMATION

In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):
Nine Months Ended
September 30,
20252024
Decrease in current assets:
Receivables, net$619 $1,382 
Inventories529 574 
Prepaid expenses and other51 265 
Increase (decrease) in current liabilities:
Accounts payable(1,438)(1,081)
Accrued expenses264 (93)
Taxes other than income taxes payable13 (114)
Income taxes payable119 (138)
Changes in current assets and current liabilities$157 $795 

Changes in current assets and current liabilities for the nine months ended September 30, 2025 were primarily due to the following:

•The decrease in receivables was due to a decrease in refined petroleum product sales volumes in September 2025 compared to December 2024 and the collection of $246 million for a blender’s tax credit receivable, partially offset by an increase in related prices in September 2025 compared to December 2024;

•The decrease in inventories was primarily due to lower inventory levels in September 2025 compared to December 2024; and

•The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices combined with a decrease in related volumes purchased in September 2025 compared to December 2024.
Changes in current assets and current liabilities for the nine months ended September 30, 2024 were primarily due to the following:

•The decrease in receivables was due to a decrease in refined petroleum product sales volumes combined with a decrease in related prices in September 2024 compared to December 2023;

•The decrease in inventories was primarily due to lower inventory levels in September 2024 compared to December 2023; and
•The decrease in accounts payable was due to a decrease in crude oil and other feedstock prices combined with a decrease in related volumes purchased in September 2024 compared to December 2023.

Cash flows related to interest and income taxes were as follows (in millions):
Nine Months Ended
September 30,
20252024
Interest paid in excess of amount capitalized,
including interest on finance leases
$362 $374 
Income taxes paid, net398 835 

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Nine Months Ended September 30,
20252024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included in the
measurement of lease liabilities:
Operating cash flows$394 $84 $392 $87 
Financing cash flows— 196 — 173 
Changes in lease balances resulting from new
and modified leases
357 22 346 312 

Noncash investing activities for the nine months ended September 30, 2025 included the recognition of expected asset retirement obligations of $337 million, as described in Note 2. There were no other significant noncash investing and financing activities during the nine months ended September 30, 2025, except as noted in the table above.

Noncash financing activities for the nine months ended September 30, 2024 included the conversion by IEnova of $457 million of outstanding borrowings under the IEnova Revolver to additional equity in Central Mexico Terminals. There were no other significant noncash investing and financing activities during the nine months ended September 30, 2024, except as noted in the table above.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS
12.    FAIR VALUE MEASUREMENTS

Recurring Fair Value Measurements
The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of September 30, 2025 and December 31, 2024.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
September 30, 2025
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$333 $— $— $333 $(328)$— $5 $— 
Investments of certain
benefit plans
90 — 4 94 n/an/a94 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Foreign currency
contracts
4 — — 4 n/an/a4 n/a
Total$428 $26 $4 $458 $(328)$— $130 
Liabilities
Commodity derivative
contracts
$341 $— $— $341 $(328)$(13)$— $(66)
Physical purchase
contracts
— 7 — 7 n/an/a7 n/a
Blending program
obligations
— 134 — 134 n/an/a134 n/a
Total$341 $141 $— $482 $(328)$(13)$141 
December 31, 2024
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$402 $— $— $402 $(402)$— $— $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Investments of certain
benefit plans
89 — 4 93 n/an/a93 n/a
Investments in AFS
debt securities
6 20 — 26 n/an/a26 n/a
Foreign currency
contracts
6 — — 6 n/an/a6 n/a
Total$503 $22 $4 $529 $(402)$— $127 
Liabilities
Commodity derivative
contracts
$448 $— $— $448 $(402)$(46)$— $(71)
Physical purchase
contracts
— 3 — 3 n/an/a3 n/a
Blending program
obligations
— 13 — 13 n/an/a13 n/a
Total$448 $16 $— $464 $(402)$(46)$16 

A description of our assets and liabilities recognized at fair value along with the valuation methods and inputs we used to develop their fair value measurements are as follows:

•Commodity derivative contracts consist primarily of exchange-traded futures, which are used to reduce the impact of price volatility on our results of operations and cash flows as discussed in Note 13. These contracts are measured at fair value using a market approach based on quoted prices from the commodity exchange and are categorized in Level 1 of the fair value hierarchy.

•Physical purchase contracts represent the fair value of fixed-price corn purchase contracts. The fair values of these purchase contracts are measured using a market approach based on quoted prices from the commodity exchange or an independent pricing service and are categorized in Level 2 of the fair value hierarchy.

•Blending program obligations represent our liability for the purchase of compliance credits needed to satisfy our blending obligations under various government and regulatory blending programs, such as the U.S. Environmental Protection Agency’s (EPA) Renewable Fuel Standard (RFS), California Low Carbon Fuel Standard (LCFS), Canada Clean Fuel Regulations, U.K. Renewable Transport Fuel Obligation, and similar programs in other jurisdictions in which we operate (collectively, the Renewable and Low-Carbon Fuel Programs). The blending program
obligations are categorized in Level 2 of the fair value hierarchy and are measured at fair value using a market approach based on quoted prices from an independent pricing service.

•Investments of certain benefit plans consist of investment securities held by trusts for the purpose of satisfying a portion of our obligations under certain U.S. nonqualified benefit plans. The plan assets categorized in Level 1 of the fair value hierarchy are measured at fair value using a market approach based on quoted prices from national securities exchanges. The plan assets categorized in Level 3 of the fair value hierarchy represent insurance contracts, the fair value of which is provided by the insurer.

•Investments in AFS debt securities consist primarily of commercial paper and U.S. government treasury bills and have maturities within one year. The securities categorized in Level 1 are measured at fair value using a market approach based on quoted prices from national securities exchanges and the securities categorized in Level 2 are measured at fair value using a market approach based on quoted prices from independent pricing services. The amortized cost basis of the securities approximates fair value. Realized and unrealized gains and losses were de minimis for the three and nine months ended September 30, 2025 and 2024.

•Foreign currency contracts consist of foreign currency exchange and purchase contracts related to our foreign operations to manage our exposure to exchange rate fluctuations on transactions denominated in currencies other than the local (functional) currencies of our operations. These contracts are valued based on quoted foreign currency exchange rates and are categorized in Level 1 of the fair value hierarchy.

Nonrecurring Fair Value Measurements
There were no assets or liabilities that were measured at fair value on a nonrecurring basis as of September 30, 2025 and December 31, 2024.

As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates.
The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2025.
March 31, 2025
Fair Value Measurements Using
Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value		Carrying
Value
as of
September 30,
2025 (a)		Loss
Recognized (b)
Assets
Long-lived assets of
the Benicia Refinery
$— $— $722 $722 $441 $901 
Long-lived assets of
the Wilmington
Refinery
— — 847 847 808 230 
Total$— $— $1,569 $1,569 $1,249 $1,131 
________________________
(a)The carrying values of the Benicia and Wilmington refineries as of September 30, 2025 are lower than the fair values as of March 31, 2025 primarily due to the recognition of depreciation and amortization expense.
(b)The asset impairment loss was recognized in our Refining segment in March 2025.

Financial Instruments
Our financial instruments include cash and cash equivalents, restricted cash, investments in AFS debt securities, receivables, payables, debt obligations, operating and finance lease obligations, commodity derivative contracts, and foreign currency contracts. The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions).
September 30, 2025December 31, 2024
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$8,366 $8,327 $8,085 $7,776 

Investments in AFS debt securities, commodity derivative contracts, and foreign currency contracts are recognized at their fair values as shown in “Recurring Fair Value Measurements” above.
v3.25.3
Price Risk Management Activities
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
PRICE RISK MANAGEMENT ACTIVITIES
13.    PRICE RISK MANAGEMENT ACTIVITIES

General
We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 12), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”

Risk Management Activities by Type of Risk
Commodity Price Risk
We are exposed to market risks related to the volatility in the price of feedstocks (primarily crude oil, waste and renewable feedstocks, and corn); the products we produce; and natural gas and electricity used in our operations. To reduce the impact of price volatility on our results of operations and cash flows, we use commodity derivative instruments, such as futures and options. Our positions in commodity derivative instruments are monitored and managed on a daily basis by our risk control group to ensure compliance with our stated risk management policy that is periodically reviewed with our Board and/or relevant Board committee.
We primarily use commodity derivative instruments as cash flow hedges and economic hedges. Our objectives for entering into each type of hedge is described below.

•Cash flow hedges – The objective of our cash flow hedges is to lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable.
•Economic hedges – Our objectives for holding economic hedges are to (i) manage price volatility in certain feedstock and product inventories and (ii) lock in the price of forecasted purchases and/or product sales at existing market prices that we deem favorable.
As of September 30, 2025, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
Notional Contract
Volumes by
Year of Maturity
20252026
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short3,600 419 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long94,944 12,098 
Futures – short89,860 13,420 
Corn:
Futures – long60,540 660 
Futures – short89,210 10,420 
Physical contracts – long21,550 9,750 

Renewable and Low-Carbon Fuel Programs Price Risk
We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. To manage this risk, we enter into contracts to purchase these credits. Some of these contracts are derivative instruments; however, we elect the normal purchase exception and do not record these contracts at their fair values. The Renewable and Low-Carbon Fuel Programs require us to blend a certain volume of renewable and low-carbon fuels into the petroleum-based transportation fuels we produce in, or import into, the respective jurisdiction to be consumed therein based on annual quotas. To the degree we are unable to blend at the required quotas, we must purchase compliance credits (primarily Renewable Identification Numbers (RINs)). The cost of meeting our credit obligations under the Renewable and Low-Carbon Fuel Programs was $431 million and $156 million for the three months ended September 30, 2025 and 2024, respectively, and $1.2 billion and $535 million for the nine months ended September 30, 2025 and 2024, respectively. These amounts are reflected in cost of materials and other.
Foreign Currency Risk
We are exposed to exchange rate fluctuations on transactions related to our foreign operations that are denominated in currencies other than the local (functional) currencies of our operations. To manage our exposure to these exchange rate fluctuations, we often use foreign currency contracts. These contracts are not designated as hedging instruments for accounting purposes and therefore are classified as economic hedges. As of September 30, 2025, we had foreign currency contracts to purchase $537 million of U.S. dollars. Of these commitments, $467 million matured on or before October 20, 2025 and the remaining $70 million will mature by October 24, 2025.
Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of September 30, 2025 and December 31, 2024 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts:
Balance Sheet
Location		September 30, 2025December 31, 2024
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$8 $8 $12 $13 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$325 $333 $390 $435 
Physical purchase contractsInventories— 7 2 3 
Foreign currency contractsReceivables, net4 — 6 — 
Total
$329 $340 $398 $438 

Market Risk
Our price risk management activities involve the receipt or payment of fixed price commitments into the future. These transactions give rise to market risk, which is the risk that future changes in market conditions may make an instrument less valuable. We closely monitor and manage our exposure to market risk on a daily basis in accordance with policies that are periodically reviewed with our Board and/or relevant Board committee. Market risks are monitored by our risk control group to ensure compliance with our stated risk management policy. We do not require any collateral or other security to support derivative instruments into which we enter. We also do not have any derivative instruments that require us to maintain a minimum investment-grade credit rating.
Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)
The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in
Cash Flow Hedging
Relationships
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Commodity contracts:
Gain (loss) recognized in
other comprehensive
income (loss)
n/a$(15)$83 $(15)$45 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(23)40 (23)94 

For cash flow hedges, no component of any derivative instrument’s gain or loss was excluded from the assessment of hedge effectiveness for the three and nine months ended September 30, 2025 and 2024. For the three and nine months ended September 30, 2025 and 2024, cash flow hedges primarily related to forecasted sales of renewable diesel. As of September 30, 2025, the estimated deferred after-tax gain that is expected to be reclassified into revenues within the next 12 months was not material. The changes in accumulated other comprehensive loss by component, net of tax, for the three and nine months ended September 30, 2025 and 2024 are described in Note 5.

The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions):
Derivatives Not
Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Commodity contractsRevenues$(3)$(16)$(7)$(23)
Commodity contractsCost of materials and other— (9)(50)(66)
Foreign currency contractsCost of materials and other13 (17)(7)2 
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Basis of Presentation and Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
General
The terms “Valero,” “we,” “our,” and “us,” as used in this report, may refer to Valero Energy Corporation, one or more of its consolidated subsidiaries, or all of them taken as a whole. The term “DGD,” as used in this report, may refer to Diamond Green Diesel Holdings LLC, its wholly owned consolidated subsidiary, or both of them taken as a whole.

These interim unaudited financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these interim unaudited financial statements reflect all adjustments considered necessary for a fair statement of our results for the interim periods presented. All such adjustments are of a normal recurring nature unless otherwise disclosed. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. These interim unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024.

The balance sheet as of December 31, 2024 has been derived from our audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included in our annual report on Form 10-K for the year ended December 31, 2024.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these interim unaudited financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.
Accounting Pronouncements Recently Adopted and Not Yet Adopted
Accounting Pronouncements Recently Adopted
ASU 2023-07
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, to improve interim and annual disclosures about a public entity’s reportable segments primarily through enhanced disclosures about significant segment expenses and other segment related items. We adopted this ASU effective January 1, 2024 and it did not affect our financial position or our results of operations, but did result in additional disclosures.
ASU 2023-09
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve annual income tax disclosures by requiring further disaggregation of information in the rate reconciliation and disaggregation of income taxes paid by jurisdiction. This ASU
also includes certain other amendments intended to improve the effectiveness of annual income tax disclosures. We adopted this ASU effective January 1, 2025 on a retrospective basis and it did not affect our financial position or our results of operations, but will result in additional annual disclosures.

Accounting Pronouncement Not Yet Adopted
ASU 2024-03
In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting—Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, to improve interim and annual disclosures about a public business entity’s expenses by requiring more detailed information in the notes to the financial statements about certain expense categories, including purchases of inventory, employee compensation, depreciation, amortization, and selling expenses. We expect to adopt this ASU effective January 1, 2027 and the adoption will not affect our financial position or our results of operations, but will result in additional disclosures.
Variable interest entities We consolidate a VIE when we have a variable interest in an entity for which we are the primary beneficiary.
We hold variable interests in VIEs that have not been consolidated because we are not considered the primary beneficiary. These nonconsolidated VIEs are not material to our financial position or results of operations and are accounted for as equity investments.
Offsetting fair value amounts of commodity derivative contracts
We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
Derivatives
We are exposed to market risks primarily related to the volatility in the price of commodities, foreign currency exchange rates, and the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. We enter into derivative instruments to manage some of these risks, including derivative instruments related to the various commodities we purchase or produce, and foreign currency exchange and purchase contracts, as described below under “Risk Management Activities by Type of Risk.” These derivative instruments are recorded as either assets or liabilities measured at their fair values (see Note 12), as summarized below under “Fair Values of Derivative Instruments.” The effect of these derivative instruments on our income and other comprehensive income (loss) is summarized below under “Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss).”
Derivative instruments collateral requirements We do not require any collateral or other security to support derivative instruments into which we enter.
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in millions):
September 30,
2025		December 31,
2024
Refinery feedstocks$1,826 $2,167 
Refined petroleum products and blendstocks
4,035 4,016 
Renewable diesel feedstocks and products
840 872 
Ethanol feedstocks and products292 342 
Materials and supplies401 364 
Inventories$7,394 $7,761 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 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):
September 30, 2025
Facility
Amount		Maturity DateOutstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver (b)$4,000 November 2027$— $2 $3,998 
Accounts receivable
sales facility
1,300 July 2026— n/a1,300 
Committed facilities of
VIEs (c):
DGD Revolver (d)400 June 2026100 52 248 
DGD Loan Agreement (e)100 June 2026— n/a100 
IEnova Revolver (f)830 February 202831 n/a799 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a6 n/a
Uncommitted facility of
VIE (c):
DGD letter of credit
facility
n/an/an/a67 n/a
________________________
(a)Letters of credit issued as of September 30, 2025 expire at various times in 2025 through 2026.
(b)In October 2025, we extended the maturity date of this facility to October 2030.
(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 6.073 percent as of September 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 8.141 percent and 8.443 percent as of September 30, 2025 and December 31, 2024, respectively.
Borrowings and repayments under our credit facilities were as follows (in millions):
Nine Months Ended
September 30,
20252024
Borrowings:
Accounts receivable sales facility$4,950 $5,200 
DGD Revolver400 150 
DGD Loan Agreement— 100 
IEnova Revolver— 23 
Repayments:
Accounts receivable sales facility(4,950)(5,200)
DGD Revolver(300)(400)
DGD Loan Agreement— (100)
IEnova Revolver(27)— 
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
September 30,		Nine Months Ended
September 30,
2025202420252024
Interest and debt expense$144 $145 $432 $438 
Less: Capitalized interest5 4 15 17 
Interest and debt expense, net of
capitalized interest
$139 $141 $417 $421 
v3.25.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Share Repurchases
Our Board authorized us to purchase shares of our outstanding common stock under various programs with no expiration dates as follows (in millions):
Program NameAuthorization
Date		Total Cost
Authorized
Remaining
Available for
Purchase as of
September 30, 2025
February 2024 ProgramFebruary 22, 2024$2,500 $311 
September 2024 ProgramSeptember 19, 20242,500 2,500 
Schedule of Changes in Components of Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
Three Months Ended September 30,
20252024
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(548)$1 $(6)$(553)$(993)$(170)$(9)$(1,172)
Other comprehensive
income (loss) before
reclassifications
(155)— (6)(161)326 — 33 359 
Amounts reclassified
from accumulated
other comprehensive
loss
— (1)9 8 — (5)(16)(21)
Effect of exchange rates— (2)— (2)— 4 — 4 
Other comprehensive
income (loss)
(155)(3)3 (155)326 (1)17 342 
Balance as of end of
period
$(703)$(2)$(3)$(708)$(667)$(171)$8 $(830)
Nine Months Ended September 30,
20252024
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(1,264)$(2)$(6)$(1,272)$(735)$(162)$27 $(870)
Other comprehensive
income (loss) before
reclassifications
561 — (6)555 68 — 18 86 
Amounts reclassified
from accumulated
other comprehensive
loss
— (5)9 4 — (12)(37)(49)
Effect of exchange rates— 5 — 5 — 3 — 3 
Other comprehensive
income (loss)
561 — 3 564 68 (9)(19)40 
Balance as of end of
period
$(703)$(2)$(3)$(708)$(667)$(171)$8 $(830)
v3.25.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Information of Consolidated VIEs
The following table presents summarized balance sheet information for the significant assets and liabilities of the consolidated VIEs, which are included in our balance sheets (in millions):
DGDCentral
Mexico
Terminals		OtherTotal
September 30, 2025
Assets
Cash and cash equivalents$136 $1 $32 $169 
Other current assets1,044 18 38 1,100 
Property, plant, and equipment, net3,690 624 62 4,376 
Deferred charges and other assets, net524 68 12 604 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$299 $49 $4 $352 
Debt and finance lease obligations,
less current portion
622 — — 622 
December 31, 2024
Assets
Cash and cash equivalents$353 $— $21 $374 
Other current assets976 9 42 1,027 
Property, plant, and equipment, net3,806 647 64 4,517 
Deferred charges and other assets, net86 69 11 166 
Liabilities
Current liabilities, including current portion
of debt and finance lease obligations
$304 $75 $4 $383 
Debt and finance lease obligations,
less current portion
642 — — 642 
v3.25.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Periodic Benefit Cost Related to Our Defined Benefit Plans, Net
The components of net periodic benefit cost related to our defined benefit plans were as follows (in millions):
Pension PlansOther Postretirement
Benefit Plans
2025202420252024
Three months ended September 30
Service cost$27 $28 $— $1 
Interest cost34 31 3 3 
Expected return on plan assets(56)(54)— — 
Amortization of:
Net actuarial gain(2)(1)(2)(1)
Prior service cost (credit)1 (3)1 — 
Settlement loss3 5 — — 
Net periodic benefit cost$7 $6 $2 $3 
Nine months ended September 30
Service cost$81 $84 $2 $3 
Interest cost102 94 9 9 
Expected return on plan assets(167)(161)— — 
Amortization of:
Net actuarial gain(6)(4)(6)(3)
Prior service cost (credit)4 (8)1 — 
Settlement loss6 5 — — 
Net periodic benefit cost$20 $10 $6 $9 
v3.25.3
Earnings Per Common Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings per Common Share, Basic and Diluted
Earnings per common share was computed as follows (dollars and shares in millions, except per share amounts):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Earnings per common share:
Net income attributable to Valero stockholders
$1,095 $364 $1,214 $2,489 
Less: Income allocated to participating securities3 1 3 7 
Net income available to common stockholders
$1,092 $363 $1,211 $2,482 
Weighted-average common shares outstanding309 318 311 324 
Earnings per common share
$3.54 $1.14 $3.89 $7.66 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$1,095 $364 $1,214 $2,489 
Less: Income allocated to participating securities3 1 3 7 
Net income available to common stockholders
$1,092 $363 $1,211 $2,482 
Weighted-average common shares outstanding309 318 311 324 
Effect of dilutive securities— — 1 — 
Weighted-average common shares outstanding –
assuming dilution
309 318 312 324 
Earnings per common share – assuming dilution
$3.53 $1.14 $3.89 $7.66 
v3.25.3
Revenues and Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Contract Balances
Contract balances were as follows (in millions):
September 30,
2025		December 31,
2024
Receivables from contracts with customers,
included in receivables, net
$6,321 $5,812 
Contract liabilities, included in accrued expenses62 82 
Segment Activity, Including Total Assets by Reportable Segment
The following tables reflect information about our operating income (loss), including a reconciliation to our consolidated income before income tax expense and total expenditures for long-lived assets, by reportable segment (in millions):
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2025
Revenues:
Revenues from external customers
$30,414 $719 $1,035 $— $32,168 
Intersegment revenues
1 484 259 (744)— 
Total revenues
30,415 1,203 1,294 (744)32,168 
Cost of sales:
Cost of materials and other (a)26,684 1,077 942 (745)27,958 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,388 78 148 — 1,614 
Depreciation and amortization expense
728 76 21 (1)824 
Total cost of sales
28,800 1,231 1,111 (746)30,396 
Other operating expenses5 — — — 5 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 246 246 
Depreciation and amortization expense
— — — 12 12 
Operating income (loss) by segment$1,610 $(28)$183 $(256)1,509 
Other income, net86 
Interest and debt expense, net of capitalized
interest
(139)
Income before income tax expense$1,456 
Total expenditures for long-lived assets (b)$324 $49 $12 $24 $409 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Three months ended September 30, 2024
Revenues:
Revenues from external customers
$31,332 $632 $912 $— $32,876 
Intersegment revenues
3 593 235 (831)— 
Total revenues
31,335 1,225 1,147 (831)32,876 
Cost of sales:
Cost of materials and other (a)28,922 1,029 842 (828)29,965 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,256 92 133 1 1,482 
Depreciation and amortization expense
589 69 19 (2)675 
Total cost of sales
30,767 1,190 994 (829)32,122 
Other operating expenses3 — — — 3 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 234 234 
Depreciation and amortization expense
— — — 10 10 
Operating income by segment$565 $35 $153 $(246)507 
Other income, net123 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$489 
Total expenditures for long-lived assets (b)$344 $67 $9 $9 $429 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2025
Revenues:
Revenues from external customers
$87,495 $1,777 $3,043 $— $92,315 
Intersegment revenues
5 1,424 681 (2,110)— 
Total revenues
87,500 3,201 3,724 (2,110)92,315 
Cost of sales:
Cost of materials and other (a)77,995 3,016 2,962 (2,135)81,838 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,986 228 446 (1)4,659 
Depreciation and amortization expense
2,029 205 59 (3)2,290 
Total cost of sales
84,010 3,449 3,467 (2,139)88,787 
Asset impairment loss1,131 — — — 1,131 
Other operating expenses13 — — — 13 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 727 727 
Depreciation and amortization expense
— — — 51 51 
Operating income (loss) by segment$2,346 $(248)$257 $(749)1,606 
Other income, net292 
Interest and debt expense, net of capitalized
interest
(417)
Income before income tax expense$1,481 
Total expenditures for long-lived assets (b)$1,231 $158 $30 $56 $1,475 
________________________
See notes on page 23.
RefiningRenewable
Diesel		EthanolCorporate
and
Eliminations		Total
Nine months ended September 30, 2024
Revenues:
Revenues from external customers
$94,519 $1,888 $2,718 $— $99,125 
Intersegment revenues
8 1,932 654 (2,594)— 
Total revenues
94,527 3,820 3,372 (2,594)99,125 
Cost of sales:
Cost of materials and other (a)85,528 3,025 2,625 (2,588)88,590 
Operating expenses (excluding depreciation
and amortization expense reflected below)
3,659 262 395 1 4,317 
Depreciation and amortization expense
1,793 196 57 (4)2,042 
Total cost of sales
90,980 3,483 3,077 (2,591)94,949 
Other operating expenses13 — 27 — 40 
General and administrative expenses (excluding
depreciation and amortization expense
reflected below)
— — — 695 695 
Depreciation and amortization expense
— — — 34 34 
Operating income by segment$3,534 $337 $268 $(732)3,407 
Other income, net389 
Interest and debt expense, net of capitalized
interest
(421)
Income before income tax expense$3,375 
Total expenditures for long-lived assets (b)$1,191 $260 $26 $33 $1,510 
________________________
(a)Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 30, 2024, respectively.
(b)Total expenditures for long-lived assets includes amounts related to capital expenditures and deferred turnaround and catalyst costs.
Total assets by reportable segment were as follows (in millions):
September 30,
2025		December 31,
2024
Refining$45,010 $46,729 
Renewable Diesel5,600 5,680 
Ethanol1,495 1,545 
Corporate and eliminations6,510 6,189 
Total assets$58,615 $60,143 
Revenues from External Customers by Product
The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Refining:
Gasolines and blendstocks
$13,287 $14,361 $38,382 $43,004 
Distillates
14,582 13,855 40,736 42,286 
Other product revenues
2,545 3,116 8,377 9,229 
Total Refining revenues30,414 31,332 87,495 94,519 
Renewable Diesel:
Renewable diesel
623 610 1,484 1,829 
Renewable naphtha29 22 114 59 
Neat SAF67 — 179 — 
Total Renewable Diesel revenues719 632 1,777 1,888 
Ethanol:
Ethanol
823 685 2,390 1,985 
Distillers grains
212 227 653 733 
Total Ethanol revenues1,035 912 3,043 2,718 
Revenues
$32,168 $32,876 $92,315 $99,125 
v3.25.3
Supplemental Cash Flow Information (Tables)
 9 Months Ended
Sep. 30, 2025
Supplemental Cash Flow Information [Abstract]  
Schedule of Cash Flows, Supplemental Disclosures
In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):
Nine Months Ended
September 30,
20252024
Decrease in current assets:
Receivables, net$619 $1,382 
Inventories529 574 
Prepaid expenses and other51 265 
Increase (decrease) in current liabilities:
Accounts payable(1,438)(1,081)
Accrued expenses264 (93)
Taxes other than income taxes payable13 (114)
Income taxes payable119 (138)
Changes in current assets and current liabilities$157 $795 
Cash flows related to interest and income taxes were as follows (in millions):
Nine Months Ended
September 30,
20252024
Interest paid in excess of amount capitalized,
including interest on finance leases
$362 $374 
Income taxes paid, net398 835 

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Nine Months Ended September 30,
20252024
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included in the
measurement of lease liabilities:
Operating cash flows$394 $84 $392 $87 
Financing cash flows— 196 — 173 
Changes in lease balances resulting from new
and modified leases
357 22 346 312 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis
The following tables present information (in millions) about our assets and liabilities recognized at their fair values in our balance sheets categorized according to the fair value hierarchy of the inputs utilized by us to determine the fair values as of September 30, 2025 and December 31, 2024.

We have elected to offset the fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty, including any related cash collateral assets or obligations as shown below; however, fair value amounts by hierarchy level are presented in the following tables on a gross basis. We have no derivative contracts that are subject to master netting arrangements that are reflected gross in our balance sheets.
September 30, 2025
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$333 $— $— $333 $(328)$— $5 $— 
Investments of certain
benefit plans
90 — 4 94 n/an/a94 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Foreign currency
contracts
4 — — 4 n/an/a4 n/a
Total$428 $26 $4 $458 $(328)$— $130 
Liabilities
Commodity derivative
contracts
$341 $— $— $341 $(328)$(13)$— $(66)
Physical purchase
contracts
— 7 — 7 n/an/a7 n/a
Blending program
obligations
— 134 — 134 n/an/a134 n/a
Total$341 $141 $— $482 $(328)$(13)$141 
December 31, 2024
Total
Gross
Fair
Value		Effect of
Counter-
party
Netting		Effect of
Cash
Collateral
Netting		Net
Carrying
Value on
Balance
Sheet		Cash
Collateral
Paid or
Received
Not Offset
Fair Value Hierarchy
Level 1Level 2Level 3
Assets
Commodity derivative
contracts
$402 $— $— $402 $(402)$— $— $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Investments of certain
benefit plans
89 — 4 93 n/an/a93 n/a
Investments in AFS
debt securities
6 20 — 26 n/an/a26 n/a
Foreign currency
contracts
6 — — 6 n/an/a6 n/a
Total$503 $22 $4 $529 $(402)$— $127 
Liabilities
Commodity derivative
contracts
$448 $— $— $448 $(402)$(46)$— $(71)
Physical purchase
contracts
— 3 — 3 n/an/a3 n/a
Blending program
obligations
— 13 — 13 n/an/a13 n/a
Total$448 $16 $— $464 $(402)$(46)$16 
Schedule of Fair Value of Assets and Liabilities Measured on Nonrecurring Basis
As discussed in Note 2, we concluded that the carrying values of the Benicia and Wilmington refineries were impaired as of March 31, 2025. The fair values of the refineries were determined using a market approach based on a comparison of recent property sales and other relevant real estate and market data, which we determined reflects the highest and best use of these assets. These fair values involved significant assumptions and actual results could differ from these estimates.
The following table presents information (in millions) about our nonfinancial assets measured at fair value on a nonrecurring basis during the nine months ended September 30, 2025.
March 31, 2025
Fair Value Measurements Using
Quoted
Prices in
Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Fair
Value		Carrying
Value
as of
September 30,
2025 (a)		Loss
Recognized (b)
Assets
Long-lived assets of
the Benicia Refinery
$— $— $722 $722 $441 $901 
Long-lived assets of
the Wilmington
Refinery
— — 847 847 808 230 
Total$— $— $1,569 $1,569 $1,249 $1,131 
________________________
(a)The carrying values of the Benicia and Wilmington refineries as of September 30, 2025 are lower than the fair values as of March 31, 2025 primarily due to the recognition of depreciation and amortization expense.
(b)The asset impairment loss was recognized in our Refining segment in March 2025.
Schedule of Carrying Amount and Estimated Fair Value of Financial Instruments The estimated fair values of cash and cash equivalents, restricted cash, receivables, payables, and operating and finance lease obligations approximate their carrying amounts; the carrying value and fair value of debt is shown in the table below (in millions).
September 30, 2025December 31, 2024
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$8,366 $8,327 $8,085 $7,776 
v3.25.3
Price Risk Management Activities (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Risk Management Activities by Type of Risk
As of September 30, 2025, we had the following outstanding commodity derivative instruments that were used as cash flow hedges and economic hedges, as well as commodity derivative instruments related to the physical purchase of corn at a fixed price. The information presents the notional volume of outstanding contracts by type of instrument and year of maturity (volumes in thousands of barrels, except corn contracts that are presented in thousands of bushels).
Notional Contract
Volumes by
Year of Maturity
20252026
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short3,600 419 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long94,944 12,098 
Futures – short89,860 13,420 
Corn:
Futures – long60,540 660 
Futures – short89,210 10,420 
Physical contracts – long21,550 9,750 
Schedule of Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of September 30, 2025 and December 31, 2024 (in millions) and the line items in our balance sheets in which the fair values are reflected. See Note 12 for additional information related to the fair values of our derivative instruments.

As indicated in Note 12, we net fair value amounts recognized for multiple similar derivative contracts executed with the same counterparty under master netting arrangements, including cash collateral assets and obligations. The following table, however, is presented on a gross asset and gross liability basis, which results in the reflection of certain assets in liability accounts and certain liabilities in asset accounts:
Balance Sheet
Location		September 30, 2025December 31, 2024
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$8 $8 $12 $13 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$325 $333 $390 $435 
Physical purchase contractsInventories— 7 2 3 
Foreign currency contractsReceivables, net4 — 6 — 
Total
$329 $340 $398 $438 
Schedule of Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss)
The following table provides information about the gain (loss) recognized in income and other comprehensive income (loss) due to fair value adjustments of our cash flow hedges (in millions):
Derivatives in
Cash Flow Hedging
Relationships
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Commodity contracts:
Gain (loss) recognized in
other comprehensive
income (loss)
n/a$(15)$83 $(15)$45 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(23)40 (23)94 
The following table provides information about the gain (loss) recognized in income on our derivative instruments with respect to our economic hedges and our foreign currency hedges and the line items in our statements of income in which such gains (losses) are reflected (in millions):
Derivatives Not
Designated as
Hedging Instruments
Location of Gain (Loss)
Recognized in Income
on Derivatives
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Commodity contractsRevenues$(3)$(16)$(7)$(23)
Commodity contractsCost of materials and other— (9)(50)(66)
Foreign currency contractsCost of materials and other13 (17)(7)2 
v3.25.3
Impairment (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Apr. 01, 2026
Impairment (Textual)              
Asset impairment loss   $ 0   $ 0 $ 1,131 [1] $ 0  
Benicia Refinery [Member] | One-time Termination Benefits [Member]              
Impairment (Textual)              
Retention and separation benefit liability   50     50    
Refining [Member] | Benicia Refinery [Member] | One-time Termination Benefits [Member]              
Impairment (Textual)              
One-time costs   50     50    
Operating Segments [Member] | Refining [Member]              
Impairment (Textual)              
Asset impairment loss $ 1,100       1,131    
Asset retirement obligation, liabilities incurred     $ 337   337    
Benicia Refinery [Member]              
Impairment (Textual)              
Estimated fair value 722   722        
Asset impairment loss [1]         901    
Incremental depreciation   $ 100     200    
Benicia Refinery [Member] | Forecast [Member]              
Impairment (Textual)              
Property, plant, and equipment, salvage value             $ 107
Wilmington Refinery [Member]              
Impairment (Textual)              
Estimated fair value $ 847   $ 847        
Asset impairment loss [1]         $ 230    
[1] The asset impairment loss was recognized in our Refining segment in March 2025.
v3.25.3
Inventories (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Schedule of Inventories    
Refinery feedstocks $ 1,826 $ 2,167
Refined petroleum products and blendstocks 4,035 4,016
Renewable diesel feedstocks and products 840 872
Ethanol feedstocks and products 292 342
Materials and supplies 401 364
Inventories 7,394 7,761
Inventories (Textual)    
Excess of market value over carrying amount of LIFO inventories 3,400 4,000
Amount of non-LIFO inventory $ 1,200 $ 1,300
v3.25.3
Debt, Public Debt (Details) - Senior Notes [Member] - USD ($)
 1 Months Ended
Apr. 15, 2025
Mar. 15, 2025
Feb. 07, 2025
Mar. 31, 2024
5.150% Valero Senior Notes Due 2030 [Member]        
Public Debt (Textual)        
Face amount of long-term debt issuance     $ 650,000,000  
Interest rate of notes (percent)     5.15%  
Proceeds from issuance of senior long-term debt     $ 649,000,000  
3.65% Valero Senior Notes Due 2025 [Member]        
Public Debt (Textual)        
Interest rate of notes (percent)   3.65%    
Repayments of senior debt   $ 189,000,000    
2.850% Valero Senior Notes Due 2025 [Member]        
Public Debt (Textual)        
Interest rate of notes (percent) 2.85%      
Repayments of senior debt $ 251,000,000      
1.200% Valero Senior Notes Due 2024 [Member]        
Public Debt (Textual)        
Interest rate of notes (percent)       1.20%
Repayments of senior debt       $ 167,000,000
v3.25.3
Debt, Credit Facilities (Details) - USD ($)
Sep. 30, 2025
Dec. 31, 2024
Valero Revolver [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Facility amount [1] $ 4,000,000,000  
Outstanding borrowings, long term [1] 0  
Availability [1] 3,998,000,000  
Valero Revolver, Letter of Credit [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued [1],[2] 2,000,000  
Accounts Receivable Sales Facility [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Facility amount 1,300,000,000  
Outstanding borrowings, short-term 0  
Availability 1,300,000,000  
DGD Revolver [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Facility amount [3],[4] 400,000,000  
Outstanding borrowings, long term [3],[4] 100,000,000  
Availability [3],[4] $ 248,000,000  
Interest rate at period end (percent) 6.073%  
DGD Revolver, Letter of Credit [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Letters of credit issued [2],[3],[4] $ 52,000,000  
DGD Loan Agreement [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Valero Energy Corporation [Member]    
Line of Credit Facility    
Facility amount [4],[5] 100,000,000  
Outstanding borrowings, long term [4],[5] 0  
Availability [4],[5] 100,000,000  
IEnova Revolver [Member] | Credit Facilities [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Facility amount [4],[6] 830,000,000  
Outstanding borrowings, long term [4],[6] 31,000,000  
Availability [4],[6] $ 799,000,000  
Interest rate at period end (percent) 8.141% 8.443%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued [2] $ 6,000,000  
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member] | Diamond Green Diesel Holdings LLC [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Letters of credit issued [2],[4] $ 67,000,000  
[1] In October 2025, we extended the maturity date of this facility to October 2030.
[2] Letters of credit issued as of September 30, 2025 expire at various times in 2025 through 2026.
[3] The variable interest rate on the unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) was 6.073 percent as of September 30, 2025.
[4] Creditors of the VIEs do not have recourse against us.
[5] 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.
[6] 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 8.141 percent and 8.443 percent as of September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Debt, Activity Under Credit Facilities (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]    
Line of Credit Facility    
Borrowings, short-term credit facilities $ 4,950 $ 5,200
Repayments, short-term credit facilities (4,950) (5,200)
DGD Revolver [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Borrowings, long-term credit facilities 400 150
Repayments, long-term credit facilities (300) (400)
DGD Loan Agreement [Member] | Line of Credit [Member] | DGD [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Borrowings, long-term credit facilities 0 100
Repayments, long-term credit facilities 0 (100)
IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member] | Variable Interest Entity, Primary Beneficiary [Member]    
Line of Credit Facility    
Borrowings, long-term credit facilities 0 23
Repayments, long-term credit facilities $ (27) $ 0
v3.25.3
Debt, Interest Incurred (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest and Debt Expense, Net of Capitalized Interest        
Interest and debt expense $ 144 $ 145 $ 432 $ 438
Less: Capitalized interest 5 4 15 17
Interest and debt expense, net of capitalized interest $ 139 $ 141 $ 417 $ 421
v3.25.3
Equity, Narrative (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Treasury Stock [Member]        
Equity (Textual)        
Purchases of common stock for treasury (in shares) 5,667,134 3,798,836 10,309,669 17,054,864
v3.25.3
Equity, Stock Related Disclosures (Details) - USD ($)
Sep. 30, 2025
Sep. 19, 2024
Feb. 22, 2024
Stock Purchase Program, Approved February 2024 [Member]      
Class of Stock [Line Items]      
Authorized amount under stock purchase programs     $ 2,500,000,000
Remaining amount authorized under stock purchase program $ 311,000,000    
Stock Purchase Program, Approved September 2024 [Member]      
Class of Stock [Line Items]      
Authorized amount under stock purchase programs   $ 2,500,000,000  
Remaining amount authorized under stock purchase program $ 2,500,000,000    
v3.25.3
Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period $ 26,947 $ 28,250 $ 27,521 $ 28,524
Other comprehensive income (loss) (151) 364 570 15
Balance as of end of period 26,746 28,000 26,746 28,000
Accumulated Other Comprehensive Loss [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (553) (1,172) (1,272) (870)
Other comprehensive income (loss) before reclassifications (161) 359 555 86
Amounts reclassified from accumulated other comprehensive loss 8 (21) 4 (49)
Effect of exchange rates (2) 4 5 3
Other comprehensive income (loss) (155) 342 564 40
Balance as of end of period (708) (830) (708) (830)
Foreign Currency Translation Adjustment [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (548) (993) (1,264) (735)
Other comprehensive income (loss) before reclassifications (155) 326 561 68
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Effect of exchange rates 0 0 0 0
Other comprehensive income (loss) (155) 326 561 68
Balance as of end of period (703) (667) (703) (667)
Defined Benefit Plans Items [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period 1 (170) (2) (162)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from accumulated other comprehensive loss (1) (5) (5) (12)
Effect of exchange rates (2) 4 5 3
Other comprehensive income (loss) (3) (1) 0 (9)
Balance as of end of period (2) (171) (2) (171)
Gains (Losses) on Cash Flow Hedges [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (6) (9) (6) 27
Other comprehensive income (loss) before reclassifications (6) 33 (6) 18
Amounts reclassified from accumulated other comprehensive loss 9 (16) 9 (37)
Effect of exchange rates 0 0 0 0
Other comprehensive income (loss) 3 17 3 (19)
Balance as of end of period $ (3) $ 8 $ (3) $ 8
v3.25.3
Variable Interest Entities (Details)
$ in Millions
Sep. 30, 2025
USD ($)
plant
subsidiary
Dec. 31, 2024
USD ($)
Assets    
Cash and cash equivalents $ 4,764 $ 4,657
Property, plant, and equipment, net 27,741 29,314
Deferred charges and other assets, net 7,370 7,092
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 14,729 15,495
Debt and finance lease obligations, less current portion 9,687 9,720
Variable Interest Entity, Primary Beneficiary [Member]    
Assets    
Cash and cash equivalents 169 374
Other current assets 1,100 1,027
Property, plant, and equipment, net 4,376 4,517
Deferred charges and other assets, net 604 166
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 352 383
Debt and finance lease obligations, less current portion 622 642
Diamond Green Diesel Holdings LLC (DGD) [Member]    
Assets    
Cash and cash equivalents 136 353
Other current assets 1,044 976
Property, plant, and equipment, net 3,690 3,806
Deferred charges and other assets, net 524 86
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 299 304
Debt and finance lease obligations, less current portion $ 622 642
Variable Interest Entity (Textual)    
Number of renewable diesel plants owned by joint venture | plant 2  
Central Mexico Terminals [Member]    
Assets    
Cash and cash equivalents $ 1 0
Other current assets 18 9
Property, plant, and equipment, net 624 647
Deferred charges and other assets, net 68 69
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 49 75
Debt and finance lease obligations, less current portion $ 0 0
Variable Interest Entity (Textual)    
Number of subsidiaries | subsidiary 3  
Other VIEs [Member]    
Assets    
Cash and cash equivalents $ 32 21
Other current assets 38 42
Property, plant, and equipment, net 62 64
Deferred charges and other assets, net 12 11
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 4 4
Debt and finance lease obligations, less current portion $ 0 $ 0
v3.25.3
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Pension Plans [Member]        
Components of net periodic benefit cost:        
Service cost $ 27 $ 28 $ 81 $ 84
Interest cost 34 31 102 94
Expected return on plan assets (56) (54) (167) (161)
Amortization of:        
Net actuarial gain (2) (1) (6) (4)
Prior service cost (credit) 1 (3) 4 (8)
Settlement loss 3 5 6 5
Net periodic benefit cost 7 6 20 10
Other Postretirement Benefit Plans [Member]        
Components of net periodic benefit cost:        
Service cost 0 1 2 3
Interest cost 3 3 9 9
Expected return on plan assets 0 0 0 0
Amortization of:        
Net actuarial gain (2) (1) (6) (3)
Prior service cost (credit) 1 0 1 0
Settlement loss 0 0 0 0
Net periodic benefit cost $ 2 $ 3 $ 6 $ 9
v3.25.3
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings per common share:        
Net income attributable to Valero stockholders $ 1,095 $ 364 $ 1,214 $ 2,489
Less: Income allocated to participating securities 3 1 3 7
Net income available to common stockholders $ 1,092 $ 363 $ 1,211 $ 2,482
Weighted-average common shares outstanding (in shares) 309 318 311 324
Earnings per common share (in dollars per share) $ 3.54 $ 1.14 $ 3.89 $ 7.66
Earnings per common share – assuming dilution:        
Net income attributable to Valero stockholders $ 1,095 $ 364 $ 1,214 $ 2,489
Less: Income allocated to participating securities 3 1 3 7
Net income available to common stockholders $ 1,092 $ 363 $ 1,211 $ 2,482
Weighted-average common shares outstanding (in shares) 309 318 311 324
Effect of dilutive securities (in shares) 0 0 1 0
Weighted-average common shares outstanding – assuming dilution (in shares) 309 318 312 324
Earnings per common share – assuming dilution (in dollars per share) $ 3.53 $ 1.14 $ 3.89 $ 7.66
v3.25.3
Revenues and Segment Information, Contract Balances (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Schedule of Contract Balances    
Receivables from contracts with customers, included in receivables, net $ 6,321 $ 5,812
Contract liabilities, included in accrued expenses $ 62 $ 82
v3.25.3
Revenues and Segment Information, Components of Operating Income (Loss) (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Mar. 31, 2025
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2024
USD ($)
Segment Information for our Reportable Segments          
Revenues [1]   $ 32,168 $ 32,876 $ 92,315 $ 99,125
Cost of sales:          
Cost of materials and other [2]   27,958 29,965 81,838 88,590
Operating expenses (excluding depreciation and amortization expense reflected below)   1,614 1,482 4,659 4,317
Depreciation and amortization expense   824 675 2,290 2,042
Total cost of sales   30,396 32,122 88,787 94,949
Asset impairment loss   0 0 1,131 [3] 0
Other operating expenses   5 3 13 40
General and administrative expenses (excluding depreciation and amortization expense reflected below)   246 234 727 695
Depreciation and amortization expense   12 10 51 34
Operating income   1,509 507 1,606 3,407
Other income, net   86 123 292 389
Interest and debt expense, net of capitalized interest   (139) (141) (417) (421)
Income before income tax expense   1,456 489 1,481 3,375
Total expenditures for long-lived assets [4]   409 429 $ 1,475 1,510
Segment Information (Textual)          
Number of reportable segments | segment       3  
Corporate, Reconciling Items, and Eliminations [Member]          
Segment Information for our Reportable Segments          
Revenues   (744) (831) $ (2,110) (2,594)
Cost of sales:          
Operating income   (256) (246) (749) (732)
Corporate [Member]          
Segment Information for our Reportable Segments          
Revenues   0 0 0 0
Cost of sales:          
Asset impairment loss       0  
General and administrative expenses (excluding depreciation and amortization expense reflected below)   246 234 727 695
Depreciation and amortization expense   12 10 51 34
Total expenditures for long-lived assets [4]   24 9 56 33
Intersegment Eliminations [Member]          
Segment Information for our Reportable Segments          
Revenues   (744) (831) (2,110) (2,594)
Cost of sales:          
Cost of materials and other [2]   (745) (828) (2,135) (2,588)
Operating expenses (excluding depreciation and amortization expense reflected below)   0 1 (1) 1
Depreciation and amortization expense   (1) (2) (3) (4)
Total cost of sales   (746) (829) (2,139) (2,591)
Other operating expenses   0 0 0 0
Refining [Member]          
Segment Information for our Reportable Segments          
Revenues   30,414 31,332 87,495 94,519
Refining [Member] | Operating Segments [Member]          
Segment Information for our Reportable Segments          
Revenues   30,415 31,335 87,500 94,527
Cost of sales:          
Cost of materials and other [2]   26,684 28,922 77,995 85,528
Operating expenses (excluding depreciation and amortization expense reflected below)   1,388 1,256 3,986 3,659
Depreciation and amortization expense   728 589 2,029 1,793
Total cost of sales   28,800 30,767 84,010 90,980
Asset impairment loss $ 1,100     1,131  
Other operating expenses   5 3 13 13
General and administrative expenses (excluding depreciation and amortization expense reflected below)   0 0 0 0
Depreciation and amortization expense   0 0 0 0
Operating income   1,610 565 2,346 3,534
Total expenditures for long-lived assets [4]   324 344 1,231 1,191
Refining [Member] | Intersegment Eliminations [Member]          
Segment Information for our Reportable Segments          
Revenues   1 3 5 8
Renewable Diesel [Member]          
Segment Information for our Reportable Segments          
Revenues   719 632 1,777 1,888
Renewable Diesel [Member] | Operating Segments [Member]          
Segment Information for our Reportable Segments          
Revenues   1,203 1,225 3,201 3,820
Cost of sales:          
Cost of materials and other [2]   1,077 1,029 3,016 3,025
Operating expenses (excluding depreciation and amortization expense reflected below)   78 92 228 262
Depreciation and amortization expense   76 69 205 196
Total cost of sales   1,231 1,190 3,449 3,483
Asset impairment loss       0  
Other operating expenses   0 0 0 0
General and administrative expenses (excluding depreciation and amortization expense reflected below)   0 0 0 0
Depreciation and amortization expense   0 0 0 0
Operating income   (28) 35 (248) 337
Total expenditures for long-lived assets [4]   49 67 158 260
Segment Information (Textual)          
Clean fuel production credit   206   397  
Blender's tax credit     313   952
Renewable Diesel [Member] | Intersegment Eliminations [Member]          
Segment Information for our Reportable Segments          
Revenues   484 593 1,424 1,932
Ethanol [Member]          
Segment Information for our Reportable Segments          
Revenues   1,035 912 3,043 2,718
Ethanol [Member] | Operating Segments [Member]          
Segment Information for our Reportable Segments          
Revenues   1,294 1,147 3,724 3,372
Cost of sales:          
Cost of materials and other [2]   942 842 2,962 2,625
Operating expenses (excluding depreciation and amortization expense reflected below)   148 133 446 395
Depreciation and amortization expense   21 19 59 57
Total cost of sales   1,111 994 3,467 3,077
Asset impairment loss       0  
Other operating expenses   0 0 0 27
General and administrative expenses (excluding depreciation and amortization expense reflected below)   0 0 0 0
Depreciation and amortization expense   0 0 0 0
Operating income   183 153 257 268
Total expenditures for long-lived assets [4]   12 9 30 26
Ethanol [Member] | Intersegment Eliminations [Member]          
Segment Information for our Reportable Segments          
Revenues   $ 259 $ 235 $ 681 $ 654
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,827 million and $1,539 million for the three months ended September 30, 2025 and 2024, respectively, and $4,993 million and $4,382 million for the nine months ended September 30, 2025 and 2024, respectively.
[2] Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 30, 2024, respectively.
[3] The asset impairment loss was recognized in our Refining segment in March 2025.
[4] Total expenditures for long-lived assets includes amounts related to capital expenditures and deferred turnaround and catalyst costs.
v3.25.3
Revenues and Segment Information, Disaggregation of Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenue by Segment        
Revenues [1] $ 32,168 $ 32,876 $ 92,315 $ 99,125
Refining [Member]        
Revenue by Segment        
Revenues 30,414 31,332 87,495 94,519
Refining [Member] | Gasoline and Blendstocks [Member]        
Revenue by Segment        
Revenues 13,287 14,361 38,382 43,004
Refining [Member] | Distillates [Member]        
Revenue by Segment        
Revenues 14,582 13,855 40,736 42,286
Refining [Member] | Other Product Revenues [Member]        
Revenue by Segment        
Revenues 2,545 3,116 8,377 9,229
Renewable Diesel [Member]        
Revenue by Segment        
Revenues 719 632 1,777 1,888
Renewable Diesel [Member] | Renewable Diesel [Member]        
Revenue by Segment        
Revenues 623 610 1,484 1,829
Renewable Diesel [Member] | Renewable Naphtha [Member]        
Revenue by Segment        
Revenues 29 22 114 59
Renewable Diesel [Member] | Neat SAF [Member]        
Revenue by Segment        
Revenues 67 0 179 0
Ethanol [Member]        
Revenue by Segment        
Revenues 1,035 912 3,043 2,718
Ethanol [Member] | Ethanol [Member]        
Revenue by Segment        
Revenues 823 685 2,390 1,985
Ethanol [Member] | Distillers Grains [Member]        
Revenue by Segment        
Revenues $ 212 $ 227 $ 653 $ 733
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,827 million and $1,539 million for the three months ended September 30, 2025 and 2024, respectively, and $4,993 million and $4,382 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Revenues and Segment Information, Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Total Assets by Reportable Segment    
Reportable segment assets $ 58,615 $ 60,143
Corporate and Eliminations [Member]    
Total Assets by Reportable Segment    
Reportable segment assets 6,510 6,189
Refining [Member]    
Equity Method Investments (Textual):    
Investments in nonconsolidated joint ventures 687 695
Refining [Member] | Operating Segments [Member]    
Total Assets by Reportable Segment    
Reportable segment assets 45,010 46,729
Renewable Diesel [Member] | Operating Segments [Member]    
Total Assets by Reportable Segment    
Reportable segment assets 5,600 5,680
Ethanol [Member] | Operating Segments [Member]    
Total Assets by Reportable Segment    
Reportable segment assets $ 1,495 $ 1,545
v3.25.3
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Decrease in current assets:      
Receivables, net   $ 619 $ 1,382
Inventories   529 574
Prepaid expenses and other   51 265
Increase (decrease) in current liabilities:      
Accounts payable   (1,438) (1,081)
Accrued expenses   264 (93)
Taxes other than income taxes payable   13 (114)
Income taxes payable   119 (138)
Changes in current assets and current liabilities   157 795
Cash flows related to interest and income taxes      
Interest paid in excess of amount capitalized, including interest on finance leases   362 374
Income taxes paid, net   398 835
Operating cash flows      
Operating Leases   394 392
Finance Leases   84 87
Financing cash flows      
Finance Leases   196 173
Changes in lease balances resulting from new and modified leases, operating leases   357 346
Changes in lease balances resulting from new and modified leases, finance leases   22 312
Supplemental Cash Flow Information (Textual)      
Increase in noncontrolling interest, conversion of IEnova Revolver debt to equity     457
Variable Interest Entity, Primary Beneficiary [Member] | IEnova Revolver [Member] | Line of Credit [Member] | Central Mexico Terminals [Member]      
Supplemental Cash Flow Information (Textual)      
Debt conversion, debt amount converted     $ 457
Operating Segments [Member] | Refining [Member]      
Supplemental Cash Flow Information (Textual)      
Asset retirement obligation, liabilities incurred $ 337 337  
Blender's Tax Credit Receivable [Member]      
Supplemental Cash Flow Information (Textual)      
Collection of blender's tax credit receivable   $ 246  
v3.25.3
Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Investments in AFS debt securities $ 27 $ 26
Total gross fair value, assets 458 529
Effect of counterparty netting (328) (402)
Effect of cash collateral netting 0 0
Net carrying value on balance sheet, assets 130 127
Liabilities    
Blending program obligations 134 13
Total gross fair value, liabilities 482 464
Effect of counterparty netting (328) (402)
Effect of cash collateral netting (13) (46)
Net carrying value on balance sheet, liabilities 141 16
Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 94 93
Commodity Contracts [Member]    
Assets    
Derivative contracts 333 402
Effect of counterparty netting (328) (402)
Effect of cash collateral netting 0 0
Derivative contracts, net assets 5 0
Cash collateral received not offset 0 0
Liabilities    
Derivative contracts 341 448
Effect of counterparty netting (328) (402)
Effect of cash collateral netting (13) (46)
Derivative contracts, net liabilities 0 0
Cash collateral paid not offset (66) (71)
Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 4 6
Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting   2
Liabilities    
Derivative contracts, not subject to netting 7 3
Level 1 [Member]    
Assets    
Investments in AFS debt securities 1 6
Total gross fair value, assets 428 503
Liabilities    
Blending program obligations 0 0
Total gross fair value, liabilities 341 448
Level 1 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 90 89
Level 1 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 333 402
Liabilities    
Derivative contracts 341 448
Level 1 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 4 6
Level 1 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting   0
Liabilities    
Derivative contracts, not subject to netting 0 0
Level 2 [Member]    
Assets    
Investments in AFS debt securities 26 20
Total gross fair value, assets 26 22
Liabilities    
Blending program obligations 134 13
Total gross fair value, liabilities 141 16
Level 2 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 0 0
Level 2 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 0 0
Liabilities    
Derivative contracts 0 0
Level 2 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 0 0
Level 2 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting   2
Liabilities    
Derivative contracts, not subject to netting 7 3
Level 3 [Member]    
Assets    
Investments in AFS debt securities 0 0
Total gross fair value, assets 4 4
Liabilities    
Blending program obligations 0 0
Total gross fair value, liabilities 0 0
Level 3 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 4 4
Level 3 [Member] | Commodity Contracts [Member]    
Assets    
Derivative contracts 0 0
Liabilities    
Derivative contracts 0 0
Level 3 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 0 0
Level 3 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting   0
Liabilities    
Derivative contracts, not subject to netting $ 0 $ 0
v3.25.3
Fair Value Measurements, Nonrecurring (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Assets            
Long-lived assets, carrying value [1] $ 1,249,000,000   $ 1,249,000,000      
Loss recognized 0 $ 0 1,131,000,000 [2] $ 0    
Benicia Refinery [Member]            
Assets            
Long-lived assets, fair value         $ 722,000,000  
Long-lived assets, carrying value [1] 441,000,000   441,000,000      
Loss recognized [2]     901,000,000      
Wilmington Refinery [Member]            
Assets            
Long-lived assets, fair value         847,000,000  
Long-lived assets, carrying value [1] 808,000,000   808,000,000      
Loss recognized [2]     230,000,000      
Fair Value, Nonrecurring [Member]            
Assets            
Long-lived assets, fair value         1,569,000,000  
Nonrecurring Fair Value Measurements (Textual)            
Assets measured at fair value 0   0     $ 0
Liabilities measured at fair value $ 0   $ 0     $ 0
Fair Value, Nonrecurring [Member] | Benicia Refinery [Member]            
Assets            
Long-lived assets, fair value         722,000,000  
Fair Value, Nonrecurring [Member] | Wilmington Refinery [Member]            
Assets            
Long-lived assets, fair value         847,000,000  
Fair Value, Nonrecurring [Member] | Level 1 [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 1 [Member] | Benicia Refinery [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 1 [Member] | Wilmington Refinery [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 2 [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Benicia Refinery [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 2 [Member] | Wilmington Refinery [Member]            
Assets            
Long-lived assets, fair value         0  
Fair Value, Nonrecurring [Member] | Level 3 [Member]            
Assets            
Long-lived assets, fair value         1,569,000,000  
Fair Value, Nonrecurring [Member] | Level 3 [Member] | Benicia Refinery [Member]            
Assets            
Long-lived assets, fair value         722,000,000  
Fair Value, Nonrecurring [Member] | Level 3 [Member] | Wilmington Refinery [Member]            
Assets            
Long-lived assets, fair value         $ 847,000,000  
[1] The carrying values of the Benicia and Wilmington refineries as of September 30, 2025 are lower than the fair values as of March 31, 2025 primarily due to the recognition of depreciation and amortization expense.
[2] The asset impairment loss was recognized in our Refining segment in March 2025.
v3.25.3
Fair Value Measurements, Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Financial liabilities:    
Debt (excluding finance lease obligations), at carrying amount $ 8,366 $ 8,085
Level 2 [Member]    
Financial liabilities:    
Debt (excluding finance lease obligations), at fair value $ 8,327 $ 7,776
v3.25.3
Price Risk Management Activities (Details)
bu in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
bu
MBbls
Sep. 30, 2024
USD ($)
Price Risk Management Activities (Textual)        
Compliance program costs | $ [1] $ 27,958 $ 29,965 $ 81,838 $ 88,590
Renewable and Low-Carbon Fuel Programs [Member]        
Price Risk Management Activities (Textual)        
Compliance program costs | $ 431 $ 156 $ 1,200 $ 535
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     3,600  
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     419  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     89,860  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     89,210  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     94,944  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     60,540  
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     21,550  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     13,420  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Short [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     10,420  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     12,098  
Derivatives Designated as Economic Hedges [Member] | Futures, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     660  
Derivatives Designated as Economic Hedges [Member] | Physical Contracts, 2025 Maturity [Member] | Long [Member] | Corn (in thousands of bushels) [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     9,750  
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]        
Price Risk Management Activities (Textual)        
Monetary notional amount of derivative liabilities | $ 537   $ 537  
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars, Maturing on or Before Filing [Member]        
Price Risk Management Activities (Textual)        
Monetary notional amount of derivative liabilities | $ 467   467  
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars, Maturing Subsequent to Filing [Member]        
Price Risk Management Activities (Textual)        
Monetary notional amount of derivative liabilities | $ $ 70   $ 70  
[1] Cost of materials and other for our Renewable Diesel segment is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $206 million and $397 million for the three and nine months ended September 30, 2025, respectively, and the blender’s tax credit on qualified fuel mixtures of $313 million and $952 million for the three and nine months ended September 30, 2024, respectively.
v3.25.3
Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative asset, subject to netting $ 8 $ 12
Derivative liability, subject to netting 8 13
Derivatives Not Designated as Hedging Instruments [Member]    
Fair Values of Derivative Instruments    
Derivative asset, total 329 398
Derivative liability, total 340 438
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative asset, subject to netting 325 390
Derivative liability, subject to netting 333 435
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]    
Fair Values of Derivative Instruments    
Derivative asset, not subject to netting 0 2
Derivative liability, not subject to netting 7 3
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative asset, not subject to netting 4 6
Derivative liability, not subject to netting $ 0 $ 0
v3.25.3
Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Commodity Contracts [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in other comprehensive income (loss) $ (15) $ 83 $ (15) $ 45
Commodity Contracts [Member] | Revenues [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) reclassified from accumulated other comprehensive loss into income (23) 40 (23) 94
Commodity Contracts [Member] | Revenues [Member] | Derivatives Not Designated as Hedging Instruments [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in income on derivatives (3) (16) (7) (23)
Commodity Contracts [Member] | Cost of Materials and Other [Member] | Derivatives Not Designated as Hedging Instruments [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in income on derivatives 0 (9) (50) (66)
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in income on derivatives $ 13 $ (17) $ (7) $ 2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of materials and other Cost of materials and other Cost of materials and other Cost of materials and other