VALERO ENERGY CORP/TX, 10-Q filed on 7/30/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 6 Months Ended
Jun. 30, 2026
Jul. 24, 2026
Cover [Abstract]    
Document type 10-Q  
Document quarterly report true  
Document period end date Jun. 30, 2026  
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 $0.01 per share  
Trading symbol VLO  
Security exchange name NYSE  
Entity current reporting status Yes  
Entity interactive data current Yes  
Entity filer category Large Accelerated Filer  
Entity small business false  
Entity emerging growth company false  
Entity shell company false  
Entity common stock, shares outstanding   287,927,461
Entity central index key 0001035002  
Amendment flag false  
Document fiscal year focus 2026  
Document fiscal period focus Q2  
Current fiscal year end date --12-31  
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 7,874 $ 4,688
Receivables, net 13,928 9,877
Inventories 7,625 7,591
Prepaid expenses and other 1,243 1,054
Total current assets 30,670 23,210
Property, plant, and equipment, at cost 50,094 50,091
Accumulated depreciation (23,249) (22,474)
Property, plant, and equipment, net 26,845 27,617
Deferred charges and other assets, net 7,148 7,161
Total assets 64,663 57,988
Current liabilities:    
Current portion of debt and finance lease obligations 927 949
Accounts payable 14,423 10,139
Accrued expenses 1,338 1,403
Taxes other than income taxes payable 1,574 1,550
Income taxes payable 480 68
Total current liabilities 18,742 14,109
Debt and finance lease obligations, less current portion 10,422 9,670
Net deferred income tax liabilities 4,886 5,146
Other long-term liabilities 2,345 2,458
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 7,014 6,981
Treasury stock, at cost; 385,570,622 and 374,561,457 common shares (33,575) (30,753)
Retained earnings 52,228 47,959
Accumulated other comprehensive loss (673) (469)
Total Valero Energy Corporation stockholders’ equity 25,001 23,725
Noncontrolling interests 3,267 2,880
Total equity 28,268 26,605
Total liabilities and equity $ 64,663 $ 57,988
v3.26.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2026
Dec. 31, 2025
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) 385,570,622 374,561,457
v3.26.1
Consolidated Statements of Income (unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenues [1] $ 44,476 $ 29,889 $ 76,857 $ 60,147
Cost of sales:        
Cost of materials and other 35,130 24,678 61,315 50,726
Taxes other than income taxes 1,648 1,654 3,369 3,154
Operating expenses (excluding depreciation and amortization expense reflected below) 1,506 1,522 3,101 3,045
Depreciation and amortization expense 723 786 1,551 1,466
Total cost of sales 39,007 28,640 69,336 58,391
Asset impairment loss 0 0 0 1,131
Other operating expenses 26 4 50 8
General and administrative expenses (excluding depreciation and amortization expense reflected below) 233 220 518 481
Depreciation and amortization expense 14 28 26 39
Operating income 5,196 997 6,927 97
Other income, net 116 86 248 206
Interest and debt expense, net of capitalized interest (145) (141) (285) (278)
Income before income tax expense 5,167 942 6,890 25
Income tax expense 1,094 279 1,495 14
Net income 4,073 663 5,395 11
Less: Net income (loss) attributable to noncontrolling interests 353 (51) 412 (108)
Net income attributable to Valero Energy Corporation stockholders $ 3,720 $ 714 $ 4,983 $ 119
Earnings per common share (in dollars per share) $ 12.62 $ 2.28 $ 16.79 $ 0.37
Weighted-average common shares outstanding (in shares) 294 312 296 313
Earnings per common share – assuming dilution (in dollars per share) $ 12.62 $ 2.28 $ 16.78 $ 0.37
Weighted-average common shares outstanding – assuming dilution (in shares) 294 312 296 313
Supplemental information:        
Includes excise taxes on sales by certain of our foreign operations $ 1,660 $ 1,662 $ 3,385 $ 3,166
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,660 million and $1,662 million for the three months ended June 30, 2026 and 2025, respectively, and $3,385 million and $3,166 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Net income $ 4,073 $ 663 $ 5,395 $ 11
Other comprehensive income (loss):        
Foreign currency translation adjustment (16) 564 (210) 726
Net gain (loss) on pension and other postretirement benefits (2) 4 (6) 5
Net gain (loss) on cash flow hedges 142 (3) 13 0
Other comprehensive income (loss) before income tax expense (benefit) 124 565 (203) 731
Income tax expense (benefit) related to items of other comprehensive income (loss) 14 9 (5) 10
Other comprehensive income (loss) 110 556 (198) 721
Comprehensive income 4,183 1,219 5,197 732
Less: Comprehensive income (loss) attributable to noncontrolling interests 424 (51) 418 (106)
Comprehensive income attributable to Valero Energy Corporation stockholders $ 3,759 $ 1,270 $ 4,779 $ 838
v3.26.1
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, 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 (loss) 11 119       119   (108)
Dividends on common stock (710) (710)       (710)    
Stock-based compensation expense 50 50   50        
Transactions in connection with stock-based compensation plans 1 1   (33) 34      
Purchases of common stock for treasury (613) (613)     (613)      
Contributions from noncontrolling interests 97             97
Distributions to noncontrolling interests (131)             (131)
Other comprehensive income (loss) 721 719         719 2
Balance as of end of period at Jun. 30, 2025 26,947 24,078 7 6,956 (28,757) 46,425 (553) 2,869
Balance as of beginning of period at Mar. 31, 2025 26,315 23,490 7 6,944 (28,417) 46,065 (1,109) 2,825
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 663 714       714   (51)
Dividends on common stock (354) (354)       (354)    
Stock-based compensation expense 13 13   13        
Transactions in connection with stock-based compensation plans 0 0   (1) 1      
Purchases of common stock for treasury (341) (341)     (341)      
Contributions from noncontrolling interests 97             97
Distributions to noncontrolling interests (2)             (2)
Other comprehensive income (loss) 556 556         556  
Balance as of end of period at Jun. 30, 2025 26,947 24,078 7 6,956 (28,757) 46,425 (553) 2,869
Balance as of beginning of period at Dec. 31, 2025 26,605 23,725 7 6,981 (30,753) 47,959 (469) 2,880
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 5,395 4,983       4,983   412
Dividends on common stock (714) (714)       (714)    
Stock-based compensation expense 60 60   60        
Transactions in connection with stock-based compensation plans 0 0   (27) 27      
Purchases of common stock for treasury (2,849) (2,849)     (2,849)      
Contributions from noncontrolling interests 191             191
Distributions to noncontrolling interests (222)             (222)
Other comprehensive income (loss) (198) (204)         (204) 6
Balance as of end of period at Jun. 30, 2026 28,268 25,001 7 7,014 (33,575) 52,228 (673) 3,267
Balance as of beginning of period at Mar. 31, 2026 26,934 23,870 7 7,002 (31,290) 48,863 (712) 3,064
Increase (Decrease) in Stockholders' Equity Roll Forward                
Net income (loss) 4,073 3,720       3,720   353
Dividends on common stock (355) (355)       (355)    
Stock-based compensation expense 12 12   12        
Purchases of common stock for treasury (2,285) (2,285)     (2,285)      
Contributions from noncontrolling interests 1             1
Distributions to noncontrolling interests (222)             (222)
Other comprehensive income (loss) 110 39         39 71
Balance as of end of period at Jun. 30, 2026 $ 28,268 $ 25,001 $ 7 $ 7,014 $ (33,575) $ 52,228 $ (673) $ 3,267
v3.26.1
Consolidated Statements of Equity (unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Common stock dividends:        
Dividends on common stock (in dollars per share) $ 1.20 $ 1.13 $ 2.40 $ 2.26
v3.26.1
Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 5,395 $ 11
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 1,577 1,505
Asset impairment loss 0 1,131
Deferred income tax benefit (268) (259)
Changes in operating assets and liabilities:    
Current assets and current liabilities (see Note 11) 403 (168)
Deferred charges and other assets (57) (50)
Long-term liabilities (180) (56)
Other operating activities, net 100 (226)
Net cash provided by operating activities 6,970 1,888
Cash flows from investing activities:    
Investments in nonconsolidated joint ventures 0 (1)
Other investing activities, net 37 20
Net cash used in investing activities (761) (1,047)
Cash flows from financing activities:    
Purchases of common stock for treasury (2,836) (612)
Payment of excise tax on purchases of common stock for treasury (25) (28)
Common stock dividend payments (714) (710)
Contributions from noncontrolling interests 191 97
Distributions to noncontrolling interests (222) (131)
Other financing activities, net (9) (6)
Net cash used in financing activities (2,909) (1,231)
Effect of foreign exchange rate changes on cash (111) 273
Net increase (decrease) in cash, cash equivalents, and restricted cash 3,189 (117)
Cash, cash equivalents, and restricted cash at beginning of period [1] 4,865 4,829
Cash, cash equivalents, and restricted cash at end of period [1] 8,054 4,712
Excluding Variable Interest Entities (VIEs) [Member]    
Cash flows from investing activities:    
Capital expenditures (382) (333)
Deferred turnaround and catalyst cost expenditures (374) (621)
Cash flows from financing activities:    
Proceeds from debt issuances and borrowings 2,700 4,749
Repayments of debt and finance lease obligations (1,959) (4,656)
Diamond Green Diesel Holdings LLC (DGD) [Member]    
Cash flows from investing activities:    
Capital expenditures (7) (63)
Deferred turnaround and catalyst cost expenditures (33) (46)
Cash flows from financing activities:    
Proceeds from debt issuances and borrowings 450 300
Repayments of debt and finance lease obligations (464) (213)
Other VIEs [Member]    
Cash flows from investing activities:    
Capital expenditures (2) (3)
Cash flows from financing activities:    
Repayments of debt and finance lease obligations $ (21) $ (21)
[1] Restricted cash is included in prepaid expenses and other in our consolidated balance sheets.
v3.26.1
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
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 were 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, 2026. 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, 2025.

The balance sheet as of December 31, 2025, 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, 2025.

Reclassifications
Certain prior year amounts have been reclassified to conform to the 2026 presentation. The changes were due to the separate presentation of (i) taxes other than income taxes, which were previously included in cost of materials and other in our statements of income and (ii) changes in deferred charges and other assets and changes in long-term liabilities, which were previously included in “changes in deferred charges and credits and other operating activities, net” in our statements of cash flows. In addition, prior year amounts that were presented separately for activities related to investments in available-for-sale (AFS) debt securities have been reclassified to “other investing activities, net” in our statements of cash flows.

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 Pronouncement Not Yet Adopted
ASU 2026-02
In May 2026, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which provides guidance on the accounting for environmental credit assets and related obligations. This ASU establishes recognition, measurement, presentation, and disclosure requirements for entities that generate, purchase, or receive environmental credits or have regulatory compliance obligations that may be settled with such credits. We expect to adopt this ASU effective January 1, 2028. We are currently evaluating the effect that adopting this ASU will have on our financial position, results of operations, and related disclosures.
v3.26.1
Impairment and Other Matters
 6 Months Ended
Jun. 30, 2026
Impairment or Disposal of Tangible Assets Disclosure [Abstract]  
IMPAIRMENT AND OTHER MATTERS
2.    IMPAIRMENT AND OTHER MATTERS

In March 2025, we approved a plan to idle the processing units and cease refining operations at our Benicia Refinery by the end of April 2026. In addition, we considered strategic alternatives for our remaining operations in California. As a result of these actions, the following impacts were recorded in our Refining segment:

•During the first quarter of 2025, we evaluated the Benicia and Wilmington refineries for potential impairment and concluded that their carrying values were not recoverable as of March 31, 2025. Therefore, we recognized a combined asset impairment loss of $1.1 billion.

•Included in the recoverability assessments discussed above was the recognition of expected asset retirement obligations of $337 million. During the three and six months ended June 30, 2026, we settled approximately $70 million and $170 million, respectively, of the asset retirement obligation related to our Benicia Refinery.

•We shortened the estimated useful life of the Benicia Refinery, and as a result, have depreciated the revised carrying value of the net property, plant, and equipment and other noncurrent assets since April 2025 to the estimated salvage value. Accordingly, we recorded incremental depreciation of approximately $33 million and $133 million in the three and six months ended June 30, 2026, respectively, and approximately $100 million in the three and six months ended June 30, 2025 in depreciation and amortization expense.

•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 was included in operating expenses (excluding depreciation and amortization expense). Substantially all of this amount has been paid to eligible employees as of June 30, 2026.

•During the second quarter of 2026, we reduced certain inventory levels related to our California operations that resulted in the liquidation of last-in, first-out (LIFO) inventory layers with historical costs that were lower than current replacement costs. As a result, cost of materials and other includes a benefit of $44 million in the three and six months ended June 30, 2026. Similar reductions in inventory levels occurred during the fourth quarter of 2025, which increased cost of materials and other by $37 million in the year ended December 31, 2025.
During the first quarter of 2026, we began idling the processing units through a phased approach and ceased operation of the fuel production units at our Benicia Refinery. In accordance with our plan, full idling of all processing units was completed in April 2026. While we continue to evaluate potential redevelopment options for the future use of the refinery property, we plan to maintain all required operating permits and keep the facilities in a safe, clean, and idled condition. In addition, we expect to continue to fulfill our contractual obligations to customers in the Northern California market through imports or other alternative supply arrangements. Effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within other corporate expenses in our segment information, as disclosed in Note 10.
v3.26.1
Inventories
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
INVENTORIES
3.    INVENTORIES

Inventories consisted of the following (in millions):
June 30,
2026		December 31,
2025
Refinery feedstocks$1,535 $1,880 
Refined petroleum products and blendstocks
4,168 4,182 
Renewable diesel feedstocks and products
1,185 809 
Ethanol feedstocks and products329 314 
Materials and supplies408 406 
Inventories$7,625 $7,591 

During the second quarter of 2026, we recognized a $44 million benefit in cost of materials and other resulting from the liquidation of LIFO inventory layers established in prior years at costs lower than current replacement costs. As discussed in Note 2, LIFO inventory levels related to our California operations declined during 2026 due to the phased idling of processing units and cessation of refining operations at the Benicia Refinery, which was completed by the end of April 2026. Consequently, inventory levels at December 31, 2026 are expected to remain below those at December 31, 2025.

As of June 30, 2026 and December 31, 2025, the replacement cost (market value) of LIFO inventories exceeded their LIFO carrying amounts by $7.5 billion and $2.6 billion, respectively. Our non-LIFO inventories accounted for $1.3 billion and $1.2 billion of our total inventories as of June 30, 2026 and December 31, 2025, respectively.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT
4.    DEBT

Public Debt
On March 10, 2026, we issued $850 million of 5.150 percent Senior Notes due March 10, 2036. Proceeds from this debt issuance totaled $850 million before deducting the underwriting discount and other debt issuance costs.

In July 2026, we repaid the $100 million outstanding principal balance of our 7.65 percent Debentures that matured on July 1, 2026.
In February 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.

Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
June 30, 2026
Facility
Amount		Maturity
Date		Outstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 October 2030$— $2 $3,998 
Accounts receivable sales
facility (b)
1,300 July 2026— n/a1,300 
Committed facilities of VIEs (c):
DGD Revolver (d)400 February 2029— 143 257 
DGD Loan Agreement (e)100 June 2029— n/a100 
IEnova Revolver (f)1,000 February 20282 n/a998 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a6 n/a
Uncommitted facility of VIE (c):
DGD letter of credit facilityn/an/an/a129 n/a
________________________
(a)Letters of credit issued as of June 30, 2026 expire at various times in 2026 through 2029.
(b)In July 2026, we extended the maturity date of this facility to June 2027.
(c)Creditors of the VIEs do not have recourse against us.
(d)In February 2026, DGD amended this unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) to (i) extend the maturity date to February 2029 and (ii) modify the reference interest rates from an adjusted term SOFR, a Secured Overnight Financing Rate (SOFR), to the term SOFR, and from an adjusted daily simple SOFR to the daily simple SOFR.
(e)In February 2026, DGD amended its unsecured revolving loan agreement with its members (the DGD Loan Agreement) to extend the maturity date to June 2029. The amounts shown for 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 7) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 7). The variable interest rate on the IEnova Revolver was 7.542 percent and 7.835 percent as of June 30, 2026 and December 31, 2025, respectively.
Activity under our credit facilities was as follows (in millions):
Six Months Ended
June 30,
20262025
Borrowings:
Accounts receivable sales facility$1,850 $4,100 
DGD Revolver400 300 
DGD Loan Agreement50 — 
Repayments:
Accounts receivable sales facility(1,850)(4,100)
DGD Revolver(400)(200)
DGD Loan Agreement(50)— 
IEnova Revolver(21)(21)
Other Disclosures
“Interest and debt expense, net of capitalized interest” was as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest and debt expense$152 $146 $298 $288 
Less: Capitalized interest7 5 13 10 
Interest and debt expense, net of capitalized
interest
$145 $141 $285 $278 
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
5.    COMMITMENTS AND CONTINGENCIES

Port Arthur Refinery Fire
On March 23, 2026, our Port Arthur Refinery experienced a fire in one of the refinery’s distillate hydrotreater units that prompted a full shut-down of the refinery. The refinery resumed operations in April 2026 at reduced throughput rates and returned to normal throughput rates during the second quarter. We have completed our assessment of the damages and efforts to complete necessary repairs and replacements are in progress. We expect that a substantial portion of the cost of repairs and capital expenditures in 2026 resulting from the incident will be covered by insurance, subject to our self-insured retention. Insurance proceeds may be received in periods different from those in which the related repair costs or capital expenditures are incurred. Uncertainties remain with respect to the ultimate outcomes from this incident and the resulting impact on our financial position, results of operations, and cash flows.

During the three and six months ended June 30, 2026, we recorded an insurance recovery receivable of $78 million to offset losses that we believe are probable of recovery. Any insurance recoveries attributable to property damage in excess of recognized losses represent a gain contingency and will be recognized when realized or realizable. No insurance proceeds were received during the three and six months ended June 30, 2026.

In addition, during the three and six months ended June 30, 2026, we incurred $15 million of repair costs directly attributable to the incident that may be recoverable through the insurance claims process. These costs are included in other operating expenses within our Refining segment.

As a result of this incident, we have received a number of lawsuits, including a proposed class action lawsuit, alleging personal injury, property damage, and nuisance in the adjacent community. Several of these actions seek unspecified damages in excess of $1 million. While we intend to vigorously defend against such pending actions, the ultimate outcomes and impacts thereof are currently uncertain and the full extent of any potential losses or damages cannot be reasonably estimated at this time. We continue to work cooperatively with various regulatory authorities reviewing the incident and discussions are ongoing. As of the date of this quarterly report on Form 10-Q, no formal regulatory enforcement actions or proceedings have been commenced. Regulatory enforcement actions or proceedings, if any, that may arise in the future, are currently uncertain and we are unable to make any reasonable estimates with respect thereto at this time.

Trade and Other Policy Matters
The U.S. federal government under the current administration implemented new or revised tariffs that negatively impacted our business, particularly our Renewable Diesel segment, during 2025 and into 2026, including those implemented pursuant to the International Emergency Economic Powers Act (IEEPA). On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under IEEPA were invalid. On April 20, 2026, U.S. Customs and Border Protection (CBP) launched a system that was developed to process IEEPA tariff refund claims. Based on the eligibility parameters established by CBP for Phase 1 of the refund process, DGD prepared and filed a refund claim of $51 million, which was accepted by CBP. In accordance with the accounting for gain contingencies, we recorded a receivable for this amount in April 2026, which resulted in a decrease in cost of materials and other for our Renewable Diesel segment. As of June 30, 2026, a significant portion of the Phase 1 refund claim has been received. DGD may be
eligible to participate in future phases of the refund process; however, the timing, amount, and ultimate recoverability of any additional refunds remain uncertain. Accordingly, no amounts have been recognized with respect to such potential future claims. We will continue to monitor developments related to trade and tariff-related matters and evaluate their potential effects on our business, financial position, results of operations, and cash flows.
v3.26.1
Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
EQUITY
6.    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. We purchased for treasury 9,011,171 shares and 2,567,930 shares for the three months ended June 30, 2026 and 2025, respectively, and 11,338,194 shares and 4,642,535 shares for the six months ended June 30, 2026 and 2025, 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		Completion of
Authorized Share
Purchases
Remaining
Available for
Purchase as of
June 30, 2026
September 2024 ProgramSeptember 19, 2024$2,500 Second quarter of 2026$— 
February 2026 ProgramFebruary 25, 20262,500 n/a1,422 
On July 16, 2026, our Board authorized us to purchase shares of our outstanding common stock for a total cost of up to $5.0 billion with no expiration date, which is in addition to the amount remaining under the February 2026 Program.

Common Stock Dividends
On July 16, 2026, our Board declared a quarterly cash dividend of $1.20 per common share payable on August 31, 2026 to holders of record at the close of business on July 31, 2026.
Accumulated Other Comprehensive Loss
Changes in accumulated other comprehensive loss by component, net of tax, were as follows (in millions):
Three Months Ended June 30,
20262025
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
$(792)$127 $(47)$(712)$(1,102)$(2)$(5)$(1,109)
Other comprehensive
income (loss) before
reclassifications
(15)— 16 1 554 — 1 555 
Amounts reclassified
from accumulated
other comprehensive
loss
— (2)40 38 — (2)(2)(4)
Effect of exchange rates— — — — — 5 — 5 
Other comprehensive
income (loss)
(15)(2)56 39 554 3 (1)556 
Balance as of end of
period
$(807)$125 $9 $(673)$(548)$1 $(6)$(553)

Six Months Ended June 30,
20262025
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Losses
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(602)$130 $3 $(469)$(1,264)$(2)$(6)$(1,272)
Other comprehensive
income (loss) before
reclassifications
(205)— (58)(263)716 — — 716 
Amounts reclassified
from accumulated
other comprehensive
loss
— (3)64 61 — (4)— (4)
Effect of exchange rates— (2)— (2)— 7 — 7 
Other comprehensive
income (loss)
(205)(5)6 (204)716 3 — 719 
Balance as of end of
period
$(807)$125 $9 $(673)$(548)$1 $(6)$(553)
v3.26.1
Variable Interest Entities
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES
7.    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 June 30, 2026, 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 Energética Nova, S.A.P.I. de C.V. (IEnova), which is a Mexican company and indirect subsidiary of Sempra, 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 the performance of the consolidated VIEs, net of intercompany eliminations, to the extent of our ownership interest in each VIE.

The following tables present 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
June 30, 2026
Assets
Cash and cash equivalents$387 $1 $55 $443 
Other current assets1,741 15 106 1,862 
Property, plant, and equipment, net3,544 609 60 4,213 
Liabilities
Current liabilities, including current portion of
debt and finance lease obligations
$567 $23 $5 $595 
Debt and finance lease obligations, less current
portion
603 — — 603 

___________________________________________________________________
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.”
DGDCentral
Mexico
Terminals		OtherTotal
December 31, 2025
Assets
Cash and cash equivalents$196 $2 $30 $228 
Other current assets1,106 18 49 1,173 
Property, plant, and equipment, net3,643 619 61 4,323 
Liabilities
Current liabilities, including current portion of
debt and finance lease obligations
$297 $43 $4 $344 
Debt and finance lease obligations, less current
portion
616 — — 616 

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.
v3.26.1
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS
8.    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
2026202520262025
Three months ended June 30
Service cost$27 $27 $1 $1 
Interest cost33 34 2 3 
Expected return on plan assets(57)(56)— — 
Amortization of:
Net actuarial gain(2)(2)(1)(2)
Prior service cost1 1 — — 
Settlement loss— 2 — — 
Net periodic benefit cost$2 $6 $2 $2 
Six months ended June 30
Service cost$54 $54 $2 $2 
Interest cost65 68 5 6 
Expected return on plan assets(115)(111)— — 
Amortization of:
Net actuarial gain(4)(4)(3)(4)
Prior service cost3 3 — — 
Settlement loss1 3 — — 
Net periodic benefit cost$4 $13 $4 $4 

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.”
v3.26.1
Earnings Per Common Share
 6 Months Ended
Jun. 30, 2026
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
June 30,		Six Months Ended
June 30,
2026202520262025
Earnings per common share:
Net income attributable to Valero stockholders
$3,720 $714 $4,983 $119 
Less: Income allocated to participating securities10 2 14 2 
Net income available to common stockholders
$3,710 $712 $4,969 $117 
Weighted-average common shares outstanding294 312 296 313 
Earnings per common share
$12.62 $2.28 $16.79 $0.37 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$3,720 $714 $4,983 $119 
Less: Income allocated to participating securities10 2 14 2 
Net income available to common stockholders
$3,710 $712 $4,969 $117 
Weighted-average common shares outstanding294 312 296 313 
Effect of dilutive securities— — — — 
Weighted-average common shares outstanding –
assuming dilution
294 312 296 313 
Earnings per common share – assuming dilution
$12.62 $2.28 $16.78 $0.37 

Participating securities include restricted stock and performance awards granted under our 2020 Omnibus Stock Incentive Plan. Dilutive securities include participating securities. For the three and six months ended June 30, 2026 and 2025, we computed earnings per common share – assuming dilution using the two-class method for all dilutive securities.
v3.26.1
Revenues and Segment Information
 6 Months Ended
Jun. 30, 2026
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):
June 30,
2026		December 31,
2025
Receivables from contracts with customers,
included in receivables, net
$8,112 $6,233 
Contract liabilities, included in accrued expenses102 60 

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 June 30, 2026, we have not disclosed the aggregate amount of the transaction price allocated to our remaining performance obligations. See Note 2 for additional information regarding contractual obligations related to our Benicia Refinery.

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 (loss) 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 includes the operations of DGD, a consolidated joint venture as discussed in Note 7, 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 are then sold to that segment’s customers as finished products.
•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 and other category. As discussed in Note 2, effective in the second quarter of 2026, activities associated with the decommissioning and redevelopment of our Benicia Refinery are reported within other corporate expenses.

Our chief operating decision maker (CODM) is our Chairman of the Board, Chief Executive Officer and President. Our CODM uses operating income (loss) 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 (loss) by segment when evaluating the operating performance of each segment.
The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income before income tax expense (in millions):
RefiningRenewable
Diesel		EthanolTotal
Three months ended June 30, 2026
Revenues:
Revenues from external customers$42,300 $1,176 $1,000 $44,476 
Intersegment revenues2 1,506 311 1,819 
42,302 2,682 1,311 46,295 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(1,819)
Total consolidated revenues$44,476 
Less:
Cost of sales:
Cost of materials and other (a)34,268 1,803 822 
Taxes other than income taxes1,648 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,263 91 152 
Depreciation and amortization expense635 71 19 
Total cost of sales37,814 1,965 993 
Other operating expenses18 — — 
Operating income by segment
$4,470 $717 $318 $5,505 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(54)
Unallocated amounts:
Other corporate expenses (b)(255)
Other income, net116 
Interest and debt expense, net of capitalized
interest
(145)
Income before income tax expense$5,167 
Other segment disclosures
Expenditures for long-lived assets (c)$320 $7 $11 $338 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Three months ended June 30, 2025
Revenues:
Revenues from external customers$28,324 $565 $1,000 $29,889 
Intersegment revenues2 533 205 740 
28,326 1,098 1,205 30,629 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(740)
Total consolidated revenues$29,889 
Less:
Cost of sales:
Cost of materials and other (a)23,388 1,044 988 
Taxes other than income taxes1,654 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,307 72 144 
Depreciation and amortization expense707 61 19 
Total cost of sales27,056 1,177 1,151 
Other operating expenses4 — — 
Operating income (loss) by segment
$1,266 $(79)$54 $1,241 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses4 
Unallocated amounts:
Other corporate expenses (b)(248)
Other income, net86 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$942 
Other segment disclosures
Expenditures for long-lived assets (c)$374 $14 $10 $398 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Six months ended June 30, 2026
Revenues:
Revenues from external customers$73,105 $1,887 $1,865 $76,857 
Intersegment revenues4 2,209 613 2,826 
73,109 4,096 2,478 79,683 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(2,826)
Total consolidated revenues$76,857 
Less:
Cost of sales:
Cost of materials and other (a)59,446 2,915 1,716 
Taxes other than income taxes3,369 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,609 176 316 
Depreciation and amortization expense1,367 149 38 
Total cost of sales66,791 3,240 2,070 
Other operating expenses42 — — 
Operating income by segment
$6,276 $856 $408 $7,540 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(61)
Unallocated amounts:
Other corporate expenses (b)(552)
Other income, net248 
Interest and debt expense, net of capitalized
interest
(285)
Income before income tax expense$6,890 
Other segment disclosures
Segment assets$47,772 $6,270 $1,480 $55,522 
Expenditures for long-lived assets (c)722 40 18 780 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Six months ended June 30, 2025
Revenues:
Revenues from external customers$57,081 $1,058 $2,008 $60,147 
Intersegment revenues4 940 422 1,366 
57,085 1,998 2,430 61,513 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(1,366)
Total consolidated revenues$60,147 
Less:
Cost of sales:
Cost of materials and other (a)48,157 1,939 2,020 
Taxes other than income taxes3,154 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,598 150 298 
Depreciation and amortization expense1,301 129 38 
Total cost of sales55,210 2,218 2,356 
Asset impairment loss1,131 — — 
Other operating expenses8 — — 
Operating income (loss) by segment
$736 $(220)$74 $590 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses27 
Unallocated amounts:
Other corporate expenses (b)(520)
Other income, net206 
Interest and debt expense, net of capitalized
interest
(278)
Income before income tax expense$25 
Other segment disclosures
Segment assets$46,223 $5,402 $1,496 $53,121 
Expenditures for long-lived assets (c)907 109 18 1,034 
________________________
(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $177 million and $140 million for the three months ended June 30, 2026 and 2025, respectively, and $355 million and $191 million for the six months ended June 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $99 million and $119 million for the three and six months ended June 30, 2026, respectively, for our Ethanol segment.
(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income on page 2. Effective in the second quarter of 2026, other corporate expenses also include expenses associated with the decommissioning and redevelopment of our Benicia Refinery.
(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.
Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):
June 30,
2026		December 31,
2025
Total assets for reportable segments$55,522 $51,316 
Corporate assets9,828 6,938 
Elimination of intercompany receivables and other assets
(687)(266)
Total consolidated assets$64,663 $57,988 

Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Expenditures for long-lived assets for
reportable segments
$338 $398 $780 $1,034 
Corporate expenditures for
long-lived assets
12 9 18 32 
Total consolidated expenditures for
long-lived assets
$350 $407 $798 $1,066 

The following table provides a disaggregation of revenues from external customers for our principal products by reportable segment (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Refining:
Gasolines and blendstocks
$17,417 $12,721 $29,848 $25,095 
Distillates
20,688 12,778 36,149 26,154 
Other product revenues
4,195 2,825 7,108 5,832 
Total Refining revenues42,300 28,324 73,105 57,081 
Renewable Diesel:
Renewable diesel
1,057 470 1,623 861 
Renewable naphtha39 46 76 85 
Neat SAF80 49 188 112 
Total Renewable Diesel revenues1,176 565 1,887 1,058 
Ethanol:
Ethanol
789 780 1,465 1,567 
Distillers grains
211 220 400 441 
Total Ethanol revenues1,000 1,000 1,865 2,008 
Revenues$44,476 $29,889 $76,857 $60,147 
As of June 30, 2026 and December 31, 2025, our investments in nonconsolidated joint ventures accounted for under the equity method were $680 million and $684 million, respectively, all of which related to the Refining segment and are reflected in “deferred charges and other assets, net” in our balance sheets.
v3.26.1
Supplemental Cash Flow Information
 6 Months Ended
Jun. 30, 2026
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):
Six Months Ended
June 30,
20262025
Decrease (increase) in current assets:
Receivables, net$(4,037)$(112)
Inventories(70)418 
Prepaid expenses and other(185)98 
Increase (decrease) in current liabilities:
Accounts payable4,347 (613)
Accrued expenses(77)112 
Taxes other than income taxes payable4 45 
Income taxes payable421 (116)
Changes in current assets and current liabilities$403 $(168)

Changes in current assets and current liabilities for the six months ended June 30, 2026 were primarily due to the following:

•The increase in receivables was primarily due to an increase in refined petroleum product prices in June 2026 compared to December 2025; and

•The increase in accounts payable was primarily due to an increase in crude oil and other feedstock prices in June 2026 compared to December 2025.
Changes in current assets and current liabilities for the six months ended June 30, 2025 were primarily due to the following:

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

•The decrease in inventories was primarily due to lower inventory levels in June 2025 compared to December 2024; and
•The decrease in accounts payable was primarily due to a decrease in crude oil and other feedstock prices in June 2025 compared to December 2024.
Cash flows related to interest and income taxes were as follows (in millions):
Six Months Ended
June 30,
20262025
Interest paid in excess of amount capitalized,
including interest on finance leases
$264 $263 
Income taxes paid, net830 283 

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Six Months Ended June 30,
20262025
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included in the
measurement of lease liabilities:
Operating cash flows$277 $58 $261 $57 
Financing cash flows— 123 — 129 
Changes in lease balances resulting from new
and modified leases
270 12 266 18 

There were no significant noncash investing and financing activities during the six months ended June 30, 2026, except as noted in the table above. Noncash investing activities for the six months ended June 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 six months ended June 30, 2025, except as noted in the table above.
v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025.

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.
June 30, 2026
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
$2,182 $— $— $2,182 $(2,114)$(25)$43 $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Clean fuel production
credits
— — 157 157 n/an/a157 n/a
Investments of certain
benefit plans
94 — 4 98 n/an/a98 n/a
Investments in AFS
debt securities
— 28 — 28 n/an/a28 n/a
Foreign currency
contracts
5 — — 5 n/an/a5 n/a
Total$2,281 $30 $161 $2,472 $(2,114)$(25)$333 
Liabilities
Commodity derivative
contracts
$2,301 $— $— $2,301 $(2,114)$(187)$— $(128)
Physical purchase
contracts
— 22 — 22 n/an/a22 n/a
Blending program
obligations
— 87 — 87 n/an/a87 n/a
Total$2,301 $109 $— $2,410 $(2,114)$(187)$109 
December 31, 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
$490 $— $— $490 $(448)$(7)$35 $— 
Physical purchase
contracts
— 1 — 1 n/an/a1 n/a
Clean fuel production
credits
— — 55 55 n/an/a55 n/a
Investments of certain
benefit plans
92 — 4 96 n/an/a96 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Total$583 $27 $59 $669 $(448)$(7)$214 
Liabilities
Commodity derivative
contracts
$453 $— $— $453 $(448)$(5)$— $(39)
Physical purchase
contracts
— 4 — 4 n/an/a4 n/a
Blending program
obligations
— 85 — 85 n/an/a85 n/a
Foreign currency
contracts
2 — — 2 n/an/a2 n/a
Total$455 $89 $— $544 $(448)$(5)$91 

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 is 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.

•Clean fuel production credits represent the fair value of the tax credits that DGD intends to sell on behalf of the other joint venture member. These tax credits are categorized in Level 3 of the fair value hierarchy and are measured at fair value using a market approach based on historical sales prices and third-party consultant estimates. Significant unobservable inputs used in the valuation include the expected market discount per $1.00 of credit value.
•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 six months ended June 30, 2026 and 2025.

•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.

•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 measured at fair value using a market approach 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 June 30, 2026 and December 31, 2025.
Financial Instruments
Our financial instruments include cash and cash equivalents, restricted cash, receivables, investments of certain benefit plans, investments in AFS debt securities, 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 are shown in the table below (in millions).
June 30, 2026December 31, 2025
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$9,101 $8,978 $8,261 $8,190 

Investments of certain benefit plans, 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.
v3.26.1
Price Risk Management Activities
 6 Months Ended
Jun. 30, 2026
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, the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs, and foreign currency exchange rates. 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 that are either designated as cash flow hedges or entered into for economic hedging purposes. While both types of derivatives are used to manage exposure to commodity price risk, they differ in their risk management focus and accounting treatment, as described below.

•Cash flow hedges – Cash flow hedges are derivative instruments that are formally designated and qualify for hedge accounting. The objective of these hedges is to reduce variability in cash flows by locking in the price of forecasted purchases and/or product sales at market prices.
•Economic hedges – Economic hedges are derivative instruments that are not designated as hedging instruments for accounting purposes. These derivatives are primarily used to manage exposure to commodity price volatility associated with certain feedstock and product inventories and, in some cases, forecasted purchases and/or product sales. Although economic hedges may achieve similar economic risk management objectives as cash flow hedges, changes in their fair value are recognized currently in our statements of income.

As of June 30, 2026, 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
20262027
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short3,678 — 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long138,774 208 
Futures – short138,511 400 
Corn:
Futures – long122,530 765 
Futures – short173,320 13,220 
Physical contracts – long50,298 12,454 

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 $731 million and $408 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 billion and $740 million for the six months ended June 30, 2026 and 2025, 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 June 30, 2026, we had foreign currency contracts to purchase $445 million of U.S. dollars. These commitments matured before July 30, 2026.
Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of June 30, 2026 and December 31, 2025 (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		June 30, 2026December 31, 2025
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$48 $22 $31 $7 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$2,134 $2,279 $459 $446 
Physical purchase contractsInventories2 22 1 4 
Foreign currency contractsReceivables, net5 — — — 
Foreign currency contractsAccrued expenses— — — 2 
Total
$2,141 $2,301 $460 $452 
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
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contracts:
Gain (loss) recognized in
other comprehensive
income (loss)
n/a$37 $4 $(153)$— 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(105)7 (166)— 

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 six months ended June 30, 2026 and 2025. For the three and six months ended June 30, 2026 and 2025, cash flow hedges primarily related to forecasted sales of renewable diesel. As of June 30, 2026, 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 six months ended June 30, 2026 and 2025 are described in Note 6.

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
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contractsRevenues$39 $(4)$(129)$(4)
Commodity contractsCost of materials and other(175)(32)(1)(50)
Foreign currency contractsCost of materials and other11 (16)28 (20)
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
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
v3.26.1
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
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 were 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, 2026. 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, 2025.

The balance sheet as of December 31, 2025, 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, 2025.
Reclassifications
Reclassifications
Certain prior year amounts have been reclassified to conform to the 2026 presentation. The changes were due to the separate presentation of (i) taxes other than income taxes, which were previously included in cost of materials and other in our statements of income and (ii) changes in deferred charges and other assets and changes in long-term liabilities, which were previously included in “changes in deferred charges and credits and other operating activities, net” in our statements of cash flows. In addition, prior year amounts that were presented separately for activities related to investments in available-for-sale (AFS) debt securities have been reclassified to “other investing activities, net” in our statements of cash flows.
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 Pronouncement Not Yet Adopted
Accounting Pronouncement Not Yet Adopted
ASU 2026-02
In May 2026, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818), which provides guidance on the accounting for environmental credit assets and related obligations. This ASU establishes recognition, measurement, presentation, and disclosure requirements for entities that generate, purchase, or receive environmental credits or have regulatory compliance obligations that may be settled with such credits. We expect to adopt this ASU effective January 1, 2028. We are currently evaluating the effect that adopting this ASU will have on our financial position, results of operations, and related 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, the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs, and foreign currency exchange rates. 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.
v3.26.1
Inventories (Tables)
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consisted of the following (in millions):
June 30,
2026		December 31,
2025
Refinery feedstocks$1,535 $1,880 
Refined petroleum products and blendstocks
4,168 4,182 
Renewable diesel feedstocks and products
1,185 809 
Ethanol feedstocks and products329 314 
Materials and supplies408 406 
Inventories$7,625 $7,591 
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Credit Facilities
We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (in millions):
June 30, 2026
Facility
Amount		Maturity
Date		Outstanding
Borrowings		Letters of Credit
Issued (a)		Availability
Committed facilities:
Valero Revolver$4,000 October 2030$— $2 $3,998 
Accounts receivable sales
facility (b)
1,300 July 2026— n/a1,300 
Committed facilities of VIEs (c):
DGD Revolver (d)400 February 2029— 143 257 
DGD Loan Agreement (e)100 June 2029— n/a100 
IEnova Revolver (f)1,000 February 20282 n/a998 
Uncommitted facilities:
Letter of credit facilitiesn/an/an/a6 n/a
Uncommitted facility of VIE (c):
DGD letter of credit facilityn/an/an/a129 n/a
________________________
(a)Letters of credit issued as of June 30, 2026 expire at various times in 2026 through 2029.
(b)In July 2026, we extended the maturity date of this facility to June 2027.
(c)Creditors of the VIEs do not have recourse against us.
(d)In February 2026, DGD amended this unsecured revolving credit facility with a syndicate of financial institutions (the DGD Revolver) to (i) extend the maturity date to February 2029 and (ii) modify the reference interest rates from an adjusted term SOFR, a Secured Overnight Financing Rate (SOFR), to the term SOFR, and from an adjusted daily simple SOFR to the daily simple SOFR.
(e)In February 2026, DGD amended its unsecured revolving loan agreement with its members (the DGD Loan Agreement) to extend the maturity date to June 2029. The amounts shown for 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 7) has an unsecured revolving credit facility (the IEnova Revolver) with IEnova (defined in Note 7). The variable interest rate on the IEnova Revolver was 7.542 percent and 7.835 percent as of June 30, 2026 and December 31, 2025, respectively.
Activity under our credit facilities was as follows (in millions):
Six Months Ended
June 30,
20262025
Borrowings:
Accounts receivable sales facility$1,850 $4,100 
DGD Revolver400 300 
DGD Loan Agreement50 — 
Repayments:
Accounts receivable sales facility(1,850)(4,100)
DGD Revolver(400)(200)
DGD Loan Agreement(50)— 
IEnova Revolver(21)(21)
Schedule of Interest and Debt Expense, Net of Capitalized Interest
“Interest and debt expense, net of capitalized interest” was as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest and debt expense$152 $146 $298 $288 
Less: Capitalized interest7 5 13 10 
Interest and debt expense, net of capitalized
interest
$145 $141 $285 $278 
v3.26.1
Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Share Purchases
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		Completion of
Authorized Share
Purchases
Remaining
Available for
Purchase as of
June 30, 2026
September 2024 ProgramSeptember 19, 2024$2,500 Second quarter of 2026$— 
February 2026 ProgramFebruary 25, 20262,500 n/a1,422 
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 June 30,
20262025
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
$(792)$127 $(47)$(712)$(1,102)$(2)$(5)$(1,109)
Other comprehensive
income (loss) before
reclassifications
(15)— 16 1 554 — 1 555 
Amounts reclassified
from accumulated
other comprehensive
loss
— (2)40 38 — (2)(2)(4)
Effect of exchange rates— — — — — 5 — 5 
Other comprehensive
income (loss)
(15)(2)56 39 554 3 (1)556 
Balance as of end of
period
$(807)$125 $9 $(673)$(548)$1 $(6)$(553)

Six Months Ended June 30,
20262025
Foreign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Gains
(Losses)
on
Cash Flow
Hedges		TotalForeign
Currency
Translation
Adjustment		Defined
Benefit
Plans
Items		Losses
on
Cash Flow
Hedges		Total
Balance as of beginning
of period
$(602)$130 $3 $(469)$(1,264)$(2)$(6)$(1,272)
Other comprehensive
income (loss) before
reclassifications
(205)— (58)(263)716 — — 716 
Amounts reclassified
from accumulated
other comprehensive
loss
— (3)64 61 — (4)— (4)
Effect of exchange rates— (2)— (2)— 7 — 7 
Other comprehensive
income (loss)
(205)(5)6 (204)716 3 — 719 
Balance as of end of
period
$(807)$125 $9 $(673)$(548)$1 $(6)$(553)
v3.26.1
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Balance Sheet Information of Consolidated VIEs
The following tables present 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
June 30, 2026
Assets
Cash and cash equivalents$387 $1 $55 $443 
Other current assets1,741 15 106 1,862 
Property, plant, and equipment, net3,544 609 60 4,213 
Liabilities
Current liabilities, including current portion of
debt and finance lease obligations
$567 $23 $5 $595 
Debt and finance lease obligations, less current
portion
603 — — 603 
DGDCentral
Mexico
Terminals		OtherTotal
December 31, 2025
Assets
Cash and cash equivalents$196 $2 $30 $228 
Other current assets1,106 18 49 1,173 
Property, plant, and equipment, net3,643 619 61 4,323 
Liabilities
Current liabilities, including current portion of
debt and finance lease obligations
$297 $43 $4 $344 
Debt and finance lease obligations, less current
portion
616 — — 616 
v3.26.1
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2026
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
2026202520262025
Three months ended June 30
Service cost$27 $27 $1 $1 
Interest cost33 34 2 3 
Expected return on plan assets(57)(56)— — 
Amortization of:
Net actuarial gain(2)(2)(1)(2)
Prior service cost1 1 — — 
Settlement loss— 2 — — 
Net periodic benefit cost$2 $6 $2 $2 
Six months ended June 30
Service cost$54 $54 $2 $2 
Interest cost65 68 5 6 
Expected return on plan assets(115)(111)— — 
Amortization of:
Net actuarial gain(4)(4)(3)(4)
Prior service cost3 3 — — 
Settlement loss1 3 — — 
Net periodic benefit cost$4 $13 $4 $4 
v3.26.1
Earnings Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings (Loss) 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
June 30,		Six Months Ended
June 30,
2026202520262025
Earnings per common share:
Net income attributable to Valero stockholders
$3,720 $714 $4,983 $119 
Less: Income allocated to participating securities10 2 14 2 
Net income available to common stockholders
$3,710 $712 $4,969 $117 
Weighted-average common shares outstanding294 312 296 313 
Earnings per common share
$12.62 $2.28 $16.79 $0.37 
Earnings per common share – assuming dilution:
Net income attributable to Valero stockholders
$3,720 $714 $4,983 $119 
Less: Income allocated to participating securities10 2 14 2 
Net income available to common stockholders
$3,710 $712 $4,969 $117 
Weighted-average common shares outstanding294 312 296 313 
Effect of dilutive securities— — — — 
Weighted-average common shares outstanding –
assuming dilution
294 312 296 313 
Earnings per common share – assuming dilution
$12.62 $2.28 $16.78 $0.37 
v3.26.1
Revenues and Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Contract Balances
Contract balances were as follows (in millions):
June 30,
2026		December 31,
2025
Receivables from contracts with customers,
included in receivables, net
$8,112 $6,233 
Contract liabilities, included in accrued expenses102 60 
Segment Activity, Including Total Assets by Reportable Segment
The following tables reflect information about our reportable segments and include the reconciliation to our consolidated income before income tax expense (in millions):
RefiningRenewable
Diesel		EthanolTotal
Three months ended June 30, 2026
Revenues:
Revenues from external customers$42,300 $1,176 $1,000 $44,476 
Intersegment revenues2 1,506 311 1,819 
42,302 2,682 1,311 46,295 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(1,819)
Total consolidated revenues$44,476 
Less:
Cost of sales:
Cost of materials and other (a)34,268 1,803 822 
Taxes other than income taxes1,648 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,263 91 152 
Depreciation and amortization expense635 71 19 
Total cost of sales37,814 1,965 993 
Other operating expenses18 — — 
Operating income by segment
$4,470 $717 $318 $5,505 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(54)
Unallocated amounts:
Other corporate expenses (b)(255)
Other income, net116 
Interest and debt expense, net of capitalized
interest
(145)
Income before income tax expense$5,167 
Other segment disclosures
Expenditures for long-lived assets (c)$320 $7 $11 $338 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Three months ended June 30, 2025
Revenues:
Revenues from external customers$28,324 $565 $1,000 $29,889 
Intersegment revenues2 533 205 740 
28,326 1,098 1,205 30,629 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(740)
Total consolidated revenues$29,889 
Less:
Cost of sales:
Cost of materials and other (a)23,388 1,044 988 
Taxes other than income taxes1,654 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
1,307 72 144 
Depreciation and amortization expense707 61 19 
Total cost of sales27,056 1,177 1,151 
Other operating expenses4 — — 
Operating income (loss) by segment
$1,266 $(79)$54 $1,241 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses4 
Unallocated amounts:
Other corporate expenses (b)(248)
Other income, net86 
Interest and debt expense, net of capitalized
interest
(141)
Income before income tax expense$942 
Other segment disclosures
Expenditures for long-lived assets (c)$374 $14 $10 $398 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Six months ended June 30, 2026
Revenues:
Revenues from external customers$73,105 $1,887 $1,865 $76,857 
Intersegment revenues4 2,209 613 2,826 
73,109 4,096 2,478 79,683 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(2,826)
Total consolidated revenues$76,857 
Less:
Cost of sales:
Cost of materials and other (a)59,446 2,915 1,716 
Taxes other than income taxes3,369 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,609 176 316 
Depreciation and amortization expense1,367 149 38 
Total cost of sales66,791 3,240 2,070 
Other operating expenses42 — — 
Operating income by segment
$6,276 $856 $408 $7,540 
Reconciliation of operating income by segment
to income before income tax expense
Elimination of intersegment profits(61)
Unallocated amounts:
Other corporate expenses (b)(552)
Other income, net248 
Interest and debt expense, net of capitalized
interest
(285)
Income before income tax expense$6,890 
Other segment disclosures
Segment assets$47,772 $6,270 $1,480 $55,522 
Expenditures for long-lived assets (c)722 40 18 780 
________________________
See notes on page 24.
RefiningRenewable
Diesel		EthanolTotal
Six months ended June 30, 2025
Revenues:
Revenues from external customers$57,081 $1,058 $2,008 $60,147 
Intersegment revenues4 940 422 1,366 
57,085 1,998 2,430 61,513 
Reconciliation of revenues by segment
to consolidated revenues
Elimination of intersegment revenues(1,366)
Total consolidated revenues$60,147 
Less:
Cost of sales:
Cost of materials and other (a)48,157 1,939 2,020 
Taxes other than income taxes3,154 — — 
Operating expenses (excluding depreciation
and amortization expense reflected below)
2,598 150 298 
Depreciation and amortization expense1,301 129 38 
Total cost of sales55,210 2,218 2,356 
Asset impairment loss1,131 — — 
Other operating expenses8 — — 
Operating income (loss) by segment
$736 $(220)$74 $590 
Reconciliation of operating income (loss) by segment
to income before income tax expense
Elimination of intersegment losses27 
Unallocated amounts:
Other corporate expenses (b)(520)
Other income, net206 
Interest and debt expense, net of capitalized
interest
(278)
Income before income tax expense$25 
Other segment disclosures
Segment assets$46,223 $5,402 $1,496 $53,121 
Expenditures for long-lived assets (c)907 109 18 1,034 
________________________
(a)Cost of materials and other is net of the clean fuel production credit on qualifying sales of certain low-carbon transportation fuels of $177 million and $140 million for the three months ended June 30, 2026 and 2025, respectively, and $355 million and $191 million for the six months ended June 30, 2026 and 2025, respectively, for our Renewable Diesel segment and $99 million and $119 million for the three and six months ended June 30, 2026, respectively, for our Ethanol segment.
(b)Other corporate expenses include general and administrative expenses and depreciation and amortization expense, as reflected in our consolidated statements of income on page 2. Effective in the second quarter of 2026, other corporate expenses also include expenses associated with the decommissioning and redevelopment of our Benicia Refinery.
(c)Total expenditures for long-lived assets include amounts related to capital expenditures and deferred turnaround and catalyst costs.
Reconciliation of Assets from Segment to Consolidated
Total assets for reportable segments reconciled to our consolidated assets were as follows (in millions):
June 30,
2026		December 31,
2025
Total assets for reportable segments$55,522 $51,316 
Corporate assets9,828 6,938 
Elimination of intercompany receivables and other assets
(687)(266)
Total consolidated assets$64,663 $57,988 
Segment, Reconciliation of Other Items from Segments to Consolidated
Expenditures for long-lived assets for reportable segments reconciled to our consolidated expenditures for long-lived assets were as follows (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Expenditures for long-lived assets for
reportable segments
$338 $398 $780 $1,034 
Corporate expenditures for
long-lived assets
12 9 18 32 
Total consolidated expenditures for
long-lived assets
$350 $407 $798 $1,066 
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
June 30,		Six Months Ended
June 30,
2026202520262025
Refining:
Gasolines and blendstocks
$17,417 $12,721 $29,848 $25,095 
Distillates
20,688 12,778 36,149 26,154 
Other product revenues
4,195 2,825 7,108 5,832 
Total Refining revenues42,300 28,324 73,105 57,081 
Renewable Diesel:
Renewable diesel
1,057 470 1,623 861 
Renewable naphtha39 46 76 85 
Neat SAF80 49 188 112 
Total Renewable Diesel revenues1,176 565 1,887 1,058 
Ethanol:
Ethanol
789 780 1,465 1,567 
Distillers grains
211 220 400 441 
Total Ethanol revenues1,000 1,000 1,865 2,008 
Revenues$44,476 $29,889 $76,857 $60,147 
v3.26.1
Supplemental Cash Flow Information (Tables)
 6 Months Ended
Jun. 30, 2026
Supplemental Cash Flow Information [Abstract]  
Schedule of Cash Flows, Supplemental Disclosures
In order to determine net cash provided by operating activities, net income is adjusted by, among other things, changes in current assets and current liabilities as follows (in millions):
Six Months Ended
June 30,
20262025
Decrease (increase) in current assets:
Receivables, net$(4,037)$(112)
Inventories(70)418 
Prepaid expenses and other(185)98 
Increase (decrease) in current liabilities:
Accounts payable4,347 (613)
Accrued expenses(77)112 
Taxes other than income taxes payable4 45 
Income taxes payable421 (116)
Changes in current assets and current liabilities$403 $(168)
Cash flows related to interest and income taxes were as follows (in millions):
Six Months Ended
June 30,
20262025
Interest paid in excess of amount capitalized,
including interest on finance leases
$264 $263 
Income taxes paid, net830 283 

Supplemental cash flow information related to our operating and finance leases was as follows (in millions):
Six Months Ended June 30,
20262025
Operating
Leases		Finance
Leases		Operating
Leases		Finance
Leases
Cash paid for amounts included in the
measurement of lease liabilities:
Operating cash flows$277 $58 $261 $57 
Financing cash flows— 123 — 129 
Changes in lease balances resulting from new
and modified leases
270 12 266 18 
v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
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 June 30, 2026 and December 31, 2025.

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.
June 30, 2026
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
$2,182 $— $— $2,182 $(2,114)$(25)$43 $— 
Physical purchase
contracts
— 2 — 2 n/an/a2 n/a
Clean fuel production
credits
— — 157 157 n/an/a157 n/a
Investments of certain
benefit plans
94 — 4 98 n/an/a98 n/a
Investments in AFS
debt securities
— 28 — 28 n/an/a28 n/a
Foreign currency
contracts
5 — — 5 n/an/a5 n/a
Total$2,281 $30 $161 $2,472 $(2,114)$(25)$333 
Liabilities
Commodity derivative
contracts
$2,301 $— $— $2,301 $(2,114)$(187)$— $(128)
Physical purchase
contracts
— 22 — 22 n/an/a22 n/a
Blending program
obligations
— 87 — 87 n/an/a87 n/a
Total$2,301 $109 $— $2,410 $(2,114)$(187)$109 
December 31, 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
$490 $— $— $490 $(448)$(7)$35 $— 
Physical purchase
contracts
— 1 — 1 n/an/a1 n/a
Clean fuel production
credits
— — 55 55 n/an/a55 n/a
Investments of certain
benefit plans
92 — 4 96 n/an/a96 n/a
Investments in AFS
debt securities
1 26 — 27 n/an/a27 n/a
Total$583 $27 $59 $669 $(448)$(7)$214 
Liabilities
Commodity derivative
contracts
$453 $— $— $453 $(448)$(5)$— $(39)
Physical purchase
contracts
— 4 — 4 n/an/a4 n/a
Blending program
obligations
— 85 — 85 n/an/a85 n/a
Foreign currency
contracts
2 — — 2 n/an/a2 n/a
Total$455 $89 $— $544 $(448)$(5)$91 
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 are shown in the table below (in millions).
June 30, 2026December 31, 2025
Fair Value
Hierarchy		Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Financial liabilities:
Debt (excluding finance lease
obligations)
Level 2$9,101 $8,978 $8,261 $8,190 
v3.26.1
Price Risk Management Activities (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Risk Management Activities by Type of Risk
As of June 30, 2026, 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
20262027
Derivatives designated as cash flow hedges:
Refined petroleum products:
Futures – short3,678 — 
Derivatives designated as economic hedges:
Crude oil and refined petroleum products:
Futures – long138,774 208 
Futures – short138,511 400 
Corn:
Futures – long122,530 765 
Futures – short173,320 13,220 
Physical contracts – long50,298 12,454 
Schedule of Fair Values of Derivative Instruments
The following table provides information about the fair values of our derivative instruments as of June 30, 2026 and December 31, 2025 (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		June 30, 2026December 31, 2025
Asset
Derivatives		Liability
Derivatives		Asset
Derivatives		Liability
Derivatives
Derivatives designated
as hedging instruments:
Commodity contractsReceivables, net$48 $22 $31 $7 
Derivatives not designated
as hedging instruments:
Commodity contractsReceivables, net$2,134 $2,279 $459 $446 
Physical purchase contractsInventories2 22 1 4 
Foreign currency contractsReceivables, net5 — — — 
Foreign currency contractsAccrued expenses— — — 2 
Total
$2,141 $2,301 $460 $452 
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
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contracts:
Gain (loss) recognized in
other comprehensive
income (loss)
n/a$37 $4 $(153)$— 
Gain (loss) reclassified
from accumulated
other comprehensive
loss into income
Revenues(105)7 (166)— 
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
June 30,		Six Months Ended
June 30,
2026202520262025
Commodity contractsRevenues$39 $(4)$(129)$(4)
Commodity contractsCost of materials and other(175)(32)(1)(50)
Foreign currency contractsCost of materials and other11 (16)28 (20)
v3.26.1
Impairment and Other Matters (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Impairment (Textual)              
Asset impairment loss $ 0     $ 0   $ 0 $ 1,131
California Refineries [Member]              
Impairment (Textual)              
Increase (decrease) of LIFO inventory on liquidation on income 44            
Operating Segments [Member] | Refining [Member]              
Impairment (Textual)              
Asset impairment loss         $ 1,100   1,131
Asset retirement obligation, liabilities incurred         $ 337   337
Operating Segments [Member] | Refining [Member] | California Refineries [Member]              
Impairment (Textual)              
Increase (decrease) of LIFO inventory on liquidation on income 44 $ (37)       44  
Operating Segments [Member] | Refining [Member] | Benicia Refinery [Member] | One-time Termination Benefits [Member]              
Impairment (Textual)              
Retention and separation benefit liability     $ 50        
One-time costs     $ 50        
Operating Segments [Member] | Refining [Member] | Benicia Refinery [Member]              
Impairment (Textual)              
Asset retirement obligation, liabilities settled 70         170  
Incremental depreciation $ 33     $ 100   $ 133 $ 100
v3.26.1
Inventories (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Schedule of Inventories    
Refinery feedstocks $ 1,535 $ 1,880
Refined petroleum products and blendstocks 4,168 4,182
Renewable diesel feedstocks and products 1,185 809
Ethanol feedstocks and products 329 314
Materials and supplies 408 406
Inventories 7,625 7,591
Inventory [Line Items]    
Excess of market value over carrying amount of LIFO inventories 7,500 2,600
Amount of non-LIFO inventory 1,300 $ 1,200
California Refineries [Member]    
Inventory [Line Items]    
Increase (decrease) of LIFO inventory on liquidation on income $ 44  
v3.26.1
Debt, Public Debt (Details) - USD ($)
 1 Months Ended
Jul. 01, 2026
Mar. 10, 2026
Apr. 15, 2025
Mar. 15, 2025
Feb. 28, 2025
Senior Notes [Member] | Senior Notes Due In 2036, 5.150% [Member]          
Public Debt (Textual)          
Face amount of long-term debt issuance   $ 850,000,000      
Interest rate of notes (percent)   5.15%      
Proceeds from issuance of senior long-term debt   $ 850,000,000      
Senior Notes [Member] | 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
Senior Notes [Member] | 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  
Senior Notes [Member] | 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    
Unsecured Debt [Member] | Debenture Due In 2026, 7.65% [Member] | Subsequent Event [Member]          
Public Debt (Textual)          
Interest rate of notes (percent) 7.65%        
Repayments of unsecured debt $ 100,000,000        
v3.26.1
Debt, Credit Facilities (Details) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Valero Revolver [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Facility amount $ 4,000,000,000  
Outstanding borrowings, long term 0  
Availability 3,998,000,000  
Valero Revolver, Letter of Credit [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued 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]    
Line of Credit Facility    
Facility amount 400,000,000  
Outstanding borrowings, long term 0  
Availability 257,000,000  
DGD Revolver, Letter of Credit [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued 143,000,000  
DGD Loan Agreement [Member] | Credit Facilities [Member] | Valero Energy Corporation [Member]    
Line of Credit Facility    
Facility amount 100,000,000  
Outstanding borrowings, long term 0  
Availability 100,000,000  
IEnova Revolver [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Facility amount 1,000,000,000  
Outstanding borrowings, long term 2,000,000  
Availability $ 998,000,000  
Interest rate at period end (percent) 7.542% 7.835%
Uncommitted Letter of Credit Facility [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued $ 6,000,000  
DGD Letter of Credit Facility [Member] | Credit Facilities [Member]    
Line of Credit Facility    
Letters of credit issued $ 129,000,000  
v3.26.1
Debt, Activity Under Credit Facilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Accounts Receivable Sales Facility [Member] | Line of Credit [Member]    
Line of Credit Facility    
Borrowings, short-term credit facilities $ 1,850 $ 4,100
Repayments, short-term credit facilities (1,850) (4,100)
DGD Revolver [Member] | Line of Credit [Member]    
Line of Credit Facility    
Borrowings, long-term credit facilities 400 300
Repayments, long-term credit facilities (400) (200)
DGD Loan Agreement [Member] | Line of Credit [Member]    
Line of Credit Facility    
Borrowings, long-term credit facilities 50 0
Repayments, long-term credit facilities (50) 0
IEnova Revolver [Member] | Line of Credit [Member]    
Line of Credit Facility    
Repayments, long-term credit facilities $ (21) $ (21)
v3.26.1
Debt, Interest Incurred (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest and Debt Expense, Net of Capitalized Interest        
Interest and debt expense $ 152 $ 146 $ 298 $ 288
Less: Capitalized interest 7 5 13 10
Interest and debt expense, net of capitalized interest $ 145 $ 141 $ 285 $ 278
v3.26.1
Commitments and Contingencies (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 23, 2026
Jun. 30, 2026
Jun. 30, 2026
Apr. 30, 2026
Loss Contingencies [Line Items]        
Loss contingency, receivable, current   $ 78,000,000 $ 78,000,000  
Insurance recoveries   0 0  
Minimum [Member]        
Loss Contingencies [Line Items]        
Loss contingency, damages sought, value $ 1,000,000      
Favorable Regulatory Action [Member] | DGD [Member]        
Gain Contingencies [Line Items]        
Refund claim       $ 51,000,000
Favorable Regulatory Action [Member] | Diamond Green Diesel Holdings LLC (DGD) [Member]        
Gain Contingencies [Line Items]        
Receivable for recovery of import duties, gross       $ 51,000,000
Operating Segments [Member] | Refining [Member]        
Loss Contingencies [Line Items]        
Cost of property repairs and maintenance   $ 15,000,000 $ 15,000,000  
v3.26.1
Equity, Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jul. 16, 2026
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Subsequent Event [Member]          
Equity (Textual)          
Dividends declared, amount per share (in usd per share) $ 1.20        
Stock Repurchase Program Approved July 2026 [Member] | Subsequent Event [Member]          
Equity (Textual)          
Authorized amount under stock purchase programs $ 5,000,000,000.0        
Treasury Stock [Member]          
Equity (Textual)          
Purchases of common stock for treasury (in shares)   9,011,171 2,567,930 11,338,194 4,642,535
v3.26.1
Equity, Stock Related Disclosures (Details) - USD ($)
Jun. 30, 2026
Feb. 25, 2026
Sep. 19, 2024
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 $ 0    
Stock Repurchase Program, Approved February 2026 [Member]      
Class of Stock [Line Items]      
Authorized amount under stock purchase programs   $ 2,500,000,000  
Remaining amount authorized under stock purchase program $ 1,422,000,000    
v3.26.1
Equity, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period $ 26,934 $ 26,315 $ 26,605 $ 27,521
Other comprehensive income (loss) 110 556 (198) 721
Balance as of end of period 28,268 26,947 28,268 26,947
Accumulated Other Comprehensive Loss [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (712) (1,109) (469) (1,272)
Other comprehensive income (loss) before reclassifications 1 555 (263) 716
Amounts reclassified from accumulated other comprehensive loss 38 (4) 61 (4)
Effect of exchange rates 0 5 (2) 7
Other comprehensive income (loss) 39 556 (204) 719
Balance as of end of period (673) (553) (673) (553)
Foreign Currency Translation Adjustment [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (792) (1,102) (602) (1,264)
Other comprehensive income (loss) before reclassifications (15) 554 (205) 716
Amounts reclassified from accumulated other comprehensive loss 0 0 0 0
Effect of exchange rates 0 0 0 0
Other comprehensive income (loss) (15) 554 (205) 716
Balance as of end of period (807) (548) (807) (548)
Defined Benefit Plans Items [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period 127 (2) 130 (2)
Other comprehensive income (loss) before reclassifications 0 0 0 0
Amounts reclassified from accumulated other comprehensive loss (2) (2) (3) (4)
Effect of exchange rates 0 5 (2) 7
Other comprehensive income (loss) (2) 3 (5) 3
Balance as of end of period 125 1 125 1
Gains (Losses) on Cash Flow Hedges [Member]        
Changes in Accumulated Other Comprehensive Loss, By Component, Net of Tax        
Balance as of beginning of period (47) (5) 3 (6)
Other comprehensive income (loss) before reclassifications 16 1 (58) 0
Amounts reclassified from accumulated other comprehensive loss 40 (2) 64 0
Effect of exchange rates 0 0 0 0
Other comprehensive income (loss) 56 (1) 6 0
Balance as of end of period $ 9 $ (6) $ 9 $ (6)
v3.26.1
Variable Interest Entities (Details)
$ in Millions
Jun. 30, 2026
USD ($)
subsidiary
plant
Dec. 31, 2025
USD ($)
Assets    
Cash and cash equivalents $ 7,874 $ 4,688
Property, plant, and equipment, net 26,845 27,617
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 18,742 14,109
Debt and finance lease obligations, less current portion 10,422 9,670
Variable Interest Entity, Primary Beneficiary [Member]    
Assets    
Cash and cash equivalents 443 228
Other current assets 1,862 1,173
Property, plant, and equipment, net 4,213 4,323
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 595 344
Debt and finance lease obligations, less current portion 603 616
Diamond Green Diesel Holdings LLC (DGD) [Member]    
Assets    
Cash and cash equivalents 387 196
Other current assets 1,741 1,106
Property, plant, and equipment, net 3,544 3,643
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 567 297
Debt and finance lease obligations, less current portion $ 603 616
Variable Interest Entity (Textual)    
Number of plants owned by DGD joint venture | plant 2  
Central Mexico Terminals [Member]    
Assets    
Cash and cash equivalents $ 1 2
Other current assets 15 18
Property, plant, and equipment, net 609 619
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 23 43
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 $ 55 30
Other current assets 106 49
Property, plant, and equipment, net 60 61
Liabilities    
Current liabilities, including current portion of debt and finance lease obligations 5 4
Debt and finance lease obligations, less current portion $ 0 $ 0
v3.26.1
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Pension Plans [Member]        
Components of net periodic benefit cost:        
Service cost $ 27 $ 27 $ 54 $ 54
Interest cost 33 34 65 68
Expected return on plan assets (57) (56) (115) (111)
Amortization of:        
Net actuarial gain (2) (2) (4) (4)
Prior service cost 1 1 3 3
Settlement loss 0 2 1 3
Net periodic benefit cost 2 6 4 13
Other Postretirement Benefit Plans [Member]        
Components of net periodic benefit cost:        
Service cost 1 1 2 2
Interest cost 2 3 5 6
Expected return on plan assets 0 0 0 0
Amortization of:        
Net actuarial gain (1) (2) (3) (4)
Prior service cost 0 0 0 0
Settlement loss 0 0 0 0
Net periodic benefit cost $ 2 $ 2 $ 4 $ 4
v3.26.1
Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings per common share:        
Net income attributable to Valero stockholders $ 3,720 $ 714 $ 4,983 $ 119
Less: Income allocated to participating securities 10 2 14 2
Net income available to common stockholders $ 3,710 $ 712 $ 4,969 $ 117
Weighted-average common shares outstanding (in shares) 294 312 296 313
Earnings per common share (in dollars per share) $ 12.62 $ 2.28 $ 16.79 $ 0.37
Earnings per common share – assuming dilution:        
Net income attributable to Valero stockholders $ 3,720 $ 714 $ 4,983 $ 119
Less: Income allocated to participating securities 10 2 14 2
Net income available to common stockholders $ 3,710 $ 712 $ 4,969 $ 117
Weighted-average common shares outstanding (in shares) 294 312 296 313
Effect of dilutive securities (in shares) 0 0 0 0
Weighted-average common shares outstanding – assuming dilution (in shares) 294 312 296 313
Earnings per common share – assuming dilution (in dollars per share) $ 12.62 $ 2.28 $ 16.78 $ 0.37
v3.26.1
Revenues and Segment Information, Contract Balances (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Schedule of Contract Balances    
Receivables from contracts with customers, included in receivables, net $ 8,112 $ 6,233
Contract liabilities, included in accrued expenses $ 102 $ 60
v3.26.1
Revenues and Segment Information, Activity (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2026
USD ($)
segment
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Segment Information for our Reportable Segments            
Revenues [1] $ 44,476 $ 29,889   $ 76,857 $ 60,147  
Cost of sales:            
Cost of materials and other 35,130 24,678   61,315 50,726  
Taxes other than income taxes 1,648 1,654   3,369 3,154  
Operating expenses (excluding depreciation and amortization expense reflected below) 1,506 1,522   3,101 3,045  
Depreciation and amortization expense 723 786   1,551 1,466  
Total cost of sales 39,007 28,640   69,336 58,391  
Asset impairment loss 0 0   0 1,131  
Other operating expenses 26 4   50 8  
Operating income 5,196 997   6,927 97  
Other income, net 116 86   248 206  
Interest and debt expense, net of capitalized interest 145 141   285 278  
Income before income tax expense 5,167 942   6,890 25  
Segment assets 64,663     64,663   $ 57,988
Expenditures for long-lived assets 350 407   $ 798 1,066  
Segment Information (Textual)            
Number of reportable segments | segment       3    
Intersegment Eliminations [Member]            
Segment Information for our Reportable Segments            
Revenues (1,819) (740)   $ (2,826) (1,366)  
Cost of sales:            
Operating income (54) 4   (61) 27  
Segment assets (687)     (687)   (266)
Operating Segments [Member]            
Segment Information for our Reportable Segments            
Revenues 46,295 30,629   79,683 61,513  
Cost of sales:            
Operating income 5,505 1,241   7,540 590  
Segment assets 55,522 53,121   55,522 53,121 51,316
Expenditures for long-lived assets 338 398   780 1,034  
Corporate [Member]            
Cost of sales:            
Other corporate expenses (255) (248)   (552) (520)  
Other income, net 116 86   248 206  
Interest and debt expense, net of capitalized interest (145) (141)   (285) (278)  
Segment assets 9,828     9,828   6,938
Expenditures for long-lived assets 12 9   18 32  
Refining [Member]            
Segment Information for our Reportable Segments            
Revenues 42,300 28,324   73,105 57,081  
Segment Information (Textual)            
Investments in nonconsolidated joint ventures 680     680   $ 684
Refining [Member] | Intersegment Eliminations [Member]            
Segment Information for our Reportable Segments            
Revenues (2) (2)   (4) (4)  
Refining [Member] | Operating Segments [Member]            
Segment Information for our Reportable Segments            
Revenues 42,302 28,326   73,109 57,085  
Cost of sales:            
Cost of materials and other 34,268 23,388   59,446 48,157  
Taxes other than income taxes 1,648 1,654   3,369 3,154  
Operating expenses (excluding depreciation and amortization expense reflected below) 1,263 1,307   2,609 2,598  
Depreciation and amortization expense 635 707   1,367 1,301  
Total cost of sales 37,814 27,056   66,791 55,210  
Asset impairment loss     $ 1,100   1,131  
Other operating expenses 18 4   42 8  
Operating income 4,470 1,266   6,276 736  
Segment assets 47,772 46,223   47,772 46,223  
Expenditures for long-lived assets 320 374   722 907  
Renewable Diesel [Member]            
Segment Information for our Reportable Segments            
Revenues 1,176 565   1,887 1,058  
Renewable Diesel [Member] | Intersegment Eliminations [Member]            
Segment Information for our Reportable Segments            
Revenues (1,506) (533)   (2,209) (940)  
Renewable Diesel [Member] | Operating Segments [Member]            
Segment Information for our Reportable Segments            
Revenues 2,682 1,098   4,096 1,998  
Cost of sales:            
Cost of materials and other 1,803 1,044   2,915 1,939  
Taxes other than income taxes 0 0   0 0  
Operating expenses (excluding depreciation and amortization expense reflected below) 91 72   176 150  
Depreciation and amortization expense 71 61   149 129  
Total cost of sales 1,965 1,177   3,240 2,218  
Asset impairment loss         0  
Other operating expenses 0 0   0 0  
Operating income 717 (79)   856 (220)  
Segment assets 6,270 5,402   6,270 5,402  
Expenditures for long-lived assets 7 14   40 109  
Segment Information (Textual)            
Clean fuel production credit 177 140   355 191  
Ethanol [Member]            
Segment Information for our Reportable Segments            
Revenues 1,000 1,000   1,865 2,008  
Ethanol [Member] | Intersegment Eliminations [Member]            
Segment Information for our Reportable Segments            
Revenues (311) (205)   (613) (422)  
Ethanol [Member] | Operating Segments [Member]            
Segment Information for our Reportable Segments            
Revenues 1,311 1,205   2,478 2,430  
Cost of sales:            
Cost of materials and other 822 988   1,716 2,020  
Taxes other than income taxes 0 0   0 0  
Operating expenses (excluding depreciation and amortization expense reflected below) 152 144   316 298  
Depreciation and amortization expense 19 19   38 38  
Total cost of sales 993 1,151   2,070 2,356  
Asset impairment loss         0  
Other operating expenses 0 0   0 0  
Operating income 318 54   408 74  
Segment assets 1,480 1,496   1,480 1,496  
Expenditures for long-lived assets 11 $ 10   18 $ 18  
Segment Information (Textual)            
Clean fuel production credit $ 99     $ 119    
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,660 million and $1,662 million for the three months ended June 30, 2026 and 2025, respectively, and $3,385 million and $3,166 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Revenues and Segment Information, Segment Assets to Consolidated Assets Recon (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Total Assets by Reportable Segments to Consolidated      
Assets $ 64,663 $ 57,988  
Operating Segments [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets 55,522 51,316 $ 53,121
Corporate, Non-Segment [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets 9,828 6,938  
Intersegment Eliminations [Member]      
Total Assets by Reportable Segments to Consolidated      
Assets $ (687) $ (266)  
v3.26.1
Revenues and Segment Information, Segment Expenditures for Long-Lived Assets to Consolidated Recon (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Expenditures for long-lived assets $ 350 $ 407 $ 798 $ 1,066
Operating Segments [Member]        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Expenditures for long-lived assets 338 398 780 1,034
Corporate, Non-Segment [Member]        
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]        
Expenditures for long-lived assets $ 12 $ 9 $ 18 $ 32
v3.26.1
Revenues and Segment Information, Revenue by Product (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Revenue by Segment        
Revenues [1] $ 44,476 $ 29,889 $ 76,857 $ 60,147
Refining [Member]        
Revenue by Segment        
Revenues 42,300 28,324 73,105 57,081
Refining [Member] | Gasoline and Blendstocks [Member]        
Revenue by Segment        
Revenues 17,417 12,721 29,848 25,095
Refining [Member] | Distillates [Member]        
Revenue by Segment        
Revenues 20,688 12,778 36,149 26,154
Refining [Member] | Other Product Revenues [Member]        
Revenue by Segment        
Revenues 4,195 2,825 7,108 5,832
Renewable Diesel [Member]        
Revenue by Segment        
Revenues 1,176 565 1,887 1,058
Renewable Diesel [Member] | Renewable Diesel [Member]        
Revenue by Segment        
Revenues 1,057 470 1,623 861
Renewable Diesel [Member] | Renewable Naphtha [Member]        
Revenue by Segment        
Revenues 39 46 76 85
Renewable Diesel [Member] | Neat SAF [Member]        
Revenue by Segment        
Revenues 80 49 188 112
Ethanol [Member]        
Revenue by Segment        
Revenues 1,000 1,000 1,865 2,008
Ethanol [Member] | Ethanol [Member]        
Revenue by Segment        
Revenues 789 780 1,465 1,567
Ethanol [Member] | Distillers Grains [Member]        
Revenue by Segment        
Revenues $ 211 $ 220 $ 400 $ 441
[1]
Includes excise taxes on sales by certain of our foreign operations of $1,660 million and $1,662 million for the three months ended June 30, 2026 and 2025, respectively, and $3,385 million and $3,166 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Decrease (increase) in current assets:      
Receivables, net   $ (4,037) $ (112)
Inventories   (70) 418
Prepaid expenses and other   (185) 98
Increase (decrease) in current liabilities:      
Accounts payable   4,347 (613)
Accrued expenses   (77) 112
Taxes other than income taxes payable   4 45
Income taxes payable   421 (116)
Changes in current assets and current liabilities   403 (168)
Cash flows related to interest and income taxes      
Interest paid in excess of amount capitalized, including interest on finance leases   264 263
Income taxes paid, net   830 283
Operating cash flows      
Operating Leases   277 261
Finance Leases   58 57
Financing cash flows      
Finance Leases   123 129
Changes in lease balances resulting from new and modified leases, operating leases   270 266
Changes in lease balances resulting from new and modified leases, finance leases   $ 12 18
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
v3.26.1
Fair Value Measurements, Recurring (Details) - Fair Value, Recurring [Member] - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets    
Clean fuel production credits $ 157 $ 55
Investments in AFS debt securities 28 27
Total gross fair value, assets 2,472 669
Effect of counterparty netting (2,114) (448)
Effect of cash collateral netting (25) (7)
Net carrying value on balance sheet, assets 333 214
Liabilities    
Blending program obligations 87 85
Total gross fair value, liabilities 2,410 544
Effect of counterparty netting (2,114) (448)
Effect of cash collateral netting (187) (5)
Net carrying value on balance sheet, liabilities 109 91
Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 98 96
Commodity Contracts [Member]    
Assets    
Commodity derivative contracts 2,182 490
Effect of counterparty netting (2,114) (448)
Effect of cash collateral netting (25) (7)
Commodity derivative contracts, net assets 43 35
Cash collateral received not offset 0 0
Liabilities    
Commodity derivative contracts 2,301 453
Effect of counterparty netting (2,114) (448)
Effect of cash collateral netting (187) (5)
Commodity derivative contracts, net liabilities 0 0
Cash collateral paid not offset (128) (39)
Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 2 1
Liabilities    
Derivative contracts, not subject to netting 22 4
Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 5  
Liabilities    
Derivative contracts, not subject to netting   2
Level 1 [Member]    
Assets    
Clean fuel production credits 0 0
Investments in AFS debt securities 0 1
Total gross fair value, assets 2,281 583
Liabilities    
Blending program obligations 0 0
Total gross fair value, liabilities 2,301 455
Level 1 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 94 92
Level 1 [Member] | Commodity Contracts [Member]    
Assets    
Commodity derivative contracts 2,182 490
Liabilities    
Commodity derivative contracts 2,301 453
Level 1 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 0 0
Liabilities    
Derivative contracts, not subject to netting 0 0
Level 1 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 5  
Liabilities    
Derivative contracts, not subject to netting   2
Level 2 [Member]    
Assets    
Clean fuel production credits 0 0
Investments in AFS debt securities 28 26
Total gross fair value, assets 30 27
Liabilities    
Blending program obligations 87 85
Total gross fair value, liabilities 109 89
Level 2 [Member] | Assets Held in Trust [Member]    
Assets    
Investments of certain benefit plans 0 0
Level 2 [Member] | Commodity Contracts [Member]    
Assets    
Commodity derivative contracts 0 0
Liabilities    
Commodity derivative contracts 0 0
Level 2 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 2 1
Liabilities    
Derivative contracts, not subject to netting 22 4
Level 2 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 0  
Liabilities    
Derivative contracts, not subject to netting   0
Level 3 [Member]    
Assets    
Clean fuel production credits 157 55
Investments in AFS debt securities 0 0
Total gross fair value, assets 161 59
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    
Commodity derivative contracts 0 0
Liabilities    
Commodity derivative contracts 0 0
Level 3 [Member] | Physical Purchase Contracts [Member]    
Assets    
Derivative contracts, not subject to netting 0 0
Liabilities    
Derivative contracts, not subject to netting 0 0
Level 3 [Member] | Foreign Currency Contracts [Member]    
Assets    
Derivative contracts, not subject to netting $ 0  
Liabilities    
Derivative contracts, not subject to netting   $ 0
v3.26.1
Fair Value Measurements, Nonrecurring (Details) - Fair Value, Nonrecurring [Member] - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Nonrecurring Fair Value Measurements (Textual)    
Assets measured at fair value $ 0 $ 0
Liabilities measured at fair value $ 0 $ 0
v3.26.1
Fair Value Measurements, Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Financial liabilities:    
Debt (excluding finance lease obligations), at carrying amount $ 9,101 $ 8,261
Level 2 [Member]    
Financial liabilities:    
Debt (excluding finance lease obligations), at fair value $ 8,978 $ 8,190
v3.26.1
Price Risk Management Activities, Volumes and Narrative (Details)
bu in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
bu
MBbls
Jun. 30, 2025
USD ($)
Price Risk Management Activities (Textual)        
Compliance program costs | $ $ 35,130 $ 24,678 $ 61,315 $ 50,726
Renewable and Low-Carbon Fuel Programs [Member]        
Price Risk Management Activities (Textual)        
Compliance program costs | $ 731 $ 408 $ 1,400 $ 740
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2026 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     3,678  
Derivatives Designated as Hedges [Member] | Cash Flow Hedges [Member] | Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2027 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     0  
Derivatives Designated as Economic Hedges [Member] | Foreign Exchange Contract, US Dollars [Member]        
Price Risk Management Activities (Textual)        
Monetary notional amount of derivative liabilities | $ $ 445   $ 445  
Derivatives Designated as Economic Hedges [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2026 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     138,511  
Derivatives Designated as Economic Hedges [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2026 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     138,774  
Derivatives Designated as Economic Hedges [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2027 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     400  
Derivatives Designated as Economic Hedges [Member] | Crude Oil and Refined Petroleum Products (in thousands of barrels) [Member] | Futures, 2027 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | MBbls     208  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Futures, 2026 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     173,320  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Futures, 2026 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     122,530  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Physical Contracts, 2026 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     50,298  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Futures, 2027 Maturity [Member] | Short [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     13,220  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Futures, 2027 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     765  
Derivatives Designated as Economic Hedges [Member] | Corn (in thousands of bushels) [Member] | Physical Contracts, 2027 Maturity [Member] | Long [Member]        
Volume of Outstanding Contracts        
Nonmonetary notional amount of price risk derivatives, volume | bu     12,454  
v3.26.1
Price Risk Management Activities, Hedging Instruments by Consolidated Balance Sheet Location (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Derivatives Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative asset, subject to netting $ 48 $ 31
Derivative liability, subject to netting 22 7
Derivatives Not Designated as Hedging Instruments [Member]    
Fair Values of Derivative Instruments    
Derivative asset, total 2,141 460
Derivative liability, total 2,301 452
Derivatives Not Designated as Hedging Instruments [Member] | Commodity Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative asset, subject to netting 2,134 459
Derivative liability, subject to netting 2,279 446
Derivatives Not Designated as Hedging Instruments [Member] | Physical Purchase Contracts [Member] | Inventories [Member]    
Fair Values of Derivative Instruments    
Derivative contracts, not subject to netting 2 1
Derivative liability, not subject to netting 22 4
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Receivable, Net [Member]    
Fair Values of Derivative Instruments    
Derivative contracts, not subject to netting 5 0
Derivative liability, not subject to netting 0 0
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Currency Contracts [Member] | Accrued Expenses [Member]    
Fair Values of Derivative Instruments    
Derivative contracts, not subject to netting 0 0
Derivative liability, not subject to netting $ 0 $ 2
v3.26.1
Price Risk Management Activities, Effect of Derivative Instruments on Income and Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Commodity Contracts [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in other comprehensive income (loss) $ 37 $ 4 $ (153) $ 0
Commodity Contracts [Member] | Revenues [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) reclassified from accumulated other comprehensive loss into income (105) 7 (166) 0
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 39 (4) (129) (4)
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 (175) (32) (1) (50)
Foreign Currency Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]        
Effect of Derivative Instruments on Income        
Gain (loss) recognized in income on derivatives $ 11 $ (16) $ 28 $ (20)
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