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v3.7.0.1

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2017 | Mar. 31, 2016
Operating revenues (a) | [1] | $ 21,772 | $ 15,714
Costs and expenses: |  |  |
Cost of sales (excluding the lower of cost or market inventory valuation adjustment) |  | 19,428 | 13,507
Lower of cost or market inventory valuation adjustment |  | 0 | (293)
Operating expenses |  | 1,117 | 1,030
General and administrative expenses |  | 190 | 156
Depreciation and amortization expense |  | 500 | 485
Total costs and expenses |  | 21,235 | 14,885
Operating income |  | 537 | 829
Other income, net |  | 17 | 9
Interest and debt expense, net of capitalized interest |  | (121) | (108)
Income before income tax expense |  | 433 | 730
Income tax expense |  | 112 | 217
Net income |  | 321 | 513
Less: Net income attributable to noncontrolling interests |  | 16 | 18
Net income attributable to Valero Energy Corporation stockholders |  | $ 305 | $ 495
Earnings per common share |  | $ 0.68 | $ 1.05
Weighted-average common shares outstanding (in millions) |  | 448 | 469
Earnings per common share – assuming dilution |  | $ 0.68 | $ 1.05
Weighted-average common shares outstanding – assuming dilution (in millions) |  | 451 | 471
Dividends per common share |  | $ 0.70 | $ 0.60
[1] | Includes excise taxes on sales by certain of our international operations of $1,272 million and $1,395 million for the three months ended March 31, 2017 and 2016, respectively.

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