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v3.8.0.1

Consolidated Statements of Income (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended
--- | ---
Mar. 31, 2018 | Mar. 31, 2017
Revenues | [1] | $ 26,439 | $ 21,772
Cost of sales: |  |  |
Cost of materials and other |  | 23,756 | 19,428
Operating expenses (excluding depreciation and amortization expense reflected below) |  | 1,136 | 1,124
Depreciation and amortization expense |  | 485 | 488
Total cost of sales |  | 25,377 | 21,040
Other operating expenses |  | 10 | 0
General and administrative expenses (excluding depreciation and amortization expense reflected below) |  | 238 | 192
Depreciation and amortization expense |  | 13 | 12
Operating income |  | 801 | 528
Other income, net |  | 51 | 26
Interest and debt expense, net of capitalized interest |  | (121) | (121)
Income before income tax expense |  | 731 | 433
Income tax expense |  | 149 | 112
Net income |  | 582 | 321
Less: Net income attributable to noncontrolling interests |  | 113 | 16
Net income attributable to Valero Energy Corporation stockholders |  | $ 469 | $ 305
Earnings per common share (in dollars per share) |  | $ 1.09 | $ 0.68
Weighted-average common shares outstanding (in shares) |  | 431 | 448
Earnings per common share – assuming dilution (in dollars per share) |  | $ 1.09 | $ 0.68
Weighted-average common shares outstanding – assuming dilution (in shares) |  | 432 | 451
Dividends per common share (in dollars per share) |  | $ 0.8 | $ 0.7
[1] | Includes excise taxes on sales by certain of our international operations of $1,464 million and $1,272 million for the three months ended March 31, 2018 and 2017, respectively.

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