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Table of Contents
VALERO ENERGY CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
17. SEGMENT INFORMATION
We have two reportable segments, refining and ethanol, as of December 31, 2015. Prior to May 1, 2013, we also had a retail segment.
As discussed in Note 3, we completed the separation of our retail business, CST, on May 1, 2013. Segment activity related to our retail
business prior to the separation is reflected in the retail segment results below. Motor fuel sales to CST, which were eliminated in
consolidation prior to the separation, are reported as refining segment operating revenues from external customers after May 1, 2013.
Our refining segment includes refining and marketing operations in the U.S., Canada, the U.K., Aruba, and Ireland. Our ethanol
segment includes ethanol and marketing operations in the U.S. The retail segment included company-operated convenience stores in
the U.S. and Canada; filling stations, truckstop facilities, cardlock facilities, and home heating oil operations in Canada; and credit card
operations in the U.S. Operations that are not included in any of the reportable segments are included in the corporate category.
The reportable segments are strategic business units that offer different products and services. They are managed separately as each
business requires unique technology and marketing strategies. Performance is evaluated based on operating income. Intersegment sales
are generally derived from transactions made at prevailing market rates.
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