EX-12.01 2 vloexh1201-6302014.htm EXHIBIT 12.01
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)

| Six Months Ended June 30, 2014 |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31,
|  | 2013 |  | 2012 |  | 2011 |  | 2010 |  | 2009
Earnings: |  |  |  |  |  |  |  |  |  |  |
Income (loss) from continuing operations before income tax expense (benefit), excluding income from equity investees | $ | 2,257 |  |  | $ | 3,957 |  |  | $ | 3,702 |  |  | $ | 3,322 |  |  | $ | 1,481 |  |  | $ | (334 | )
Add: |  |  |  |  |  |  |  |  |  |  |
Fixed charges | 334 |  |  | 677 |  |  | 711 |  |  | 735 |  |  | 743 |  |  | 701 |
Amortization of capitalized interest | 17 |  |  | 32 |  |  | 25 |  |  | 23 |  |  | 20 |  |  | 18 |
Distributions from equity investees | 4 |  |  | 3 |  |  | 1 |  |  | — |  |  | 10 |  |  | — |
Less: |  |  |  |  |  |  |  |  |  |  |
Interest capitalized | (35 | ) |  | (118 | ) |  | (221 | ) |  | (152 | ) |  | (90 | ) |  | (105 | )
Total earnings | $ | 2,577 |  |  | $ | 4,551 |  |  | $ | 4,218 |  |  | $ | 3,928 |  |  | $ | 2,164 |  |  | $ | 280 |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |
Interest and debt expense, net of capitalized interest | $ | 198 |  |  | $ | 365 |  |  | $ | 313 |  |  | $ | 401 |  |  | $ | 484 |  |  | $ | 416 |
Interest capitalized | 35 |  |  | 118 |  |  | 221 |  |  | 152 |  |  | 90 |  |  | 105 |
Rental expense interest factor (a) | 101 |  |  | 194 |  |  | 177 |  |  | 182 |  |  | 169 |  |  | 180 |
Total fixed charges | $ | 334 |  |  | $ | 677 |  |  | $ | 711 |  |  | $ | 735 |  |  | $ | 743 |  |  | $ | 701 |
Ratio of earnings to fixed charges | 7.7 |  | x | 6.7 |  | x | 5.9 |  | x | 5.3 |  | x | 2.9 |  | x | (b) |

(a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.

(b) | For the year ended December 31, 2009, earnings were insufficient to cover fixed charges by $421 million. The deficiency included the effect of a $222 million pre-tax impairment loss resulting from the permanent cancellation of certain capital projects classified as “construction in progress” as a result of the unfavorable impact of the economic slowdown on refining industry fundamentals during the year. The deficiency was also partially attributable to a $120 million loss contingency accrual related to our dispute of a turnover tax on export sales in Aruba.