EX-12.01 10 vloexh1201-12312014.htm EXHIBIT 12.01
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)

| Year Ended December 31, (a)
| 2014 |  |  | 2013 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income tax expense, excluding income from equity investees | $ | 5,538 |  |  |  | $ | 3,951 |  |  |  | $ | 4,736 |  |  |  | $ | 3,562 |  |  |  | $ | 1,736 |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges | 687 |  |  |  | 695 |  |  |  | 727 |  |  |  | 732 |  |  |  | 746 |  |
Amortization of capitalized interest | 35 |  |  |  | 31 |  |  |  | 24 |  |  |  | 22 |  |  |  | 19 |  |
Distributions from equity investees | 6 |  |  |  | 3 |  |  |  | 1 |  |  |  | — |  |  |  | 10 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest capitalized | (70 | ) |  |  | (118 | ) |  |  | (220 | ) |  |  | (144 | ) |  |  | (84 | ) |
Total earnings | $ | 6,196 |  |  |  | $ | 4,562 |  |  |  | $ | 5,268 |  |  |  | $ | 4,172 |  |  |  | $ | 2,427 |  |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and debt expense, net of capitalized interest | $ | 397 |  |  |  | $ | 365 |  |  |  | $ | 314 |  |  |  | $ | 409 |  |  |  | $ | 495 |  |
Interest capitalized | 70 |  |  |  | 118 |  |  |  | 220 |  |  |  | 144 |  |  |  | 84 |  |
Rental expense interest factor (b) | 220 |  |  |  | 212 |  |  |  | 193 |  |  |  | 179 |  |  |  | 167 |  |
Total fixed charges | $ | 687 |  |  |  | $ | 695 |  |  |  | $ | 727 |  |  |  | $ | 732 |  |  |  | $ | 746 |  |
Ratio of earnings to fixed charges | 9.0 |  | x |  | 6.6 |  | x |  | 7.2 |  | x |  | 5.7 |  | x |  | 3.3 |  | x

__________

(a) | The results of operations of the Aruba Refinery have been reported as discontinued operations for all years presented.

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