EX-12.01 4 vloexh1201-12312017.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,
| 2017 |  |  | 2016 |  |  | 2015 |  |  | 2014 |  |  | 2013 |
Earnings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations before income tax expense, excluding income from equity investees | $ | 3,198 |  |  |  | $ | 3,173 |  |  |  | $ | 5,962 |  |  |  | $ | 5,538 |  |  |  | $ | 3,951 |  |
Add: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed charges | 776 |  |  |  | 781 |  |  |  | 783 |  |  |  | 687 |  |  |  | 695 |  |
Amortization of capitalized interest | 43 |  |  |  | 40 |  |  |  | 37 |  |  |  | 35 |  |  |  | 31 |  |
Distributions from equity investees | 6 |  |  |  | 6 |  |  |  | 26 |  |  |  | 6 |  |  |  | 3 |  |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest capitalized | (71 | ) |  |  | (65 | ) |  |  | (71 | ) |  |  | (70 | ) |  |  | (118 | ) |
Total earnings | $ | 3,952 |  |  |  | $ | 3,935 |  |  |  | $ | 6,737 |  |  |  | $ | 6,196 |  |  |  | $ | 4,562 |  |
Fixed charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest and debt expense, net of capitalized interest | $ | 468 |  |  |  | $ | 446 |  |  |  | $ | 433 |  |  |  | $ | 397 |  |  |  | $ | 365 |  |
Interest capitalized | 71 |  |  |  | 65 |  |  |  | 71 |  |  |  | 70 |  |  |  | 118 |  |
Rental expense interest factor (a) | 237 |  |  |  | 270 |  |  |  | 279 |  |  |  | 220 |  |  |  | 212 |  |
Total fixed charges | $ | 776 |  |  |  | $ | 781 |  |  |  | $ | 783 |  |  |  | $ | 687 |  |  |  | $ | 695 |  |
Ratio of earnings to fixed charges | 5.1 |  | x |  | 5.0 |  | x |  | 8.6 |  | x |  | 9.0 |  | x |  | 6.6 |  | x

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