EX-12.01 4 vloexh1201-12312017.htm EXHIBIT 12.01 Exhibit


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