Exhibit 12.01

VALERO ENERGY CORPORATION AND SUBSIDIARIES
STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED
CHARGES AND RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED
STOCK DIVIDENDS
(Millions of Dollars)

	Three
	Months
	Ended
	March 31,			Year Ended December 31,
	2007			2006			2005			2004			2003			2002
Ratio of Earnings to Fixed Charges:
Earnings:
Income from continuing operations before income tax expense, minority interest in net income of consolidated subsidiaries, distributions on preferred securities of subsidiary trusts and income from equity investees	$	1,720		$	8,163		$	5,206		$	2,726		$	981		$	191
Add:
Fixed charges		140			570			475			410			396			409
Amortization of capitalized interest		3			9			8			7			6			6
Distributions from equity investees		—			47			50			42			26			5
Less:
Interest capitalized		(31	)		(168	)		(68	)		(37	)		(26	)		(16	)
Distributions on preferred securities of subsidiary trusts		—			—			—			—			(17	)		(30	)
Minority interest in net income of NuStar Energy L.P.		—			—			—			—			(2	)		(14	)
Total earnings	$	1,832		$	8,621		$	5,671		$	3,148		$	1,364		$	551
Fixed charges:
Interest expense, net	$	59		$	210		$	266		$	260		$	261		$	286
Interest capitalized		31			168			68			37			26			16
Rental expense interest factor (1)		50			192			141			113			92			77
Distributions on preferred securities of subsidiary trusts		—			—			—			—			17			30
Total fixed charges	$	140		$	570		$	475		$	410		$	396		$	409
Ratio of earnings to fixed charges		13.1x			15.1x			11.9x			7.7x			3.4x			1.3x
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Total earnings	$	1,832		$	8,621		$	5,671		$	3,148		$	1,364		$	551
Total fixed charges	$	140		$	570		$	475		$	410		$	396		$	409
Preferred stock dividends		—			3			20			19			7			—
Total fixed charges and preferred stock dividends	$	140		$	573		$	495		$	429		$	403		$	409
Ratio of earnings to fixed charges and preferred stock dividends		13.1x			15.0x			11.5x			7.3x			3.4x			1.3x

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