EX-12.01 9 vloexh1201-12312013.htm EXHIBIT 12.01 VLO Exh 12.01 - 12.31.2013


Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATIONS OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
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
$
3,957

 
 
$
3,702

 
 
$
3,322

 
 
$
1,481

 
 
$
(334
)
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
677

 
 
711

 
 
735

 
 
743

 
 
701

Amortization of capitalized interest
32

 
 
25

 
 
23

 
 
20

 
 
18

Distributions from equity investees
3

 
 
1

 
 
—

 
 
10

 
 
—

Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
(118
)
 
 
(221
)
 
 
(152
)
 
 
(90
)
 
 
(105
)
Total earnings
$
4,551

 
 
$
4,218

 
 
$
3,928

 
 
$
2,164

 
 
$
280

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense, net
of capitalized interest
$
365

 
 
$
313

 
 
$
401

 
 
$
484

 
 
$
416

Interest capitalized
118

 
 
221

 
 
152

 
 
90

 
 
105

Rental expense interest factor (a)
194

 
 
177

 
 
182

 
 
169

 
 
180

Total fixed charges
$
677

 
 
$
711


 
$
735

 
 
$
743

 
 
$
701

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
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.