EX-12.01 10 vloexh1201-12312014.htm EXHIBIT 12.01 VLO Exh 12.01 - 12.31.2014


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.