EX-12.01 2 vloexh1201-3312016.htm EXHIBIT 12.01 Exhibit


Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
Three Months
Ended
March 31,
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended December 31,
 
 
 
2015
 
 
2014
 
 
2013
 
 
2012
 
 
2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
before income tax expense,
excluding income from equity
investees
$
728

 
 
$
5,962

 
 
$
5,538

 
 
$
3,951

 
 
$
4,736

 
 
$
3,562

 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
198

 
 
783

 
 
687

 
 
695

 
 
727

 
 
732

 
Amortization of capitalized interest
10

 
 
37

 
 
35

 
 
31

 
 
24

 
 
22

 
Distributions from equity investees
1

 
 
26

 
 
6

 
 
3

 
 
1

 
 
—

 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
(20
)
 
 
(71
)
 
 
(70
)
 
 
(118
)
 
 
(220
)
 
 
(144
)
 
Total earnings
$
917

 
 
$
6,737

 
 
$
6,196

 
 
$
4,562

 
 
$
5,268

 
 
$
4,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense, net
of capitalized interest
$
108

 
 
$
433

 
 
$
397

 
 
$
365

 
 
$
314

 
 
$
409

 
Interest capitalized
20

 
 
71

 
 
70

 
 
118

 
 
220

 
 
144

 
Rental expense interest factor (a)
70

 
 
279

 
 
220

 
 
212

 
 
193

 
 
179

 
Total fixed charges
$
198

 
 
$
783

 
 
$
687

 
 
$
695

 
 
$
727

 
 
$
732

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
4.6

x
 
8.6

x
 
9.0

x
 
6.6

x
 
7.2

x
 
5.7

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