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Exhibit 12.01

VALERO L.P.
STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars, Except Ratio)

			Year Ended December 31,
			2005			2004			2003			2002			2001
Earnings:
Income from continuing operations before provision for income taxes and income from equity investees			$	110,069		$	77,074		$	67,177		$	52,350		$	42,694
Add:
	Fixed charges			46,211			21,625			16,443			5,492			4,203
	Amortization of capitalized interest			80			60			55			48			39
Distributions from joint ventures				4,657			1,373			2,803			3,590			2,874
Less: Interest capitalized				(1,008	)		(192	)		(123	)		(255	)		(298	)
		Total earnings	$	160,009		$	99,940		$	86,355		$	61,225		$	49,512
Fixed charges:
	Interest expense (1)		$	41,616		$	20,630		$	15,291		$	4,968		$	3,721
	Amortization of debt issuance costs			622			407			740			160			90
	Interest capitalized			1,008			192			123			255			298
	Rental expense interest factor (2)			2,965			396			289			109			94
		Total fixed charges	$	46,211		$	21,625		$	16,443		$	5,492		$	4,203
Ratio of earnings to fixed charges				3.5x			4.6x			5.3x			11.1x			11.8x

(1)

The "interest and other expense, net" reported in Valero L.P.'s consolidated statements of income for the years ended December 31, 2005 and 2004 includes investment income of $850,000 and $221,000, respectively and includes other expense of ($2,237,000) and ($134,000), respectively.

(2)

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

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Exhibit 12.01

VALERO L.P. STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Thousands of Dollars, Except Ratio)