Exhibit 12.01

VALERO L.P.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars, Except Ratio)

	Six Months Ended June 30,			Years Ended December 31,
	2005			2004			2003			2002			2001			2000
Earnings:
Income from continuing operations before provision for income taxes and income from equity investees	$	37,317		$	77,074		$	67,177		$	52,350		$	42,694		$	35,968
Add:
Fixed charges	12,260			21,625			16,443			5,492			4,203			5,266
Amortization of capitalized interest	33			60			55			48			39			34
Distributions from Skelly-Belvieu Pipeline Company	113			1,373			2,803			3,590			2,874			4,658
Less: Interest capitalized	(168		)	(192		)	(123		)	(255		)	(298		)	—
Total earnings	$	49,555		$	99,940		$	86,355		$	61,225		$	49,512		$	45,926
Fixed charges:
Interest expense (1)	$	11,640		$	20,630		$	15,291		$	4,968		$	3,721		$	5,181
Amortization of debt issuance costs	212			407			740			160			90			—
Interest capitalized	168			192			123			255			298			—
Rental expense interest factor (2)	240			396			289			109			94			85
Total fixed charges	$	12,260		$	21,625		$	16,443		$	5,492		$	4,203		$	5,266
Ratio of earnings to fixed charges	4.0		x	4.6		x	5.3		x	11.1		x	11.8		x	8.7		x

(1)	The “interest and other expense, net” reported in Valero L.P.’s consolidated statements of income for the six months ended June 30, 2005 and the year ended December 31, 2004 includes investment income of $145,000 and $221,000, respectively and includes other expense of $0 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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