Exhibit 12.01

VALERO L.P.

STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Thousands of Dollars, Except Ratio)

	Quarter Ended March 31, 2006			Year Ended December 31,
				2005			2004			2003			2002			2001
Earnings:
Income from continuing operations before provision for income taxes and income from equity investees	$	40,502		$	110,069		$	77,074		$	67,177		$	52,350		$	42,694
Add:
Fixed charges		17,914			46,211			21,625			16,443			5,492			4,203
Amortization of capitalized interest		26			80			60			55			48			39
Distributions from joint ventures		1,524			4,657			1,373			2,803			3,590			2,874
Less: Interest capitalized		(468	)		(1,008	)		(192	)		(123	)		(255	)		(298	)
Total earnings	$	59,498		$	160,009		$	99,940		$	86,355		$	61,225		$	49,512
Fixed charges:
Interest expense (1)	$	15,994		$	41,616		$	20,630		$	15,291		$	4,968		$	3,721
Amortization of debt issuance costs		179			622			407			740			160			90
Interest capitalized		468			1,008			192			123			255			298
Rental expense interest factor (2)		1,273			2,965			396			289			109			94
Total fixed charges	$	17,914		$	46,211		$	21,625		$	16,443		$	5,492		$	4,203
Ratio of earnings to fixed charges		3.3x			3.5x			4.6x			5.3x			11.1x			11.8x

(1) The “interest and other expenses, net” reported in Valero L.P.’s consolidated statements of income for the three months ended March 31, 2006 and the year ended December 31, 2005 includes investment income of $477,000 and $850,000, respectively and includes other income (expense) of $231,000 and ($2,237,000), respectively.

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