Exhibit 12.01
VALERO ENERGY CORPORATION AND SUBSIDIARIES
STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
AND RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
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| Three Months Ended |
| Year Ended December 31, |
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| March 31, 2005 |
| 2004 |
| 2003 |
| 2002 |
| 2001 |
| 2000 |
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Ratio of Earnings to Fixed Charges: |
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Earnings: |
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Income from continuing operations |
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$ 782 |
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$ 913 |
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$ 530 |
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Add: |
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Fixed charges |
| 105 |
| 410 |
| 396 |
| 409 |
| 143 |
| 115 |
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Amortization of capitalized interest |
| 2 |
| 7 |
| 6 |
| 6 |
| 5 |
| 5 |
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Distributions from equity investees |
| 14 |
| 42 |
| 26 |
| 5 |
| 3 |
| 9 |
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Less: |
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Interest capitalized |
| (11 | ) | (37 | ) | (26 | ) | (16 | ) | (11 | ) | (7 | ) |
Distributions on preferred securities |
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— |
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— |
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(17 | ) |
(30 | ) |
(13 | ) |
(7 | ) |
Minority interest in net income of |
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— |
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— |
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(2 | ) |
(14 | ) |
— |
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— |
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Total earnings |
| $ 892 |
| $ 3,148 |
| $ 1,364 |
| $ 551 |
| $ 1,040 |
| $ 645 |
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Fixed charges: |
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Interest expense, net |
| $ 63 |
| $ 260 |
| $ 261 |
| $ 286 |
| $ 88 |
| $ 76 |
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Interest capitalized |
| 11 |
| 37 |
| 26 |
| 16 |
| 11 |
| 7 |
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Rental expense interest factor (1) |
| 31 |
| 113 |
| 92 |
| 77 |
| 31 |
| 25 |
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Distributions on preferred securities |
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— |
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— |
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17 |
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30 |
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13 |
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7 |
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Total fixed charges |
| $ 105 |
| $ 410 |
| $ 396 |
| $ 409 |
| $ 143 |
| $ 115 |
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Ratio of earnings to fixed charges |
| 8.5 | x | 7.7 | x | 3.4 | x | 1.3 | x | 7.3 | x | 5.6 | x |
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Ratio of Earnings to Fixed Charges |
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Total earnings |
| $ 892 |
| $ 3,148 |
| $ 1,364 |
| $ 551 |
| $ 1,040 |
| $ 645 |
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Total fixed charges |
| $ 105 |
| $ 410 |
| $ 396 |
| $ 409 |
| $ 143 |
| $ 115 |
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Preferred stock dividends |
| 6 |
| 19 |
| 7 |
| — |
| — |
| — |
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Total fixed charges and |
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$ 111 |
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$ 429 |
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$ 403 |
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$ 409 |
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$ 143 |
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$ 115 |
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Ratio of earnings to fixed charges |
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8.0 | x |
7.3 | x |
3.4 | x | 1.3 | x |
7.3 | x |
5.6 | x |
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(1) | 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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