Valero Energy (VLO) 10-Q 2011 Q2 Quarterly report

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)

	Six Months Ended June 30, 2011
					Year Ended December 31,
					2010				2009			2008				2007				2006
Ratio of Earnings to Fixed Charges:
Earnings:
Income (loss) from continuing operations   before income tax expense (benefit),   excluding income from equity investees	$	1,337			$	1,481			$	(334	)	$	268			$	6,202			$	7,206
Add:
Fixed charges	370				743				701			626				631				542
Amortization of capitalized interest	11				20				18			17				13				8
Distributions from equity investees	—				10				—			—				—				47
Less:
Interest capitalized	(60		)		(90		)		(105		)	(92		)		(101		)		(145		)
Total earnings	$	1,658			$	2,164			$	280		$	819			$	6,745			$	7,658
Fixed charges:
Interest expense, net	$	224			$	484			$	416		$	360			$	357			$	232
Interest capitalized	60				90				105			92				101				145
Rental expense interest factor (a)	86				169				180			174				173				165
Total fixed charges	$	370			$	743			$	701		$	626			$	631			$	542
Ratio of earnings to fixed charges	4.5			x	2.9			x	(b)			1.3			x	10.7			x	14.1			x
Ratio of Earnings to Fixed Charges   and Preferred Stock Dividends:
Total earnings	$	1,658			$	2,164			$	280		$	819			$	6,745			$	7,658
Total fixed charges	$	370			$	743			$	701		$	626			$	631			$	542
Preferred stock dividends	—				—				—			—				—				3
Total fixed charges and preferred stock dividends	$	370			$	743			$	701		$	626			$	631			$	545
Ratio of earnings to fixed charges and   preferred stock dividends	4.5			x	2.9			x	(b)			1.3			x	10.7			x	14.1			x

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

(b) For the year ended December 31, 2009, earnings were insufficient to cover fixed charges by $421 million. The deficiency included the effect of a $222 million pre-tax impairment loss resulting from the permanent cancellation of certain capital projects classified as “construction in progress” as a result of the unfavorable impact of the economic slowdown on refining industry fundamentals during the year. The deficiency was also partially attributable to a $120 million loss contingency accrual related to our dispute of a turnover tax on export sales in Aruba.