Valero Energy (VLO) 10-Q 2013 Q3 Quarterly report

Exhibit 12.01

VALERO ENERGY CORPORATION AND SUBSIDIARIES

STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(Millions of Dollars)

	Nine Months  Ended September 30, 2013
					Year Ended December 31,
					2012				2011				2010				2009			2008
Earnings:
Income (loss) from continuing operations   before income tax expense (benefit),   excluding income from equity investees	$	2,162			$	3,702			$	3,322			$	1,481			$	(334	)	$	268
Add:
Fixed charges	506				711				735				743				701			626
Amortization of capitalized interest	23				25				23				20				18			17
Distributions from equity investees	1				1				—				10				—			—
Less:
Interest capitalized	(101		)		(221		)		(152		)		(90		)		(105		)	(92		)
Total earnings	$	2,591			$	4,218			$	3,928			$	2,164			$	280		$	819
Fixed charges:
Interest and debt expense, net of capitalized interest	$	263			$	313			$	401			$	484			$	416		$	360
Interest capitalized	101				221				152				90				105			92
Rental expense interest factor (a)	142				177				182				169				180			174
Total fixed charges	$	506			$	711			$	735			$	743			$	701		$	626
Ratio of earnings to fixed charges	5.1			x	5.9			x	5.3			x	2.9			x	(b)			1.3			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.