Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - VALERO ENERGY CORP/TX | d68789e10vq.htm |
| EX-31.02 - EX-31.02 - VALERO ENERGY CORP/TX | d68789exv31w02.htm |
| EX-31.01 - EX-31.01 - VALERO ENERGY CORP/TX | d68789exv31w01.htm |
| EX-32.01 - EX-32.01 - VALERO ENERGY CORP/TX | d68789exv32w01.htm |
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)
STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES AND
RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS
(Millions of Dollars)
| Nine Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| September 30, | Year Ended December 31, | |||||||||||||||||||||||
2009 |
2008 |
2007 |
2006 |
2005 |
2004 |
|||||||||||||||||||
Ratio of Earnings to Fixed Charges: |
||||||||||||||||||||||||
Earnings: |
||||||||||||||||||||||||
Income (loss) from continuing operations
before income tax expense (benefit),
minority interest in net income of
consolidated subsidiaries, and
income from equity investees |
$ | (823 | ) | $ | 320 | $ | 6,743 | $ | 7,872 | $ | 5,013 | $ | 2,726 | |||||||||||
Add: |
||||||||||||||||||||||||
Fixed charges |
535 | 643 | 658 | 566 | 474 | 410 | ||||||||||||||||||
Amortization of capitalized interest |
15 | 18 | 15 | 9 | 8 | 7 | ||||||||||||||||||
Distributions from equity investees |
– | – | – | 47 | 50 | 42 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Interest capitalized |
(95 | ) | (111 | ) | (107 | ) | (165 | ) | (66 | ) | (37 | ) | ||||||||||||
Total earnings (loss) |
$ | (368 | ) | $ | 870 | $ | 7,309 | $ | 8,329 | $ | 5,479 | $ | 3,148 | |||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense, net |
$ | 291 | $ | 340 | $ | 359 | $ | 212 | $ | 268 | $ | 260 | ||||||||||||
Interest capitalized |
95 | 111 | 107 | 165 | 66 | 37 | ||||||||||||||||||
Rental expense interest factor (a) |
149 | 192 | 192 | 189 | 140 | 113 | ||||||||||||||||||
Total fixed charges |
$ | 535 | $ | 643 | $ | 658 | $ | 566 | $ | 474 | $ | 410 | ||||||||||||
Ratio of Earnings to Fixed Charges |
(b | ) | 1.4 | x | 11.1 | x | 14.7 | x | 11.6 | x | 7.7 | x | ||||||||||||
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends: |
||||||||||||||||||||||||
Total earnings (loss) |
$ | (368 | ) | $ | 870 | $ | 7,309 | $ | 8,329 | $ | 5,479 | $ | 3,148 | |||||||||||
Total fixed charges |
$ | 535 | $ | 643 | $ | 658 | $ | 566 | $ | 474 | $ | 410 | ||||||||||||
Preferred stock dividends |
– | – | – | 3 | 20 | 19 | ||||||||||||||||||
Total fixed charges and
preferred stock dividends |
$ | 535 | $ | 643 | $ | 658 | $ | 569 | $ | 494 | $ | 429 | ||||||||||||
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends |
(b | ) | 1.4 | x | 11.1 | x | 14.6 | x | 11.1 | x | 7.3 | 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 nine months ended September 30, 2009, earnings were insufficient to cover fixed
charges by $903 million. The deficiency was due primarily to a $575 million pre-tax asset
impairment loss resulting from the permanent shutdown of the gasification unit at our Delaware
City Refinery and the permanent cancellation of certain capital projects classified as
“construction in progress” as a result of the unfavorable impact of the continuing economic
slowdown on refining industry fundamentals during the period. 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. |