Attached files
| file | filename |
|---|---|
| 10-Q - FORM 10-Q - VALERO ENERGY CORP/TX | d71712e10vq.htm |
| EX-32.01 - EX-32.01 - VALERO ENERGY CORP/TX | d71712exv32w01.htm |
| EX-31.02 - EX-31.02 - VALERO ENERGY CORP/TX | d71712exv31w02.htm |
| EX-31.01 - EX-31.01 - VALERO ENERGY CORP/TX | d71712exv31w01.htm |
| EXCEL - IDEA: XBRL DOCUMENT - VALERO ENERGY CORP/TX | Financial_Report.xls |
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)
| Three | ||||||||||||||||||||||||
| Months | ||||||||||||||||||||||||
| Ended | ||||||||||||||||||||||||
| March 31, | Year Ended December 31, | |||||||||||||||||||||||
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | |||||||||||||||||||
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 |
$ | (153 | ) | $ | (467 | ) | $ | 511 | $ | 6,453 | $ | 7,480 | $ | 4,948 | ||||||||||
Add: |
||||||||||||||||||||||||
Fixed charges |
191 | 705 | 630 | 644 | 546 | 470 | ||||||||||||||||||
Amortization of capitalized interest |
5 | 19 | 18 | 14 | 9 | 8 | ||||||||||||||||||
Distributions from equity investees |
1 | — | — | — | 47 | 50 | ||||||||||||||||||
Less: |
||||||||||||||||||||||||
Interest capitalized |
(20 | ) | (112 | ) | (104 | ) | (105 | ) | (148 | ) | (62 | ) | ||||||||||||
Total earnings |
$ | 24 | $ | 145 | $ | 1,055 | $ | 7,006 | $ | 7,934 | $ | 5,414 | ||||||||||||
Fixed charges: |
||||||||||||||||||||||||
Interest expense, net |
$ | 127 | $ | 408 | $ | 347 | $ | 361 | $ | 229 | $ | 272 | ||||||||||||
Interest capitalized |
20 | 112 | 104 | 105 | 148 | 62 | ||||||||||||||||||
Rental expense interest factor (a) |
44 | 185 | 179 | 178 | 169 | 136 | ||||||||||||||||||
Total fixed charges |
$ | 191 | $ | 705 | $ | 630 | $ | 644 | $ | 546 | $ | 470 | ||||||||||||
Ratio of earnings to fixed charges |
(b | ) | (c | ) | 1.7 | x | 10.9 | x | 14.5 | x | 11.5 | x | ||||||||||||
Ratio of Earnings to Fixed Charges
and Preferred Stock Dividends: |
||||||||||||||||||||||||
Total earnings |
$ | 24 | $ | 145 | $ | 1,055 | $ | 7,006 | $ | 7,934 | $ | 5,414 | ||||||||||||
Total fixed charges |
$ | 191 | $ | 705 | $ | 630 | $ | 644 | $ | 546 | $ | 470 | ||||||||||||
Preferred stock dividends |
— | — | — | — | 3 | 20 | ||||||||||||||||||
Total fixed charges and
preferred stock dividends |
$ | 191 | $ | 705 | $ | 630 | $ | 644 | $ | 549 | $ | 490 | ||||||||||||
Ratio of earnings to fixed charges
and preferred stock dividends |
(b | ) | (c | ) | 1.7 | x | 10.9 | x | 14.5 | x | 11.0 | 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 three months ended March 31, 2010, earnings were insufficient to cover fixed charges by $167 million. | |
| (c) | For the year ended December 31, 2009, earnings were insufficient to cover fixed charges by $560 million. The deficiency included the effect of a $230 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 continuing 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. |