Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - VALERO ENERGY CORP/TX | Financial_Report.xls |
| EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY CORP/TX | vloexh3101-6302014.htm |
| EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY CORP/TX | vloexh3102-6302014.htm |
| EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY CORP/TX | vloexh3201-6302014.htm |
| 10-Q - 10-Q - VALERO ENERGY CORP/TX | vloform10-qx6302014.htm |
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Six Months Ended June 30, 2014 | |||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||||||||||
Earnings: | |||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense (benefit), excluding income from equity investees | $ | 2,257 | $ | 3,957 | $ | 3,702 | $ | 3,322 | $ | 1,481 | $ | (334 | ) | ||||||||||
Add: | |||||||||||||||||||||||
Fixed charges | 334 | 677 | 711 | 735 | 743 | 701 | |||||||||||||||||
Amortization of capitalized interest | 17 | 32 | 25 | 23 | 20 | 18 | |||||||||||||||||
Distributions from equity investees | 4 | 3 | 1 | — | 10 | — | |||||||||||||||||
Less: | |||||||||||||||||||||||
Interest capitalized | (35 | ) | (118 | ) | (221 | ) | (152 | ) | (90 | ) | (105 | ) | |||||||||||
Total earnings | $ | 2,577 | $ | 4,551 | $ | 4,218 | $ | 3,928 | $ | 2,164 | $ | 280 | |||||||||||
Fixed charges: | |||||||||||||||||||||||
Interest and debt expense, net of capitalized interest | $ | 198 | $ | 365 | $ | 313 | $ | 401 | $ | 484 | $ | 416 | |||||||||||
Interest capitalized | 35 | 118 | 221 | 152 | 90 | 105 | |||||||||||||||||
Rental expense interest factor (a) | 101 | 194 | 177 | 182 | 169 | 180 | |||||||||||||||||
Total fixed charges | $ | 334 | $ | 677 | $ | 711 | $ | 735 | $ | 743 | $ | 701 | |||||||||||
Ratio of earnings to fixed charges | 7.7 | x | 6.7 | x | 5.9 | x | 5.3 | x | 2.9 | x | (b) | ||||||||||||
(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. |