VALERO ENERGY CORP/TX - FORM 10-K - EX-12.01 - EXHIBIT 12.01 - February 25, 2016

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EX-10.04 - EXHIBIT 10.04 - VALERO ENERGY CORP/TXvloexh1004-12312015.htm
EX-21.01 - EXHIBIT 21.01 - VALERO ENERGY CORP/TXvloexh2101-12312015.htm
EX-10.14 - EXHIBIT 10.14 - VALERO ENERGY CORP/TXvloexh1014-12312015.htm
EX-23.01 - EXHIBIT 23.01 - VALERO ENERGY CORP/TXvloexh2301-12312015.htm
EX-10.12 - EXHIBIT 10.12 - VALERO ENERGY CORP/TXvloexh1012-12312015.htm
EX-10.08 - EXHIBIT 10.08 - VALERO ENERGY CORP/TXvloexh1008-12312015.htm
EX-10.07 - EXHIBIT 10.07 - VALERO ENERGY CORP/TXvloexh1007-12x31x2015.htm
EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY CORP/TXvloexh3201-12312015.htm
EX-10.06 - EXHIBIT 10.06 - VALERO ENERGY CORP/TXvloexh1006-12312015.htm
EX-10.16 - EXHIBIT 10.16 - VALERO ENERGY CORP/TXvloexh1016-12312015.htm
EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY CORP/TXvloexh3102-12312015.htm
EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY CORP/TXvloexh3101-12312015.htm
EX-10.18 - EXHIBIT 10.18 - VALERO ENERGY CORP/TXvloexh1018-12312015.htm
10-K - 10-K - VALERO ENERGY CORP/TXvloform10-kx12312015.htm


Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
 
Year Ended December 31,
 
2015
 
 
2014
 
 
2013
 
 
2012
 
 
2011
 
Earnings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
before income tax expense,
excluding income from equity
investees
$
5,962

 
 
$
5,538

 
 
$
3,951

 
 
$
4,736

 
 
$
3,562

 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges
783

 
 
687

 
 
695

 
 
727

 
 
732

 
Amortization of capitalized interest
37

 
 
35

 
 
31

 
 
24

 
 
22

 
Distributions from equity investees
26

 
 
6

 
 
3

 
 
1

 
 
—

 
Less:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest capitalized
(71
)
 
 
(70
)
 
 
(118
)
 
 
(220
)
 
 
(144
)
 
Total earnings
$
6,737

 
 
$
6,196

 
 
$
4,562

 
 
$
5,268

 
 
$
4,172

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense, net
of capitalized interest
$
433

 
 
$
397

 
 
$
365

 
 
$
314

 
 
$
409

 
Interest capitalized
71

 
 
70

 
 
118

 
 
220

 
 
144

 
Rental expense interest factor (a)
279

 
 
220

 
 
212

 
 
193

 
 
179

 
Total fixed charges
$
783

 
 
$
687


 
$
695

 
 
$
727

 
 
$
732

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
8.6

x
 
9.0

x
 
6.6

x
 
7.2

x
 
5.7

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



VALERO ENERGY CORP/TX Reports