Attached files
| file | filename |
|---|---|
| EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY CORP/TX | vloexh3201-3312016.htm |
| EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY CORP/TX | vloexh3101-3312016.htm |
| EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY CORP/TX | vloexh3102-3312016.htm |
| 10-Q - 10-Q - VALERO ENERGY CORP/TX | vloform10-qx3312016.htm |
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||
Earnings: | |||||||||||||||||||||||||||||
Income from continuing operations before income tax expense, excluding income from equity investees | $ | 728 | $ | 5,962 | $ | 5,538 | $ | 3,951 | $ | 4,736 | $ | 3,562 | |||||||||||||||||
Add: | |||||||||||||||||||||||||||||
Fixed charges | 198 | 783 | 687 | 695 | 727 | 732 | |||||||||||||||||||||||
Amortization of capitalized interest | 10 | 37 | 35 | 31 | 24 | 22 | |||||||||||||||||||||||
Distributions from equity investees | 1 | 26 | 6 | 3 | 1 | — | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Interest capitalized | (20 | ) | (71 | ) | (70 | ) | (118 | ) | (220 | ) | (144 | ) | |||||||||||||||||
Total earnings | $ | 917 | $ | 6,737 | $ | 6,196 | $ | 4,562 | $ | 5,268 | $ | 4,172 | |||||||||||||||||
Fixed charges: | |||||||||||||||||||||||||||||
Interest and debt expense, net of capitalized interest | $ | 108 | $ | 433 | $ | 397 | $ | 365 | $ | 314 | $ | 409 | |||||||||||||||||
Interest capitalized | 20 | 71 | 70 | 118 | 220 | 144 | |||||||||||||||||||||||
Rental expense interest factor (a) | 70 | 279 | 220 | 212 | 193 | 179 | |||||||||||||||||||||||
Total fixed charges | $ | 198 | $ | 783 | $ | 687 | $ | 695 | $ | 727 | $ | 732 | |||||||||||||||||
Ratio of earnings to fixed charges | 4.6 | x | 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. |