Attached files
| file | filename |
|---|---|
| EX-1.1 - EX-1.1 - VALERO ENERGY CORP/TX | d255994dex11.htm |
| EX-4.2 - EX-4.2 - VALERO ENERGY CORP/TX | d255994dex42.htm |
| 8-K - 8-K - VALERO ENERGY CORP/TX | d255994d8k.htm |
| EX-5.1 - EX-5.1 - VALERO ENERGY CORP/TX | d255994dex51.htm |
Exhibit 12.1
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
| Six Months Ended June 30, 2016 |
||||
| Earnings: |
||||
| Income from continuing operations before income tax expense, excluding income from equity investees |
$ | 1,859 | ||
| Add: |
||||
| Fixed charges |
401 | |||
| Amortization of capitalized interest |
20 | |||
| Distributions from equity investees |
4 | |||
| Less: |
||||
| Interest capitalized |
(39 | ) | ||
|
|
|
|||
| Total earnings |
$ | 2,245 | ||
|
|
|
|||
| Fixed charges: |
||||
| Interest and debt expense, net of capitalized interest |
$ | 219 | ||
| Interest capitalized |
39 | |||
| Rental expense interest factor (a) |
143 | |||
|
|
|
|||
| Total fixed charges |
$ | 401 | ||
|
|
|
|||
| Ratio of earnings to fixed charges |
5.6x | |||
| (a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |