Attached files
file | filename |
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10-K - 10-K - VALERO ENERGY CORP/TX | vloform10-kx12312016.htm |
EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY CORP/TX | vloexh3201-12312016.htm |
EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY CORP/TX | vloexh3102-12312016.htm |
EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY CORP/TX | vloexh3101-12312016.htm |
EX-23.01 - EXHIBIT 23.01 - VALERO ENERGY CORP/TX | vloexh2301-12312016.htm |
EX-21.01 - EXHIBIT 21.01 - VALERO ENERGY CORP/TX | vloexh2101-12312016.htm |
EX-10.19 - EXHIBIT 10.19 - VALERO ENERGY CORP/TX | vloexh1019-12312016.htm |
EX-10.08 - EXHIBIT 10.08 - VALERO ENERGY CORP/TX | vloexh1008-12312016.htm |
EX-10.07 - EXHIBIT 10.07 - VALERO ENERGY CORP/TX | vloexh1007-12312016.htm |
EX-10.06 - EXHIBIT 10.06 - VALERO ENERGY CORP/TX | vloexh1006-12312016.htm |
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Year Ended December 31, | ||||||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income tax expense, excluding income from equity investees | $ | 3,173 | $ | 5,962 | $ | 5,538 | $ | 3,951 | $ | 4,736 | ||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 781 | 783 | 687 | 695 | 727 | |||||||||||||||||||
Amortization of capitalized interest | 40 | 37 | 35 | 31 | 24 | |||||||||||||||||||
Distributions from equity investees | 6 | 26 | 6 | 3 | 1 | |||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | (65 | ) | (71 | ) | (70 | ) | (118 | ) | (220 | ) | ||||||||||||||
Total earnings | $ | 3,935 | $ | 6,737 | $ | 6,196 | $ | 4,562 | $ | 5,268 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest and debt expense, net of capitalized interest | $ | 446 | $ | 433 | $ | 397 | $ | 365 | $ | 314 | ||||||||||||||
Interest capitalized | 65 | 71 | 70 | 118 | 220 | |||||||||||||||||||
Rental expense interest factor (a) | 270 | 279 | 220 | 212 | 193 | |||||||||||||||||||
Total fixed charges | $ | 781 | $ | 783 | $ | 687 | $ | 695 | $ | 727 | ||||||||||||||
Ratio of earnings to fixed charges | 5.0 | x | 8.6 | x | 9.0 | x | 6.6 | x | 7.2 | x |
__________
(a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |