Attached files
| file | filename |
|---|---|
| 10-K - 10-K - VALERO ENERGY CORP/TX | vloform10-kx12312017.htm |
| EX-99.01 - EXHIBIT 99.01 - VALERO ENERGY CORP/TX | vloexh9901-12312017.htm |
| EX-32.01 - EXHIBIT 32.01 - VALERO ENERGY CORP/TX | vloexh3201-12312017.htm |
| EX-31.02 - EXHIBIT 31.02 - VALERO ENERGY CORP/TX | vloexh3102-12312017.htm |
| EX-31.01 - EXHIBIT 31.01 - VALERO ENERGY CORP/TX | vloexh3101-12312017.htm |
| EX-23.01 - EXHIBIT 23.01 - VALERO ENERGY CORP/TX | vloexh2301-12312017.htm |
| EX-21.01 - EXHIBIT 21.01 - VALERO ENERGY CORP/TX | vloexh2101-12312017.htm |
| EX-10.18 - EXHIBIT 10.18 - VALERO ENERGY CORP/TX | vloexh1018-12312017.htm |
| EX-10.01 - EXHIBIT 10.01 - VALERO ENERGY CORP/TX | vloexh1001-12312017.htm |
Exhibit 12.01
VALERO ENERGY CORPORATION
STATEMENTS OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Millions of Dollars)
Year Ended December 31, | ||||||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||||||
Earnings: | ||||||||||||||||||||||||
Income from continuing operations before income tax expense, excluding income from equity investees | $ | 3,198 | $ | 3,173 | $ | 5,962 | $ | 5,538 | $ | 3,951 | ||||||||||||||
Add: | ||||||||||||||||||||||||
Fixed charges | 776 | 781 | 783 | 687 | 695 | |||||||||||||||||||
Amortization of capitalized interest | 43 | 40 | 37 | 35 | 31 | |||||||||||||||||||
Distributions from equity investees | 6 | 6 | 26 | 6 | 3 | |||||||||||||||||||
Less: | ||||||||||||||||||||||||
Interest capitalized | (71 | ) | (65 | ) | (71 | ) | (70 | ) | (118 | ) | ||||||||||||||
Total earnings | $ | 3,952 | $ | 3,935 | $ | 6,737 | $ | 6,196 | $ | 4,562 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||
Interest and debt expense, net of capitalized interest | $ | 468 | $ | 446 | $ | 433 | $ | 397 | $ | 365 | ||||||||||||||
Interest capitalized | 71 | 65 | 71 | 70 | 118 | |||||||||||||||||||
Rental expense interest factor (a) | 237 | 270 | 279 | 220 | 212 | |||||||||||||||||||
Total fixed charges | $ | 776 | $ | 781 | $ | 783 | $ | 687 | $ | 695 | ||||||||||||||
Ratio of earnings to fixed charges | 5.1 | x | 5.0 | x | 8.6 | x | 9.0 | x | 6.6 | x | ||||||||||||||
__________
(a) | The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. |