EX-12.01 26 d13299exv12w01.txt STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS Exhibit 12.01 VALERO ENERGY CORPORATION AND SUBSIDIARIES STATEMENTS OF COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES AND RATIOS OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS (MILLIONS OF DOLLARS, EXCEPT RATIOS)
YEAR ENDED DECEMBER 31, -------------------------------------------------------------------------- 2003 2002 2001 2000 1999 ---------- ---------- ---------- ---------- ---------- RATIO OF EARNINGS TO FIXED CHARGES: Earnings: Income from continuing operations before income tax expense, minority interest in net income of Valero L.P., distributions on preferred securities of subsidiary trusts and income from equity investees .......... $ 980.8 $ 191.5 $ 913.0 $ 530.4 $ 17.9 Add: Fixed charges ......................... 395.5 408.9 143.2 114.6 80.2 Amortization of capitalized interest .. 6.2 5.7 5.3 5.1 5.2 Distributions from equity investees ... 26.5 4.8 2.8 9.2 4.0 Less: Interest capitalized .................. (26.3) (16.2) (10.6) (7.4) (5.8) Distributions on preferred securities of subsidiary trusts ................ (16.8) (30.0) (13.4) (6.8) -- Minority interest in net income of Valero L.P. ......................... (2.4) (14.1) -- -- -- ---------- ---------- ---------- ---------- ---------- Total earnings ........................... $ 1,363.5 $ 550.6 $ 1,040.3 $ 645.1 $ 101.5 ========== ========== ========== ========== ========== Fixed charges: Interest expense, net ................. $ 261.3 $ 285.7 $ 88.5 $ 76.3 $ 55.4 Interest capitalized .................. 26.3 16.2 10.6 7.4 5.8 Rental expense interest factor (1) ... 91.1 77.0 30.7 24.1 19.0 Distributions on preferred securities of subsidiary trusts ................ 16.8 30.0 13.4 6.8 -- ---------- ---------- ---------- ---------- ---------- Total fixed charges ...................... $ 395.5 $ 408.9 $ 143.2 $ 114.6 $ 80.2 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges ....... 3.4x 1.3x 7.3x 5.6x 1.3x ========== ========== ========== ========== ========== RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS: Total earnings ........................... $ 1,363.5 $ 550.6 $ 1,040.3 $ 645.1 $ 101.5 ========== ========== ========== ========== ========== Total fixed charges ...................... $ 395.5 $ 408.9 $ 143.2 $ 114.6 $ 80.2 Preferred stock dividends ................ 6.8 -- -- -- -- ---------- ---------- ---------- ---------- ---------- Total fixed charges and preferred stock dividends ............. $ 402.3 $ 408.9 $ 143.2 $ 114.6 $ 80.2 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges and preferred stock dividends ......... 3.4x 1.3x 7.3x 5.6x 1.3x ========== ========== ========== ========== ==========
(1) The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.