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)

	Year Ended December 31,
	2007			2006(1)			2005(1)			2004			2003
Ratio of Earnings to Fixed Charges:
Earnings:
Income from continuing operations before income tax expense, minority interest in net income of consolidated subsidiaries, distributions on preferred securities of subsidiary trusts, and income from equity investees	$	6,743		$	7,872		$	5,013		$	2,726		$	981
Add:
Fixed charges		658			566			474			410			396
Amortization of capitalized interest		15			9			8			7			6
Distributions from equity investees		-			47			50			42			26
Less:
Interest capitalized		(107	)		(165	)		(66	)		(37	)		(26	)
Distributions on preferred securities of subsidiary trusts		-			-			-			-			(17	)
Minority interest in net income of NuStar Energy L.P.		-			-			-			-			(2	)
Total earnings	$	7,309		$	8,329		$	5,479		$	3,148		$	1,364
Fixed charges:
Interest expense, net	$	359		$	212		$	268		$	260		$	261
Interest capitalized		107			165			66			37			26
Rental expense interest factor (2)		192			189			140			113			92
Distributions on preferred securities of subsidiary trusts		-			-			-			-			17
Total fixed charges	$	658		$	566		$	474		$	410		$	396
Ratio of earnings to fixed charges		11.1	x		14.7	x		11.6	x		7.7	x		3.4	x
Ratio of Earnings to Fixed Charges and Preferred Stock Dividends:
Total earnings	$	7,309		$	8,329		$	5,479		$	3,148		$	1,364
Total fixed charges	$	658		$	566		$	474		$	410		$	396
Preferred stock dividends		-			3			20			19			7
Total fixed charges and preferred stock dividends	$	658		$	569		$	494		$	429		$	403
Ratio of earnings to fixed charges and preferred stock dividends		11.1	x		14.6	x		11.1	x		7.3	x		3.4	x

(1)	Amounts for 2006 and 2005 have been restated due to the presentation of the operations of the Lima Refinery as discontinued operations in the consolidated statements of income.
(2)	The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense.