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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)

                                                             Three Months
                                                                Ended                        Year Ended December 31,
                                                              March 31,
                                                                 2005           2004       2003       2002        2001        2000
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 ...............                  $ 782       $ 2,726      $ 981       $ 191      $ 913         $ 530
Add:
  Fixed charges ........................................          105            410        396        409         143          115
  Amortization of capitalized interest ......                       2              7          6          6           5            5
  Distributions from equity investees ......                       14             42         26          5           3            9
Less:
  Interest capitalized ................................           (11)            (37)       (26)      (16)        (11)          (7)
  Distributions on preferred securities
     of subsidiary trusts ............................              -               -        (17)      (30)        (13)          (7)
  Minority interest in net income of
     Valero L.P.........................................            -             -           (2)      (14)           -           -
Total earnings ...........................................      $ 892       $ 3,148      $ 1,364     $ 551      $ 1,040       $ 645

Fixed charges:
  Interest expense, net..............................            $ 63           $ 260     $ 261      $ 286       $ 88         $ 76
  Interest capitalized ................................            11              37        26         16         11            7
  Rental expense interest factor (1)..........                     31             113        92         77         31           25
  Distributions on preferred securities
     of subsidiary trusts ............................              -               -        17         30          13            7
Total fixed charges ...................................         $ 105           $ 410     $ 396      $ 409       $ 143        $ 115

Ratio of earnings to fixed charges.............                   8.5x            7.7x       3.4x      1.3x        7.3x         5.6x

Ratio of Earnings to Fixed Charges
  and Preferred Stock Dividends:
Total earnings ...........................................      $ 892       $ 3,148      $ 1,364     $ 551      $ 1,040       $ 645

Total fixed charges ...................................         $ 105           $ 410     $ 396      $ 409       $ 143        $ 115
Preferred stock dividends..........................                 6              19         7          -           -            -
Total fixed charges and
  preferred stock dividends......................               $ 111           $ 429     $ 403      $ 409       $ 143        $ 115

Ratio of earnings to fixed charges
  and preferred stock dividends ...............                   8.0x            7.3x       3.4x      1.3x        7.3x         5.6x

(1) The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of
    rental expense.




                                                                            1
Exhibit 31.01

                             CERTIFICATION PURSUANT TO SECTION 302
                               OF THE SARBANES-OXLEY ACT OF 2002

         I, William E. Greehey, the principal executive officer of Valero Energy Corporation, certify that:

         1.       I have reviewed this quarterly report on Form 10-Q/A of Valero Energy Corporation;

         2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

         3.         Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;

         4.       The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

                  (a)       Designed such disclosure controls and procedures, or caused such disclosure controls and
         procedures to be designed under our supervision, to ensure that material information relating to the
         registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
         particularly during the period in which this report is being prepared;

                  (b)       Designed such internal control over financial reporting, or caused such internal control
         over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
         the reliability of financial reporting and the preparation of financial statements for external purposes in
         accordance with generally accepted accounting principles;

                  (c)       Evaluated the effectiveness of the registrant's disclosure controls and procedures and
         presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
         of the end of the period covered by this report based on such evaluation; and

                  (d)        Disclosed in this report any change in the registrant's internal control over financial
         reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
         in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
         registrant's internal control over financial reporting; and

         5.       The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

                  (a)       All significant deficiencies and material weaknesses in the design or operation of internal
         control over financial reporting which are reasonably likely to adversely affect the registrant's ability to
         record, process, summarize and report financial information; and

                  (b)       Any fraud, whether or not material, that involves management or other employees who
         have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2005

             /s/ William E. Greehey
         William E. Greehey
         Chief Executive Officer
CERTIFICATION PURSUANT TO SECTION 302
                               OF THE SARBANES-OXLEY ACT OF 2002

         I, Michael S. Ciskowski, the principal financial officer of Valero Energy Corporation, certify that:

         1.       I have reviewed this quarterly report on Form 10-Q/A of Valero Energy Corporation;

         2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;

         3.         Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this report;

         4.       The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control
over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

                  (a)       Designed such disclosure controls and procedures, or caused such disclosure controls and
         procedures to be designed under our supervision, to ensure that material information relating to the
         registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
         particularly during the period in which this report is being prepared;

                  (b)       Designed such internal control over financial reporting, or caused such internal control
         over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
         the reliability of financial reporting and the preparation of financial statements for external purposes in
         accordance with generally accepted accounting principles;

                  (c)       Evaluated the effectiveness of the registrant's disclosure controls and procedures and
         presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as
         of the end of the period covered by this report based on such evaluation; and

                  (d)        Disclosed in this report any change in the registrant's internal control over financial
         reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter
         in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
         registrant's internal control over financial reporting; and

         5.       The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's
board of directors (or persons performing the equivalent functions):

                  (a)       All significant deficiencies and material weaknesses in the design or operation of internal
         control over financial reporting which are reasonably likely to adversely affect the registrant's ability to
         record, process, summarize and report financial information; and

                  (b)       Any fraud, whether or not material, that involves management or other employees who
         have a significant role in the registrant's internal control over financial reporting.

Date: May 10, 2005


             /s/ Michael S. Ciskowski
         Michael S. Ciskowski
         Executive Vice President and Chief Financial Officer
Exhibit 32.01



                                CERTIFICATION PURSUANT TO
                                    18 U.S.C. SECTION 1350,
                                  AS ADOPTED PURSUANT TO
                       SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Valero Energy Corporation (the Company) on Form 10-Q/A
for the quarter ended March 31, 2005, as filed with the Securities and Exchange Commission on the date
hereof (the Report), I, William E. Greehey, Chief Executive Officer of the Company, hereby certify,
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that:

        1.       The Report fully complies with the requirements of Section 13(a) or 15(d) of the
                 Securities Exchange Act of 1934; and

        2.       The information contained in the Report fairly presents, in all material respects, the
                 financial condition and results of operations of the Company.



/s/ William E. Greehey
William E. Greehey
Chief Executive Officer
May 10, 2005




A signed original of the written statement required by Section 906 has been provided to Valero Energy Corporation
and will be retained by Valero Energy Corporation and furnished to the Securities and Exchange Commission or its
staff upon request.
CERTIFICATION PURSUANT TO
                                    18 U.S.C. SECTION 1350,
                                  AS ADOPTED PURSUANT TO
                       SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


In connection with the Quarterly Report of Valero Energy Corporation (the Company) on Form 10-Q/A
for the quarter ended March 31, 2005, as filed with the Securities and Exchange Commission on the date
hereof (the Report), I, Michael S. Ciskowski, Executive Vice President and Chief Financial Officer of the
Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that:

        1.       The Report fully complies with the requirements of Section 13(a) or 15(d) of the
                 Securities Exchange Act of 1934; and

        2.       The information contained in the Report fairly presents, in all material respects, the
                 financial condition and results of operations of the Company.



/s/ Michael S. Ciskowski
Michael S. Ciskowski
Executive Vice President and Chief Financial Officer
May 10, 2005




A signed original of the written statement required by Section 906 has been provided to Valero Energy Corporation
and will be retained by Valero Energy Corporation and furnished to the Securities and Exchange Commission or its
staff upon request.

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valero energy Quarterly and Other SEC Reports 2005 1st

  • 1. 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) Three Months Ended Year Ended December 31, March 31, 2005 2004 2003 2002 2001 2000 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 ............... $ 782 $ 2,726 $ 981 $ 191 $ 913 $ 530 Add: Fixed charges ........................................ 105 410 396 409 143 115 Amortization of capitalized interest ...... 2 7 6 6 5 5 Distributions from equity investees ...... 14 42 26 5 3 9 Less: Interest capitalized ................................ (11) (37) (26) (16) (11) (7) Distributions on preferred securities of subsidiary trusts ............................ - - (17) (30) (13) (7) Minority interest in net income of Valero L.P......................................... - - (2) (14) - - Total earnings ........................................... $ 892 $ 3,148 $ 1,364 $ 551 $ 1,040 $ 645 Fixed charges: Interest expense, net.............................. $ 63 $ 260 $ 261 $ 286 $ 88 $ 76 Interest capitalized ................................ 11 37 26 16 11 7 Rental expense interest factor (1).......... 31 113 92 77 31 25 Distributions on preferred securities of subsidiary trusts ............................ - - 17 30 13 7 Total fixed charges ................................... $ 105 $ 410 $ 396 $ 409 $ 143 $ 115 Ratio of earnings to fixed charges............. 8.5x 7.7x 3.4x 1.3x 7.3x 5.6x Ratio of Earnings to Fixed Charges and Preferred Stock Dividends: Total earnings ........................................... $ 892 $ 3,148 $ 1,364 $ 551 $ 1,040 $ 645 Total fixed charges ................................... $ 105 $ 410 $ 396 $ 409 $ 143 $ 115 Preferred stock dividends.......................... 6 19 7 - - - Total fixed charges and preferred stock dividends...................... $ 111 $ 429 $ 403 $ 409 $ 143 $ 115 Ratio of earnings to fixed charges and preferred stock dividends ............... 8.0x 7.3x 3.4x 1.3x 7.3x 5.6x (1) The interest portion of rental expense represents one-third of rents, which is deemed representative of the interest portion of rental expense. 1
  • 2. Exhibit 31.01 CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, William E. Greehey, the principal executive officer of Valero Energy Corporation, certify that: 1. I have reviewed this quarterly report on Form 10-Q/A of Valero Energy Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 10, 2005 /s/ William E. Greehey William E. Greehey Chief Executive Officer
  • 3. CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Michael S. Ciskowski, the principal financial officer of Valero Energy Corporation, certify that: 1. I have reviewed this quarterly report on Form 10-Q/A of Valero Energy Corporation; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 10, 2005 /s/ Michael S. Ciskowski Michael S. Ciskowski Executive Vice President and Chief Financial Officer
  • 4. Exhibit 32.01 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Valero Energy Corporation (the Company) on Form 10-Q/A for the quarter ended March 31, 2005, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, William E. Greehey, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ William E. Greehey William E. Greehey Chief Executive Officer May 10, 2005 A signed original of the written statement required by Section 906 has been provided to Valero Energy Corporation and will be retained by Valero Energy Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
  • 5. CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of Valero Energy Corporation (the Company) on Form 10-Q/A for the quarter ended March 31, 2005, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Michael S. Ciskowski, Executive Vice President and Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. /s/ Michael S. Ciskowski Michael S. Ciskowski Executive Vice President and Chief Financial Officer May 10, 2005 A signed original of the written statement required by Section 906 has been provided to Valero Energy Corporation and will be retained by Valero Energy Corporation and furnished to the Securities and Exchange Commission or its staff upon request.