Exhibit 12

The Williams Companies, Inc.
Computation of Ratio of Earnings to Fixed Charges

	Years Ended December 31,
	2007			2006			2005			2004			2003
	(Dollars in millions)
Earnings:
Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principles	$	1,371		$	558		$	774		$	299		$	(375	)
Minority interest in income and preferred returns of consolidated subsidiaries		90			40			26			21			19
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		(60	)		(99	)		(66	)		(50	)		(20	)
Income (loss) from continuing operations before income taxes and cumulative effect of change in accounting principles, minority interest in income and preferred returns of consolidated subsidiaries and equity earnings		1,401			499			734			270			(376	)
Add:
Fixed charges:
Interest accrued, including proportionate share from 50% owned investees and unconsolidated majority-owned investee (a)		709			694			680			822			1,274
Rental expense representative of interest factor		22			16			19			18			25
Preferred distributions		—			—			—			—			48
Total fixed charges		731			710			699			840			1,347
Distributed income of equity-method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		48			113			108			61			21
Less:
Capitalized interest		(32	)		(17	)		(7	)		(7	)		(45	)
Preferred distributions		—			—			—			—			(48	)
Total earnings as adjusted	$	2,148		$	1,305		$	1,534		$	1,164		$	899
Fixed charges	$	731		$	710		$	699		$	840		$	1,347
Ratio of earnings to fixed charges		2.94			1.84			2.19			1.39			(b	)

(a)	Does not include interest related to income taxes, including interest related to FIN 48 liabilities, which is included in provision for income taxes on our Consolidated Statement of Income. See Note 5 of Notes to Consolidated Financial Statements.
(b)	Earnings were inadequate to cover fixed charges by $448 million for the year ended December 31, 2003.