Exhibit 12

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

	Years Ended December 31,
	2008			2007			2006			2005			2004
	(Dollars in millions)
Earnings:
Income from continuing operations before income taxes and cumulative effect of change in accounting principles	$	2,047		$	1,371		$	558		$	774		$	299
Minority interest in income of consolidated subsidiaries		174			90			40			26			21
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		(61	)		(60	)		(99	)		(66	)		(50	)
Income from continuing operations before income taxes and cumulative effect of change in accounting principles, minority interest in income of consolidated subsidiaries and equity earnings		2,160			1,401			499			734			270
Add:
Fixed charges:
Interest accrued, including proportionate share from 50% owned investees and unconsolidated majority-owned investee (a)		675			709			694			680			822
Rental expense representative of interest factor		21			22			16			19			18
Total fixed charges		696			731			710			699			840
Distributed income of equity-method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		53			48			113			108			61
Less:
Capitalized interest		(59	)		(32	)		(17	)		(7	)		(7	)
Total earnings as adjusted	$	2,850		$	2,148		$	1,305		$	1,534		$	1,164
Fixed charges	$	696		$	731		$	710		$	699		$	840
Ratio of earnings to fixed charges		4.09			2.94			1.84			2.19			1.39

(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.