EX-12 5 h53977exv12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES exv12
 

Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
                                         
    Millions of Dollars  
    Years Ended December 31  
    2007     2006     2005     2004     2003  
Earnings Available for Fixed Charges
                                        
Income from continuing operations before income taxes and minority interest
   $ 23,310       28,371       23,547       14,369       8,337  
Distributions less than equity in earnings of fifty-percent-or-less-owned companies
    (1,839 )     (962 )     (1,785 )     (780 )     (52 )
Fixed charges, excluding capitalized interest*
     1,680       1,410       747       758       1,019  
   
 
   $ 23,151       28,819       22,509       14,347       9,304  
   
 
                                        
Fixed Charges
                                        
Interest and expense on indebtedness, excluding capitalized interest
   $ 1,253       1,087       497       546       844  
Capitalized interest
     565       458       395       430       327  
Preferred dividend requirements of subsidiary and capital trusts
     -       -       -       -       -  
Interest portion of rental expense
     171       232       188       174       149  
Interest expense relating to guaranteed debt of fifty-percent-or-less-owned companies
     19       -       -       9       1  
Interest expense relating to guaranteed debt of greater than fifty-percent-owned companies
     -       -       -       -       -  
 
 
   $ 2,008       1,777       1,080       1,159       1,321  
 
Ratio of Earnings to Fixed Charges
     11.5       16.2       20.8       12.4       7.0  
 
* Includes amortization of capitalized interest totaling approximately $237 million in 2007, $92 million in 2006, $62 million in 2005, $29 million in 2004, and $25 million in 2003.
Earnings available for fixed charges include, if any, the company’s equity in losses of companies owned less than fifty percent and having debt for which the company is contingently liable. Fixed charges include the company’s proportionate share, if any, of interest relating to the contingent debt.
Earnings available for fixed charges include, if any, 100 percent of the losses of companies owned greater than fifty percent that have debt for which the company is contingently liable. Fixed charges include 100 percent of interest and capitalized interest, if any, relating to the contingent debt.