EX-12 11 psx-10xk2012xex12.htm EXHIBIT 12 PSX-10-K2012-Ex12

Exhibit 12


PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges



 
Millions of Dollars
 
Year Ended December 31
 
2012

 
2011

 
2010

 
2009

 
2008

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges
$
6,624

 
6,619

 
1,314

 
843

 
4,111

Distributions less than equity in earnings of affiliates
(872
)
 
(951
)
 
(723
)
 
(562
)
 
(106
)
Fixed charges, excluding capitalized interest*
376

 
142

 
153

 
160

 
208

 
$
6,128

 
5,810

 
744

 
441

 
4,213

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
246

 
17

 
1

 
1

 
42

Capitalized interest
—

 
—

 
4

 
57

 
41

Interest portion of rental expense
121

 
116

 
133

 
153

 
160

 
$
367

 
133

 
138

 
211

 
243

Ratio of Earnings to Fixed Charges
16.7

 
43.7

 
5.4

 
2.1

 
17.3

* Includes amortization of capitalized interest totaling approximately $9 million for the year ended December 31, 2012. Amortization of capitalized interest for the years ended December 31, totaled approximately $9 million in 2011, $19 million in 2010, $6 million in 2009, and $6 million in 2008.