EX-12 3 psx-20141231_ex12.htm EXHIBIT 12 PSX-2014/12/31_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
 
2014

 
2013

 
2012

 
2011

 
2010

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges
$
5,711

 
5,509

 
6,624

 
6,619

 
1,314

Distributions less than equity in earnings of affiliates
197

 
(354
)
 
(872
)
 
(951
)
 
(723
)
Fixed charges, excluding capitalized interest*
397

 
365

 
376

 
142

 
153

 
$
6,305

 
5,520

 
6,128

 
5,810

 
744

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
267

 
275

 
246

 
17

 
1

Capitalized interest
20

 
—

 
—

 
—

 
4

Interest portion of rental expense
125

 
83

 
121

 
116

 
133

 
$
412

 
358

 
367

 
133

 
138

Ratio of Earnings to Fixed Charges
15.3

 
15.4

 
16.7

 
43.7

 
5.4

* Includes amortization of capitalized interest totaling approximately $6 million for the year ended December 31, 2014. Amortization of capitalized interest for the years ended December 31, totaled approximately $7 million in 2013, $9 million in 2012, $9 million in 2011, and $19 million in 2010.