EX-12 3 psx-20171231_ex12.htm EXHIBIT 12 Exhibit
Exhibit 12


PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges



 
Millions of Dollars
 
Year Ended December 31
 
2017

 
2016

 
2015

 
2014

 
2013

Earnings Available for Fixed Charges
 
 
 
 
 
 
 
 
 
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges
$
3,555

 
2,181

 
6,035

 
5,711

 
5,509

Distributions less than equity in earnings of affiliates
(516
)
 
(815
)
 
185

 
197

 
(354
)
Preference security dividend requirement of consolidated subsidiary
(9
)
 
—

 
—

 
—

 
—

Fixed charges, excluding capitalized interest*
601

 
488

 
456

 
397

 
365

 
$
3,631

 
1,854

 
6,676

 
6,305

 
5,520

 
 
 
 
 
 
 
 
 
 
Fixed Charges
 
 
 
 
 
 
 
 
 
Interest and expense on indebtedness, excluding capitalized interest
$
438

 
338

 
310

 
267

 
275

Capitalized interest
15

 
81

 
106

 
20

 
—

Interest portion of rental expense
141

 
140

 
140

 
125

 
83

Preference security dividend requirement of consolidated subsidiary
9

 
—

 
—

 
—

 
—

 
$
603

 
559

 
556

 
412

 
358

Ratio of Earnings to Fixed Charges
6.0

 
3.3

 
12.0

 
15.3

 
15.4

* Includes amortization of capitalized interest totaling approximately $13 million for the year ended December 31, 2017. Amortization of capitalized interest
for the years ended December 31, totaled approximately $10 million in 2016, $7 million in 2015, $6 million in 2014 and $7 million in 2013.