EX-7 3 d633137dex7.htm EX-7 EX-7

Exhibit 7

Computation of ratio of earnings to fixed charges (unaudited)

 

 

 

     $ million, except ratios  
     2013     2012     2011     2010     2009  

Earnings available for fixed charges:

          

Pre-tax income (loss) from continuing operations before adjustment for income or loss from joint ventures and associates (a) (b)

     27,032        14,196        32,545        (10,064     20,916   

Fixed charges

     3,021        2,971        2,808        2,944        2,279   

Amortization of capitalized interest

     226        145        44        212        252   

Distributed income of joint ventures and associates

     1,391        1,763        5,040        3,277        3,003   

Interest capitalized

     (238     (390     (349     (254     (188

Preference dividend requirements, gross of tax

     (2     (3     (3     (2     (3

Income of non-controlling interests not inccuring fixed charges

     —          —          —          (9     (1
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total earnings available for fixed charges

     31,430        18,682        40,085        (3,896     26,258   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fixed charges:

          

Interest expensed

     844        844        802        701        718   

Interest capitalized

     238        390        349        254        188   

Rental expense representative of interest

     1,937        1,734        1,654        1,987        1,370   

Preference dividend requirements, gross of tax

     2        3        3        2        3   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total fixed charges

     3,021        2,971        2,808        2,944        2,279   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of earnings to fixed charges

     10.4        6.3        14.3        —          11.5   

Deficiency of earnings to fixed charges

     —          —          —          (6,840     —     

 

(a) 2013 includes a pre-tax charge of $469 million (2012 $5,014 million pre-tax charge, 2011 $3,742 million pre-tax credit and 2010 $40,935 million pre-tax charge) relating to the Gulf of Mexico oil spill.
(b) 2012 includes $709 million of dividends received from TNK-BP.