Exhibit 12

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

FOR THE YEAR ENDED DECEMBER 31,

(in millions, except ratios)

	2008			2007			2006			2005			2004
Earnings:
Income from continuing operations before taxes on income	$	792		$	4,802		$	3,515		$	2,008		$	2,116
Minority interests’ share of earnings of majority-owned subsidiaries without fixed charges		—			—			—			—			—
Equity income		(130	)		(168	)		(127	)		(66	)		(145	)
Fixed charges added to earnings		452			454			436			378			305
Distributed income of less than 50 percent-owned persons		81			51			37			40			59
Amortization of capitalized interest:
Consolidated		26			21			21			25			25
Proportionate share of 50 percent-owned persons		—			—			—			—			—
Total earnings	$	1,221		$	5,160		$	3,882		$	2,385		$	2,360
Fixed Charges:
Interest expense:
Consolidated	$	407		$	401		$	384		$	334		$	267
Proportionate share of 50 percent-owned persons		1			3			5			3			3
		408			404			389			337			270
Amount representative of the interest factor in rents:
Consolidated		43			48			45			39			33
Proportionate share of 50 percent-owned persons		1			2			2			2			2
		44			50			47			41			35
Fixed charges added to earnings		452			454			436			378			305
Interest capitalized:
Consolidated		167			199			128			58			27
Proportionate share of 50 percent-owned persons		2			4			2			—			—
		169			203			130			58			27
Preferred stock dividend requirements of majority-owned subsidiaries		—			—			—			—			—
Total fixed charges	$	621		$	657		$	566		$	436		$	332
Ratio of earnings to fixed charges		2.0			7.9			6.9			5.5			7.1

The financial information for all prior periods presented was reclassified to reflect discontinued operations.