EX-12 3 exhibit_12.htm COMPUTATION OF RATIO OF EARNINGS Unassociated Document
                                                                    Exhibit 12

HALLIBURTON COMPANY
Computation of Ratio of Earnings to Fixed Charges
(Unaudited)
(Millions of dollars, except for ratios)

 
  
 
     
Six Months
Ended
Year Ended December 31
 
  
June 2004
2003
2002
2001
2000
1999
  
Earnings available for fixed charges:
    
 
    
 
    
 
    
 
    
 
    
 
  
Income (loss) from continuing
    
 
    
 
    
 
    
 
    
 
    
 
  
operations before income taxes,
    
 
    
 
    
 
    
 
    
 
    
 
  
minority interests, and
    
 
    
 
    
 
    
 
    
 
    
 
  
cumulative effects of accounting
    
 
    
 
    
 
    
 
    
 
    
 
  
changes, net
  
$
51
  
$
612
  
$
(228
)
$
954
  
$
335
  
$
307
  
Add:
    
 
    
 
    
 
    
 
    
 
    
 
  
   Distributed earnings from
    
 
    
 
    
 
    
 
    
 
    
 
  
       equity in unconsolidated
    
 
    
 
    
 
    
 
    
 
    
 
  
       affiliates
    
12
    
97
    
19
    
25
    
27
    
57
  
   Fixed charges
    
141
    
203
    
168
    
209
    
203
    
194
  
  
           Subtotal
    
204
    
912
    
(41
)
  
1,188
    
565
    
558
  
Less:
    
 
    
 
    
 
    
 
    
 
    
 
  
   Undistributed equity in
    
 
    
 
    
 
    
 
    
 
    
 
  
       earnings and losses of
    
 
    
 
    
 
    
 
    
 
    
 
  
       unconsolidated affiliates
    
(15
)
  
25
    
74
    
107
    
88
    
99
  
  
           Total
  
$
219
  
$
887
  
$
(115
)
$
1,081
  
$
477
  
$
459
  
  
Fixed charges:
    
 
    
 
    
 
    
 
    
 
    
 
  
Interest expense
  
$
109
  
$
139
  
$
113
  
$
147
  
$
146
  
$
141
  
Rental expense representative
    
 
    
 
    
 
    
 
    
 
    
 
  
   of interest
    
32
    
64
    
55
    
62
    
57
    
53
  
  
           Total
  
$
141
  
$
203
  
$
168
  
$
209
  
$
203
  
$
194
  
  
 
    
 
    
 
    
 
    
 
    
 
    
 
  
Ratio of earnings to fixed charges
    
1.6
    
4.4
    
(a
)
  
5.2
    
2.3
    
2.4
  
  

(a) For the year ended December 31, 2002, earnings were inadequate to cover fixed charges by $283 million.