EX-12 5 exhibit12.htm EXHIBIT 12_HALCO COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Exhibit 12_HALCO Computation of Ratio of Earnings to Fixed Charges
Exhibit 12

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

   
For the nine
      
   
months ended
  
Years Ended December 31
  
   
September 30, 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
  
$
354
  
$
612
  
$
(228
)
$
954
  
$
335
  
$
307
  
Add:
                                      
Distributed earnings from
                                      
equity in unconsolidated
                                      
affiliates
    
33
    
113
    
33
    
38
    
34
    
63
  
Fixed charges
    
208
    
203
    
168
    
209
    
203
    
194
  
Subtotal
  
$
595
  
$
928
  
$
(27
)
$
1,201
  
$
572
  
$
564
  
Less:
                                      
Undistributed equity in
                                      
earnings and losses of
                                      
unconsolidated affiliates
    
17
    
25
    
74
    
107
    
88
    
99
  
Total
  
$
578
  
$
903
  
$
(101
)
$
1,094
  
$
484
  
$
465
  
                                       
Fixed charges:
                                      
Interest expense
  
$
160
  
$
139
  
$
113
  
$
147
  
$
146
  
$
141
  
Rental expense representative
                                      
of interest
    
48
    
64
    
55
    
62
    
57
    
53
  
Total
  
$
208
  
$
203
  
$
168
  
$
209
  
$
203
  
$
194
  
                                       
Ratio of earnings to fixed charges
    
2.8
    
4.4
    
(a
)
  
5.2
    
2.4
    
2.4
  

(a) For the year ended December 31, 2002 earnings were inadequate to cover fixed charges by $269 million.