EX-12 2 exhibit_12.htm STATEMENT OF COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Statement of 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)

   
Years Ended December 31
  
   
2004
  
2003
  
2002
  
2001
  
2000
  
Earnings available for fixed charges:
                                
Income (loss) from continuing
                                
operations before income
                                
taxes, minority interests,
                               
and cumulative effects of
                               
accounting changes, net
  
$
651
  
$
612
  
$
(228
)
$
954
  
$
335
  
Add:
                                
Distributed earnings from
                                
equity in unconsolidated
                                
affiliates
    
61
    
113
    
33
    
38
    
34
  
Fixed charges
    
295
    
203
    
168
    
209
    
203
  
Subtotal
    
1,007
    
928
    
(27
)
  
1,201
    
572
  
Less:
                                
Undistributed equity in
                                
earnings and losses of
                                
unconsolidated affiliates
    
2
    
25
    
74
    
107
    
88
  
Total
  
$
1,005
  
$
903
  
$
(101
)
$
1,094
  
$
484
  
                                 
Fixed charges:
                                
Interest expense
  
$
229
  
$
139
  
$
113
  
$
147
  
$
146
  
Rental expense representative
                                
of interest
    
66
    
64
    
55
    
62
    
57
  
Total
  
$
295
  
$
203
  
$
168
  
$
209
  
$
203
  
                                 
Ratio of earnings to fixed charges
    
3.4
    
4.4
    
(a
)
  
5.2
    
2.4
  

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