EX-12 2 exhibit12.htm COMPUTATION OF RATIO Computation of Ratio
Exhibit 12

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

 

For the three
Years Ended December 31
 

 months ended
 

March 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
  
$
131
  
$
612
  
$
(228
)
$
954
  
$
335
  
$
307
  
Add:
    
 
    
 
    
 
    
 
    
 
    
 
  
   Distributed earnings from
    
 
    
 
    
 
    
 
    
 
    
 
  
equity in unconsolidated
    
 
    
 
    
 
    
 
    
 
    
 
  
affiliates
    
5
    
97
    
19
    
25
    
27
    
57
  
   Fixed charges
    
72
    
203
    
168
    
209
    
203
    
194
  
          Subtotal
  
$
208
  
$
912
  
$
(41
)
$
1,188
  
$
565
  
$
558
  
Less:
    
 
    
 
    
 
    
 
    
 
    
 
  
   Undistributed equity in
    
 
    
 
    
 
    
 
    
 
    
 
  
       earnings and losses of
    
 
    
 
    
 
    
 
    
 
    
 
  
       unconsolidated affiliates
    
(8
)
  
25
    
74
    
107
    
88
    
99
  
          Total
  
$
216
  
$
887
  
$
(115
)
$
1,081
  
$
477
  
$
459
  
 
    
 
    
 
    
 
    
 
    
 
    
 
  
Fixed charges:
    
 
    
 
    
 
    
 
    
 
    
 
  
Interest expense
  
$
56
  
$
139
  
$
113
  
$
147
  
$
146
  
$
141
  
Rental expense representative
    
 
    
 
    
 
    
 
    
 
    
 
  
   of interest
    
16
    
64
    
55
    
62
    
57
    
53
  
          Total
  
$
72
  
$
203
  
$
168
  
$
209
  
$
203
  
$
194
  
 
    
 
    
 
    
 
    
 
    
 
    
 
  
Ratio of earnings to fixed charges
    
3.0
    
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.