EXHIBIT 12.1

ANADARKO PETROLEUM CORPORATION

CONSOLIDATED STATEMENT OF COMPUTATION OF RATIO OF

EARNINGS TO FIXED CHARGES

	Three Months Ended March 31, 2015 (Unaudited)			Years Ended December 31, (Unaudited)
millions except ratio amounts				2014			2013			2012			2011			2010
Income (loss) from continuing operations before income taxes	$	(4,628	)	$	54		$	2,106		$	3,565		$	(3,424	)	$	1,641
Equity (income) adjustment		(16	)		(119	)		(64	)		(110	)		(102	)		(74	)
Fixed charges		347			1,245			1,173			1,209			1,232			1,289
Amortization of capitalized interest		19			61			46			17			29			41
Distributed income of equity investees		28			121			25			33			34			11
Capitalized interest		(38	)		(201	)		(263	)		(221	)		(147	)		(128	)
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges		(3	)		(14	)		(11	)		(10	)		(7	)		(6	)
Total Earnings	$	(4,291	)	$	1,147		$	3,012		$	4,483		$	(2,385	)	$	2,774
Interest expense including capitalized interest		254			974			930			954			984			999
Interest expense included in other (income) expense		9			36			37			42			38			39
Estimated interest portion of rental expenditures		84			235			206			213			210			251
Total Fixed Charges	$	347		$	1,245		$	1,173		$	1,209		$	1,232		$	1,289
Ratio of Earnings to Fixed Charges		*			*			2.57			3.71			*			2.15

* As a result of our net loss in the years ended December 31, 2014 and 2011 and the three months ended March 31, 2015, our earnings did not cover fixed charges by $98 million and $3,617 million for the years ended December 31, 2014 and 2011, respectively, and by $4,638 million for the three months ended March 31, 2015.

These ratios were computed by dividing earnings by fixed charges. For this purpose, earnings include income from continuing operations before income taxes, adjusted for: income or loss from equity investees, fixed charges to the extent they affect current year earnings, amortization of capitalized interest, distributed income of equity investees, and interest capitalized during the year. Fixed charges include interest expensed and capitalized, amortized premiums, discounts and capitalized expenses related to indebtedness, and estimates of interest within rental expenses.