EX-12 3 0003.txt COMPUTATION OF RATIOS EXHIBIT 12 OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios)
Six Months Ended June 30 Year Ended December 31 -------------------- ----------------------------------------------------- 2000 1999 1999 1998 1997 1996 1995 ---------------------------------------- --------- --------- --------- --------- --------- --------- --------- Income (loss) from continuing operations(a) $ 921 $ 17 $ 699 $ 400 $ 245 $ 486 $ 325 --------- --------- --------- --------- --------- --------- --------- Add: Provision (credit) for taxes on income (other than foreign and gas taxes) 482 16 306 204 47 99 155 Interest and debt expense(b) 258 263 515 576 446 492 591 Portion of lease rentals representative of the interest factor 3 17 31 36 39 38 43 --------- --------- --------- --------- --------- --------- --------- 743 296 852 816 532 629 789 --------- --------- --------- --------- --------- --------- --------- Earnings before fixed charges $ 1,664 $ 313 $ 1,551 $ 1,216 $ 777 $ 1,115 $ 1,114 ========= ========= ========= ========= ========= ========= ========= Fixed charges Interest and debt expense including capitalized interest(b) $ 258 $ 268 $ 522 $ 594 $ 462 $ 499 $ 595 Portion of lease rentals representative of the interest factor 3 17 31 36 39 38 43 --------- --------- --------- --------- --------- --------- --------- Total fixed charges $ 261 $ 285 $ 553 $ 630 $ 501 $ 537 $ 638 ========= ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 6.38 1.10 2.80 1.93 1.55 2.08 1.75 ---------------------------------------- ========= ========= ========= ========= ========= ========= =========
(a) Includes (1) minority interest in net income of majority-owned subsidiaries and partnerships having fixed charges and (2) income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. (b) Includes proportionate share of interest and debt expense of 50-percent-owned equity investments.