EX-12 4 ex12-20012q.txt EXHIBIT 12 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 --------------------- --------------------------------------------------------- 2001 2000 2000 1999 1998 1997 1996 --------------------------------------- --------- --------- --------- --------- --------- --------- --------- Income from continuing operations(a) $ 1,095 $ 921 $ 1,785 $ 699 $ 400 $ 245 $ 486 --------- --------- --------- --------- --------- --------- --------- Add: Provision for taxes on income (other than foreign and gas taxes) 359 482 871 306 204 47 99 Interest and debt expense(b) 232 258 540 515 576 446 492 Portion of lease rentals representative of the interest factor 15 3 6 31 36 39 38 --------- --------- --------- --------- --------- --------- --------- 606 743 1,417 852 816 532 629 --------- --------- --------- --------- --------- --------- --------- Earnings before fixed charges $ 1,701 $ 1,664 $ 3,202 $ 1,551 $ 1,216 $ 777 $ 1,115 ========= ========= ========= ========= ========= ========= ========= Fixed charges Interest and debt expense including capitalized interest(b) $ 235 $ 258 $ 543 $ 522 $ 594 $ 462 $ 499 Portion of lease rentals representative of the interest factor 15 3 6 31 36 39 38 --------- --------- --------- --------- --------- --------- --------- Total fixed charges $ 250 $ 261 $ 549 $ 553 $ 630 $ 501 $ 537 ========= ========= ========= ========= ========= ========= ========= Ratio of earnings to fixed charges 6.80 6.38 5.83 2.80 1.93 1.55 2.08 --------------------------------------- ========= ========= ========= ========= ========= ========= =========
(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.