EX-12 9 ex12-20032q.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 ------------------- -------------------------------------------------------- 2003 2002 2002 2001 2000 1999 1998 ---------------------------------------- -------- -------- -------- -------- -------- -------- -------- Income from continuing operations(a) $ 844 $ 446 $ 1,548 $ 1,418 $ 1,785 $ 699 $ 400 -------- -------- -------- -------- -------- -------- -------- Add: Provision for taxes on income (other than foreign and gas taxes) 886 461 428 172 871 306 204 Interest and debt expense(b) 191 159 309 411 540 515 576 Portion of lease rentals representative of the interest factor 9 13 6 7 6 31 36 -------- -------- -------- -------- -------- -------- -------- 1,086 633 743 590 1,417 852 816 -------- -------- -------- -------- -------- -------- -------- Earnings before fixed charges $ 1,930 $ 1,079 $ 2,291 $ 2,008 $ 3,202 $ 1,551 $ 1,216 ======== ======== ======== ======== ======== ======== ======== Fixed charges Interest and debt expense including capitalized interest(b) $ 194 $ 163 $ 321 $ 417 $ 543 $ 522 $ 594 Portion of lease rentals representative of the interest factor 9 13 6 7 6 31 36 -------- -------- -------- -------- -------- -------- -------- Total fixed charges $ 203 $ 176 $ 327 $ 424 $ 549 $ 553 $ 630 ======== ======== ======== ======== ======== ======== ======== Ratio of earnings to fixed charges 9.51 6.13 7.00 4.74 5.83 2.80 1.93 ---------------------------------------- ======== ======== ======== ======== ======== ======== ========
(a) Includes (1) minority interest in net income of consolidated 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.