EX-12 12 ex1200-20041231.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)
For the years ended December 31, 2004 2003 2002 2001 2000 ================================================================= ========== ========== ========== ========== ========== Income from continuing operations $ 2,606 $ 1,601 $ 1,181 $ 1,182 $ 1,559 Add: Minority interest (a) 75 62 77 143 185 Adjusted income from equity investments (b) (6) 69 308 89 31 ---------- ---------- ---------- ---------- ---------- 2,675 1,732 1,566 1,414 1,775 ---------- ---------- ---------- ---------- ---------- Add: Provision (credit) for taxes on income (other than foreign oil and gas taxes) 982 682 (41) 172 871 Interest and debt expense (c) 266 335 309 411 540 Portion of lease rentals representative of the interest factor 40 8 6 7 6 ---------- ---------- ---------- ---------- ---------- 1,288 1,025 274 590 1,417 ---------- ---------- ---------- ---------- ---------- Earnings before fixed charges $ 3,963 $ 2,757 $ 1,840 $ 2,004 $ 3,192 ========== ========== ========== ========== ========== Fixed charges: Interest and debt expense including capitalized interest (c) $ 281 $ 341 $ 321 $ 417 $ 543 Portion of lease rentals representative of the interest factor 40 8 6 7 6 ---------- ---------- ---------- ---------- ---------- Total fixed charges $ 321 $ 349 $ 327 $ 424 $ 549 ========== ========== ========== ========== ========== Ratio of earnings to fixed charges 12.35 7.90 5.63 4.73 5.81 ================================================================= ========== ========== ========== ========== ==========
(a) Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges. (b) Represents income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. (c) Includes proportionate share of interest and debt expense of 50-percent-owned equity investments.