EX-12 19 ex12-200610k.htm EXHIBIT 12 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,

  

2006

  

2005

  

2004

  

2003

  

2002

  

Income from continuing operations

  

$

4,435

  

$

5,040

  

$

2,406

  

$

1,559

  

$

1,167

  

Add:

                                

Minority interest (a)

    

111

    

73

    

75

    

62

    

77

  

Adjusted income from equity investments (b)

    

(35

)

  

(50

)

  

(6

)

  

69

    

308

  
     

4,511

    

5,063

    

2,475

    

1,690

    

1,552

  

Add:

                                

Provision (credit) for taxes on income (other than foreign oil and gas taxes)

    

1,632

    

705

    

976

    

658

    

(49

)

Interest and debt expense (c)

    

292

    

300

    

266

    

335

    

310

  

Portion of lease rentals representative of the interest factor

    

52

    

47

    

40

    

8

    

6

  
     

1,976

    

1,052

    

1,282

    

1,001

    

267

  

Earnings before fixed charges

  

$

6,487

  

$

6,115

  

$

3,757

  

$

2,691

  

$

1,819

  

Fixed charges:

                                

Interest and debt expense including capitalized interest (c)

  

$

347

  

$

326

  

$

281

  

$

341

  

$

321

  

Portion of lease rentals representative of the interest factor

    

52

    

47

    

40

    

8

    

6

  

Total fixed charges

  

$

399

  

$

373

  

$

321

  

$

349

  

$

327

  

Ratio of earnings to fixed charges

    

16.26

    

16.39

    

11.70

    

7.71

    

5.56

  

(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 less-than-50-percent-owned equity investments.