EX-12 2 ex12-20091q.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)

 

 

 

 

Three Months Ended

 

Year Ended

 

 

 

March 31

 

December 31

 

 

 

 

2009

 

 

2008

 

 

2008

 

 

2007

 

 

2006

 

 

2005

 

 

2004

 

Income from continuing operations

 

$

380

 

$

1,848

 

$

6,955

 

$

5,153

 

$

4,313

 

$

4,912

 

$

2,273

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted income from equity investments (a)

 

 

(24

)

 

(27

)

 

(84

)

 

(28

)

 

(52

)

 

(53

)

 

(5

)

 

 

 

356

 

 

1,821

 

 

6,871

 

 

5,125

 

 

4,261

 

 

4,859

 

 

2,268

 

Add:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

50

 

 

541

 

 

2,213

 

 

1,577

 

 

1,545

 

 

632

 

 

891

 

Interest and debt expense

 

 

28

 

 

38

 

 

133

 

 

344

 

 

297

 

 

305

 

 

270

 

Portion of lease rentals representative of the interest factor

 

 

12

 

 

7

 

 

58

 

 

60

 

 

52

 

 

47

 

 

40

 

 

 

 

90

 

 

586

 

 

2,404

 

 

1,981

 

 

1,894

 

 

984

 

 

1,201

 

Earnings before fixed charges

 

$

446

 

$

2,407

 

$

9,275

 

$

7,106

 

$

6,155

 

$

5,843

 

$

3,469

 

Fixed charges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and debt expense including capitalized interest

 

$

54

 

$

50

 

$

201

 

$

403

 

$

352

 

$

331

 

$

285

 

Portion of lease rentals representative of the interest factor

 

 

12

 

 

7

 

 

58

 

 

60

 

 

52

 

 

47

 

 

40

 

Total fixed charges

 

$

66

 

$

57

 

$

259

 

$

463

 

$

404

 

$

378

 

$

325

 

Ratio of earnings to fixed charges

 

 

6.76

 

 

42.23

 

 

35.81

 

 

15.35

 

 

15.24

 

 

15.46

 

 

10.67

 

(a)

Represents income from equity investments adjusted to reflect only dividends received.