EX-12 5 ex12-20121q.htm EXHIBIT 12 ex12-20121q.htm

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
  
       
2012
    
2011
    
2011
    
2010
    
2009
    
2008
    
2007
  
Income from continuing operations
  
$
  
1,560
  
$
1,405
  
$
6,640
  
$
4,641
  
$
3,202
  
$
7,299
  
$
5,147
  
                                               
Subtract:
                                              
Net income attributable to noncontrolling interest
      
―
    
―
    
―
    
(72
)
  
(51
)
  
(116
)
  
(75
)
Adjusted income from equity investments(a)
      
101
    
(48
)
  
(33
)
  
(60
)
  
(88
)
  
(84
)
  
(28
)
       
1,661
    
1,357
    
6,607
    
4,509
    
3,063
    
7,099
    
5,044
  
                                               
Add:
                                              
Provision for taxes on income (other than foreign oil and gas taxes)
      
530
    
434
    
1,795
    
1,099
    
695
    
2,213
    
1,577
  
Interest and debt expense (b)
      
30
    
52
    
135
    
116
    
140
    
133
    
344
  
Portion of lease rentals representative of the interest factor
      
14
    
14
    
60
    
57
    
57
    
58
    
60
  
       
574
    
500
    
1,990
    
1,272
    
892
    
2,404
    
1,981
  
Earnings before fixed charges
  
$
  
2,235
  
$
1,857
  
$
8,597
  
$
5,781
  
$
3,955
  
$
9,503
  
$
7,025
  
                                               
Fixed charges:
                                              
Interest and debt expense including capitalized interest (b)
  
$
  
58
  
$
69
  
$
221
  
$
203
  
$
218
  
$
201
  
$
403
  
Portion of lease rentals representative of the interest factor
      
14
    
14
    
60
    
57
    
57
    
58
    
60
  
Total fixed charges
  
$
  
72
  
$
83
  
$
281
  
$
260
  
$
275
  
$
259
  
$
463
  
                                               
Ratio of earnings to fixed charges
      
31.04
    
22.37
    
30.59
    
22.23
    
14.38
    
36.69
    
15.17
  
        
Note:  Argentine operations have been reflected as discontinued operations for all periods.
  
(a)
Represents adjustments to arrive at distributed income from equity investees.
  
(b)
The three months ended March 31, 2011 and the year ended December 31, 2011 amounts exclude a pre-tax charge of $163 million for the early redemption of debt.