EX-12 2 exhibit12-20130930.htm EXHIBIT 12 exhibit 12-20130930


EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
 
 
 
 
Nine Months Ended
September 30
 
 
 
 
 
 
Year Ended
December 31
 
 
 
2013

 
2012

 
2012

 
2011

 
2010

 
2009

 
2008

Income from continuing operations
 
$
4,274

 
$
4,271

 
$
4,635

(a) 
$
6,640

 
$
4,641

 
$
3,202

 
$
7,299

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add/(Subtract):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interest
 
—

 
—

 
—

 
—

 
(72
)
 
(51
)
 
(116
)
Adjusted income from equity investments (b)
 
82

 
73

 
163

 
(33
)
 
(60
)
 
(88
)
 
(84
)
 
 
4,356

 
4,344

 
4,798

 
6,607

 
4,509

 
3,063

 
7,099

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Add:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Provision for taxes on income (other than foreign oil and gas taxes)
 
1,335

 
1,242

 
708

 
1,795

 
1,099

 
695

 
2,213

Interest and debt expense
 
93

 
94

 
130

 
135

(c) 
116

 
140

 
133

Portion of lease rentals representative of the interest factor
 
44

 
43

 
59

 
60

 
57

 
57

 
58

 
 
1,472

 
1,379

 
897

 
1,990

 
1,272

 
892

 
2,404

Earnings before fixed charges
 
$
5,828

 
$
5,723

 
$
5,695

 
$
8,597

 
$
5,781

 
$
3,955

 
$
9,503

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fixed charges:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest and debt expense including capitalized interest
 
$
203

 
$
186

 
$
254

 
$
221

(c) 
$
203

 
$
218

 
$
201

Portion of lease rentals representative of the interest factor
 
44

 
43

 
59

 
60

 
57

 
57

 
58

Total fixed charges
 
$
247

 
$
229

 
$
313

 
$
281

 
$
260

 
$
275

 
$
259

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ratio of earnings to fixed charges
 
23.60

 
24.99

 
18.19

 
30.59

 
22.23

 
14.38

 
36.69

Note: Argentine operations have been reflected as discontinued operations for all periods.
 
(a)
Includes after-tax charges of $1.1 billion for the impairment of domestic gas assets and related items.
 
(b)
Represents adjustments to arrive at distributed income from equity investees.
 
(c)
Excludes a pre-tax charge of $163 million for the early redemption of debt.