EX-12 6 a2186932zex-12.htm EXHIBIT 12
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EXHIBIT 12

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)

  Six Months Ended
June 30 		   Year Ended
December 31 		  

    2008     2007     2007     2006     2005     2004     2003  
                               

Income from continuing

                                            
 

operations

   $ 4,119   $ 2,314   $ 5,078   $ 4,202   $ 4,838   $ 2,197   $ 1,410  

Add:

                                            
 

Minority interest(a)

     66     28     75     111     74     76     62  
 

Adjusted income from equity investments(b)

     (67 )   4     (28 )   (52 )   (53 )   (5 )   72  
                               

    4,118     2,346     5,125     4,261     4,859     2,268     1,544  
                               

Add:

                                            
 

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

     1,298     729     1,577     1,545     632     891     593  
 

Interest and debt expense(c)

     71     249     344     297     305     270     337  
 

Portion of lease rentals representative of the interest factor

     15     17     60     52     47     40     8  
                               

    1,384     995     1,981     1,894     984     1,201     938  
                               

Earnings before fixed charges

   $ 5,502   $ 3,341   $ 7,106   $ 6,155   $ 5,843   $ 3,469   $ 2,482  
                               

Fixed charges

                                            
 

Interest and debt expense including capitalized interest(c)

   $ 95   $ 287   $ 403   $ 352   $ 331   $ 285   $ 343  
 

Portion of lease rentals representative of the interest factor

     15     17     60     52     47     40     8  
                               
 

Total fixed charges

   $ 110   $ 304   $ 463   $ 404   $ 378   $ 325   $ 351  
                               

Ratio of earnings to fixed charges

     50.02     10.99     15.35     15.24     15.46     10.67     7.07  
                               
(a)
Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges.

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

(c)
Includes proportionate share of interest and debt expense of equity investments. The six months ended June 30, 2007 amount includes a pre-tax interest charge of $167 million for the purchase of various debt issues in the open market.



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OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios)