RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

Exhibit 12.01

(Dollar amounts in millions)	Nine Months Ended September 30,			Years Ended December 31,
	2004			2003			2002			2001			2000			1999
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity
investees	$	699		$	771		$	717		$	576		$	483		$	627
Capitalized interest		(6	)		(9	)		(9	)		(17	)		(24	)		(30	)
Depreciation of capitalized interest		10			12			12			11			10			9
Dividends from less than 50%-owned
companies carried at equity		9			19			9			5			3			1
Adjusted pre-tax income from continuing
operations before adjustment for minority
interests in consolidated subsidiaries or income
or loss from equity investees	$	712		$	793		$	729		$	575		$	472		$	607
Fixed charges:
Interest on long-term and short-term debt	$	115		$	151		$	206		$	224		$	224		$	204
Capitalized interest		6			9			9			17			24			30
Rental expenses representative
of an interest factor		22			31			32			37			34			32
Preferred stock dividend requirements of
consolidated subsidiaries		-			-			1			2			4			8
Total fixed charges		143			191			248			280			286			274
Less: preferred stock dividend requirements of
consolidated subsidiaries		-			-			(1	)		(2	)		(4	)		(8	)
Total fixed charges less preferred stock dividends	$	143		$	191		$	247		$	278		$	282		$	266
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity
investees plus fixed charges and preferred stock
dividend requirements of consolidated
subsidiaries	$	855		$	984		$	977		$	855		$	758		$	881
Less: preferred stock dividend requirements of
consolidated subsidiaries		-			-			(1	)		(2	)		(4	)		(8	)
	$	855		$	984		$	976		$	853		$	754		$	873
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		6.0			5.2			3.9			3.1			2.6			3.2
RATIO OF EARNINGS TO FIXED CHARGES		6.0			5.2			3.9			3.1			2.7			3.3