RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

EXHIBIT 12.01

(Dollar amounts in millions, except ratios)	Years Ended December 31,
	2004			2003			2002			2001			2000
Pre-tax income from continuing operations before
adjustment for minority interests in consolidated
subsidiaries or income or loss from equity
investees	$	948		$	771		$	717		$	576		$	483
Capitalized interest		(7	)		(9	)		(9	)		(17	)		(24	)
Amortization of capitalized interest		13			12			12			11			10
Dividends from less than 50%-owned
companies carried at equity		11			19			9			5			3
Adjusted pre-tax income from continuing
operations before adjustment for minority
interests in consolidated subsidiaries or income
or loss from equity investees	$	965		$	793		$	729		$	575		$	472
Fixed charges:
Interest on long-term and short-term debt	$	155		$	151		$	206		$	224		$	224
Capitalized interest		7			9			9			17			24
Rental expenses representative
of an interest factor		29			31			32			37			34
Preferred stock dividend requirements of
consolidated subsidiaries		1			-			1			2			4
Total fixed charges		192			191			248			280			286
Less: preferred stock dividend requirements of
consolidated subsidiaries		(1	)		-			(1	)		(2	)		(4	)
Total fixed charges less preferred stock dividends	$	191		$	191		$	247		$	278		$	282
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	$	1,157		$	984		$	977		$	855		$	758
Less: preferred stock dividend requirements of
consolidated subsidiaries		(1	)		-			(1	)		(2	)		(4	)
	$	1,156		$	984		$	976		$	853		$	754
RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS		6.0			5.2			3.9			3.1			2.6
RATIO OF EARNINGS TO FIXED CHARGES		6.1			5.2			3.9			3.1			2.7