RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

Exhibit 12.01

(Dollar amounts in millions, except ratios)	Year Ended December 31,
	2006			2005			2004			2003			2002
Pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,364		$	1,130		$	948		$	771		$	717
Capitalized interest		(21	)		(11	)		(7	)		(9	)		(9	)
Depreciation of capitalized interest		14			14			13			12			12
Dividends from less than 50%-owned companies carried at equity		9			17			11			19			9
Adjusted pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees	$	1,366		$	1,150		$	965		$	793		$	729
Fixed charges
Interest on long-term and short-term debt	$	155		$	163		$	155		$	151		$	206
Capitalized interest		21			11			7			9			9
Rental expenses representative of an interest factor		32			32			29			31			32
Preferred stock dividend requirements of consolidated subsidiaries		—			—			1			—			1
Total fixed charges		208			206			192			191			248
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			(1	)		—			(1	)
Total fixed charges less preferred stock dividends	$	208		$	206		$	191		$	191		$	247
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	$	1,574		$	1,356		$	1,157		$	984		$	977
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			(1	)		—			(1	)
Total earnings less preferred stock dividends	$	1,574		$	1,356		$	1,156		$	984		$	976
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS		7.6			6.6			6.0			5.2			3.9
RATIO OF EARNINGS TO FIXED CHARGES		7.6			6.6			6.1			5.2			3.9