Exhibit 12.01

RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

	Six Months Ended June 30,			Year Ended December 31,
(Dollar amounts in millions, except ratios)	2009			2008			2007			2006			2005			2004
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees	$	821		$	1,685		$	1,613		$	1,364		$	1,130		$	948
Capitalized interest		(24	)		(44	)		(35	)		(21	)		(11	)		(7	)
Depreciation of capitalized interest		8			17			15			14			14			13
Dividends from less than 50%-owned companies carried at equity		4			24			8			9			17			11
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees	$	809		$	1,682		$	1,601		$	1,366		$	1,150		$	965
Fixed charges
Interest on long-term and short-term debt	$	68		$	198		$	173		$	155		$	163		$	155
Capitalized interest		24			44			35			21			11			7
Rental expenses representative of an interest factor		17			37			34			32			32			29
Preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			—			1
Total fixed charges		109			279			242			208			206			192
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			—			(1	)
Total fixed charges less preferred stock dividends	$	109		$	279		$	242		$	208		$	206		$	191
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees plus total fixed charges less preferred stock dividends	$	918		$	1,961		$	1,843		$	1,574		$	1,356		$	1,157
Less: preferred stock dividend requirements of consolidated subsidiaries		—			—			—			—			—			(1	)
Total earnings less preferred stock dividends	$	918		$	1,961		$	1,843		$	1,574		$	1,356		$	1,156
RATIO OF EARNINGS TO FIXED CHARGES AND PREFERRED STOCK DIVIDENDS		8.4			7.0			7.6			7.6			6.6			6.0
RATIO OF EARNINGS TO FIXED CHARGES		8.4			7.0			7.6			7.6			6.6			6.1