Exhibit 12.01

RATIO OF EARNINGS TO FIXED CHARGES

Praxair, Inc. and Subsidiaries

	Three Months Ended March 31,			Year Ended December 31,
(Dollar amounts in millions, except ratios)	2012			2011			2010			2009			2008			2007
Pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees	$	590		$	2,323		$	1,964		$	1,442		$	1,685		$	1,613
Capitalized interest		(20	)		(62	)		(62	)		(55	)		(44	)		(35	)
Depreciation of capitalized interest		5			22			18			17			17			15
Dividends from less than 50%-owned companies carried at equity		1			6			9			11			24			8
Adjusted pre-tax income from continuing operations before adjustment for noncontrolling interests in consolidated subsidiaries or income or loss from equity investees	$	576		$	2,289		$	1,929		$	1,415		$	1,682		$	1,601
Fixed charges
Interest on long-term and short-term debt	$	37		$	145		$	118		$	133		$	198		$	173
Capitalized interest		20			62			62			55			44			35
Rental expenses representative of an interest factor		9			38			37			37			37			34
Total fixed charges	$	66		$	245		$	217		$	225		$	279		$	242
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	$	642		$	2,534		$	2,146		$	1,640		$	1,961		$	1,843
RATIO OF EARNINGS TO FIXED CHARGES		9.7			10.3			9.9			7.3			7.0			7.6