The Williams Companies, Inc. (WMB) 10-Q 2008 Q2 Quarterly report

Exhibit 12

The Williams Companies, Inc.
Computation of Ratio of Earnings to Fixed Charges
(Dollars in millions)

	Six months ended
	June 30, 2008
Earnings:
Income from continuing operations before income taxes	$	1,366
Minority interest in income of consolidated subsidiaries		102
Less: Equity earnings, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		(28	)
Income from continuing operations before income taxes, minority interest in income of consolidated subsidiaries and equity earnings		1,440
Add:
Fixed charges:
Interest accrued, including proportionate share from 50% owned investees and unconsolidated majority-owned investee (a)		342
Rental expense representative of interest factor		10
Total fixed charges		352
Distributed income of equity-method investees, excluding proportionate share from 50% owned investees and unconsolidated majority-owned investee		26
Less:
Capitalized interest		(24	)
Total earnings as adjusted	$	1,794
Fixed charges	$	352
Ratio of earnings to fixed charges		5.10

(a) Does not include interest related to income taxes, including interest related to FIN 48 liabilities, which is included inprovision for income taxeson our Consolidated Statement of Income.