Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||||||||||||||
Years Ended December 31 | ||||||||||||||||||||
2010 | 2009 | ** | 2008 | ** | 2007 | ** | 2006 | ** | ||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 19,696 | 9,507 | (2,902 | ) | 22,871 | 28,147 | |||||||||||||
Distributions less than equity in earnings of affiliates | (1,073 | ) | (1,254 | ) | 5,127 | (1,400 | ) | (738 | ) | |||||||||||
Fixed charges, excluding capitalized interest* | 1,573 | 1,700 | 1,288 | 1,680 | 1,410 | |||||||||||||||
$ | 20,196 | 9,953 | 3,513 | 23,151 | 28,819 | |||||||||||||||
Fixed Charges | ||||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 1,187 | 1,289 | 935 | 1,253 | 1,087 | ||||||||||||||
Capitalized interest | 471 | 487 | 568 | 565 | 458 | |||||||||||||||
Interest portion of rental expense | 185 | 205 | 207 | 171 | 232 | |||||||||||||||
Interest expense relating to guaranteed debt of affiliates | - | - | 3 | 19 | - | |||||||||||||||
$ | 1,843 | 1,981 | 1,713 | 2,008 | 1,777 | |||||||||||||||
Ratio of Earnings to Fixed Charges | 11.0 | 5.0 | 2.1 | 11.5 | 16.2 | |||||||||||||||
* | Includes amortization of capitalized interest totaling approximately $201 million in 2010, $206 million in 2009, $143 million in 2008, $237 million in 2007 and $92 million in 2006. |
** | Recast to reflect a change in accounting principle. See Note 2—Changes in Accounting Principles in the company’s Annual Report on Form 10-K for the period ended December 31, 2010, for more information. |