ConocoPhillips (COP) 10-Q 2003 Q1 Quarterly report

Exhibit 12

CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges

		Millions of Dollars
		Three Months Ended
		March 31
		2003			2002
		(Unaudited)
Earnings Available for Fixed Charges
	Income from continuing operations before income taxes	$	2,565			51
	Distributions less than equity in earnings of fifty-percent-or-less-owned companies		(1	)		28
	Fixed charges, excluding capitalized interest*		261			149
		$	2,825			228
Fixed Charges
	Interest and expense on indebtedness, excluding capitalized interest	$	209			107
	Capitalized interest		74			51
	Preferred dividend requirements of subsidiary and capital trusts		7			13
	Interest portion of rental expense		42			23
		$	332			194
Ratio of Earnings to Fixed Charges			8.5			1.2

* Includes amortization of capitalized interest totaling approximately $3 million in 2003 and $6 million in 2002.

Earnings available for fixed charges include, if any, our equity in losses of companies owned less than fifty percent and having debt for which the company is contingently liable. Fixed charges include our proportionate share, if any, of interest relating to the contingent debt.

Earnings available for fixed charges include, if any, 100 percent of the losses of companies owned greater than fifty percent that have debt for which we are contingently liable. Fixed charges include 100 percent of interest and capitalized interest, if any, relating to the contingent debt.