Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||
Nine Months Ended | ||||||||
September 30 | ||||||||
2004 | 2003 | |||||||
(Unaudited) | ||||||||
Earnings Available for Fixed Charges | ||||||||
Income from continuing operations before income taxes | $ | 10,094 | 6,660 | |||||
Distributions less than equity in earnings of fifty-percent-or-less-owned companies | (447 | ) | (217 | ) | ||||
Fixed charges, excluding capitalized interest* | 534 | 792 | ||||||
$ | 10,181 | 7,235 | ||||||
Fixed Charges | ||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 405 | 647 | |||||
Capitalized interest | 340 | 249 | ||||||
Interest portion of rental expense | 112 | 126 | ||||||
$ | 857 | 1,022 | ||||||
Ratio of Earnings to Fixed Charges | 11.9 | 7.1 | ||||||
*Includes amortization of capitalized interest totaling approximately $17 million in 2004 and $19 million in 2003. |
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.