Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
| Millions of Dollars | ||||||||
| Six Months Ended | ||||||||
| June 30 | ||||||||
| 2008 | 2007 | |||||||
Earnings Available for Fixed Charges | ||||||||
| Income from continuing operations before income taxes and minority interest | $ | 17,358 | 9,602 | |||||
| Distributions less than equity in earnings of fifty-percent-or-less-owned companies | (1,991 | ) | (1,246 | ) | ||||
| Fixed charges, excluding capitalized interest* | 551 | 743 | ||||||
| $ | 15,918 | 9,099 | ||||||
Fixed Charges | ||||||||
| Interest and debt expense, excluding capitalized interest | $ | 417 | 626 | |||||
| Capitalized interest | 315 | 274 | ||||||
| Interest portion of rental expense | 85 | 70 | ||||||
| Interest expense relating to guaranteed debt of fifty-percent-or-less-owned companies | — | 5 | ||||||
| $ | 817 | 975 | ||||||
Ratio of Earnings to Fixed Charges | 19.5 | 9.3 | ||||||
| *Includes amortization of capitalized interest totaling approximately $48 million in 2008 and $42 million in 2007. | ||
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.