ConocoPhillips (COP) 10-Q2014 Q2 Quarterly report

Filed: 5 Aug 14, 12:00am

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New words: AKLNG, Amauligak, awaiting, Beaufort, BP, choose, composition, Coronado, Deep, depict, engineering, Exxon, fell, fiscal, flare, ICE, installation, La, Luna, Malaysian, metric, midpoint, Miocene, Mobil, modestly, moved, Nansen, nonoperated, NOV, Nova, offtake, permission, plant, preliminary, prepayment, promissory, Pty, pushed, put, receipt, reclassified, refinanced, retrospective, return, ringgit, River, Scotia, Shelburne, single, sour, southeastern, spring, spud, stronger, subsided, Surmont, Topic, TransCanada, unfavorable, Vacuum, wide, widen, wildcat, Wood

Removed: compelling, computation, Cushing, default, deposit, drawdown, expiring, generate, matter, Oklahoma, onshore, periodic, precedent, recently, retain, satisfied

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Exhibit 12

CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges


	Millions of Dollars
	Six Months Ended June 30
	2014			2013

Earnings Available for Fixed Charges
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges	$	7,126			7,457
Distributions greater (less) than equity in earnings of affiliates		681	*		(228)
Fixed charges, excluding capitalized interest**		418			359

	$	8,225			7,588


Fixed Charges
Interest and debt expense, excluding capitalized interest	$	326			269
Capitalized interest		241			365
Interest portion of rental expense		38			34

	$	605			668

Ratio of Earnings to Fixed Charges		13.6			11.4

*Includes a significant distribution from a Canadian joint venture.

**Includes amortization of capitalized interest totaling approximately $55 million in 2014 and $57 million in 2013.

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