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Content analysis
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8th grade Avg
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Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||
Three Months Ended March 31 | ||||||||
2015 | 2014 | |||||||
|
| |||||||
Earnings Available for Fixed Charges | ||||||||
Income (loss) from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | (371 | ) | 3,685 | ||||
Distributions greater (less) than equity in earnings of affiliates | 80 | 1,131 | * | |||||
Fixed charges, excluding capitalized interest** | 272 | 216 | ||||||
| ||||||||
$ | (19 | ) | 5,032 | |||||
| ||||||||
Fixed Charges | ||||||||
Interest and debt expense, excluding capitalized interest | $ | 202 | 171 | |||||
Capitalized interest | 94 | 120 | ||||||
Interest portion of rental expense | 29 | 19 | ||||||
| ||||||||
$ | 325 | 310 | ||||||
| ||||||||
Ratio of Earnings to Fixed Charges*** | — | 16 | ||||||
|
* Includes a significant distribution from a Canadian joint venture.
** Includes amortization of capitalized interest totaling approximately $41 million in 2015 and $27 million in 2014.
*** Earnings were insufficient to cover fixed charges by $344 million in the first quarter of 2015.