Exhibit 12
CONOCOPHILLIPS AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||
Six Months Ended June 30 | ||||||||
2015 | 2014 | |||||||
|
| |||||||
Earnings Available for Fixed Charges | ||||||||
Income (loss) from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | (476 | ) | 7,126 | ||||
Distributions greater (less) than equity in earnings of affiliates | (41 | ) | 681 | * | ||||
Fixed charges, excluding capitalized interest** | 548 | 418 | ||||||
| ||||||||
$ | 31 | 8,225 | ||||||
| ||||||||
Fixed Charges | ||||||||
Interest and debt expense, excluding capitalized interest | $ | 412 | 326 | |||||
Capitalized interest | 191 | 241 | ||||||
Interest portion of rental expense | 57 | 38 | ||||||
| ||||||||
$ | 660 | 605 | ||||||
| ||||||||
Ratio of Earnings to Fixed Charges*** | — | 13.6 | ||||||
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* Includes a significant distribution from a Canadian joint venture.
** Includes amortization of capitalized interest totaling approximately $79 million in 2015 and $55 million in 2014.
*** Earnings were insufficient to cover fixed charges by $629 million in the second quarter of 2015.