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Content analysis
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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 | ||||||||
2016 | 2015 | |||||||
|
| |||||||
Earnings Available for Fixed Charges | ||||||||
Loss before income taxes and noncontrolling interests that have not incurred fixed charges | $ | (2,237 | ) | (371 | ) | |||
Distributions greater than equity losses | 252 | 80 | ||||||
Fixed charges, excluding capitalized interest* | 340 | 272 | ||||||
| ||||||||
$ | (1,645 | ) | (19 | ) | ||||
| ||||||||
Fixed Charges | ||||||||
Interest and debt expense, excluding capitalized interest | $ | 281 | 202 | |||||
Capitalized interest | 40 | 94 | ||||||
Interest portion of rental expense | 18 | 29 | ||||||
| ||||||||
$ | 339 | 325 | ||||||
| ||||||||
Ratio of Earnings to Fixed Charges** | — | — | ||||||
|
*Includes amortization of capitalized interest totaling approximately $41 million in 2016 and $41 million in 2015.
**Earnings for the three-month periods ended March 31, 2016 and 2015 were inadequate to cover fixed charges by $1,984 million and $344 million, respectively.