Exhibit 12
STATEMENT SETTING FORTH DETAIL FOR COMPUTATION OF
RATIO OF EARNINGS TO FIXED CHARGES
Successor | Predecessor | |||||||||||||||||||||||||||
Three Months Ended | For the Year Ended | For the Year Ended | May 1 through | January 1 through | For the Year Ended | For the Year Ended | ||||||||||||||||||||||
March 31, | December 31, | December 31, | December 31, | April 30, | December 31, | December 31, | ||||||||||||||||||||||
Millions of dollars, ratio data | 2013 | 2012 | 2011 | 2010 | 2010 | 2009 | 2008 | |||||||||||||||||||||
Income (loss) from continuing operations before income taxes | $ | 1,263 | $ | 4,185 | $ | 3,531 | $ | 1,731 | $ | 6,947 | $ | (4,096 | ) | $ | (7,986 | ) | ||||||||||||
Deduct income (loss) from equity investments | 59 | 143 | 216 | 86 | 84 | (181 | ) | 38 | ||||||||||||||||||||
Add distributions of earnings from equity investments | 9 | 147 | 206 | 34 | 18 | 26 | 98 | |||||||||||||||||||||
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Earnings adjusted for equity investments | 1,213 | 4,189 | 3,521 | 1,679 | 6,881 | (3,889 | ) | (7,926 | ) | |||||||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense, gross | 71 | 655 | 1,044 | 545 | 713 | 1,795 | 2,476 | |||||||||||||||||||||
Portion of rentals representative of interest | 23 | 93 | 95 | 56 | 35 | 104 | 183 | |||||||||||||||||||||
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Total fixed charges before capitalized interest | 94 | 748 | 1,139 | 601 | 748 | 1,899 | 2,659 | |||||||||||||||||||||
Capitalized interest | 3 | 9 | 8 | 2 | 4 | 35 | 13 | |||||||||||||||||||||
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Total fixed charges including capitalized interest | 97 | 757 | 1,147 | 603 | 752 | 1,934 | 2,672 | |||||||||||||||||||||
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Earnings before fixed charges | $ | 1,310 | $ | 4,946 | $ | 4,668 | $ | 2,282 | $ | 7,633 | $ | (1,955 | ) | $ | (5,254 | ) | ||||||||||||
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Ratio of earnings to fixed charges(a) | 13.51 | x | 6.53 | x | 4.07 | x | 3.78 | x | 10.15 | x | — | — | ||||||||||||||||
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(a) | For the years 2009 and 2008, earnings were insufficient to cover fixed charges by $3,889 million and $7,926 million, respectively. |