Exhibit 12
PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | ||||||||||||||||||||||||
Six Months 2012 | Years Ended December 31 | |||||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||||||
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Earnings Available for Fixed Charges | ||||||||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 2,960 | 6,619 | 1,314 | 843 | 4,111 | 9,290 | |||||||||||||||||
Distributions less than equity in earnings of affiliates | (561 | ) | (951 | ) | (723 | ) | (562 | ) | (106 | ) | (86 | ) | ||||||||||||
Fixed charges, excluding capitalized interest* | 159 | 142 | 153 | 160 | 208 | 165 | ||||||||||||||||||
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$ | 2,558 | 5,810 | 744 | 441 | 4,213 | 9,369 | ||||||||||||||||||
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Fixed Charges | ||||||||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 96 | 17 | 1 | 1 | 42 | 27 | |||||||||||||||||
Capitalized interest | — | — | 4 | 57 | 41 | 14 | ||||||||||||||||||
Interest portion of rental expense | 58 | 116 | 133 | 153 | 160 | 132 | ||||||||||||||||||
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$ | 154 | 133 | 138 | 211 | 243 | 173 | ||||||||||||||||||
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Ratio of Earnings to Fixed Charges | 16.6 | 43.7 | 5.4 | 2.1 | 17.3 | 54.2 | ||||||||||||||||||
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* | Includes amortization of capitalized interest totaling approximately $5 million for the six months ended June 30, 2012. Amortization of capitalized interest for the years ended December 31, totaled approximately $9 million in 2011, $19 million in 2010, $6 million in 2009, $6 million in 2008 and $6 million in 2007. |