Phillips 66 (PSX) 10-Q 2012 Q2 Quarterly report

Exhibit 12

PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges

	Millions of Dollars
	Six Months Ended June 30 2012			Years Ended December 31
				2011			2010			2009			2008			2007
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
	$	2,558			5,810			744			441			4,213			9,369
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
	$	154			133			138			211			243			173
Ratio of Earnings to Fixed Charges		16.6			43.7			5.4			2.1			17.3			54.2

* 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.