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 | Years Ended December 31 | |||||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 3,550 | 6,624 | 6,619 | 1,314 | 843 | 4,111 | |||||||||||
Distributions less than equity in earnings of affiliates | (21 | ) | (872 | ) | (951 | ) | (723 | ) | (562 | ) | (106 | ) | ||||||
Fixed charges, excluding capitalized interest* | 204 | 376 | 142 | 153 | 160 | 208 | ||||||||||||
$ | 3,733 | 6,128 | 5,810 | 744 | 441 | 4,213 | ||||||||||||
Fixed Charges | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 139 | 246 | 17 | 1 | 1 | 42 | |||||||||||
Capitalized interest | — | — | — | 4 | 57 | 41 | ||||||||||||
Interest portion of rental expense | 61 | 121 | 116 | 133 | 153 | 160 | ||||||||||||
$ | 200 | 367 | 133 | 138 | 211 | 243 | ||||||||||||
Ratio of Earnings to Fixed Charges | 18.7 | 16.7 | 43.7 | 5.4 | 2.1 | 17.3 |
* Includes amortization of capitalized interest totaling approximately $4 million for the six months ended June 30, 2013. Amortization of capitalized interest for the years ended December 31, totaled approximately $9 million in 2012, $9 million in 2011, $19 million in 2010, $6 million in 2009 and $6 million in 2008.