Exhibit 12
PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
Millions of Dollars | |||||||||||||||
Year Ended December 31 | |||||||||||||||
2013 | 2012 | 2011 | 2010 | 2009 | |||||||||||
Earnings Available for Fixed Charges | |||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 5,509 | 6,624 | 6,619 | 1,314 | 843 | |||||||||
Distributions less than equity in earnings of affiliates | (354 | ) | (872 | ) | (951 | ) | (723 | ) | (562 | ) | |||||
Fixed charges, excluding capitalized interest* | 365 | 376 | 142 | 153 | 160 | ||||||||||
$ | 5,520 | 6,128 | 5,810 | 744 | 441 | ||||||||||
Fixed Charges | |||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 275 | 246 | 17 | 1 | 1 | |||||||||
Capitalized interest | — | — | — | 4 | 57 | ||||||||||
Interest portion of rental expense | 83 | 121 | 116 | 133 | 153 | ||||||||||
$ | 358 | 367 | 133 | 138 | 211 | ||||||||||
Ratio of Earnings to Fixed Charges | 15.4 | 16.7 | 43.7 | 5.4 | 2.1 |
* Includes amortization of capitalized interest totaling approximately $7 million for the year ended December 31, 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, and $6 million in 2009.