Phillips 66 (PSX) 10-Q2014 Q1 Quarterly report

Filed: 1 May 14, 12:00am

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New words: abnormally, Additionally, anode, appeal, ASU, attestation, BAAQMD, Bay, Bdh, biodiesel, charitable, conform, constant, crop, drying, earlier, Explorer, extreme, FASB, fewer, fiscal, Gold, grain, hand, improperly, inflow, inland, intent, Jupiter, labeled, lending, Medford, Midwest, needle, noncash, notification, outflow, oversupplied, pace, pertaining, polypropylene, preceding, propylene, provisionally, PSPI, rabbi, railcar, rapid, reallocated, receipt, resolution, return, Rodeo, smaller, strategic, Sulphur, surrendered, system, Topic, trust, upheld, warm

Removed: absence, advance, affecting, affiliated, allocable, allocation, approved, assigned, attributed, authorization, Belvieu, Bhd, blend, blended, borrowing, Brent, calculation, canceled, Central, closed, combined, commensurate, comparative, conducted, constituted, consumed, continued, Conway, disaggregated, discount, downstream, downtime, effectuate, ending, ethanol, expiration, export, extended, flat, flexibility, gallon, headcount, historically, identification, impending, implemented, imported, improvement, incremental, Independence, independent, invested, loan, mandated, meaningful, Midwestern, mix, Mont, motor, multiemployer, negotiated, oversight, participated, pension, performed, Ponca, postretirement, procurement, producer, publicly, quantity, quota, realigned, region, reliably, renewable, repaid, restructuring, retail, retained, RFS, RIN, Sand, satisfy, Security, separated, Shared, shareholder, Southern, sponsored, standard, startup, stockholder, syndicate, terminal, titled, transmission, ultimately, unplanned, wall, weighted, West, western, Wilhelmshaven, WTI

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Exhibit 12

PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges



	Millions of Dollars
	Three Months Ended March 31		Years Ended December 31
	2014		2013		2012		2011		2010
Earnings Available for Fixed Charges
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges	$	1,292	5,509		6,624		6,619		1,314
Distributions less than equity in earnings of affiliates	632		(354	)	(872	)	(951	)	(723	)
Fixed charges, excluding capitalized interest*	90		365		376		142		153
	$	2,014	5,520		6,128		5,810		744

Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	68	275		246		17		1
Capitalized interest	1		—		—		—		4
Interest portion of rental expense	21		83		121		116		133
	$	90	358		367		133		138
Ratio of Earnings to Fixed Charges	22.4		15.4		16.7		43.7		5.4

* Includes amortization of capitalized interest totaling approximately $2 million for the three months ended March 31, 2014. Amortization of capitalized interest for the years ended December 31, totaled approximately $7 million in 2013, $9 million in 2012, $9 million in 2011 and $19 million in 2010.