Exhibit 12
PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES
TOTAL ENTERPRISE
Computation of Ratio of Earnings to Fixed Charges
|
| | | | | | | | | | | | | | | |
| | | | Millions of Dollars |
| | | | Year 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 | $ | 5,711 |
| | 5,509 |
| | 6,624 |
| | 6,619 |
| | 1,314 |
|
| Distributions less than equity in earnings of affiliates | 197 |
| | (354 | ) | | (872 | ) | | (951 | ) | | (723 | ) |
| Fixed charges, excluding capitalized interest* | 397 |
| | 365 |
| | 376 |
| | 142 |
| | 153 |
|
| | $ | 6,305 |
| | 5,520 |
| | 6,128 |
| | 5,810 |
| | 744 |
|
| | | | | | | | | | |
| Fixed Charges | | | | | | | | | |
| Interest and expense on indebtedness, excluding capitalized interest | $ | 267 |
| | 275 |
| | 246 |
| | 17 |
| | 1 |
|
| Capitalized interest | 20 |
| | — |
| | — |
| | — |
| | 4 |
|
| Interest portion of rental expense | 125 |
| | 83 |
| | 121 |
| | 116 |
| | 133 |
|
| | $ | 412 |
| | 358 |
| | 367 |
| | 133 |
| | 138 |
|
| Ratio of Earnings to Fixed Charges | 15.3 |
| | 15.4 |
| | 16.7 |
| | 43.7 |
| | 5.4 |
|
* Includes amortization of capitalized interest totaling approximately $6 million for the year ended December 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.
