Phillips 66 (PSX) 10-Q 2015 Q3 Quarterly report

Exhibit 12

PHILLIPS 66 AND CONSOLIDATED SUBSIDIARIES

TOTAL ENTERPRISE

Computation of Ratio of Earnings to Fixed Charges

	Millions of Dollars
	Nine Months Ended September 30		Years Ended December 31
	2015		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	$	5,205	5,711	5,509		6,624		6,619		1,314
Distributions less than equity in earnings of affiliates	17		197	(354	)	(872	)	(951	)	(723	)
Fixed charges, excluding capitalized interest*	334		397	365		376		142		153
	$	5,556	6,305	5,520		6,128		5,810		744
Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	236	267	275		246		17		1
Capitalized interest	76		20	—		—		—		4
Interest portion of rental expense	93		125	83		121		116		133
	$	405	412	358		367		133		138
Ratio of Earnings to Fixed Charges	13.7		15.3	15.4		16.7		43.7		5.4

* Includes amortization of capitalized interest totaling approximately $5 million for the nine months endedSeptember 30, 2015. Amortization of capitalized interest for the years ended December 31, totaled approximately $6 million in 2014, $7 million in 2013, $9 million in 2012, $9 million in 2011, and $19 million in 2010.