Phillips 66 (PSX) 10-Q 2017 Q2 Quarterly report

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
	2017			2016		2015	2014	2013		2012
Earnings Available for Fixed Charges
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges	$	1,645		2,181		6,035	5,711	5,509		6,624
Distributions in excess of (less than) equity in earnings of affiliates	(252		)	(815	)	185	197	(354	)	(872	)
Fixed charges, excluding capitalized interest*	288			488		456	397	365		376
	$	1,681		1,854		6,676	6,305	5,520		6,128
Fixed Charges
Interest and expense on indebtedness, excluding capitalized interest	$	212		338		310	267	275		246
Capitalized interest	15			81		106	20	—		—
Interest portion of rental expense	70			140		140	125	83		121
	$	297		559		556	412	358		367
Ratio of Earnings to Fixed Charges	5.7			3.3		12.0	15.3	15.4		16.7

* Includes amortization of capitalized interest totaling approximately $6 million for the six months endedJune 30, 2017. Amortization of capitalized interest for the years ended December 31, totaled approximately $10 million in 2016, $7 million in 2015, $6 million in 2014, $7 million in 2013 and $9 million in 2012.