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 | |||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |||||||||||||
Earnings Available for Fixed Charges | ||||||||||||||||||
Income from continuing operations before income taxes and noncontrolling interests that have not incurred fixed charges | $ | 2,552 | 3,555 | 2,181 | 6,035 | 5,711 | 5,509 | |||||||||||
Distributions in excess of (less than) equity in earnings of affiliates | (12 | ) | (516 | ) | (815 | ) | 185 | 197 | (354 | ) | ||||||||
Preference security dividend requirement of consolidated subsidiary | (19 | ) | (9 | ) | — | — | — | — | ||||||||||
Fixed charges, excluding capitalized interest* | 354 | 601 | 488 | 456 | 397 | 365 | ||||||||||||
$ | 2,875 | 3,631 | 1,854 | 6,676 | 6,305 | 5,520 | ||||||||||||
Fixed Charges | ||||||||||||||||||
Interest and expense on indebtedness, excluding capitalized interest | $ | 258 | 438 | 338 | 310 | 267 | 275 | |||||||||||
Capitalized interest | 1 | 15 | 81 | 106 | 20 | — | ||||||||||||
Interest portion of rental expense | 71 | 141 | 140 | 140 | 125 | 83 | ||||||||||||
Preference security dividend requirement of consolidated subsidiary | 19 | 9 | — | — | — | — | ||||||||||||
$ | 349 | 603 | 559 | 556 | 412 | 358 | ||||||||||||
Ratio of Earnings to Fixed Charges | 8.2 | 6.0 | 3.3 | 12.0 | 15.3 | 15.4 | ||||||||||||
* Includes amortization of capitalized interest totaling approximately $6 million for the six months ended June 30, 2018. Amortization of capitalized interest for the years ended December 31, totaled approximately $13 million in 2017, $10 million in 2016, $7 million in 2015, $6 million in 2014 and $7 million in 2013. |