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Content analysis
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Exhibit 7
Computation of ratio of earnings to fixed charges (unaudited)
$ million, except ratios | ||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||
Earnings available for fixed charges: | ||||||||||||||||||||
Pre-tax income (loss) from continuing operations before adjustment for income or loss from joint ventures and associates (a) (b) | 1,578 | 27,032 | 14,196 | 32,545 | (10,064 | ) | ||||||||||||||
Fixed charges | 2,924 | 3,021 | 2,971 | 2,808 | 2,944 | |||||||||||||||
Amortization of capitalized interest | 327 | 226 | 145 | 44 | 212 | |||||||||||||||
Distributed income of joint ventures and associates | 1,911 | 1,391 | 1,763 | 5,040 | 3,277 | |||||||||||||||
Interest capitalized | (185 | ) | (238 | ) | (390 | ) | (349 | ) | (254 | ) | ||||||||||
Preference dividend requirements, gross of tax | (2 | ) | (2 | ) | (3 | ) | (3 | ) | (2 | ) | ||||||||||
Income of non-controlling interests not incurring fixed charges | (2 | ) | — | — | — | (9 | ) | |||||||||||||
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Total earnings available for fixed charges | 6,551 | 31,430 | 18,682 | 40,085 | (3,896 | ) | ||||||||||||||
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Fixed charges: | ||||||||||||||||||||
Interest expensed | 840 | 844 | 844 | 802 | 701 | |||||||||||||||
Interest capitalized | 185 | 238 | 390 | 349 | 254 | |||||||||||||||
Rental expense representative of interest | 1,897 | 1,937 | 1,734 | 1,654 | 1,987 | |||||||||||||||
Preference dividend requirements, gross of tax | 2 | 2 | 3 | 3 | 2 | |||||||||||||||
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Total fixed charges | 2,924 | 3,021 | 2,971 | 2,808 | 2,944 | |||||||||||||||
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Ratio of earnings to fixed charges | 2.2 | 10.4 | 6.3 | 14.3 | — | |||||||||||||||
Deficiency of earnings to fixed charges | — | — | — | — | (6,840 | ) |
(a) | 2014 includes a pre-tax charge of $819 million (2013 $469 million pre-tax charge, 2012 $5,014 million pre-tax charge, 2011 $3,742 million pre-tax credit and 2010 $40,935 million pre-tax charge) relating to the Gulf of Mexico oil spill. |
(b) | 2012 includes $709 million of dividends received from TNK-BP. |
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