EXHIBIT 12
EXXON MOBIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years Ended December 31, | ||||||||||||||||||||
2002 | 2001 | 2000 | 1999 | 1998 | ||||||||||||||||
(millions of dollars) | ||||||||||||||||||||
Income from continuing operations | $ | 11,011 |
| $ | 15,003 |
| $ | 15,806 |
| $ | 7,845 |
| $ | 8,131 |
| |||||
Excess/(shortfall) of dividends over earnings of affiliates owned less than 50 percent accounted for by the equity method |
| (140 | ) |
| (108 | ) |
| (354 | ) |
| 300 |
|
| 164 |
| |||||
Provision for income taxes(1) |
| 7,073 |
|
| 9,599 |
|
| 11,614 |
|
| 3,617 |
|
| 4,385 |
| |||||
Capitalized interest |
| (143 | ) |
| (255 | ) |
| (409 | ) |
| (423 | ) |
| (400 | ) | |||||
Minority interests in earnings of consolidated subsidiaries |
| 206 |
|
| 556 |
|
| 346 |
|
| 139 |
|
| 261 |
| |||||
| 18,007 |
|
| 24,795 |
|
| 27,003 |
|
| 11,478 |
|
| 12,541 |
| ||||||
Fixed Charges:(1) | ||||||||||||||||||||
Interest expense—borrowings |
| 368 |
|
| 328 |
|
| 637 |
|
| 826 |
|
| 769 |
| |||||
Capitalized interest |
| 442 |
|
| 529 |
|
| 653 |
|
| 606 |
|
| 564 |
| |||||
Rental expense representative of interest factor |
| 587 |
|
| 621 |
|
| 551 |
|
| 617 |
|
| 795 |
| |||||
Dividends on preferred stock |
| 5 |
|
| 8 |
|
| 12 |
|
| 8 |
|
| 6 |
| |||||
| 1,402 |
|
| 1,486 |
|
| 1,853 |
|
| 2,057 |
|
| 2,134 |
| ||||||
Total adjusted earnings available for payment of fixed charges | $ | 19,409 |
| $ | 26,281 |
| $ | 28,856 |
| $ | 13,535 |
| $ | 14,675 |
| |||||
Number of times fixed charges are earned |
| 13.8 |
|
| 17.7 |
|
| 15.6 |
|
| 6.6 |
|
| 6.9 |
|
Note:
(1) | The provision for income taxes and the fixed charges include Exxon Mobil Corporation’s share of 50 percent owned companies and majority owned subsidiaries that are not consolidated. |
1