Halliburton (HAL) 10-Q 2016 Q3 Quarterly report

Exhibit 12.1

HALLIBURTON COMPANY

Computation of Ratio of Earnings to Fixed Charges

(Unaudited)

(Millions of dollars, except ratios)

	Nine Months Ended September 30, 2016			Year Ended December 31
				2015			2014		2013		2012		2011
Earnings available for fixed charges:
Income (loss) from continuing operations before income taxes	$	(7,450	)	$	(936	)	$	4,712	$	2,764	$	3,822	$	4,449
Add:
Distributed earnings from equity in unconsolidated affiliates	19			11			16		19		4		13
Fixed charges	669			634			554		511		445		384
Subtotal	(6,762		)	(291		)	5,282		3,294		4,271		4,846
Less:
Equity in earnings of unconsolidated affiliates	21			28			15		9		14		20
Total earnings (loss) available for fixed charges	$	(6,783	)	$	(319	)	$	5,267	$	3,285	$	4,257	$	4,826
Fixed charges:
Interest expense	$	540		$	463		$	396	$	339	$	305	$	268
Rental expense representative of interest	129			171			158		172		140		116
Total fixed charges	$	669		$	634		$	554	$	511	$	445	$	384
Ratio of earnings to fixed charges	(a)			(a)			9.5		6.4		9.6		12.6

(a) Total earnings (loss) available for fixed charges for the nine months ended September 30, 2016 and year ended December 31, 2015 were inadequate to cover fixed charges by $7.5 billion and $953 million, respectively. Reported losses during the periods were primarily due to Baker Hughes termination fee and associated costs of $4.1 billion and impairments and other charges of $3.2 billion for the nine months ended September 30, 2016 and impairments and other charges of $2.2 billion for the year ended December 31, 2015.