Halliburton (HAL) 10-Q 2017 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, 2017		Year Ended December 31
			2016			2015			2014		2013		2012
Earnings available for fixed charges:
Income (loss) from continuing operations before income taxes	$	438	$	(7,625	)	$	(936	)	$	4,712	$	2,764	$	3,822
Add:
Distributed earnings from equity in unconsolidated affiliates	6		29			11			16		19		4
Fixed charges	628		791			634			554		511		445
Subtotal	1,072		(6,805		)	(291		)	5,282		3,294		4,271
Less:
Equity in earnings of unconsolidated affiliates	9		31			28			15		9		14
Total earnings (loss) available for fixed charges	$	1,063	$	(6,836	)	$	(319	)	$	5,267	$	3,285	$	4,257
Fixed charges:
Interest expense	$	559	$	698		$	463		$	396	$	339	$	305
Rental expense representative of interest	69		93			171			158		172		140
Total fixed charges	$	628	$	791		$	634		$	554	$	511	$	445
Ratio of earnings to fixed charges	1.7		(a)			(a)			9.5		6.4		9.6

(a) Total earnings (loss) available for fixed charges for the years ended December 31, 2016 and December 31, 2015 were inadequate to cover fixed charges by $7.6 billion and $953 million, respectively. Reported losses during these periods were primarily due to merger-related costs and termination fee of $4.1 billion and impairments and other charges of $3.4 billion for the year ended December 31, 2016, and impairments and other charges of $2.2 billion for the year ended December 31, 2015.