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Content analysis
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- 10-K Annual report
- 3.2 Bylaws of Unocal, As Amended Through February 10, 2004 and Currently In Effect
- 10.27 Amendment 2004-1 to the 2001 Director's Deferred Compensation/stock Award Plan
- 10.28 Form of Nonqualified Stock Option Agreement (Initial Grant)
- 10.29 Form of Nonqualified Stock Option Agreement (Annual Grant)
- 12.1 Statement Regarding Computation of Ratio of Earning to Fixed Charges of Unocal
- 12.2 Statement Regarding Computation of Ratio of Earnings to Fixed Charges of Uocc
- 21 Subsidiaries of Unocal Corporation
- 23 Consent of Pricewaterhousecoopers LLP
- 31.1 Pursuant to Section 302 Certifications of CEO
- 31.2 Pursuant to Section 302 Certification of CFO
- 32 Pursuant to Section 906 Certification of CEO and CFO
EXHIBIT 12.1
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31, | |||||||||||||||||
Millions of dollars | 2003 | 2002 | 2001 | 2000 | 1999 | ||||||||||||
Earnings from continuing operations | $ | 710 | $ | 330 | $ | 599 | $ | 723 | $ | 113 | |||||||
Provision for income taxes | 522 | 280 | 452 | 497 | 121 | ||||||||||||
Minority interests | 9 | 6 | 41 | 16 | 16 | ||||||||||||
Distributions (less than) greater than earnings from equity investments | 39 | 6 | 69 | (57 | ) | (4 | ) | ||||||||||
Earnings subtotal (a) | 1,280 | 622 | 1,161 | 1,179 | 246 | ||||||||||||
Fixed charges included in earnings: | |||||||||||||||||
Interest expense | 190 | 179 | 192 | 210 | 199 | ||||||||||||
Distribution on convertible preferred securities | 33 | 33 | 33 | 33 | 33 | ||||||||||||
Interest portion of rentals(b) | 24 | 23 | 19 | 20 | 22 | ||||||||||||
Fixed charges subtotal | 247 | 235 | 244 | 263 | 254 | ||||||||||||
Earnings from continuing operations available before fixed charges | $ | 1,527 | $ | 857 | $ | 1,405 | $ | 1,442 | $ | 500 | |||||||
Fixed charges: | |||||||||||||||||
Fixed charges included in earnings | 247 | 235 | 244 | 263 | 254 | ||||||||||||
Capitalized interest | 60 | 46 | 27 | 13 | 16 | ||||||||||||
Total fixed charges | $ | 307 | $ | 281 | $ | 271 | $ | 276 | $ | 270 | |||||||
Ratio of earnings from continuing operations to fixed charges | 5.0 | 3.0 | 5.2 | 5.2 | 1.9 | ||||||||||||
(a) Includes pre-tax impairment of : | 93 | 47 | 137 | 66 | 23 | ||||||||||||
The ratio of earnings, excluding impairment, to fixed charges would be: | 5.3 | 3.2 | 5.7 | 5.5 | 1.9 | ||||||||||||
(b) Calculated as one-third of operating rental expense. |