Anadarko Petroleum 10-Q 2005 Q2 Quarterly report

Exhibit 12

ANADARKO PETROLEUM CORPORATION
CONSOLIDATED STATEMENT OF COMPUTATION OF RATIOS OF
EARNINGS TO FIXED CHARGES AND EARNINGS TO
COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS

Six Months Ended June 30, 2005 and Five Years Ended December 31, 2004

	Six Months
	Ended
		June 30,			Years Ended December 31
millions except ratio amounts			2005			2004			2003			2002			2001				2000
Gross Income (Loss)	$			1,658	$		2,829	$		2,227	$		1,410	$		(298	)	$		1,519
Rentals				8			12			10			14			14				16
Earnings (Loss)				1,666			2,841			2,237			1,424			(284	)			1,535
Gross Interest Expense				137			438			374			358			301				193
Rentals				8			12			10			14			14				16
Fixed Charges	$			145	$		450	$		384	$		372	$		315		$		209
Preferred Stock
Dividends				3			8			8			9			11				17
Combined Fixed Charges
and Preferred Stock
Dividends	$			148	$		458	$		392	$		381	$		326		$		226
Ratio of Earnings to
Fixed Charges				11.49			6.31			5.83			3.83			n/m				7.35
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends				11.26			6.20			5.71			3.74			n/m				6.80
n/m - not meaningful

As a result of the Company's net loss in 2001, Anadarko's earnings did not cover fixed charges by $599 million and did not cover combined fixed charges and preferred stock dividends by $610 million.

These ratios were computed by dividing earnings by either fixed charges or combined fixed charges and preferred stock dividends. For this purpose, earnings include income before income taxes and fixed charges. Fixed charges include interest and amortization of debt expenses and the estimated interest component of rentals. Preferred stock dividends are adjusted to reflect the amount of pretax earnings required for payment.