Anadarko Petroleum 10-Q 2006 Q3 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

Nine Months Ended September 30, 2006 and Five Years Ended December 31, 2005

	Nine Months
	Ended
		September 30,			Years Ended December 31
millions except ratio amounts			2006			2005			2004			2003			2002			2001
Gross Income from
Continuing Operations			$	4,111	$		3,611	$		2,458	$		1,850	$		1,219	$		210
Rentals				20			13			10			8			12			13
Earnings				4,131			3,624			2,468			1,858			1,231			223
Gross Interest Expense				360			266			428			365			343			268
Rentals				20			13			10			8			12			13
Fixed Charges			$	380	$		279	$		438	$		373	$		355	$		281
Preferred Stock
Dividends				3			8			8			9			9			14
Combined Fixed Charges
and Preferred Stock
Dividends			$	383	$		287	$		446	$		382	$		364	$		295
Ratio of Earnings to
Fixed Charges				10.87			12.99			5.63			4.98			3.47			0.79
Ratio of Earnings to
Combined Fixed Charges
and Preferred Stock
Dividends				10.79			12.63			5.53			4.86			3.38			0.76

In 2001, Anadarko's earnings did not cover fixed charges by $58 million and did not cover combined fixed charges and preferred stock dividends by $72 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 from continuing operations 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.