EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
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| Six Months Ended |
| Year Ended |
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| June 30 |
| December 31 |
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| 2005 |
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| 2004 |
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| 2004 |
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| 2003 |
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| 2002 |
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| 2001 |
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| 2000 |
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Income from continuing |
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operations |
| $ | 2,382 |
| $ | 1,073 |
| $ | 2,606 |
| $ | 1,601 |
| $ | 1,181 |
| $ | 1,182 |
| $ | 1,559 |
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Add: |
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Minority interest(a) |
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| 50 |
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| 36 |
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| 75 |
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| 62 |
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| 77 |
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| 143 |
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| 185 |
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Adjusted income from equity investments(b) |
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(45 |
) |
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69 |
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|
308 |
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89 |
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31 |
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| 2,387 |
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| 1,115 |
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| 2,675 |
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| 1,732 |
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| 1,566 |
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| 1,414 |
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| 1,775 |
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Add: |
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Provision for taxes on |
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income (other than |
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Interest and debt expense(c) |
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| 138 |
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| 134 |
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| 266 |
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| 335 |
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| 309 |
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| 411 |
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| 540 |
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Portion of lease rentals |
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representative of the |
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interest factor |
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| 19 |
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| 18 |
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| 40 |
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| 8 |
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| 6 |
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| 7 |
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| 6 |
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|
|
| 268 |
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| 559 |
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| 1,288 |
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| 1,025 |
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| 274 |
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| 590 |
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| 1,417 |
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Earnings before fixed charges |
| $ | 2,655 |
| $ | 1,674 |
| $ | 3,963 |
| $ | 2,757 |
| $ | 1,840 |
| $ | 2,004 |
| $ | 3,192 |
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Fixed charges |
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Interest and debt expense |
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including capitalized |
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interest(c) |
| $ | 145 |
| $ | 136 |
| $ | 281 |
| $ | 341 |
| $ | 321 |
| $ | 417 |
| $ | 543 |
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Portion of lease rentals |
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representative of the |
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interest factor |
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| 19 |
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| 18 |
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| 40 |
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| 8 |
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| 6 |
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| 7 |
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| 6 |
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Total fixed charges |
| $ | 164 |
| $ | 154 |
| $ | 321 |
| $ | 349 |
| $ | 327 |
| $ | 424 |
| $ | 549 |
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Ratio of earnings to fixed charges |
|
| 16.17 |
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| 10.87 |
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| 12.35 |
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| 7.90 |
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| 5.63 |
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| 4.73 |
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| 5.81 |
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(a) | Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges. |
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(b) | Represents income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. |
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(c) | Includes proportionate share of interest and debt expense of 50-percent-owned equity investments. |