EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Three Months Ended | Year Ended | ||||||||||||||||||||
2006 | 2005 | 2005 | 2004 | 2003 | 2002 | 2001 | |||||||||||||||
Income from continuing operations | $ | 1,216 | $ | 850 | $ | 5,272 | $ | 2,606 | $ | 1,601 | $ | 1,181 | $ | 1,182 | |||||||
Add: | |||||||||||||||||||||
Minority interest(a) | 37 | 21 | 73 | 75 | 62 | 77 | 143 | ||||||||||||||
Adjusted income from equity investments(b) | (27 | ) | (35 | ) | (50 | ) | (6 | ) | 69 | 308 | 89 | ||||||||||
1,226 | 836 | 5,295 | 2,675 | 1,732 | 1,566 | 1,414 | |||||||||||||||
Add: | |||||||||||||||||||||
Provision (credit)for taxes on income (other than foreign oil and gas taxes) | 470 | 356 | 711 | 982 | 682 | (41 | ) | 172 | |||||||||||||
Interest and debt expense(c) | 70 | 76 | 300 | 266 | 335 | 309 | 411 | ||||||||||||||
Portion of lease rentals representative of the interest factor | 12 | 9 | 47 | 40 | 8 | 6 | 7 | ||||||||||||||
552 | 441 | 1,058 | 1,288 | 1,025 | 274 | 590 | |||||||||||||||
Earnings before fixed charges | $ | 1,778 | $ | 1,277 | $ | 6,353 | $ | 3,963 | $ | 2,757 | $ | 1,840 | $ | 2,004 | |||||||
Fixed charges | |||||||||||||||||||||
Interest and debt expense including capitalized interest(c) | $ | 80 | $ | 79 | $ | 326 | $ | 281 | $ | 341 | $ | 321 | $ | 417 | |||||||
Portion of lease rentals representative of the interest factor | 12 | 9 | 47 | 40 | 8 | 6 | 7 | ||||||||||||||
Total fixed charges | $ | 92 | $ | 88 | $ | 373 | $ | 321 | $ | 349 | $ | 327 | $ | 424 | |||||||
Ratio of earnings to fixed charges | 19.33 | 14.51 | 17.03 | 12.35 | 7.90 | 5.63 | 4.73 |
(a) | Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges. |
(b) | Represents income from less-than-50-percent-owned equity investments adjusted to reflect only dividends received. |
(c) | Includes proportionate share of interest and debt expense of 50-percent-owned equity investments. |