Occidental Petroleum (OXY) 10-Q 2006 Q2 Quarterly report

EXHIBIT 12

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES

COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES

(Amounts in millions, except ratios)

	Six Months Ended June 30						Year Ended December 31
		2006			2005			2005			2004			2003		2002			2001
Income from continuing operations	$	2,355		$	2,277		$	5,040		$	2,406		$	1,559	$	1,167		$	1,172
Add:
Minority interest(a)		71			50			73			75			62		77			143
Adjusted income from equity investments(b)		(38	)		(45	)		(50	)		(6	)		69		308			89
		2,388			2,282			5,063			2,475			1,690		1,552			1,404
Add:
Provision (credit) for taxes on income (other than foreign oil and gas taxes)		908			108			705			976			658		(49	)		164
Interest and debt expense(c)		143			138			300			266			335		310			412
Portion of lease rentals representative of the interest factor		25			19			47			40			8		6			7
		1,076			265			1,052			1,282			1,001		267			583
Earnings before fixed charges	$	3,464		$	2,547		$	6,115		$	3,757		$	2,691	$	1,819		$	1,987
Fixed charges
Interest and debt expense including capitalized interest(c)	$	166		$	145		$	326		$	281		$	341	$	321		$	417
Portion of lease rentals representative of the interest factor		25			19			47			40			8		6			7
Total fixed charges	$	191		$	164		$	373		$	321		$	349	$	327		$	424
Ratio of earnings to fixed charges		18.14			15.53			16.39			11.70			7.71		5.56			4.69

(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.