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 March 31 |
| Year Ended December 31 |
| |||||||||||||||||
|
|
| 2007 |
|
| 2006 |
|
| 2006 |
|
| 2005 |
|
| 2004 |
|
| 2003 |
|
| 2002 |
|
Income from continuing |
| $ | 1,212 |
| $ | 1,153 |
| $ | 4,444 |
| $ | 5,052 |
| $ | 2,412 |
| $ | 1,569 |
| $ | 1,171 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest(a) |
|
| 7 |
|
| 37 |
|
| 111 |
|
| 74 |
|
| 76 |
|
| 62 |
|
| 77 |
|
Adjusted income from equity investments(b) |
|
| 3 |
|
| (27 | ) |
| (35 | ) |
| (50 | ) |
| (6 | ) |
| 69 |
|
| 308 |
|
|
|
| 1,222 |
|
| 1,163 |
|
| 4,520 |
|
| 5,076 |
|
| 2,482 |
|
| 1,700 |
|
| 1,556 |
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (credit) for taxes on |
|
| 291 |
|
| 471 |
|
| 1,637 |
|
| 711 |
|
| 980 |
|
| 664 |
|
| (47 | ) |
Interest and debt expense(c) |
|
| 217 |
|
| 70 |
|
| 292 |
|
| 300 |
|
| 266 |
|
| 335 |
|
| 310 |
|
Portion of lease rentals |
|
| 8 |
|
| 12 |
|
| 52 |
|
| 47 |
|
| 40 |
|
| 8 |
|
| 6 |
|
�� |
|
| 516 |
|
| 553 |
|
| 1,981 |
|
| 1,058 |
|
| 1,286 |
|
| 1,007 |
|
| 269 |
|
Earnings before fixed charges |
| $ | 1,738 |
| $ | 1,716 |
| $ | 6,501 |
| $ | 6,134 |
| $ | 3,768 |
| $ | 2,707 |
| $ | 1,825 |
|
Fixed charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and debt expense |
| $ | 235 |
| $ | 80 |
| $ | 347 |
| $ | 326 |
| $ | 281 |
| $ | 341 |
| $ | 321 |
|
Portion of lease rentals |
|
| 8 |
|
| 12 |
|
| 52 |
|
| 47 |
|
| 40 |
|
| 8 |
|
| 6 |
|
Total fixed charges |
| $ | 243 |
| $ | 92 |
| $ | 399 |
| $ | 373 |
| $ | 321 |
| $ | 349 |
| $ | 327 |
|
Ratio of earnings to fixed charges |
|
| 7.15 |
|
| 18.65 |
|
| 16.29 |
|
| 16.45 |
|
| 11.74 |
|
| 7.76 |
|
| 5.58 |
|
(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 less-than-50-percent-owned equity investments. The first quarter of 2007 amount includes a pre-tax interest charge of $172 million for the repurchase of a portion of various debt issues totaling $659 million in principal amount in a cash tender offer. |