Occidental Petroleum Corporatio (OXY) 10-Q2008 Q1 Quarterly report

Filed: 1 May 08, 12:00am

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New words: adjusted, Agency, approach, Arab, began, bid, carbon, carrier, categorized, Chairman, claim, cogeneration, Colorado, contractual, data, denominated, dioxide, discovered, disputed, dollar, electricity, entity, EPA, equal, exported, facility, FAS, forward, fourth, framework, half, hedging, hierarchy, identical, improper, infrastructure, inherent, instrument, Intersegment, level, marketplace, maximize, midstream, minimize, monomer, negotiating, observable, obtain, open, party, permitted, President, priority, prospective, Protection, qualifying, quoted, realign, recover, reserve, revised, royalty, Russia, structure, supported, technique, term, testing, transporting, trustee, underlying, unobservable, vinyl, volatility, voluntarily, workover

Removed: Africa, amended, applied, AUG, authority, Block, classified, Colombia, consideration, deferral, equivalent, expiration, FIN, immaterial, June, knowledge, largest, likelihood, limitation, LLC, Lyondell, meeting, Middle, partial, planned, presented, principal, progression, provision, realization, recognition, recognize, recognized, redeemed, regulatory, senior, settlement, system, taxing, tender, threshold, transaction, twelve, unallocated, unresolved, Vintage

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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
	March 31					December 31
		2008			2007		2007			2006			2005			2004			2003
Income from continuing operations	$	1,819		$	1,169	$	5,078		$	4,202		$	4,838		$	2,197		$	1,410
Add:
Minority interest^(a)		29			7		75			111			74			76			62
Adjusted income from equity investments^(b)		(27	)		3		(28	)		(52	)		(53	)		(5	)		72
		1,821			1,179		5,125			4,261			4,859			2,268			1,544
Add:
Provision for taxes on income (other than foreign oil and gas taxes)		541			272		1,577			1,545			632			891			593
Interest and debt expense^(c)		38			217		344			297			305			270			337
Portion of lease rentals representative of the interest factor		7			8		60			52			47			40			8
		586			497		1,981			1,894			984			1,201			938
Earnings before fixed charges	$	2,407		$	1,676	$	7,106		$	6,155		$	5,843		$	3,469		$	2,482
Fixed charges
Interest and debt expense including capitalized interest^(c)	$	50		$	235	$	403		$	352		$	331		$	285		$	343
Portion of lease rentals representative of the interest factor		7			8		60			52			47			40			8
Total fixed charges	$	57		$	243	$	463		$	404		$	378		$	325		$	351

Ratio of earnings to fixed charges		42.23			6.90		15.35			15.24			15.46			10.67			7.07

(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 three months ended March 31, 2007 amount includes a pre-tax interest charge of $172 million for the purchase of various debt issues in the open market.