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 June 30 |
| Year Ended December 31 |
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| 2009 |
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| 2008 |
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| 2008 |
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| 2007 |
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| 2006 |
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| 2005 |
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| 2004 |
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Income from continuing operations |
| $ | 1,076 |
| $ | 4,185 |
| $ | 6,955 |
| $ | 5,153 |
| $ | 4,313 |
| $ | 4,912 |
| $ | 2,273 |
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Add: |
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Adjusted income from equity investments(a) |
|
| (70 | ) |
| (67 | ) |
| (84 | ) |
| (28 | ) |
| (52 | ) |
| (53 | ) |
| (5 | ) |
Provision for taxes on income (other than foreign oil and gas taxes) |
|
| 216 |
|
| 1,298 |
|
| 2,213 |
|
| 1,577 |
|
| 1,545 |
|
| 632 |
|
| 891 |
|
Interest and debt expense |
|
| 61 |
|
| 71 |
|
| 133 |
|
| 344 |
|
| 297 |
|
| 305 |
|
| 270 |
|
Portion of lease rentals representative of the interest factor |
|
| 24 |
|
| 15 |
|
| 58 |
|
| 60 |
|
| 52 |
|
| 47 |
|
| 40 |
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|
|
| 231 |
|
| 1,317 |
|
| 2,320 |
|
| 1,953 |
|
| 1,842 |
|
| 931 |
|
| 1,196 |
|
Earnings before fixed charges |
| $ | 1,307 |
| $ | 5,502 |
| $ | 9,275 |
| $ | 7,106 |
| $ | 6,155 |
| $ | 5,843 |
| $ | 3,469 |
|
Fixed charges |
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Interest and debt expense including capitalized interest |
| $ | 109 |
| $ | 95 |
| $ | 201 |
| $ | 403 |
| $ | 352 |
| $ | 331 |
| $ | 285 |
|
Portion of lease rentals representative of the interest factor |
|
| 24 |
|
| 15 |
|
| 58 |
|
| 60 |
|
| 52 |
|
| 47 |
|
| 40 |
|
Total fixed charges |
| $ | 133 |
| $ | 110 |
| $ | 259 |
| $ | 463 |
| $ | 404 |
| $ | 378 |
| $ | 325 |
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Ratio of earnings to fixed charges |
|
| 9.83 |
|
| 50.02 |
|
| 35.81 |
|
| 15.35 |
|
| 15.24 |
|
| 15.46 |
|
| 10.67 |
|
(a) | Represents adjustments to arrive at distributed income from equity investees. |
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