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 | ||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Income from continuing operations | $ | 1,405 | $ | 1,121 | $ | 4,641 | $ | 3,202 | $ | 7,299 | $ | 5,147 | $ | 4,238 | |||||||||
Subtract: | |||||||||||||||||||||||
Net income attributable to noncontrolling interest | ― | (24 | ) | (72 | ) | (51 | ) | (116 | ) | (75 | ) | (111 | ) | ||||||||||
Adjusted income from equity investments(a) | (48 | ) | (51 | ) | (60 | ) | (88 | ) | (84 | ) | (28 | ) | (52 | ) | |||||||||
1,357 | 1,046 | 4,509 | 3,063 | 7,099 | 5,044 | 4,075 | |||||||||||||||||
Add: | |||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 434 | 355 | 1,099 | 695 | 2,213 | 1,577 | 1,545 | ||||||||||||||||
Interest and debt expense (b) | 52 | 38 | 116 | 140 | 133 | 344 | 297 | ||||||||||||||||
Portion of lease rentals representative of the interest factor | 14 | 14 | 57 | 57 | 58 | 60 | 52 | ||||||||||||||||
500 | 407 | 1,272 | 892 | 2,404 | 1,981 | 1,894 | |||||||||||||||||
Earnings before fixed charges | $ | 1,857 | $ | 1,433 | $ | 5,781 | $ | 3,955 | $ | 9,503 | $ | 7,025 | $ | 5,969 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest and debt expense including capitalized interest (b) | $ | 69 | $ | 56 | $ | 203 | $ | 218 | $ | 201 | $ | 403 | $ | 352 | |||||||||
Portion of lease rentals representative of the interest factor | 14 | 14 | 57 | 57 | 58 | 60 | 52 | ||||||||||||||||
Total fixed charges | $ | 83 | $ | 70 | $ | 260 | $ | 275 | $ | 259 | $ | 463 | $ | 404 | |||||||||
Ratio of earnings to fixed charges | 22.37 | 20.47 | 22.23 | 14.38 | 36.69 | 15.17 | 14.77 |
Note: Argentine operations have been reflected as held for sale for all periods. | ||
(a) | Represents adjustments to arrive at distributed income from equity investees. | |
(b) | The first quarter 2011 amount excludes a pre-tax charge of $163 million for the early redemption of debt. |