OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES | |
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios) |
Six Months Ended | Year Ended | ||||||||||||||||||||||
June 30 | December 31 | ||||||||||||||||||||||
2011 | 2010 | 2010 | 2009 | 2008 | 2007 | 2006 | |||||||||||||||||
Income from continuing operations | $ | 3,224 | $ | 2,210 | $ | 4,641 | $ | 3,202 | $ | 7,299 | $ | 5,147 | $ | 4,238 | |||||||||
Subtract: | |||||||||||||||||||||||
Net income attributable to noncontrolling interest | ― | (36 | ) | (72 | ) | (51 | ) | (116 | ) | (75 | ) | (111 | ) | ||||||||||
Adjusted income from equity investments (a) | (25 | ) | (65 | ) | (60 | ) | (88 | ) | (84 | ) | (28 | ) | (52 | ) | |||||||||
3,199 | 2,109 | 4,509 | 3,063 | 7,099 | 5,044 | 4,075 | |||||||||||||||||
Add: | |||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 979 | 629 | 1,099 | 695 | 2,213 | 1,577 | 1,545 | ||||||||||||||||
Interest and debt expense (b) | 79 | 67 | 116 | 140 | 133 | 344 | 297 | ||||||||||||||||
Portion of lease rentals representative of the interest factor | 27 | 28 | 57 | 57 | 58 | 60 | 52 | ||||||||||||||||
1,085 | 724 | 1,272 | 892 | 2,404 | 1,981 | 1,894 | |||||||||||||||||
Earnings before fixed charges | $ | 4,284 | $ | 2,833 | $ | 5,781 | $ | 3,955 | $ | 9,503 | $ | 7,025 | $ | 5,969 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest and debt expense including capitalized interest (b) | $ | 114 | $ | 105 | $ | 203 | $ | 218 | $ | 201 | $ | 403 | $ | 352 | |||||||||
Portion of lease rentals representative of the interest factor | 27 | 28 | 57 | 57 | 58 | 60 | 52 | ||||||||||||||||
Total fixed charges | $ | 141 | $ | 133 | $ | 260 | $ | 275 | $ | 259 | $ | 463 | $ | 404 | |||||||||
Ratio of earnings to fixed charges | 30.60 | 21.30 | 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 six months ended June 30, 2011 amount excludes a pre-tax charge of $163 million for the early redemption of debt. |