Occidental Petroleum Corporatio (OXY) 10-Q 2011 Q2 Quarterly report

EXHIBIT 12

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.