OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES | |
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES | |
(Amounts in millions, except ratios) |
For the years ended December 31, | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||
Income from continuing operations | $ | 6,640 | $ | 4,641 | $ | 3,202 | $ | 7,299 | $ | 5,147 | ||||||
Subtract: | ||||||||||||||||
Net income attributable to noncontrolling interest | ― | (72 | ) | (51 | ) | (116 | ) | (75 | ) | |||||||
Adjusted income from equity investments (a) | (33 | ) | (60 | ) | (88 | ) | (84 | ) | (28 | ) | ||||||
6,607 | 4,509 | 3,063 | 7,099 | 5,044 | ||||||||||||
Add: | ||||||||||||||||
Provision for taxes on income (other than | ||||||||||||||||
foreign oil and gas taxes) | 1,795 | 1,099 | 695 | 2,213 | 1,577 | |||||||||||
Interest and debt expense (b) | 135 | 116 | 140 | 133 | 344 | |||||||||||
Portion of lease rentals representative of the interest factor | 67 | 57 | 57 | 58 | 60 | |||||||||||
1,997 | 1,272 | 892 | 2,404 | 1,981 | ||||||||||||
Earnings before fixed charges | $ | 8,604 | $ | 5,781 | $ | 3,955 | $ | 9,503 | $ | 7,025 | ||||||
Fixed charges: | ||||||||||||||||
Interest and debt expense including capitalized interest (b) | $ | 221 | $ | 203 | $ | 218 | $ | 201 | $ | 403 | ||||||
Portion of lease rentals representative of the interest factor | 67 | 57 | 57 | 58 | 60 | |||||||||||
Total fixed charges | $ | 288 | $ | 260 | $ | 275 | $ | 259 | $ | 463 | ||||||
Ratio of earnings to fixed charges | 29.88 | 22.23 | 14.38 | 36.69 | 15.17 |
Note: Argentine operations have been reflected as discontinued operations for all periods.
(a) | Represent adjustments to arrive at distributed income of equity investees. | |
(b) | The year ended December 31, 2011 amount excludes a pre-tax charge of $163 milion for the early redemption of debt. |