COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Three Months Ended | Year Ended | ||||||||||||||||||||||
March 31 | December 31 | ||||||||||||||||||||||
2012 | 2011 | 2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||||
Income from continuing operations | $ | 1,560 | $ | 1,405 | $ | 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) | 101 | (48 | ) | (33 | ) | (60 | ) | (88 | ) | (84 | ) | (28 | ) | ||||||||||
1,661 | 1,357 | 6,607 | 4,509 | 3,063 | 7,099 | 5,044 | |||||||||||||||||
Add: | |||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 530 | 434 | 1,795 | 1,099 | 695 | 2,213 | 1,577 | ||||||||||||||||
Interest and debt expense (b) | 30 | 52 | 135 | 116 | 140 | 133 | 344 | ||||||||||||||||
Portion of lease rentals representative of the interest factor | 14 | 14 | 60 | 57 | 57 | 58 | 60 | ||||||||||||||||
574 | 500 | 1,990 | 1,272 | 892 | 2,404 | 1,981 | |||||||||||||||||
Earnings before fixed charges | $ | 2,235 | $ | 1,857 | $ | 8,597 | $ | 5,781 | $ | 3,955 | $ | 9,503 | $ | 7,025 | |||||||||
Fixed charges: | |||||||||||||||||||||||
Interest and debt expense including capitalized interest (b) | $ | 58 | $ | 69 | $ | 221 | $ | 203 | $ | 218 | $ | 201 | $ | 403 | |||||||||
Portion of lease rentals representative of the interest factor | 14 | 14 | 60 | 57 | 57 | 58 | 60 | ||||||||||||||||
Total fixed charges | $ | 72 | $ | 83 | $ | 281 | $ | 260 | $ | 275 | $ | 259 | $ | 463 | |||||||||
Ratio of earnings to fixed charges | 31.04 | 22.37 | 30.59 | 22.23 | 14.38 | 36.69 | 15.17 |
Note: Argentine operations have been reflected as discontinued operations for all periods. | ||
(a) | Represents adjustments to arrive at distributed income from equity investees. | |
(b) | The three months ended March 31, 2011 and the year ended December 31, 2011 amounts exclude a pre-tax charge of $163 million for the early redemption of debt. |