Occidental Petroleum (OXY) 10-Q 2012 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
		2012		2011			2011			2010			2009			2008			2007
Income from continuing operations	$	2,892	$	3,224		$	6,640		$	4,641		$	3,202		$	7,299		$	5,147
Add/(Subtract):
Net income attributable to noncontrolling interest		―		―			―			(72	)		(51	)		(116	)		(75	)
Adjusted income from equity investments (a)		85		(25	)		(33	)		(60	)		(88	)		(84	)		(28	)
		2,977		3,199			6,607			4,509			3,063			7,099			5,044
Add:
Provision for taxes on income (other than foreign oil and gas taxes)		885		979			1,795			1,099			695			2,213			1,577
Interest and debt expense (b)		58		79			135			116			140			133			344
Portion of lease rentals representative of the interest factor		29		27			60			57			57			58			60
		972		1,085			1,990			1,272			892			2,404			1,981
Earnings before fixed charges	$	3,949	$	4,284		$	8,597		$	5,781		$	3,955		$	9,503		$	7,025
Fixed charges:
Interest and debt expense including capitalized interest (b)	$	117	$	114		$	221		$	203		$	218		$	201		$	403
Portion of lease rentals representative of the interest factor		29		27			60			57			57			58			60
Total fixed charges	$	146	$	141		$	281		$	260		$	275		$	259		$	463
Ratio of earnings to fixed charges		27.05		30.38			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 six months ended June 30, 2011 and the year ended December 31, 2011 amounts exclude a pre-tax charge of $163 million for the early redemption of debt.