EXHIBIT 12 | |
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, | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||||||
Income from continuing operations | $ | 4,635 | (a) | $ | 6,640 | $ | 4,641 | $ | 3,202 | $ | 7,299 | |||||||||
Subtract: | ||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | (72 | ) | (51 | ) | (116 | ) | ||||||||||||
Adjusted income from equity investments (b) | 163 | (33 | ) | (60 | ) | (88 | ) | (84 | ) | |||||||||||
4,798 | 6,607 | 4,509 | 3,063 | 7,099 | ||||||||||||||||
Add: | ||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 708 | 1,795 | 1,099 | 695 | 2,213 | |||||||||||||||
Interest and debt expense | 130 | 135 | (c) | 116 | 140 | 133 | ||||||||||||||
Portion of lease rentals representative of the interest factor | 59 | 60 | 57 | 57 | 58 | |||||||||||||||
897 | 1,990 | 1,272 | 892 | 2,404 | ||||||||||||||||
Earnings before fixed charges | $ | 5,695 | $ | 8,597 | $ | 5,781 | $ | 3,955 | $ | 9,503 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest and debt expense including capitalized interest | $ | 254 | $ | 221 | (c) | $ | 203 | $ | 218 | $ | 201 | |||||||||
Portion of lease rentals representative of the interest factor | 59 | 60 | 57 | 57 | 58 | |||||||||||||||
Total fixed charges | $ | 313 | $ | 281 | $ | 260 | $ | 275 | $ | 259 | ||||||||||
Ratio of earnings to fixed charges | 18.19 | 30.59 | 22.23 | 14.38 | 36.69 |
Note: Argentine operations have been reflected as discontinued operations for all periods.
(a) | Includes after-tax charges of $1.1 billion for the impairment of domestic gas assets and related items. |
(b) | Represent adjustments to arrive at distributed income of equity investees. |
(c) | Excludes a pre-tax charge of $163 million for the early redemption of debt. |