EXHIBIT 12 |
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Nine Months Ended September 30 | Year Ended December 31 | |||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | 2009 | 2008 | ||||||||||||||||||||||
Income from continuing operations | $ | 4,274 | $ | 4,271 | $ | 4,635 | (a) | $ | 6,640 | $ | 4,641 | $ | 3,202 | $ | 7,299 | |||||||||||||
Add/(Subtract): | ||||||||||||||||||||||||||||
Net income attributable to noncontrolling interest | — | — | — | — | (72 | ) | (51 | ) | (116 | ) | ||||||||||||||||||
Adjusted income from equity investments (b) | 82 | 73 | 163 | (33 | ) | (60 | ) | (88 | ) | (84 | ) | |||||||||||||||||
4,356 | 4,344 | 4,798 | 6,607 | 4,509 | 3,063 | 7,099 | ||||||||||||||||||||||
Add: | ||||||||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 1,335 | 1,242 | 708 | 1,795 | 1,099 | 695 | 2,213 | |||||||||||||||||||||
Interest and debt expense | 93 | 94 | 130 | 135 | (c) | 116 | 140 | 133 | ||||||||||||||||||||
Portion of lease rentals representative of the interest factor | 44 | 43 | 59 | 60 | 57 | 57 | 58 | |||||||||||||||||||||
1,472 | 1,379 | 897 | 1,990 | 1,272 | 892 | 2,404 | ||||||||||||||||||||||
Earnings before fixed charges | $ | 5,828 | $ | 5,723 | $ | 5,695 | $ | 8,597 | $ | 5,781 | $ | 3,955 | $ | 9,503 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest and debt expense including capitalized interest | $ | 203 | $ | 186 | $ | 254 | $ | 221 | (c) | $ | 203 | $ | 218 | $ | 201 | |||||||||||||
Portion of lease rentals representative of the interest factor | 44 | 43 | 59 | 60 | 57 | 57 | 58 | |||||||||||||||||||||
Total fixed charges | $ | 247 | $ | 229 | $ | 313 | $ | 281 | $ | 260 | $ | 275 | $ | 259 | ||||||||||||||
Ratio of earnings to fixed charges | 23.60 | 24.99 | 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) | Represents adjustments to arrive at distributed income from equity investees. | |
(c) | Excludes a pre-tax charge of $163 million for the early redemption of debt. |