Occidental Petroleum (OXY) 10-Q2015 Q1 Quarterly report

Filed: 6 May 15, 12:00am

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New words: accrual, adjusted, Al, America, book, case, CEO, Chazen, collapse, commencement, comparison, concept, country, creating, Dolphin, Eagle, eighteen, expanded, extraordinary, feedstock, fiscal, Ford, GAAP, geographic, GP, grew, guidance, Hollub, Hosn, infrequently, issuance, Latin, lesser, longer, low, marker, Midcontinent, Midland, Oxy, presumption, promoted, proved, Qualitative, Quantitative, repayment, scope, served, simplifying, South, spending, statutory, Stephen, succeed, transition, unfavorable, unrestricted, unusual, Vicki, workover

Removed: accelerated, Africa, agricultural, AOCI, authorized, bank, block, BridgeTex, caption, Colorado, comprised, conform, delivery, depreciation, driven, embedded, forecast, formed, gain, generating, hedged, Incorporating, ineffective, joint, July, Libya, LLC, Magellan, Oklahoma, ongoing, partly, Phibro, port, purpose, qualified, raw, reclassified, reclassify, recourse, recovery, relinquishment, represent, sell, sensitivity, shift, statement, steam, strategic, strike, swap, unit, unrecognized, venture, vinyl, world

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EXHIBIT 12

OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES

COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES

(Amounts in millions, except ratios)



	Three Months Ended March 31							Year Ended December 31
	2015				2014			2014			2013		2012			2011				2010
Income from continuing operations ^(a)	$	(215	)		$	1,137		$	(130	)	$	4,932	$	3,829		$	5,527			$	3,851

Add/(Subtract):
Net income attributable to noncontrolling interest	—				(2		)	(14		)	—		—			—				(72		)
Adjusted income from equity investments ^(b)	11				3			64			52		163			(33		)		(60		)
	(204		)		1,138			(80		)	4,984		3,992			5,494				3,719

Add:
Provision for taxes on income (other than foreign oil and gas taxes)	(231		)		345			(280		)	1,353		249			1,167				671
Interest and debt expense	65				22			77			132		149			313			^(c)	133
Portion of lease rentals representative of the interest factor	13				11			52			60		58			57				55
	(153		)		378			(151		)	1,545		456			1,537				859
Earnings before fixed charges	$	(357	)		$	1,516		$	(231	)	$	6,529	$	4,448		$	7,031			$	4,578

Fixed charges:
Interest and debt expense including capitalized interest	$	30			$	62		$	257		$	269	$	254	^(c)	$	384			$	204
Portion of lease rentals representative of the interest factor	13				11			52			30		58			57				55
Total fixed charges	$	43			$	73		$	309		$	299	$	312		$	441			$	259

Ratio of earnings to fixed charges	(8.27		)		20.77			(0.75		)	19.83		14.26			15.93				17.65
Insufficient coverage	(400		)	^(d)				(540		)



Note: Results of California Resources Corporation have been reflected as discontinued operations for all periods presented.
(a)	The 2015 amounts includes a $177 million dollar after-tax charge for domestic asset impairments and other related items, a $46 million dollar after-tax charge for foreign asset impairments and other related items, a $4 million dollar charge related to Phibro operation results, and a $19 million dollar charge for cost associated with the California Resources Corporation spin-off and other charges.
(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.
(d)	The 2015 first quarter ratio of earnings to fixed charges excluding certain items (a) is (2.57)

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