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OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Six Months Ended June 30 | Year Ended December 31 | ||||||||||||||||||||||
2008 | 2007 | 2007 | 2006 | 2005 | 2004 | 2003 | |||||||||||||||||
Income from continuing | |||||||||||||||||||||||
operations | $ | 4,119 | $ | 2,314 | $ | 5,078 | $ | 4,202 | $ | 4,838 | $ | 2,197 | $ | 1,410 | |||||||||
Add: | |||||||||||||||||||||||
Minority interest(a) | 66 | 28 | 75 | 111 | 74 | 76 | 62 | ||||||||||||||||
Adjusted income from equity investments(b) | (67 | ) | 4 | (28 | ) | (52 | ) | (53 | ) | (5 | ) | 72 | |||||||||||
4,118 | 2,346 | 5,125 | 4,261 | 4,859 | 2,268 | 1,544 | |||||||||||||||||
Add: | |||||||||||||||||||||||
Provision for taxes on income (other than foreign oil and gas taxes) | 1,298 | 729 | 1,577 | 1,545 | 632 | 891 | 593 | ||||||||||||||||
Interest and debt expense(c) | 71 | 249 | 344 | 297 | 305 | 270 | 337 | ||||||||||||||||
Portion of lease rentals representative of the interest factor | 15 | 17 | 60 | 52 | 47 | 40 | 8 | ||||||||||||||||
1,384 | 995 | 1,981 | 1,894 | 984 | 1,201 | 938 | |||||||||||||||||
Earnings before fixed charges | $ | 5,502 | $ | 3,341 | $ | 7,106 | $ | 6,155 | $ | 5,843 | $ | 3,469 | $ | 2,482 | |||||||||
Fixed charges | |||||||||||||||||||||||
Interest and debt expense including capitalized interest(c) | $ | 95 | $ | 287 | $ | 403 | $ | 352 | $ | 331 | $ | 285 | $ | 343 | |||||||||
Portion of lease rentals representative of the interest factor | 15 | 17 | 60 | 52 | 47 | 40 | 8 | ||||||||||||||||
Total fixed charges | $ | 110 | $ | 304 | $ | 463 | $ | 404 | $ | 378 | $ | 325 | $ | 351 | |||||||||
Ratio of earnings to fixed charges | 50.02 | 10.99 | 15.35 | 15.24 | 15.46 | 10.67 | 7.07 | ||||||||||||||||
- (a)
- Represents minority interests in net income of majority-owned subsidiaries and partnerships having fixed charges.
- (b)
- Represents income from equity investments adjusted to reflect only dividends received.
- (c)
- Includes proportionate share of interest and debt expense of equity investments. The six months ended June 30, 2007 amount includes a pre-tax interest charge of $167 million for the purchase of various debt issues in the open market.
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES (Amounts in millions, except ratios)