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 | ||||||||||||||||
