Exhibit 12
HALLIBURTON COMPANY
Computation of Ratio of Earnings to Fixed Charges
(Millions of dollars, except for ratios)
(Unaudited)
Year Ended December 31,
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2003 2002 2001 2000 1999 1998
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Earnings available for fixed charges:
Income (loss) from continuing
operations before income taxes,
minority interests, and
cumulative effects of accounting
changes, net $ 612 $ (228) $ 954 $ 335 $ 307 $ 55
Add:
Distributed earnings from
equity in unconsolidated
affiliates 97 19 25 27 57 93
Fixed charges 203 168 209 203 194 195
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Subtotal $ 912 $ (41) $ 1,188 $ 565 $ 558 $ 343
Less:
Undistributed equity in
earnings and losses of
unconsolidated affiliates 25 74 107 88 99 154
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Total $ 887 $ (115) $ 1,081 $ 477 $ 459 $ 189
Fixed charges:
Interest expense $ 139 $ 113 $ 147 $ 146 $ 141 $ 134
Rental expense representative
of interest 64 55 62 57 53 61
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Total $ 203 $ 168 $ 209 $ 203 $ 194 $ 195
Ratio of earnings to fixed charges 4.4 (a) 5.2 2.3 2.4 (a)
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<FN>
(a) For the years ended December 31, 2002 and 1998, earnings were inadequate to
cover fixed charges by $283 million and $6 million, respectively.
</FN>