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Exhibit 12
MOBIL CORPORATION
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(In millions, except for ratio amount)
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Year Ended December 31,
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1990 1991 1992 1993 1994
------ ------ ------ ------ ------
Income Before Change in
Accounting Principle(s) ........ $1,929 $1,920 $1,308 $2,084 $1,759
Add:
Income taxes ................... 2,515 2,105 1,567 1,931 1,919
Portion of rents representative
of interest factor ........... 342 344 319 339 340
Interest and amortization
of debt discount expense ..... 700 713 612 529(a) 461
Earnings (greater) less
than dividends from
equity affiliates ............ (100) (151) 36 265 (40)
------ ------ ------ ------ ------
Income as Adjusted ............... $5,386 $4,931 $3,842 $5,148 $4,439
====== ====== ====== ====== ======
Fixed Charges:
Interest and amortization
of debt discount expense ..... $ 700 $ 713 $ 612 $ 529(a)$ 461
Capitalized interest ........... 7 20 42 42 37
Portion of rents representative
of interest factor ........... 342 344 319 339 340
------ ------ ------ ------ ------
Total Fixed Charges .............. $1,049 $1,077 $ 973 $ 910 $ 838
====== ====== ====== ====== ======
Ratio of Earnings to Fixed Charges 5.1 4.6 3.9 5.7(a) 5.3
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For the years ended December 31, 1990, 1991, 1992, 1993 and 1994, Fixed Charges
exclude $42 million, $42 million, $37 million, $31 million and $37 million,
respectively, of interest expense attributable to debt issued by the Mobil Oil
Corporation Employee Stock Ownership Plan Trust and guaranteed by Mobil.
(a) Excludes the favorable effect of $205 million of interest benefits from
the resolution of prior-period tax issues.
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