Exhibit 12.1
Marathon Oil Corporation
Computation of Ratio of Earnings to Combined Fixed Charges
and Preferred Stock Dividends
TOTAL ENTERPRISE BASIS--Unaudited
Including Discontinued Operations
(Dollars in Millions)
Nine Months
Ended
September 30 Year Ended December 31
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2002 2001 2001 2000 1999 1998 1997
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Portion of rentals
representing interest...... $ 47 $ 39 $ 54 $ 52 $ 49 $ 53 $ 35
Capitalized interest,
including discontinued
operations................ 11 20 27 19 26 46 31
Other interest and
fixed charges, including
discontinued operations... 235 213 349 375 365 318 352
Pretax earnings which
would be required to
cover preferred stock
dividend requirements
of parent................. - 9 12 12 14 15 20
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Combined fixed charges and
preferred stock
dividends (A)............. $ 293 $ 281 $ 442 $ 458 $ 454 $ 432 $ 438
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Earnings-pretax income with
applicable adjustments (B). $1,061 $2,868 $3,213 $1,809 $1,866 $1,087 $1,067
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Ratio of (B) to (A)......... 3.62 10.19 7.26 3.95 4.11 2.51 2.43
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