EXHIBIT 12.2 UNION OIL COMPANY OF CALIFORNIA AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Six Months Ended June 30, ----------------------------- Millions of dollars 2001 2000 - --------------------------------------------------------------------------------------------------------------- Earnings from continuing operations $ 539 $ 381 Provision for income taxes 372 242 Minority Interests 30 (10) Distributions (less than) greater than earnings from equity investments 31 (21) - --------------------------------------------------------------------------------------------------------------- Earnings subtotal 972 592 Fixed charges included in earnings: Interest expense 97 106 Interest portion of rentals 10 12 - --------------------------------------------------------------------------------------------------------------- Fixed charges subtotal 107 118 Earnings from continuing operations available before fixed charges $1,079 $ 710 =============================================================================================================== Fixed charges: Fixed charges included in earnings $ 107 $ 118 Capitalized interest 11 5 - --------------------------------------------------------------------------------------------------------------- Total fixed charges $ 118 $ 123 - --------------------------------------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 9.1 5.8 - ---------------------------------------------------------------------------------------------------------------