EXHIBIT 12.1
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
Years ended December 31,
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Millions of dollars 2001 2000 1999 1998 1997
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Earnings from continuing operations $ 599 $ 723 $ 113 $ 93 $ 615
Provision for income taxes 452 497 121 168 73
Minority interests 41 16 16 7 9
Distributions (less than) greater than
earnings from equity investments 69 (57) (4) (2) (65)
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Earnings subtotal (a) 1,161 1,179 246 266 632
Fixed charges included in earnings:
Interest expense 192 210 199 177 183
Distribution on convertible
preferred securities 33 33 33 33 33
Interest portion of rentals (b) 19 20 22 20 23
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Fixed charges subtotal 244 263 254 230 239
Earnings from continuing operations
available before fixed charges $ 1,405 $ 1,442 $ 500 $ 496 $ 871
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Fixed charges:
Fixed charges included in earnings 244 263 254 230 239
Capitalized interest 27 13 16 26 35
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Total fixed charges $ 271 $ 276 $ 270 $ 256 $ 274
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Ratio of earnings from continuing
operations to fixed charges 5.2 5.2 1.9 1.9 3.2
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<FN>
(a) Includes pre-tax impairment of : 137 66 23 102 69
The ratio of earnings, excluding
impairment, to fixed charges would be: 5.7 5.5 1.9 2.3 3.4
(b) Calculated as one-third of operating rental expense.
</FN>