Exhibit 12.1 UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES For the Six Months Ended June 30, ------------------------------- Millions of dollars 2003 2002 - -------------------------------------------------------------------------------- Earnings from continuing operations $ 386 $ 135 Provision for income taxes 301 135 Minority Interests 4 4 Distributions less than earnings from equity investments (5) - - -------------------------------------------------------------------------------- Earnings subtotal (a) 686 274 Fixed charges included in earnings: Interest expense 74 94 Distribution on convertible preferred securities 16 16 Interest portion of rentals (b) 11 10 - -------------------------------------------------------------------------------- Fixed charges subtotal 101 120 Earnings from continuing operations available before fixed charges $ 787 $ 394 ================================================================================ Fixed charges: Fixed charges included in earnings $ 101 $ 120 Capitalized interest 35 19 - -------------------------------------------------------------------------------- Total fixed charges $ 136 $ 139 - -------------------------------------------------------------------------------- Ratio of earnings from operations to fixed charges 5.8 2.8 - -------------------------------------------------------------------------------- <FN> (a) Includes pre-tax Impairment of: 3 21 The ratio of earnings, excluding impairment, to fixed charges would be: 5.8 3.0 (b) Calculated as one-third of operating rental expense. </FN>