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 2004 2003 - ------------------------------------------------------------------------------------------------------------------ Earnings from continuing operations $ 566 $ 397 Provision for income taxes 327 301 Minority Interests 4 4 Distributions less than earnings from equity investments (16) (5) - ------------------------------------------------------------------------------------------------------------------ Earnings subtotal 881 697 Fixed charges included in earnings: Interest expense 70 74 Interest portion of rentals 12 11 - ------------------------------------------------------------------------------------------------------------------ Fixed charges subtotal 82 85 Earnings from continuing operations available before fixed charges $ 963 $ 782 ================================================================================================================== Fixed charges: Fixed charges included in earnings $ 82 $ 85 Capitalized interest 26 35 - ------------------------------------------------------------------------------------------------------------------ Total fixed charges $ 108 $ 120 - ------------------------------------------------------------------------------------------------------------------ Ratio of earnings from operations to fixed charges 8.9 6.5 - ------------------------------------------------------------------------------------------------------------------ <FN> (a) Includes pre-tax Impairment of: 14 3 The ratio of earnings, excluding impairment, to fixed charges would be: 9.0 6.5 (b) Calculated as one-third of operating rental expense. </FN>