Exhibit 12.1
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Three Months
Ended March 31,
-------------------------------
Millions of dollars 2005 2004
- --------------------------------------------------------------------------------
Earnings from continuing operations $ 449 $ 267
Provision for income taxes 247 180
Minority Interests 2 5
Distributions greater (less) than earnings
from equity investments 1 (10)
- --------------------------------------------------------------------------------
Earnings subtotal (a) 699 442
Fixed charges included in earnings:
Interest expense 33 41
Interest portion of rentals (b) 6 6
- --------------------------------------------------------------------------------
Fixed charges subtotal 39 47
Earnings from continuing operations
available before fixed charges $ 738 $ 489
================================================================================
Fixed charges:
Fixed charges included in earnings $ 39 $ 47
Capitalized interest 15 16
- --------------------------------------------------------------------------------
Total fixed charges $ 54 $ 63
- --------------------------------------------------------------------------------
Ratio of earnings from operations
to fixed charges 13.7 7.8
- --------------------------------------------------------------------------------
(a) Includes pre-tax impairment of: - 5
The ratio of earnings, excluding impairment,
to fixed charges would be: 13.7 7.8
(b) Calculated as one-third of operating
rental expense.