EXHIBIT 12.1
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
For the Nine Months
Ended September 30
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Millions of dollars ........................................ 1997 1996
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Earnings from continuing operations ........................ $ 521 $ 453
Provision for income taxes ................................. 68 284
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Earnings subtotal ................................. 589 737
Fixed charges included in earnings:
Interest expense ........................................ $ 147 $ 215
Distribution on convertible preferred securities ........ 24 2
Interest portion of rentals ............................. 21 31
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Fixed charges subtotal ............................ 192 248
Earnings from continuing operations
available before fixed charges .......................... $ 781 $ 985
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Fixed charges:
Fixed charges included in earnings ...................... $ 192 $ 248
Capitalized interest .................................... 26 9
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Total fixed charges ............................... $ 218 $ 257
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Ratio of earnings from continuing operations
to fixed charges ........................................ 3.6 3.8
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