EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Three Months Ended
March 31 Year Ended December 31
--------------------- ---------------------------------------------------------
2000 1999 1999 1998 1997 1996 1995
- -------------------------------------- --------- --------- --------- --------- --------- --------- ---------
Income (loss) from continuing
operations(a) $ 276 $ (20) $ 699 $ 400 $ 245 $ 486 $ 325
--------- --------- --------- --------- --------- --------- ---------
Add:
Provision (credit) for taxes on
income (other than foreign
and gas taxes) 183 1 306 204 47 99 155
Interest and debt expense(b) 110 130 515 576 446 492 591
Portion of lease rentals
representative of the interest
factor 2 9 31 36 39 38 43
--------- --------- --------- --------- --------- --------- ---------
295 140 852 816 532 629 789
--------- --------- --------- --------- --------- --------- ---------
Earnings (loss) before fixed charges $ 571 $ 120 $ 1,551 $ 1,216 $ 777 $ 1,115 $ 1,114
========= ========= ========= ========= ========= ========= =========
Fixed charges
Interest and debt expense
including capitalized
interest(b) $ 110 $ 134 $ 522 $ 594 $ 462 $ 499 $ 595
Portion of lease rentals
representative of the interest
factor 2 9 31 36 39 38 43
--------- --------- --------- --------- --------- --------- ---------
Total fixed charges $ 112 $ 143 $ 553 $ 630 $ 501 $ 537 $ 638
========= ========= ========= ========= ========= ========= =========
Ratio of earnings to fixed charges 5.10 n/a(c) 2.80 1.93 1.55 2.08 1.75(c)
- -------------------------------------- ========= ========= ========= ========= ========= ========= =========
(a) Includes (1) minority interest in net income of majority-owned subsidiaries
having fixed charges and (2) income from less-than-50-percent-owned equity
investments adjusted to reflect only dividends received.
(b) Includes proportionate share of interest and debt expense of
50-percent-owned equity investments.
(c) Not computed due to less than one-to-one coverage. Earnings were inadequate
to cover fixed charges by $23 million for the three months ended March 31,
1999.