EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Six Months Ended
June 30 Year Ended December 31
-------------------- --------------------------------------------------------
2002 2001 2001 2000 1999 1998 1997
- -------------------------------------- -------- -------- -------- -------- -------- -------- --------
Income from continuing
operations (a) $ 446 $ 1,095 $ 1,418 $ 1,785 $ 699 $ 400 $ 245
-------- -------- -------- -------- -------- -------- --------
Add:
Provision for taxes on
income (other than foreign
and gas taxes) 461 359 172 871 306 204 47
Interest and debt expense(b) 159 232 411 540 515 576 446
Portion of lease rentals
representative of the interest
factor 13 15 7 6 31 36 39
-------- -------- -------- -------- -------- -------- --------
633 606 590 1,417 852 816 532
-------- -------- -------- -------- -------- -------- --------
Earnings before fixed charges $ 1,079 $ 1,701 $ 2,008 $ 3,202 $ 1,551 $ 1,216 $ 777
======== ======== ======== ======== ======== ======== ========
Fixed charges
Interest and debt expense
including capitalized
interest (b) $ 163 $ 235 $ 417 $ 543 $ 522 $ 594 $ 462
Portion of lease rentals
representative of the interest
factor 13 15 7 6 31 36 39
-------- -------- -------- -------- -------- -------- --------
Total fixed charges $ 176 $ 250 $ 424 $ 549 $ 553 $ 630 $ 501
======== ======== ======== ======== ======== ======== ========
Ratio of earnings to fixed charges 6.13 6.80 4.74 5.83 2.80 1.93 1.55
- -------------------------------------- ======== ======== ======== ======== ======== ======== ========
(a) Includes (1) minority interest in net income of majority-owned subsidiaries
and partnerships 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.