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
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2003 2002 2002 2001 2000 1999 1998
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Income from continuing
operations(a) $ 844 $ 446 $ 1,548 $ 1,418 $ 1,785 $ 699 $ 400
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Add:
Provision for taxes on
income (other than foreign
and gas taxes) 886 461 428 172 871 306 204
Interest and debt expense(b) 191 159 309 411 540 515 576
Portion of lease rentals
representative of the interest
factor 9 13 6 7 6 31 36
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1,086 633 743 590 1,417 852 816
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Earnings before fixed charges $ 1,930 $ 1,079 $ 2,291 $ 2,008 $ 3,202 $ 1,551 $ 1,216
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Fixed charges
Interest and debt expense
including capitalized
interest(b) $ 194 $ 163 $ 321 $ 417 $ 543 $ 522 $ 594
Portion of lease rentals
representative of the interest
factor 9 13 6 7 6 31 36
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Total fixed charges $ 203 $ 176 $ 327 $ 424 $ 549 $ 553 $ 630
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Ratio of earnings to fixed charges 9.51 6.13 7.00 4.74 5.83 2.80 1.93
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(a) Includes (1) minority interest in net income of consolidated 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.