EXHIBIT 12
OCCIDENTAL PETROLEUM CORPORATION AND SUBSIDIARIES
COMPUTATION OF TOTAL ENTERPRISE RATIOS OF EARNINGS TO FIXED CHARGES
(Amounts in millions, except ratios)
Nine Months
Ended
September 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) $ 1,311 $ 947 $ 1,548 $ 1,418 $ 1,785 $ 699 $ 400
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Add:
Provision (credit) for taxes on
income (other than foreign oil
and gas taxes) 522 (151) (41) 172 871 306 204
Interest and debt expense (b) 265 243 309 411 540 515 576
Portion of lease rentals
representative of the interest
factor 22 18 6 7 6 31 36
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809 110 274 590 1,417 852 816
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Earnings before fixed charges $ 2,120 $ 1,057 $ 1,822 $ 2,008 $ 3,202 $ 1,551 $ 1,216
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Fixed charges
Interest and debt expense
including capitalized
interest (b) $ 269 $ 248 $ 321 $ 417 $ 543 $ 522 $ 594
Portion of lease rentals
representative of the interest
factor 22 18 6 7 6 31 36
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Total fixed charges $ 291 $ 266 $ 327 $ 424 $ 549 $ 553 $ 630
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Ratio of earnings to fixed charges 7.29 3.97 5.57 4.74 5.83 2.80 1.93
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(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.