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 Year Ended
June 30 December 31
----------------------- ---------------------------------------------------------
2004 2003 2003 2002 2001 2000 1999
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Income from continuing
operations $ 1,068 $ 767 $ 1,595 $ 1,163 $ 1,179 $ 1,557 $ 461
Add:
Minority interest(a) 36 38 62 77 143 185 58
Adjusted income from equity
investments(b) 6 39 69 308 89 31 73
---------- ---------- --------- --------- --------- --------- ---------
1,110 844 1,726 1,548 1,411 1,773 592
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Add:
Provision for taxes on
income (other than foreign oil
and gas taxes) 407 358 682 (41) 172 871 306
Interest and debt expense(c) 134 192 335 309 411 540 515
Portion of lease rentals
representative of the interest
factor 18 4 8 6 7 6 31
---------- ---------- --------- --------- --------- --------- ---------
559 554 1,025 274 590 1,417 852
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Earnings before fixed charges $ 1,669 $ 1,398 $ 2,751 $ 1,822 $ 2,001 $ 3,190 $ 1,444
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Fixed charges
Interest and debt expense
including capitalized
interest(c) $ 136 $ 194 $ 341 $ 321 $ 417 $ 543 $ 522
Portion of lease rentals
representative of the interest
factor 18 4 8 6 7 6 31
---------- ---------- --------- --------- --------- --------- ---------
Total fixed charges $ 154 $ 198 $ 349 $ 327 $ 424 $ 549 $ 553
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Ratio of earnings to fixed charges 10.84 7.06 7.88 5.57 4.72 5.81 2.61
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(a) Represents minority interests in net income of majority-owned subsidiaries
and partnerships having fixed charges.
(b) Represents income from less-than-50-percent-owned equity investments
adjusted to reflect only dividends received.
(c) Includes proportionate share of interest and debt expense of
50-percent-owned equity investments.