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 Year Ended
March 31 December 31
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2005 2004 2004 2003 2002 2001 2000
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Income from continuing
operations $ 850 $ 489 $ 2,606 $ 1,601 $ 1,181 $ 1,182 $ 1,559
Add:
Minority interest(a) 21 13 75 62 77 143 185
Adjusted income from equity
investments(b) (35) 4 (6) 69 308 89 31
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836 506 2,675 1,732 1,566 1,414 1,775
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Add:
Provision (credit)for taxes on
income (other than foreign oil
and gas taxes) 356 193 982 682 (41) 172 871
Interest and debt expense(c) 76 72 266 335 309 411 540
Portion of lease rentals
representative of the interest
factor 9 2 40 8 6 7 6
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441 267 1,288 1,025 274 590 1,417
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Earnings before fixed charges $ 1,277 $ 773 $ 3,963 $ 2,757 $ 1,840 $ 2,004 $ 3,192
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Fixed charges
Interest and debt expense
including capitalized
interest(c) $ 79 $ 73 $ 281 $ 341 $ 321 $ 417 $ 543
Portion of lease rentals
representative of the interest
factor 9 2 40 8 6 7 6
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Total fixed charges $ 88 $ 75 $ 321 $ 349 $ 327 $ 424 $ 549
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Ratio of earnings to fixed charges 14.51 10.31 12.35 7.90 5.63 4.73 5.81
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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.