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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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1998 1997 1997 1996 1995 1994 1993
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Income(loss) from continuing
operations(a) $ 403 $ 401 $ 245 $ 486 $ 325 $ (236) $ (190)
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Add:
Provision(credit) for taxes on
income (other than foreign
and gas taxes) 206 149 47 99 155 (59) (23)
Interest and debt expense(b) 424 331 446 492 591 586 598
Portion of lease rentals
representative of the interest
factor 26 30 39 38 43 50 49
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656 510 532 629 789 577 624
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Earnings(loss) before fixed charges $ 1,059 $ 911 $ 777 $ 1,115 $ 1,114 $ 341 $ 434
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Fixed charges
Interest and debt expense
including capitalized
interest(b) $ 438 $ 342 $ 462 $ 499 $ 595 $ 589 $ 609
Portion of lease rentals
representative of the interest
factor 26 30 39 38 43 50 49
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Total fixed charges $ 464 $ 372 $ 501 $ 537 $ 638 $ 639 $ 658
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Ratio of earnings to fixed charges 2.28 2.45 1.55 2.08 1.75 n/a(c) n/a(c)
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(a) Includes (1) minority interest in net income of majority-owned subsidiaries
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.
(c) Not computed due to less than one-to-one coverage. Earnings were
inadequate to cover fixed charges by $298 million in 1994 and $224 million
in 1993.