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 March 31 Year Ended December 31 ------------------- ------------------------------------------------------- 1999 1998 1998 1997 1996 1995 1994 - ---------------------------------------- ------- ------- ------- ------- ------- ------- ------- Income (loss) from continuing operations(a) $ (20) $ 139 $ 400 $ 245 $ 486 $ 325 $ (236) ------- ------- ------- ------- ------- ------- ------- Add: Provision (credit) for taxes on income (other than foreign and gas taxes) 1 80 204 47 99 155 (59) Interest and debt expense(b) 130 135 576 446 492 591 586 Portion of lease rentals representative of the interest factor 9 9 36 39 38 43 50 ------- ------- ------- ------- ------- ------- ------- 140 224 816 532 629 789 577 ------- ------- ------- ------- ------- ------- ------- Earnings (loss) before fixed charges $ 120 $ 363 $ 1,216 $ 777 $ 1,115 $ 1,114 $ 341 ======= ======= ======= ======= ======= ======= ======= Fixed charges Interest and debt expense including capitalized interest(b) $ 134 $ 139 $ 594 $ 462 $ 499 $ 595 $ 589 Portion of lease rentals representative of the interest factor 9 9 36 39 38 43 50 ------- ------- ------- ------- ------- ------- ------- Total fixed charges $ 143 $ 148 $ 630 $ 501 $ 537 $ 638 $ 639 ======= ======= ======= ======= ======= ======= ======= Ratio of earnings to fixed charges n/a(c) 2.45 1.93 1.55 2.08 1.75 n/a(c) - ---------------------------------------- ======= ======= ======= ======= ======= ======= ======= (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 $23 million for the three months ended March 31, 1999 and $298 million for the year ended December 31, 1994.