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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1999 1998 1998 1997 1996 1995 1994
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Income (loss) from continuing
Operations(a) $ 156 $ 403 $ 400 $ 245 $ 486 $ 325 $ (236)
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Add:
Provision (credit) for taxes on
income (other than foreign
and gas taxes) 53 206 204 47 99 155 (59)
Interest and debt expense(b) 391 424 576 446 492 591 586
Portion of lease rentals
representative of the interest
factor 25 26 36 39 38 43 50
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469 656 816 532 629 789 577
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Earnings before fixed charges $ 625 $ 1,059 $ 1,216 $ 777 $ 1,115 $ 1,114 $ 341
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Fixed charges
Interest and debt expense
including capitalized
interest(b) $ 398 $ 438 $ 594 $ 462 $ 499 $ 595 $ 589
Portion of lease rentals
representative of the interest
factor 25 26 36 39 38 43 50
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Total fixed charges $ 423 $ 464 $ 630 $ 501 $ 537 $ 638 $ 639
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Ratio of earnings to fixed charges 1.48 2.28 1.93 1.55 2.08 1.75 n/a (c)
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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.
(c) Not computed due to less than one-to-one coverage. Earnings were inadequate
to cover fixed charges by $298 million.