EXHIBIT 12.2
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Years ended December 31
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Millions of dollars 1999 1998 1997 1996 1995
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Earnings from continuing operations $ 113 $ 93 $ 615 $ 358 $ 175
Provision for income taxes 121 168 73 248 187
Minority Interest 16 7 9 2 -
Distributions (Less Than) Greater Than equity in earnings of affiliates (4) (2) (65) (10) 15
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Earnings subtotal (a) 246 266 632 598 377
Fixed charges included in earnings:
Interest expense 199 177 183 279 291
Distribution on convertible preferred securities 33 33 33 10 -
Interest portion of rentals (b) 22 20 23 40 41
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Fixed charges subtotal 254 230 239 329 332
Earnings from continuing operations available before fixed charges $ 500 $ 496 $ 871 $ 927 $ 709
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Fixed charges:
Fixed charges included in earnings 254 230 239 329 332
Capitalized interest 16 26 35 15 35
Preferred stock dividends, pre-tax basis - - - 29 58
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Total fixed charges $ 270 $ 256 $ 274 $ 373 $ 425
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Ratio of earnings from continuing operations to fixed charges 1.9 1.9 3.2 2.5 1.7
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(a) Includes pre-tax impairment of : 23 102 69 75 105
The ratio of earnings, excluding impairment, to fixed charges would be: 1.9 2.3 3.4 2.7 1.9
(b) Calculated as one-third of operating rental expense.