EXHIBIT 12.2 UNION OIL COMPANY OF CALIFORNIA AND CONSOLIDATED SUBSIDIARIES COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES YEAR ENDED DECEMBER 31, ---------------------------------------------------- MILLIONS OF DOLLARS 2002 2001 2000 1999 1998 - ------------------------------------------------------------------------------------------------------------------------------- Earnings from continuing operations $ 361 $ 626 $ 746 $ 141 $ 115 Provision for income taxes 287 457 500 128 181 Minority interests 6 41 16 16 7 Distributions (less than) greater than earnings from equity investments 6 69 (57) (4) (2) - ------------------------------------------------------------------------------------------------------------------------------- Earnings subtotal (a) 660 1,193 1,205 281 301 Fixed charges included in earnings: Interest expense 179 192 210 199 177 Interest portion of rentals (b) 23 19 20 22 20 - ------------------------------------------------------------------------------------------------------------------------------- Fixed charges subtotal 202 211 230 221 197 Earnings from continuing operations available before fixed charges $ 862 $ 1,404 $ 1,435 $ 502 $ 498 - ------------------------------------------------------------------------------------------------------------------------------- Fixed charges: Fixed charges included in earnings 202 211 230 221 197 Capitalized interest 46 27 13 16 26 - ------------------------------------------------------------------------------------------------------------------------------- Total fixed charges $ 248 $ 238 $ 243 $ 237 $ 223 - ------------------------------------------------------------------------------------------------------------------------------- Ratio of earnings from continuing operations to fixed charges 3.5 5.9 5.9 2.1 2.2 - ------------------------------------------------------------------------------------------------------------------------------- (a) Includes pre-tax impairment of : 47 137 66 23 102 The ratio of earnings, excluding impairment, to fixed charges would be: 3.7 6.5 6.2 2.2 2.7 (b) Calculated as one-third of operating rental expense.