EXHIBIT 12.2
UNOCAL CORPORATION AND CONSOLIDATED SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDENDS
Year Ended December 31
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Millions of dollars 1996 1995 1994 1993 1992
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Earnings from continuing operations before
cumulative effect of accounting change $ 456 $249 $110 $272 $168
Provision for income taxes 302 226 161 213 137
Minority interest - - - - 5
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Earnings subtotal (a) 758 475 271 485 310
Fixed charges included in earnings:
Interest expense 279 291 275 304 379
Distributions on convertible preferred securities 10 - - - -
Interest portion of rentals (b) 40 41 50 55 61
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Subtotal 329 332 325 359 440
Earnings from continuing operations
available before fixed charges $1,087 $807 $596 $844 $750
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Fixed charges:
Fixed charges included in earnings 329 332 325 359 440
Capitalized interest 15 35 30 30 34
Preferred stock dividends, pre-tax basis 29 58 58 58 26
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Total fixed charges and preferred stock dividends $ 373 $425 $413 $447 $500
Ratio of earnings from continuing operations to combined
fixed charges and preferred stock dividends (a) 2.9 1.9 1.4 1.9 1.5
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(a) Includes pre-tax asset write downs of: $ 75 $105 $ 71 $ 19 $ 50
The ratio of earnings, excluding asset write downs,
to fixed charges would be: 3.1 2.1 1.6 1.9 1.6
(b) Calculated as one-third of operating rental expense.